My Mudra FincorpShare price, financial results, shareholding and management
- Market cap
- ₹93 cr
- Stock P/E
- 7.7peers 46.6
- Book value
- ₹57.4
- Price to book
- 1.42
- EV / operating profit
- 4.8
- Market cap to sales
- 0.79
- ROCE · FY26
- 26.2%
- ROE · FY26
- 20.2%
- ROE, 3-year average
- 32.1%
- Operating margin · FY26
- 15.8%peers 21.6%
- Sales growth, 3 years
- 29.5%
- Profit growth, 3 years
- 58.7%
- Debt to equity
- 0.17peers 0.03
- Borrowings
- ₹11.3 cr
- Interest cover
- 12.2×
- Cash from business / op. profit
- 11%
- Debtor days
- 65
- Pledged
- 0.00%
- Promoter holding
- 57.89%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,259
- 52-week high / low
- ₹103 / ₹59
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
My Mudra Fincorp share price chart
Close on 6 Nov 2026 · -9.88% on the day · Vol 48,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -17.7%
- 3 months
- +2.0%
- 6 months
- +5.9%
- 1 year
- -8.8%
- Since IPO
- -25.8%
- Traded a day, 20 days
- ₹0.37 cr
- Taken for delivery
- 75%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +46% | +33% |
| 3 years, a year | +30% | +59% |
| Latest half, H2 FY26 | +26% | +8% |
About My Mudra Fincorp: business, products and customers
My Mudra Fincorp finds people and small businesses who want a loan, a credit card or insurance and passes them to banks, finance companies and insurers, which pay it a commission. It does not lend money itself. Its shares trade on NSE Emerge.
My Mudra, set up in Delhi in 2013, is a corporate direct selling agent: it sources customers for business loans, personal loans, loans against property, home loans, professional loans and credit cards, does the paperwork, and places each file with one of its banking and NBFC partners. The lender pays a commission when the loan is disbursed, and the customer pays nothing; since late 2025 it also distributes life insurance as a corporate agent of PNB MetLife. It reaches customers through owned branches, franchisees, sub-agents and a network of digital referral agents, plus a mobile app and a digital lending link with HDFC Bank.
Because the lender carries the loan, My Mudra takes no credit risk and needs little capital, but most of each commission is passed on to the franchisees and sub-agents who bring in the customer, so only a thin slice stays with the company. Its income depends on how much the partner lenders want to lend and how much they choose to pay per loan. In FY26 loans against property grew from a small part of revenue to nearly a fifth, and profit grew more slowly than revenue, which the company puts down to spending on its network and technology.
Read more about the business
The offer document says competition is intense from organised and unorganised agents and that entry barriers are low; it names no rivals. Among listed small companies, Akiko Global Services does similar work, sourcing credit card and loan customers for banks and finance companies for a fee.
What is new: Madan Sardar, appointed Whole Time Director from 18 August 2026, resigned with effect from 9 October 2026 for personal reasons, the second Whole Time Director to leave in seven months after Abhisek Dhal in March 2026; the filing names no successor. Earlier changes were a new Chief Executive Officer, Pushpendra Singh Mehru, from October 2025, the PNB MetLife tie-up of December 2025 and empanelment with Jammu & Kashmir Bank for secured loans in February 2026.
From the offer document (red herring prospectus, 2024), the annual report 2025-26, the earnings call transcript of November 2024, the press release of November 2025 and the announcements of September 2025 to October 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 30% a year over three years.
- It earns a high return on the money it uses: ROCE 26% in FY26.
- It has little debt for its size: debt to equity 0.17.
To watch
- Growth of the digital referral network, which the company plans to take from 3,000 to 50,000 partners (Press release, 17 November 2025, p.3).
- The launch of gold loans and mutual fund distribution, still described as new services in November 2025 (Press release, 17 November 2025, p.3).
- Business from the Jammu & Kashmir Bank empanelment for secured loans, announced on 24 February 2026.
- The board after Whole Time Director Madan Sardar, appointed 18 August 2026, resigned on 9 October 2026, and results under Chief Executive Officer Pushpendra Singh Mehru, appointed 27 October 2025 (Announcement, 9 October 2026, p.1; Annual report 2025-26, p.25 and p.33).
