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Hindon Mercantile Limited Unlisted Shares
DRHP Status : Not Filed
790
Fundamentals About Hindon Mercantile Limited
Downloads & Investor Documents
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Key Financials of Hindon Mercantile Limited
About Company
Let us take a glance at key points about the Hindon Mercantile Limited. After the following table, we will explain these points in detail:
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | NBFC focused on secured lending: business loans, vehicle loans, loan-against-property | Core business is lending and financial services delivered via omni-channel, technology-enabled distribution. |
| Industry & Market Position | Operates in Indian NBFC-ND segment | Niche NBFC with regional focus; competes with mid-tier retail & SME lenders and has emerging presence in EV financing. |
| Revenue Growth Trend | Standalone total income FY25: ~₹27.31 Cr (FY24: ~₹14.49 Cr) | Standalone revenue nearly doubled YoY, reflecting loan book expansion and higher interest income. |
| Profitability & Margins | Standalone PAT FY25: ~₹1.37 Cr (FY24: ₹2.19 Cr) · Consolidated PAT FY25: ₹19.78 Cr (FY24: ₹18.51 Cr) | Standalone profitability compressed, while consolidated profits remained positive with moderate margins. |
| Cash Flow Quality | Cash & equivalents ~₹150.09 Cr (Mar 2025) | Cash generation tied to lending activity; loan disbursements and capex impact operating cash flows. |
| Balance Sheet Strength | Total assets FY25: ~₹577.98 Cr (FY24: ~₹159.57 Cr) · Net worth FY25: ~₹312.29 Cr | Balance sheet expanded sharply with asset growth and strong equity base; capital adequacy maintained. |
| Unlisted Valuation | ~₹1,358 Cr | Valuation reflects growth in loan book, NBFC sector premiums, and unlisted market expectations. |
| Management & Governance | Directors: Kapil Garg (MD), Pradip Kumar Kar, Hemant Bhageria, Luv Khanna, Girish Kumar Chadha | Professional management with lending expertise; governance aligned with NBFC regulatory requirements. |
| Growth Triggers & Catalysts | Loan book & AUM growth · Strategic stake in Mufin Green Finance · EV financing participation | Growth driven by MSME and vehicle financing demand, diversified products, and ecosystem expansion. |
| Liquidity & Exit Visibility | Unlisted; no DRHP/IPO filed; trades on private platforms | Liquidity limited; exits typically via future listing or secondary market negotiations. |
Hindon Mercantile Limited (HML) is a Non-Banking Financial Company (NBFC-ND) incorporated on August 14, 1985, and headquartered in New Delhi. It focuses on secured lending, offering quick and tech-enabled loans to individuals and businesses.
Main Products & Services
- Business loans
- Vehicle loans (including electric vehicles via group entities)
- Loan Against Property (LAP)
- Other corporate financing
- Tech-driven model: Omni-channel distribution, data-based risk pricing, partnerships with retailers, dealers, and SMEs for fast approvals and disbursals.
HML operates as a holding/parent company with strategic subsidiaries and investments in the financial ecosystem.
Key Strategic Investments & Acquisitions
- Mufin Green Finance Limited (majority-owned subsidiary): HML holds ~54.31–54.44% stake (as of March 2025). Mufin specializes in green financing — loans for electric vehicles (two/three/four-wheelers, buses), solar projects, and EV infrastructure. It has financed over ~80,000 EVs cumulatively since 2016 and expanded pan-India. Mufin is listed on NSE/BSE (since Nov 2023).
- LKP Finance Limited: In August 2024, HML (along with Kapil Garg) agreed to acquire a significant stake (~45.32% initially proposed, with open offer). The deal completed in early 2025 (tender offer Jan–Feb 2025), giving HML effective control. LKP adds wholesale/retail lending capabilities.
- Group focus: Strong emphasis on EV/green mobility financing (e.g., ~76% of recent disbursements in EVs), digital lending, and ecosystem building.
