amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Midland Micro Finance Unlisted Shares
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Fundamentals About Midland Micro Finance
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Midland Micro Finance
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 783.67 | 795 | 859 | 820 |
| Cost of Material Consumed | 340.45 | 452 | 471 | 524 |
| Change in Inventory | 13.2 | 4 | 16 | -1 |
| Gross Margins | 56.56 | 43.14 | 45.17 | 36.1 |
| Employee Benefit Expenses | 65.39 | 74 | 70 | 79 |
| Other Expenses | 262.59 | 246 | 259 | 230 |
| EBITDA | 102.04 | 19 | 43 | -12 |
| OPM | 13.02 | 2.39 | 5.01 | -1.46 |
| Other Income | 8.93 | 14 | 8 | 12 |
| Finance Cost | 5.26 | 6 | 7 | 6 |
| D&A | 31.76 | 36 | 36 | 25 |
| EBIT | 70.28 | -17 | 7 | -37 |
| EBIT Margins | 8.97 | -2.14 | 0.81 | -4.51 |
| PBT | 53.73 | -9 | 8 | -55 |
| PBT Margins | 6.86 | -1.13 | 0.93 | -6.71 |
| Tax | 23.84 | -3 | -2 | -4 |
| PAT | 29.89 | -6 | 10 | -51 |
| NPM | 3.81 | -0.75 | 1.16 | -6.22 |
| EPS | 8.18 | -1.64 | 2.74 | -13.96 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 13.02 | 2.39 | 5.01 | -1.46 |
| Net Profit Margin | 3.81 | -0.75 | 1.16 | -6.22 |
| Earning Per Share (Diluted) | 8.18 | -1.64 | 2.74 | -13.96 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 213.12 | 211 | 189 | 252 |
| CWIP | 7.19 | 4 | 1 | 0.55 |
| Investments | 111.31 | 107 | 16 | 10 |
| Trade Receivables | 49.29 | 56 | 55 | 69 |
| Inventory | 116.64 | 120 | 80 | 90 |
| Other Assets | 220.88 | 225 | 416 | 109.45 |
| Total Assets | 718.43 | 723 | 757 | 531 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 18.27 | 18.27 | 18.27 | 18.27 |
| FV | 5 | 5 | 5 | 5 |
| Reserves | 465.49 | 443 | 451 | 265 |
| Borrowings | 12.39 | 7.5 | 17 | 0.13 |
| Trade Payables | 93.14 | 120 | 113 | 119 |
| Other Liabilities | 129.14 | 134.23 | 157.73 | 128.6 |
| Total Liabilities | 718.43 | 723 | 757 | 531 |
About Company
The following table shows a 10-point analysis of Midland Microfin Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 AUM ~₹1,800–1,900 cr Revenue/Interest Earned ~₹380–400 cr PAT ~₹45–55 cr PAT margin ~11–13% |
Leading NBFC-MFI focused on women-centric Joint Liability Group (JLG) lending across rural and semi-urban regions. Offers income generation loans, top-up loans and emergency loans. Strong presence in Punjab, Haryana, Rajasthan, Uttar Pradesh and Bihar with technology-enabled disbursals and collections. |
| Industry & Market Position | Mid-tier MFI in North India High portfolio quality Regional leadership footprint |
Competitive in JLG microfinance with conservative underwriting and low portfolio at risk (PAR). Benefits from financial inclusion initiatives and women empowerment focus. Exposed to regulatory caps on margins, rural economic cycles and sector-wide over-indebtedness risks. |
| Revenue Growth Trend | FY23–FY25 AUM CAGR ~35–40%+ FY25 YoY AUM growth ~30–35% 400+ branches |
Strong expansion driven by branch additions, client acquisition and repeat lending. Growth outpaced several peers despite regulatory tightening. Supported by underserved rural penetration and operational efficiency through digitization. |
| Profitability & Margins | NIM ~12–14% ROA ~3–3.5% ROE ~18–22% PAT margin ~11–13% |
Healthy profitability supported by high yields, low credit costs and operating leverage. Asset quality strong (GNPA <1%, low early PAR). Earnings quality robust relative to many MFIs due to disciplined collections and secured lending focus. |
| Cash Flow Quality | Strong operating cash flow Dividend payouts noted |
Excellent cash generation from high repayment rates (~99%+). Supports growth funding and debt servicing. Low delinquency and steady collections reduce liquidity strain. |
| Balance Sheet Strength | Strong net worth CRAR >20% Debt/Equity ~3–4x |
Well-capitalized with adequate regulatory buffers. Diversified borrowings from banks, NCDs and other instruments. Downside risk mitigated by conservative underwriting and high-quality portfolio. |
| Valuation Comfort | Unlisted price ~₹180–210 (Feb 2026) P/E ~18–22x (EPS ~₹9–11 est.) Market cap ~₹1,800–2,100 cr |
Reasonable valuation for a high-quality, fast-growing MFI. Supported by strong ROE, low PAR and sector tailwinds from financial inclusion. Attractive compared to several listed microfinance peers. |
| Management & Governance | Professional management Credit rating around BBB+/Stable |
Proven execution in scaling operations while maintaining asset quality. Strong compliance culture and transparent reporting. No major governance concerns observed. |
| Growth Triggers & Catalysts | Branch & client expansion Secured lending focus Rural credit demand IPO discussions (early stage) |
Organic growth from underserved rural markets and repeat borrowers. Incremental upside from cost efficiency and geographic diversification. Potential IPO could unlock valuation and liquidity. |
| Liquidity & Exit Visibility | OTC liquidity only IPO preparation discussions ongoing |
Moderate liquidity in unlisted market with partial capital lock-in. Exit visibility improves if IPO plans materialize. Currently medium liquidity risk until listing clarity emerges. |
Midland Microfin Limited (MML), incorporated in 2011, is the first Punjab-based microfinance institution registered as an NBFC–MFI with the Reserve Bank of India (RBI). The company’s core objective is financial and social empowerment of women, primarily through small-ticket business and livelihood loans.