- Customers take longer to pay than before: 65 days in FY26, against 48 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
My Mudra Fincorp revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
My Mudra Fincorp half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 32 | 39 | 34 | 46.63 | 58.45 | 58.89 |
| Expenses | 29 | 31 | 29 | 37.96 | 50.14 | 48.62 |
| Operating profit | 3 | 8 | 5 | 8.66 | 8.31 | 10.27 |
| OPM | 10.0% | 19.0% | 14.0% | 18.6% | 14.2% | 17.4% |
| Interest | 0 | 1 | 1 | 0.25 | 0.71 | 0.72 |
| Depreciation | 0 | 0 | 0 | 0.46 | 0.76 | 0.78 |
| Profit before tax | 3 | 6 | 4 | 8.25 | 7.05 | 9.01 |
| Net profit | 2 | 4 | 3 | 6.14 | 5.37 | 6.63 |
My Mudra Fincorp profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 28 | 54 | 71 | 80.37 | 117.34 |
| Expenses | 27 | 48 | 60 | 66.84 | 98.76 |
| Operating profit | 1 | 6 | 11 | 13.53 | 18.58 |
| OPM | 4.5% | 11.0% | 15.0% | 16.8% | 15.8% |
| Other income | 0 | 0 | 0 | 0.31 | 0.45 |
| Interest | 0 | 1 | 1 | 0.88 | 1.43 |
| Depreciation | 0 | 0 | 1 | 0.85 | 1.54 |
| Profit before tax | 1 | 5 | 9 | 12.11 | 16.06 |
| Tax rate | 100.0% | 40.0% | 33.3% | 25.6% | 25.3% |
| Net profit | 0 | 3 | 6 | 9.01 | 12 |
| EPS ₹ | 439.25 | 2,941 | 5,449 | 9.96 | 10.54 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
My Mudra Fincorp profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 4.5% | 11.0% | 15.0% | 16.8% | 15.8% |
| Tax rate | 100.0% | 40.0% | 33.3% | 25.6% | 25.3% |
| ROCE | · | 63.1% | 52.6% | 31.3% | 26.2% |
| ROE | · | 49.9% | 50.0% | 26.0% | 20.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
My Mudra Fincorp debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
My Mudra Fincorp balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 11.39 | 11.39 |
| Reserves | 4 | 8 | 16 | 42.02 | 54.02 |
| Net worth | 4.01 | 8.01 | 16.01 | 53.41 | 65.42 |
| Borrowings | 3 | 4 | 10 | 3.52 | 11.26 |
| Other liabilities | 1.99 | 2.99 | 3.99 | 4.56 | 6.89 |
| Total liabilities | 9 | 15 | 30 | 61.49 | 83.57 |
| Fixed assets | 1 | 1 | 2 | 3.60 | 4.55 |
| Capital work in progress | 0 | 1 | 4 | 8 | 13 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 8 | 13 | 24 | 49.89 | 66.02 |
| Receivables | · | · | · | 19.03 | 20.91 |
| Inventory | · | · | · | 0 | 0 |
| Cash | · | · | · | 17.10 | 14.87 |
| Trade payables | · | · | · | 0.59 | 1.48 |
My Mudra Fincorp cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0 | 1 | 1 | 2.17 | 2.06 |
| Cash from investing | 0 | -1 | -4 | -8 | -10.68 |
| Cash from financing | 0 | 0 | 5 | 21 | 6.39 |
| Net cash flow | 0 | 0 | 2 | 15.17 | -2.23 |
| Capital spending | · | · | · | 6.46 | 8.15 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 48 | 47 | 65 | 86 | 65 |
| Cash conversion cycle | 48 | 47 | 65 | 86 | 65 |
| Working capital days | 51 | 48 | 75 | 104 | 111 |
My Mudra Fincorp peers and competitors
Listed SME companies in the same industryBy sales, My Mudra Fincorp is number 5 of the 19 listed SME companies in finance.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Akiko Global Services | 439 | 12.6 | 173 | 34.8 | 14.5% | 0.25 |
| My Mudra Fincorp | 93 | 7.7 | 117 | 12 | 15.8% | 0.17 |
| Usha Financial Services | 235 | 10.5 | 71.1 | 22.5 | 77.8% | - |
| Dar Credit & Capital | 57 | 8.1 | 40.3 | 7 | 69.9% | 1.78 |
| Amrapali Fincap | 59 | 76.0 | 19.5 | 0.8 | -4.0% | 0.00 |
| IBL Finance | 149 | 61.0 | 17.1 | 2.4 | 57.1% | 0.95 |
| Ascom Leasing & Investments | 244 | 46.6 | 13.1 | 5.2 | 59.5% | 0.04 |
| Franklin Leasing and Finance | 12 | 69.6 | 9.6 | 0.2 | 2.4% | 0.00 |
| Share Samadhan | 56 | 125.4 | 6.2 | 0.5 | -7.2% | 0.01 |
