Financial Results for the quarter ended 31st December 2025.
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Star Housing Finance Ltd reported unaudited Q3 FY26 results with Net Profit After Tax of ₹366.61 lakhs and Net Worth of ₹14,665.60 lakhs. Total Debt-to-Total Assets ratio stood high at 72.27% with a Debt-Equity ratio of 2.80 times. Gross NPA was 1.84% and Net NPA 1.49%, with asset cover on its Non-Convertible Debentures at just 1.10 times (the minimum threshold). The auditor's review flagged multiple concerns including liquidity pressures requiring continued reliance on external funding, delays in paying employee salaries, a vacant CFO position since June 2025, rising Expected Credit Loss (₹1.06 crore increase), and receipt of a ₹10 crore inter-corporate deposit during the quarter. The Board also reconstituted key committees following several director resignations with no replacements yet appointed.
The auditor's 'Emphasis of Matter' raises serious red flags on liquidity, governance, and statutory compliance for this small-cap housing finance company. The NCD asset cover sitting at exactly 1.10x leaves little cushion if loan defaults rise. Shareholders should view this as a high-risk situation despite the headline profit number — governance gaps (vacant CFO, no Woman Director, unfilled board seats) and liquidity stress are material concerns.