Board approved Audited Financial Results
HUDCO · price
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HUDCO reported strong full-year results with total income rising 27.5% to Rs 13,150.40 crore (FY26) from Rs 10,311.29 crore (FY25). Net profit after tax jumped 48.9% to Rs 4,034.37 crore vs Rs 2,709.14 crore, boosted by a Rs 1,532.86 crore deferred tax liability reversal on Special Reserve under Section 36(1)(viii). EPS grew to Rs 20.15 from Rs 13.53. The company's loan book expanded significantly to Rs 1,60,547 crore while net worth improved to Rs 21,977 crore. However, debt equity ratio worsened to 6.43 from 5.72. The Board recommended final dividend of Rs 1.50/share (total dividend including 4 interim dividends = Rs 5.55/share). Statutory auditors issued an unmodified (clean) opinion but raised emphasis of matter on: (1) Rs 685.64 crore recoverable from MoHUA in No-lien AGP account, (2) non-compliance with SEBI LODR on Independent Directors (April 2023-March 2026), and (3) non-compliance with RBI conditions regarding 75% infrastructure exposure and JV divestiture by March 2026 (extension sought).
HUDCO delivered robust profitability growth driven by interest income and a large DTL reversal. However, rising leverage (debt equity at 6.43x), RBI regulatory non-compliance on infrastructure exposure norms, and contingent government receivables warrant attention. The clean audit opinion provides reassurance on financial statement accuracy.