| Navigant Corporate Advisors | 22 | 24.5 | 4.9 | 0.9 | 28.8% | 0.00 |
| GCM Capital Advisors | 7 | - | 2.3 | -0.4 | -8.7% | 0.03 |
| Median of the 10 others | 58 | 46.6 | 15.1 | 1.7 | 21.6% | 0.03 |
My Mudra Fincorp shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
My Mudra Fincorp shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 57.83% | 57.83% | 57.89% | 57.89% |
| Foreign investors (FIIs) | 2.56% | 0.96% | - | 1.08% |
| Indian institutions (DIIs) | 6.24% | 0.37% | 0.60% | 0.55% |
| HNIs (over ₹2 lakh each) | 11.78% | 13.44% | 15.95% | 9.95% |
| Small holders (up to ₹2 lakh) | 10.78% | 14.93% | 14.44% | 17.83% |
| Companies and others | 10.81% | 12.47% | 11.12% | 12.70% |
| Number of shareholders | 870 | 1,104 | 991 | 1,259 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
My Mudra Fincorp study: the business from its own documents
Read from 7 of the company's own documentsMy Mudra Fincorp so far
From the company's own record
- 12 Sept 2024Listed on NSE Emerge at ₹110
- 31 March 2026Promoters at 57.89%
- 14 Oct 2026Highest close since listing, ₹99.90
My Mudra Fincorp key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹117.3 cr
- Revenue from operations in FY26, up 46.01% from ₹80.4 cr; profit after tax rose 33.22% to ₹12.0 cr.Annual report 2025-26, p.58 and p.59
- Commission paid out
- ₹82.3 cr
- Commission and brokerage paid in FY26, about 70% of revenue, against ₹54.6 cr a year earlier.Annual report 2025-26, p.94; reported results, our arithmetic
- Business loans
- 36%
- Share of FY26 revenue from business loans, down from 53%; personal loans gave 34%, down from 39%.Annual report 2025-26, p.59
- Loan against property
- 18%
- Share of FY26 revenue from loans against property, up from 3%, the biggest shift in the mix.Annual report 2025-26, p.59
- Insurance
- 5%
- Share of FY26 revenue from insurance, a new stream, helped by a corporate agency with PNB MetLife signed in December 2025.Annual report 2025-26, p.59; Announcement, 3 December 2025
Show 5 more facts
- Network
- 165+ branches
- Owned and franchise branches at the end of FY26, backed by more than 5,000 digital referral agents.Annual report 2025-26, p.57 and p.58
- Partners
- 70+ lenders
- Banks and NBFCs on the panel in FY26, plus more than 20 insurance partners.Annual report 2025-26, p.57
- Top ten lenders
- 63.56%
- Share of FY24 revenue from the ten largest paying partners, down from 84.79% in FY22.Offer document, p.30
- Delhi
- 49.43%
- Share of FY24 revenue earned in Delhi, down from 59.49% in FY22.Offer document, p.116
- Debt to equity
- 0.17
- Debt to equity at March 2026, up from 0.07, still low as the business holds no loan book.Annual report 2025-26, p.59
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns a commission for every loan or policy it brings to a lender or insurer, without risking its own money on the loans.
Its weak spots are that lenders decide the rates it is paid, most of each commission goes on to the agents who find the customers, and new rivals can start easily.
WatchCan it set its own prices?No: lenders set the payout, and the company itself has said commission rates may fall as competition grows.
WatchHow strong is it against rivals?Its branch network and long lender ties help, but the offer document says entry barriers are low and new entrants keep coming.
AverageWho are its customers?The paying customers are banks, NBFCs and insurers; the panel is wide and reliance on the largest ones has been falling.
StrongDoes it need a lot of money?Little: it holds no loans, so growth needs branches, people and technology rather than a large balance sheet.
