Pursuant to Reg 30 read with Part A of Schedule III and Regulation 55 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that India Ratings ....
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India Ratings & Research has affirmed Star Housing Finance's rating on its bank loans of INR 4,500 million and non-convertible debentures of INR 500 million at IND BBB/Stable. The rating has been at the same level since April 2023, indicating no change in the agency's view of the company's creditworthiness. The affirmation reflects the company's expanding franchise, growing loan-book granularity, adequate liquidity, and steady leverage. The agency flagged concerns around high geographic concentration in Maharashtra (65.3% of AUM) and lending to self-employed borrowers (69.7% of portfolio). Star HFL's AUM stood at INR 5,380 million as of December 2024, with PAT growing 32.2% year-on-year in 9MFY25, and the company plans to raise INR 400-500 million in fresh equity in 1HFY26 to fund further growth.
This is a neutral-to-mildly positive signal for shareholders — the rating was maintained at investment grade (BBB) with a stable outlook, suggesting no immediate credit concerns, though the rating sits at the lower end of investment grade. Investors should note the high geographic concentration and the need for further equity infusions to sustain growth momentum.