Recent Performance (2024–2025)
Rapid scaling with strong capital infusion!
- Consolidated Group Level (Hindon + subsidiaries like Mufin):
- AUM (Assets Under Management): Grew from ~₹676 Cr (Mar 2024) to ~₹1,041 Cr (Mar 2025 / FY25).
- Total Income: ~₹155 Cr (FY25) vs ~₹70 Cr (FY24).
- PAT (Profit After Tax): ~₹19.78 Cr (FY25) vs ~₹18.51 Cr (FY24).
- Net Worth: Jumped to ~₹702 Cr (FY25) from ~₹269 Cr (FY24), thanks to ~₹223 Cr+ capital raised in FY25 (from HNIs, family funds, VC, rights issue).
- Capital Adequacy Ratio (CAR): ~26% (FY25).
- Gross NPA: ~2.32% (FY25) — asset quality maintained despite growth.
- Standalone (HML core): Smaller book (~₹221 Cr AUM in FY24), but group leverage drives overall momentum.
- Borrowers served: Over 47,000 across 20+ states.
Latest News (as of early February 2026)
- Credit rating reaffirmed by Acuité at 'ACUITE A-' (Stable) (Nov 2025) for bank facilities (₹30 Cr) and NCDs (₹170 Cr) highlights sustained AUM growth, comfortable capitalization, EV financing expertise, but notes moderate scale, low portfolio seasoning, and geographic concentration (e.g., Uttar Pradesh, Bihar, Delhi, Maharashtra ~50%+ exposure).
- Continued capital raises and EV focus position the group well in India's green mobility boom.
- No IPO or listing plans announced for HML itself — remains privately held (unlisted).
- Emphasis on digital/branch-light model for cost efficiency and pan-India reach.
Why Investors Are Interested in Hindon Mercantile
- High-growth NBFC play in booming sectors: EV/green financing (via Mufin) + secured lending.
- Rapid AUM expansion (~54%+ YoY in recent periods) with maintained asset quality.
- Strong capitalization after multiple fundraises (net worth tripled in FY25).
- Strategic control over listed subsidiary (Mufin) and recent acquisitions (LKP) for diversified ecosystem.
- Tech-enabled, low-cost model + promoter experience in retail/EV lending.
- Attractive upside in India's credit and green finance demand.
Main Risks
- Moderate scale and low seasoning of loan book (many loans recent, higher credit risk potential).
- Geographic concentration (North India heavy, vulnerable to regional stress).
- Funding dependency: Needs ongoing capital raises for growth and buffers.
- Regulatory/NBFC risks: Macro stress, RBI changes, competition in retail lending.
- Asset quality/earnings volatility in high-growth phase.
Quick Summary
Hindon Mercantile Limited is a fast-growing Delhi-based NBFC focused on secured loans (business, vehicle, LAP) with a tech-driven model and strong push into EV/green financing through majority-owned listed subsidiary Mufin Green Finance (~54% stake) and recent control over LKP Finance. The group has scaled impressively — AUM doubled to ~₹1,041 Cr in FY25, profits steady, net worth surged to ~₹702 Cr after big capital infusions — positioning it well in India's EV and credit boom. Ratings like 'ACUITE A-' (Stable) reflect growth and capitalization strengths, but watch moderate scale, seasoning, regional focus, and funding needs. It's an exciting diversified financial play for believers in green mobility and NBFC expansion!
Click to visit the official website of Hindon Mercantile Limited.
Shareholding Pattern of Hindon Mercantile Limited
| Name | Holding |
|---|---|
| Promoters | 55.18% |
| Others | 44.82% |
Promoters of Hindon Mercantile Limited
| Name | Role | Linkedin Profile |
|---|---|---|
| Kapil Garg | Director |  |
| Luv Khanna | Director | |
| Pradip Kumar Kar | Director | |
| Amol Sinha | Director | |
| Hemant Bhageria | Director | |
Latest News
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Frequently Asked Questions
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