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Hindon Mercantile ₹795 ▼ 2.5% 1M
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Hindon Mercantile Unlisted Shares

Financial Services NBFC holding company and payments

Hindon Mercantile Limited is a Delhi-based unlisted company that works in lending and financial services. It is the promoter of the listed NBFC Mufin Green Finance and also holds a payments business.

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Indicative price
As of 23 Oct 2026
₹795 ▼ 2.45% in 1 month
Dealer quotes: ₹790 – ₹815 across 3 dealers
Key facts

Hindon Mercantile share details

Lot size
100 shares
Min. investment
₹79,500
Face value
₹10
Founded
1985
Headquarters
Delhi
ISIN
INE08GI01012
CIN
U34300DL1985PLC021785
Lock-in after IPO
6 months
Price history

Hindon Mercantile share price chart

1Y change
-6.47%
High
₹945
Low
₹725

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

About

About Hindon Mercantile

Hindon Mercantile Limited is an unlisted public company incorporated in Delhi, with the CIN U34300DL1985PLC021785. It operates under the MUFIN brand and works mainly as a promoter and holding company in the financial services space. Its best known holding is Mufin Green Finance Limited, an RBI-registered NBFC listed on BSE and NSE. The annual report of Mufin Green Finance says that the company, then called APM Finvest Limited, was acquired by Hindon Mercantile Limited and Mr. Kapil Garg in 2022. Mufin Green Finance finances electric vehicles and other products. As on 31 March 2026, Hindon Mercantile held 44.53% of Mufin Green Finance, and it was treated as an associate company from 4 March 2026 after being the holding company until then. Hindon Mercantile also holds 55% of Mufinpay Payment Solutions Private Limited, which has Vouchagram India Private Limited as a wholly owned subsidiary. The group therefore covers lending as well as payments and vouchers. On its own standalone numbers, Mufin Green Finance's notice discloses that Hindon Mercantile had a turnover of ₹3,767.08 lakh and a profit after tax of ₹136.96 lakh for 2024-25, with a net worth of ₹31,229.05 lakh. These are standalone figures and do not include its subsidiaries and associates. On ownership, the same document says Mr. Kapil Garg holds 38.15% of Hindon Mercantile Limited and Ms. Shelly Garg, part of the promoter group, holds 0.94%. Hindon Mercantile has no IPO listed on IPO Guru so far. Its shares are dealt off-market through unlisted-share platforms, and the price of ₹795 shown here is indicative, not an exchange price. The lot size we track is 100 shares.

Strengths

  • It is the promoter of Mufin Green Finance Limited, a listed NBFC, and held 44.53% of it as on 31 March 2026.
  • Standalone turnover for 2024-25 was ₹3,767.08 lakh, with a profit after tax of ₹136.96 lakh, so the company was profitable.
  • Standalone net worth was ₹31,229.05 lakh for 2024-25, which is a large base compared with that year's profit.
  • It has a second business line through its 55% stake in Mufinpay Payment Solutions Private Limited, which owns Vouchagram India Private Limited.
  • It has been run since the 2022 Mufin Green Finance acquisition by the same promoter, Mr. Kapil Garg, who holds 38.15% of the company.

Risks

  • The company's value depends heavily on Mufin Green Finance, so a weak quarter or a fall in that share price would hit it directly.
  • Its stake in Mufin Green Finance fell from 53.98% on 31 March 2025 to 44.53% on 31 March 2026, and the listed company is now only an associate.
  • The profit of ₹136.96 lakh is small against a net worth of ₹31,229.05 lakh, so the return on that capital was thin in 2024-25.
  • It has many dealings with Mufin Green Finance, including loans and corporate guarantees, which creates related-party dependence.
  • Ownership is concentrated, as Mr. Kapil Garg alone holds 38.15%, so key decisions rest with one promoter.
  • We found no annual report of Hindon Mercantile itself, so the figures here are limited to what a listed associate disclosed.
  • As an NBFC-linked group it faces RBI regulation and credit risk, and unlisted shares trade off-market with indicative prices and low liquidity.
Financials

Hindon Mercantile financial performance

Revenue, profit and balance-sheet figures by fiscal year.

Revenue & PAT (₹ Cr)
Revenue PAT
Metric FY25Latest
Revenue (₹ Cr) 37.67
PAT (₹ Cr) 1.37
PAT Margin (%) 3.64
RoNW (%) 0.44
Net Worth (₹ Cr) 312

Swipe the table sideways for earlier years →

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Hindon Mercantile unlisted shares: common questions

Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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