Hindon Mercantile Limited
1 MAbout Hindon Mercantile Limited
A Comprehensive Overview of Price & Journey
Understanding Hindon Mercantile Limited Inception and Growth
Overview
Hindon Mercantile is a Non-Banking Finance Company (NBFC-ND) providing a range of financial services, including but not limited to secured & unsecured loans for personal and business requirements, infra loans, mediclaim financing, etc.
The origin of the company dates back to 14 August 1985—the company registered with ROC as a public limited and non-Government Company. Later, on 26 November 2002, it registered as NBFC.
The company entered into a new era of growth when a young charted accountant, Kapil Garg, acquired a 39-year-old dormant company in 2019, which earlier was operating primarily as a standard non-government company.
Under the new leadership, the company has aggressively built a house of NBFCs. Hindon Mercantile Limited Unlisted Share Price subsidiaries include Mufin Green Finance Ltd (NBFC), BimaPay (P) Ltd (Insurance platform), Mufin Pay Pvt Ltd (PPI/prepaid wallet license), and Finsure Pvt Ltd (peer-to-peer lending). In addition, as of early 2025, it also completed an acquisition of LKP Finance—a BSE-listed company.
Hindon Mercantile Limited Unlisted Share has a headcount of 51 employees; such a small number for a holding company signifies that it is holding itself only, and subsidiaries including Mufin and LKP have their own workforce and management teams.
What Does Hindon Does?
Being a holding company, Hindon Mercantile Limited Unlisted Share Price itself does not disburse most loans—it makes money through its controlling stake in subsidiaries, each targeting an underserved lending niche with green/EV financing as the most rapidly growing arm. It is the aim of the company to provide seamless access to funding to customers anywhere and anytime.
Group Structure
-
Mufin Green Finance Limited—the flagship, NSE-listed green/EV Financing Arm
Mufin is the NBFC subsidiary operating under the corporate umbrella of HML Group. It offers various loans for electric vehicles, electric charging infrastructure, and swappable batteries. In addition, it also provides operating and financial lease to fleet operators, also expanded in solar financing, insurance premium financing services, etc. As per the latest disclosure, the company has achieved 1651.17 Crores of AUM (83.8% YoY surge).
-
LKP Finance Limited – newly acquired BSE-listed wholesale/retail financing arm
LKP is an RBI-registered NBFC engaged in financing and trading shares, securities and derivatives, and others. Bond Street Capital Private Limited is the wholly owned subsidiary of LKP Finance. LKP Finance has acquired a stake in Gyftr, suggesting a cross-pollinating strategy for the group.
-
Smaller Licensed Entities
Other subsidiaries include BimaPay (insurance platform), Mufin Pay Pvt Ltd (PPI and PA license), Finsure Pvt Ltd (P2P lending), Mufin Green Leasing Ltd, and Hindon Forex Money Lending (HM).
How does HML make money?
Hindon Mercantile Limited generates revenue from following streams:
Primary Revenue – Interest Income
- Interest from secured loans
- Interest from unsecured loans
- High-yield retail and SME loans
Secondary Revenue – Fee Income
- Processing Fee
- Late/Penalty Charges
- Service & Documentation Charges
- Other Ancillary Income
Apart from this, Hindon sources its capital from the following channels:
- Borrowings from Banks
- Non-Convertible Debentures
- External Commercial Borrowings
- Equity & Retained Earnings
And receipts from the abovementioned channels is deployed for primary financing:
- Retail & SME Financing
- Corporate Financing
- Electric Vehicle Financing
Competitive Landscape
HML operates in a highly competitive environment; it combines retail/MSME loans with a specialized EV and green financing ecosystem. Due to the dual-model approach, HML’s competitive landscape spans across two distinct peer categories:
-
Mainstream Retail & MSME Competitors
This category of business offers loans against property, business loans, and personal loans. HML directly competes with Indifi Technologies, AYE Finance, Northern Arc Capital, and Manappuram Finance. And conglomerate peers include Shriram Finance, IIFL Finance, and Bajaj Finserv—they are large-scale lenders capturing broader markets.
-
Green & EV Ecosystem Competitors
This is the most rapidly evolving category, and Hindon Mercantile Limited Unlisted Share Price is one pioneer in the segment. It directly competes with specialized EV and green energy fintech lenders such as Revfin and Ecofy, and mainstream commercial players include IREDA, which has been noticed to expand its green financing arm.
Promoters & Management
Promoters
-
Mr. Kapil Garg (Founder & Main Promoter)
Management
- Mr. Kapil Garg—Promoter & Managing Director—15+ years
- Mr. Rajat Goyal—Co-Promoter & Chief Risk Officer—CRO—17+ years
- Mr. Luv Khanna – Director – 13+
- Mr. Hemant Bhageria—Director—15+
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Overview
Hindon Mercantile is a Non-Banking Finance Company (NBFC-ND) providing a range of financial services, including but not limited to secured & unsecured loans for personal and business requirements, infra loans, mediclaim financing, etc.
The origin of the company dates back to 14 August 1985—the company registered with ROC as a public limited and non-Government Company. Later, on 26 November 2002, it registered as NBFC.
