Hindon Mercantile Ltd. - Unlisted Shares
Fundamentals
- Current Price
- ₹745
- Market Cap
- ₹1,102.05 Cr
- ISIN
- INE08GI01012
- Face Value
- ₹10
- P/E Ratio
- 91.86
- EPS
- 8.11
- P/B Ratio
- 4.41
- Book Value
- ₹169
- Debt / Equity Ratio
- 2.5
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|
| Revenue from Operations | 111.06 | 109.64 | 77.72 | 41.42 |
| Growth% | 1.30% | 41.08% | 87.63% | 0.00% |
| Operating Expenses | 43.30 | 52.42 | 28.51 | 22.01 |
| Growth% | -17.40% | 83.87% | 29.53% | 0.00% |
| Operating Profit | 67.76 | 57.22 | 49.21 | 19.41 |
| Operating Profit Margin % | 61.01% | 52.19% | 63.32% | 46.86% |
| Other Income | 9.32 | 5.92 | 3.82 | 0.13 |
| Finance Costs | 50.35 | 46.32 | 47.89 | 15.32 |
| Depreciation | 2.66 | 1.88 | 0.38 | 0.03 |
| Exceptional Items | 0.52 | 0.00 | 0.00 | 0.00 |
| Profit Before Tax | 24.60 | 14.95 | 4.76 | 4.19 |
| Tax | 6.08 | 2.62 | -0.46 | 1.80 |
| Tax% | 24.73% | 17.52% | -9.64% | 43.00% |
| Profit After Tax | 18.52 | 12.33 | 5.22 | 2.39 |
| Growth% | 50.19% | 136.02% | 118.94% | 0.00% |
| PAT% | 16.67% | 11.24% | 6.72% | 5.76% |
| Diluted EPS | 8.11 | 6.80 | 4.87 | 3.92 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|
| Equity Capital | 14.79 | 14.79 | 12.79 | 11.22 |
| Other Equity and NCI | 254.60 | 162.43 | 89.20 | 24.99 |
| Total Equity | 269.39 | 177.22 | 101.99 | 36.21 |
| Total Borrowings | 682.98 | 266.89 | 402.52 | 316.27 |
| Other Financial Liabilities | 45.42 | 14.31 | 8.03 | 21.62 |
| Total Financial Liabilities | 728.40 | 281.20 | 410.55 | 337.89 |
| Current Tax Liabilities | 0.00 | 0.05 | 0.87 | 0.22 |
| Total Provisions | 0.48 | 0.19 | 0.01 | 0.01 |
| Other Current Liabilities | 1.53 | 0.32 | 7.93 | 2.38 |
| Total Non Financial Liabilities | 1.76 | 1.20 | 8.17 | 2.86 |
| Equity + Liabilities | 375.86 | 513.74 | 466.59 | 1000.65 |
| Cash and Cash Equivalents | 11.52 | 11.21 | 31.74 | 99.30 |
| Loans | 355.92 | 457.81 | 290.75 | 657.40 |
| Other Non Current Assets | 5.84 | 25.32 | 120.29 | 207.09 |
| Total Financial Assets | 373.28 | 494.34 | 442.78 | 963.79 |
| Current Tax Assets | 0.00 | 0.00 | 0.74 | 2.81 |
| Deferred Tax Assets | 0.00 | 0.90 | 3.32 | 2.06 |
| Fixed Assets | 0.21 | 1.76 | 3.60 | 8.16 |
| Other Non Financial Assets | 2.37 | 16.74 | 16.16 | 23.84 |
| Total Non Financial Assets | 2.58 | 19.40 | 23.82 | 36.87 |
| Total Assets | 375.86 | 513.74 | 466.60 | 1000.66 |
Shareholding Pattern
- Kapil Garg
- 35.56%%
- Rajat Goyal
- 19.62%%
- Bima Pay Technology Private Limited
- 14.32%%
- Ms Neha Agarwal
- 5.39%%
- Others
- 25.11%%
Strengths & Weaknesses
Strengths
- Diversified Group Architecture: Under Hindon, Mufin Group operates multiple financial services: Mufin Green Finance, Mufinpay, BimaPay (insurance premium financing), and LKP Finance Limited, one India’s leading finance services and investing companies.
- High growth potential in EV Market: Hindon’s subsidiary,Mufin is oriented towards income-generating EV use-cases like e-rickshaws, three-wheelers, and commercial EVs, which aligns with India's broader financial inclusion objectives. This is seen as MGFL is Hindon’s highest profit earning subsidiary.
- International Support for Mufin: Mufin Green Finance Ltd. (MGFL) finances EV loans, loans for EV charging infrastructure, etc, and has secured a $18 million, 10-year debt facility from the United States International Development Finance Corporation (USIDFC).
- Seasoned EV financing expertise: The group has cumulatively financed ~80,000 electric vehicles since 2016, giving it a meaningful operational edge in a high-growth segment.
- Sustained AUM growth: AUM nearly doubled from Rs. 676 Cr. in FY24 to Rs. 1,022 Cr. as of 9MFY25, reflecting strong disbursement momentum primarily driven by EV loans.
Weaknesses
- Regulatory and competitive risk: Heavy dependence on EV financing (~76% of AUM) makes the portfolio sensitive to changes in EV policy and subsidy structures.
- Limited seasoning of loan portfolio: A significant portion of disbursements were made in FY23 and FY24, meaning the portfolio has not been tested through a full credit cycle.
- Geographical concentration: Over 50% of AUM is concentrated in Uttar Pradesh (23.95%), Delhi (24.55%), and Bihar (10.61%), exposing the group to region-specific economic or regulatory shocks.
About Hindon Mercantile Ltd.
Hindon Mercantile Limited (HML), incorporated on 14 August 1985 and re-acquired by its current promoter Mr. Kapil Garg in 2019, is a Non-Deposit-Taking Non-Banking Financial Company (NBFC-ND). It extends secured and unsecured corporate loans, including wholesale lending, Mediclaim Premium Financing, and MSME business loans. The company also functions primarily as a holding entity for the Mufin Group, a diversified financial ecosystem whose principal operating subsidiary, Mufin Green Finance Limited (NSE: MUFIN), is the vehicle for the group's electric vehicle financing operations.
Board of Directors
- Kapil Garg - Managing Director
- Luv Khanna - Director
- Hemant Bhageria - Director
- Pradip Kumar Kar - Independent Director
Senior Management
- Tanvi Jawa - Chief Financial Officer
- Ruby Chauhan - Company Secretary
- Pratik Mandvia - CBO
- Pulkit Mittal - Group Head HR