As of FY21, MML operates through a strong physical network of 217 branches across multiple states and Union Territories, including Punjab, Haryana, Rajasthan, Uttar Pradesh, Bihar, Gujarat, Jharkhand, Himachal Pradesh, and Chandigarh. The company follows a stringent lending and recovery framework, which has helped it maintain strong asset quality even during challenging periods such as demonetisation and COVID-19.
MML has completed over 10 years of operations, growing from a single branch to serving over 4 lakh women borrowers, largely in rural and semi-urban India.
Business Model & Loan Products
The following explains Midland Microfin Limited’s operating and lending model.
Midland Microfin follows a Joint Liability Group (JLG) and individual lending model focused on income-generating and essential livelihood activities.The following are the key loan products:
Business Loans
- Ticket size: ₹11,000–30,000 and ₹31,000–50,000
- Tenure: 1–2 years
- Interest rate: 25.20%
Water Purifier Loans
- Ticket size: ₹4,200–8,500
- Tenure: 6, 9, and 11 months
- Interest rate: 25.20%
Sewing Machine Loans:
- Ticket size: ₹3,520
- Tenure: 6, 9, and 11 months
- Interest rate: 25.20%
- Offered in collaboration with Greenlight Planet India Pvt Ltd
Solar Lamp Loans:
- Ticket size: ₹2,899
- Tenure: 6, 9, and 11 months
- Interest rate: 25.20%
- Offered under the “Beyond Microfinance” initiative
Udaan Individual Loan
- Ticket size: ₹60,000–1,00,000
- Tenure: 2 years
- Interest rate: 25.20%
- Offered to existing customers for business expansion
Geographic Presence
The following outlines Midland Microfin Limited’s operational footprint.
- Services extended to 15,734 villages across India
- Regional Offices established in Jaipur, Chandigarh, Varanasi, and Patna
- State-wise loan portfolio concentration (as of FY21):
- Punjab: ₹1,805 Cr
- Bihar: ₹650 Cr
- Rajasthan: ₹627 Cr
- Haryana: ₹400 Cr
- Uttar Pradesh: ₹242 Cr
- Jharkhand, Gujarat, HP: Smaller exposure
Financial Review (FY19–FY24)
The following provides a consolidated financial performance summary of Midland Microfin Limited.
- Total Assets:
- ₹748 Cr as of March 31, 2019
- Increased to ₹1,100 Cr by March 31, 2021, reflecting strong balance-sheet expansion
- Loan Portfolio:
- ₹350.79 Cr in FY18
- ₹549.07 Cr in FY19 (56.53% growth)
- Cumulative disbursements of ~₹3,800 Cr by March 31, 2021
- Income & Profitability:
- FY21 Gross Income: ₹192 Cr (4.45% YoY growth)
- FY21 PAT: ₹14.6 Cr, lower YoY due to higher COVID-related provisions
- Capital Adequacy:
- CRAR consistently above regulatory minimum
- CRAR: 23.32% (FY19)
- Tier-I CRAR improved to 18.19%
- Capital infusion of ₹40 Cr supported growth and expansion
- Asset Quality:
- FY19 Gross NPA: 0.47%, Net NPA: 0.04%
- FY21 Gross NPA increased to 1.69% due to COVID impact
- Collection efficiency remained strong at ~99%
Credit Strengths
The following highlights Midland Microfin Limited’s key strengths.
- Strong rural focus reduced COVID-19 impact
- High exposure to essential services like dairy and agriculture
- Disciplined underwriting and recovery mechanisms
- Healthy capital buffers supporting branch expansion
- Experienced promoter background in asset financing
Challenges
The following outlines key risks and challenges for Midland Microfin Limited.
- Temporary stress on asset quality due to COVID-19
- Regulatory changes affecting NBFC-MFI sector
- Geographic concentration risk in certain states
- Dependence on rural economic stability and monsoons
Quick Summary
This section summarises Midland Microfin Limited in brief.
- RBI-registered NBFC–MFI focused on women empowerment
- Strong rural and semi-urban presence
- Over 4 lakh borrowers and 217 branches
- Healthy capital adequacy and disciplined asset quality
- Promoted by an experienced financial services entrepreneur
Shareholding Pattern of Midland Micro Finance
| Name | Holding |
|---|---|
| Kitara PIIN 1501 | 14.09% |
| Ranjit Kaur Chhokar | 13.41% |
| Amardeep Singh Samra | 13.41% |
| ICICI Bank Limited | 3.91% |
| Others | 55.18% |
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Frequently Asked Questions
Midland Microfin Limited provides microfinance loans to women borrowers for business, livelihood, and essential household needs.
Yes, Midland Microfin Limited is registered as an NBFC–MFI with the RBI.
No, Midland Microfin Limited is currently an unlisted company.
The company is promoted by Mr. Amardeep Singh Samra, also the promoter of Capital Small Finance Bank.
Historically strong, with Gross NPA below 1% pre-COVID; FY21 GNPA increased to 1.69% due to pandemic-related stress.
+91-9599071664
amit@unlistedkraft.in