The company entered into a new era of growth when a young charted accountant, Kapil Garg, acquired a 39-year-old dormant company in 2019, which earlier was operating primarily as a standard non-government company.
Under the new leadership, the company has aggressively built a house of NBFCs. Hindon Mercantile Limited Unlisted Share Price subsidiaries include Mufin Green Finance Ltd (NBFC), BimaPay (P) Ltd (Insurance platform), Mufin Pay Pvt Ltd (PPI/prepaid wallet license), and Finsure Pvt Ltd (peer-to-peer lending). In addition, as of early 2025, it also completed an acquisition of LKP Finance—a BSE-listed company.
Hindon Mercantile Limited Unlisted Share has a headcount of 51 employees; such a small number for a holding company signifies that it is holding itself only, and subsidiaries including Mufin and LKP have their own workforce and management teams.
What Does Hindon Does?
Being a holding company, Hindon Mercantile Limited Unlisted Share Price itself does not disburse most loans—it makes money through its controlling stake in subsidiaries, each targeting an underserved lending niche with green/EV financing as the most rapidly growing arm. It is the aim of the company to provide seamless access to funding to customers anywhere and anytime.
Group Structure
-
Mufin Green Finance Limited—the flagship, NSE-listed green/EV Financing Arm
Mufin is the NBFC subsidiary operating under the corporate umbrella of HML Group. It offers various loans for electric vehicles, electric charging infrastructure, and swappable batteries. In addition, it also provides operating and financial lease to fleet operators, also expanded in solar financing, insurance premium financing services, etc. As per the latest disclosure, the company has achieved 1651.17 Crores of AUM (83.8% YoY surge).
-
LKP Finance Limited – newly acquired BSE-listed wholesale/retail financing arm
LKP is an RBI-registered NBFC engaged in financing and trading shares, securities and derivatives, and others. Bond Street Capital Private Limited is the wholly owned subsidiary of LKP Finance. LKP Finance has acquired a stake in Gyftr, suggesting a cross-pollinating strategy for the group.
-
Smaller Licensed Entities
Other subsidiaries include BimaPay (insurance platform), Mufin Pay Pvt Ltd (PPI and PA license), Finsure Pvt Ltd (P2P lending), Mufin Green Leasing Ltd, and Hindon Forex Money Lending (HM).
How does HML make money?
Hindon Mercantile Limited generates revenue from following streams:
Primary Revenue – Interest Income
- Interest from secured loans
- Interest from unsecured loans
- High-yield retail and SME loans
Secondary Revenue – Fee Income
- Processing Fee
- Late/Penalty Charges
- Service & Documentation Charges
- Other Ancillary Income
Apart from this, Hindon sources its capital from the following channels:
- Borrowings from Banks
- Non-Convertible Debentures
- External Commercial Borrowings
- Equity & Retained Earnings
And receipts from the abovementioned channels is deployed for primary financing:
- Retail & SME Financing
- Corporate Financing
- Electric Vehicle Financing
Competitive Landscape
HML operates in a highly competitive environment; it combines retail/MSME loans with a specialized EV and green financing ecosystem. Due to the dual-model approach, HML’s competitive landscape spans across two distinct peer categories:
-
Mainstream Retail & MSME Competitors
This category of business offers loans against property, business loans, and personal loans. HML directly competes with Indifi Technologies, AYE Finance, Northern Arc Capital, and Manappuram Finance. And conglomerate peers include Shriram Finance, IIFL Finance, and Bajaj Finserv—they are large-scale lenders capturing broader markets.
-
Green & EV Ecosystem Competitors
This is the most rapidly evolving category, and Hindon Mercantile Limited Unlisted Share Price is one pioneer in the segment. It directly competes with specialized EV and green energy fintech lenders such as Revfin and Ecofy, and mainstream commercial players include IREDA, which has been noticed to expand its green financing arm.
Promoters & Management
Promoters
-
Mr. Kapil Garg (Founder & Main Promoter)
Management
- Mr. Kapil Garg—Promoter & Managing Director—15+ years
- Mr. Rajat Goyal—Co-Promoter & Chief Risk Officer—CRO—17+ years
- Mr. Luv Khanna – Director – 13+
- Mr. Hemant Bhageria—Director—15+
Fundamentals
Financials
All values are INR Cr except per share value
| P&L Statement | ||||
|---|---|---|---|---|
| Revenue | 14.00 | 42.00 | 875.00 | 78.00 |
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Shareholding Pattern
2026
| Name | Designation | Share % |
|---|---|---|
| Mr.Kapil Garg | Promoter & Managing Director | 35.56% |
| Mr. Rajat Goyal | Co-Promoter & Chief Risk Officer | 19.62% |
| Bima Pay Technology Pvt. Ltd | Investor | 14.32% |
| Others | Others | 30.50% |
Events
| Name | Date | Details |
|---|---|---|
| No events available. | ||
Promoters or Management
| Name | Designation | Linkedin Profile | |
|---|---|---|---|
| No promoters available. | |||
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Hindon Mercantile Limited varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
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Liquidity risk, unlisted shares are difficult to buy and sell,
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Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
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Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
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Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.