According to reports from The Hindu BusinessLine, Tata Mutual Fund acquired 33 lakh equity shares of Mufin Green Finance Ltd through a bulk deal on 22 April 2026 at ₹113.23 per share, amounting to approximately ₹37.37 crore. The shares were trading at ₹117.70 on the NSE on 23 April, giving the fund an immediate mark-to-market gain on the position. This investment represents a significant entry into the electric vehicle financing sector by one of India's leading mutual fund houses.
While Tata Mutual Fund increased its stake in Mufin Green Finance, other institutional investors showed contrasting sentiment. Incofin India Progress Fund sold 0.75% of its holding for ₹17.49 crore at ₹116.65 per share on the same day. This mixed institutional activity reflects differing investor strategies, with some backing the green finance sector's growth potential while others reassess due to high valuations and sector challenges. The company's high P/E ratio of 98-116x alongside a modest Return on Equity of 5.88% as of April 14, 2026, raises valuation concerns among some market participants.
As reported by The Hindu BusinessLine, Mufin Green Finance is a listed non-banking financial company that finances electric two-, three-, and four-wheelers, charging infrastructure, and related assets. The company targets retail customers, fleet operators, and small businesses, with a focus on Tier 2 and Tier 3 markets. The company has financed over ₹350 crore in EV assets to date, establishing itself as a significant player in the electric vehicle financing ecosystem. This positioning aligns with the green finance market projected to reach USD 2,420.7 billion by 2034, providing long-term growth potential despite current valuation challenges.
According to the report, in a parallel growth push, the company has expanded into insurance premium financing — an emerging NBFC segment. It has already disbursed roughly ₹970 crore in insurance-linked loans, covering Mediclaim financing for individuals and group insurance for SMEs. The company targets scaling this book to ₹2,800 crore by FY29 by offering EMI-based premium payment structures, diversifying its revenue streams beyond traditional vehicle financing. This diversification strategy becomes increasingly important as the company navigates current valuation pressures in its core EV financing business.
