Analysts/Institutional Investor Meet/Con. Call Updates

August 26, 2026 To, To, BSE Limited National Stock Exchange of India Limited P. J. Towers, Dalal Street, Exchange Plaza, Bandra - Kurla Complex, Mumbai – 400 001 Bandra (East), Mumbai - 400 051 BSE Scrip Code: 542774 Symbol: MUFIN Sub: Transcript of the earnings conference call conducted on August 20, 2026 Dear Sir/Ma’am, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed transcript of the earnings conference call conducted on August 20, 2026. The same is also hosted on the website of the Company at: Mufin Green Finance Limited Q1FY27 conference call transcript The audio recording was made available on the same day of the Conference Call at the Company’s website at: Mufin Green Finance Limited Q1FY27 conference call recording This is for your information and records. For Mufin Green Finance Limited Mayank Pratap Singh Company Secretary & Compliance Officer Encl: As above Mufin Green Finance Limited August 20, 2026 Mufin Green Finance Limited Q1 FY27 Earnings Conference Call August 20, 2026 MANAGEMENT: MR. KAPIL GARG – MANAGING DIRECTOR – MUFIN GREEN FINANCE LIMITED MRS. GUNJAN JAIN – CHIEF FINANCIAL OFFICER – MUFIN GREEN FINANCE LIMITED MR. MAYANK PRATAP SINGH – COMPLIANCE OFFICER – MUFIN GREEN FINANCE LIMITED MODERATOR: MR. VISHWAS KUMAR – MANAGER, INVESTOR RELATIONS – MUFIN GREEN FINANCE LIMITED Vishwas Kumar: Good evening, everyone, and a very warm welcome to all of you in Q1 FY27 Earnings Conference Call of Mufin Green Finance Limited. On today's call, we have with us members of our Senior Management Team: Mr. Kapil Garg, our Managing Director; Mrs. Gunjan Jain, our Chief Financial Officer; and Mr. Mayank Pratap Singh, our Compliance Officer. Before we begin, I would like to draw your attention towards the safe harbor statement. Certain statements made during this call may be forward-looking in nature and are subject to various risks and uncertainties. I request you to kindly refer to the detailed disclaimer in our investor presentation, which has been filed with BSE and NSE and is also available on our website, www.mufingreenfinance.com. The financial results for Q1 FY27 were approved by our Board of Directors at its meeting held on 11th August 2026, and have already been uploaded on the stock exchanges. The results have been limited reviewed by our statutory auditors. With that, I now invite Mr. Kapil Garg Sir to share his opening remarks. Over to you, sir. Kapil Garg: Thanks, everyone. Thanks, Vishwas, for arranging this call. This is an important event for any organization to present in front of our investors and shareholders, to describe what we are doing, how the company is growing, how the numbers are moving, and multiple other things. So, thanks, everyone, for joining this call a new journey, new numbers, a new vision for Mufin Green Finance Limited. Let us present the Q1 FY27 numbers, since the growth this quarter is really an important milestone in Mufin's journey. The company's performance this quarter, versus the previous quarter, shows remarkable growth in terms of numbers and profitability, on a quarter-on-quarter basis. The factors behind this and the way the company has been driven this quarter mark a new journey for us -- we have changed our entire model. We were working on a branch-based, manpower-intensive model for three years, and we were successful in building products on that model. Since then, several factors are driving the numbers at Mufin Green. The first factor is the cost of borrowing. The cost of borrowing in the last quarter was 13.80%. As rates have improved, our cost of borrowing has reduced to 11.17%. On the borrowing side, our total borrowings compared to the same quarter Mufin Green Finance Limited August 20, 2026 last year were ₹771 crore; this quarter they stand at ₹1,551 crore. But the cost of borrowing has reduced drastically from 13.80% in Q1 FY26 to 11.17% in Q1 FY27, a reduction of 263 basis points. This will improve our profitability and strengthen future quarters. We track three major impacts on our earnings. The first is product diversification. We have entered several innovative, tech-based products, including Mediclaim Financing, in which we have very strongly established our footprint. We are currently one of the largest players in this domain, and the numbers coming through are remarkable this is completely tech-based lending for medical insurance premium financing. In this product, we currently have a portfolio of approximately ₹677 crore, which is almost entirely NPA-free, with minimal delinquency across the portfolio. This shift from a traditional, branch-based model to a digital lending product with minimal delinquency is the key factor driving Mufin Green into a new arena. The second factor behind the remarkable numbers this quarter, which will continue to drive growth going forward, is the cost of borrowing, which has reduced drastically, as I mentioned. Third, our credit ratings are being upgraded on a continuous basis. When we started our rating journey, it was BBB, then BBB+, then A- (Stable). We are now already in discussion for a one-notch rating upgrade, to an 'A' rating, which we expect in the next quarter itself, and which will further reduce our cost of borrowing. This is the third factor contributing to our growth, our profitability, and our strong AUM. The next important factor is expenditure on salaries and other costs. Here too, the company has achieved remarkable improvement. In Q1 FY26, we had 499 employees. That number has been continuously reducing currently it stands at approximately 367, and by the end of this year our target is to bring it down to approximately 300 employees, even as our AUM continues to increase multi-fold. This reflects strong operating leverage on a disbursement-per-employee basis. If you compare the company's ratios across every domain, they are improving multi-fold. For example, total borrowings have increased 120% even as the cost of borrowing has reduced. Total active lenders were 20+ lenders in this quarter last year and are now 35+ lenders in this quarter itself a relevant data point, since more lenders are trusting us, including, for the first time, PSU banks, whose ticket sizes and interest rates compare favourably with larger NBFCs. On cost of borrowing, as noted, it has come down meaningfully quarter-on-quarter. Our debt-to-equity ratio, which was 2.65 times in the March 2025, now stands at 2.43 times in March 2026. Across the board, manpower cost, cost of borrowing, and operational cost -- including our branch-based footprint -- have all reduced. Delinquency is a very important ratio for any NBFC. Our delinquency percentage has reduced, Gross NPA has reduced, and Net NPA has also reduced. Compared to the last quarter, Gross NPA was 1.94%; it is now 1.91%. Net NPA has also improved on a similar basis. As the company continues to pivot and build stronger AUM, these numbers should keep improving in future quarters. Along with this, we are having another product also, Salary Saathi, which is a fully digital lending solution with minimal to nil delinquency. Month-on-month and quarter-on-quarter, our numbers are improving, and we continue to sign new contracts with insurance companies for our Mediclaim Financing product while building new tech-based products in an innovative way. On Salary Saathi specifically, we are deeply integrated with state governments, and the volumes we forecast going forward are significant. With that, I am open to any questions, analysis, or discussion on the data. We can take questions now. Vishwas Kumar: Thank you, sir. On behalf of Mufin Green Finance Limited, I would like to thank all of you for joining the Q1 FY27 Earnings Conference Call. We hope this discussion gave you a clear picture of our performance and the direction in which we are driving the company. We will continue to hold these calls every q [Showing first 8,000 characters — download PDF for full document]