Investor Presentation with respect to Unaudited Financial Results for the quarter and half year ended 30th September 2025.
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Star Housing Finance, an affordable housing finance company focused on EWS/LIG segments, reported H1 FY26 AUM of Rs. 567.27 crs, up 9.55% year-on-year, with 5,548 live accounts. Net Interest Margin stood at 7.65%, with interest income growing 21.33% YoY. However, profit before tax fell sharply to Rs. 4.08 crs in H1 FY26 from Rs. 7.85 crs in H1 FY25, with PAT at Rs. 3.17 crs versus Rs. 6.08 crs, mainly due to higher finance costs (Rs. 26.72 crs vs Rs. 21.32 crs). Asset quality remained healthy with GNPA at 1.65% and NNPA at 1.16%, and the company is rated BBB Stable by CARE and India Ratings. The company is undertaking a transition to INDAS accounting, upgrading its LMS to Jaguar Plus, and has 35+ points of presence across 6 states.
Despite strong AUM growth and stable asset quality, the steep decline in profitability (PAT nearly halved YoY) due to rising finance costs may concern investors in the near term. The improved net worth of Rs. 146.54 crs, BBB Stable rating, and diversified borrowing profile with PSU banks provide a stable foundation, but margin trajectory will be closely watched.