AverageCan it keep finding new work?It keeps adding branches, partners and products, though some products announced in 2024 were still described as coming a year later.
AverageDo good and bad years swing a lot?Commission income follows how freely banks lend, so a tighter credit cycle or a change in lending rules would cut volumes.
Who runs My Mudra Fincorp?
Promoters, directors and officers; tap a name for the background
VKVaibhav KulshresthaPromoter, Chairman and Managing Director · holds 16.03%
A commerce graduate of Dr. Bhimrao Ambedkar University, Agra (2005), with the company since 2014 and more than 16 years in financial services; responsible for strategy, business development, accounts and finance and partnerships with lenders.
Offer document, p.138; Annual report 2025-26, p.24NKNisha KulshresthaPromoter and Vice President, Sales and Marketing · holds 41.86%
A commerce graduate of the University of Delhi, with the company since it was formed and more than 16 years in financial services; leads sales and business development. The offer document records Nisha Kulshrestha and Vaibhav Kulshrestha as spouses.
Offer document, p.148 and p.149; Annual report 2025-26, p.24PSPushpendra Singh MehruChief Executive Officer
More than two decades in banking and financial services, starting at Citi Financial in 2005, then ICICI Prudential, Fullerton India and Aditya Birla Capital, where operations spanned 13 states. Chief Executive Officer since 27 October 2025.
Annual report 2025-26, p.24 and p.25VJVidit JindalChief Financial Officer
A chartered accountant with more than 14 years in financial management, tax, audit and compliance; Chief Financial Officer since January 2024.
Annual report 2025-26, p.24 and p.25GKGanesh Kumar MishraNon-Executive Director
With the company since it was formed, with more than ten years in loan sanctioning and disbursement and liaison between banks and clients; oversees human resources and administration.
Offer document, p.138; Annual report 2025-26, p.24SKSudhir Kumar JainIndependent Director
38 years in banking, retiring as Assistant General Manager of Punjab & Sind Bank in 2017; holds a master's in economics and is a registered insolvency professional.
Offer document, p.139; Annual report 2025-26, p.24SSaritaIndependent Director
A company secretary since 2015 with a law degree from Dr. B.R. Ambedkar University, Agra, and more than eight years in corporate law and secretarial work at the time of the offer document.
Offer document, p.139My Mudra Fincorp latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹58.9 cr (+26%), net profit ₹6.6 cr (+8%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 57.89%.
My Mudra Fincorp announcements
87 on record, latest first; each opens the filing on the exchange
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- ResignationOf Mr MADAN SARDAR as Whole Time Director of the company w.e.f. October 09, 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Investor MeetPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 18, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 18, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- General Updatessending a letter, providing a web-link of the Annual Report 2025-26 therein, to those Members who have not registered their e-mail addresses with the Company/RTPDF ↗
My Mudra Fincorp annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 Nov 2024 ↗read
- 30 Nov 2024 ↗read
My Mudra Fincorp share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on My Mudra Fincorp's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,13,91,800 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹5,449.15) and FY25 (₹9.96) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about My Mudra Fincorp
What does My Mudra Fincorp do?
My Mudra Fincorp finds people and small businesses who want a loan, a credit card or insurance and passes them to banks, finance companies and insurers, which pay it a commission. It does not lend money itself. Its shares trade on NSE Emerge.
What is the share price of My Mudra Fincorp?
₹81.6 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of My Mudra Fincorp?
₹93 cr at the close on 6 Nov 2026, on 1,13,91,800 shares.
What is the P/E of My Mudra Fincorp?
7.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are My Mudra Fincorp's revenue and profit?
Revenue ₹117 cr and profit after tax ₹12 cr in FY26.
Who are the promoters of My Mudra Fincorp?
Vaibhav Kulshrestha, Nisha Kulshrestha; promoters held 57.89% at 31 March 2026.
What was the IPO price of My Mudra Fincorp?
₹110 a share; it listed on 12 Sept 2024.
What is My Mudra Fincorp's website?
www.mymudra.com
More SME companies like My Mudra Fincorp
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- IBL FinanceIBLFL · NSE Emerge · Finance · listed 2024Market cap ₹154 cr
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Every listed SME company in Finance → · SME companies listed in 2024 →
Built from 2 annual reports, 1 offer document, 1 result filing, 1 earnings call transcript, 1 investor presentation, 1 press release, 87 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.