NSE: GICHSGFIN · BSE: 511676
GIC HOUSING FINANCE LTD
A housing finance company that lends for housing and uses the proceeds to fund housing loans and refinance existing debt. The loan book sits on total assets of Rs 11,298.98 crore as of FY26. Funding comes largely from market borrowings in the form of secured, listed, rated, redeemable non-convertible debentures and commercial paper; the board has cleared private placement of NCDs/bonds up to Rs 2,500 crore during the year. Recent issuances include a Rs 200.07 crore NCD Series 12 Tranche 1 at 8.15% per annum fixed coupon for 548 days, rated CRISIL AA+ Stable, with ICICI Bank as arranger and anchor investor for Rs 60 crore, and allottees including ICICI Bank, Tata Mutual Fund schemes and LIC Mutual Fund. Reported revenue for FY26 was Rs 1,082.23 crore with net profit of Rs 154.82 crore and an EBITDA margin of 79.2 percent. The largest cost line on the books is interest on borrowed funds, while employees cost 8.3 percent of revenue and other operating expenses 6.1 percent. The company has declared a Rs 4.5 per share dividend for FY26, subject to shareholder approval. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Housing finance lending. Spread-based, asset-heavy housing finance; cyclical to interest rates and housing demand
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,150 | 1,115 | 1,057 | 1,079 | 1,082 |
| EBITDA (ex other income) | 933 | 988 | 917 | 915 | 856 |
| margin % | 81.2 | 88.6 | 86.7 | 84.8 | 79.1 |
| Owners' profit | 174 | 213 | 151 | 160 | 155 |
| EPS, as reported (₹) | 32.22 | 39.60 | 28.11 | 29.79 | 28.75 |
| ROE % · ROCE % | 11.5 · — | 12.5 · — | 8.3 · — | 8.2 · — | 7.3 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1,286 | 290 | 522 | (18) | (320) |
| Capex | (0) | 0 | (2) | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 264 | 269 | 272 | 265 | 272 | 273 | 273 | 267 |
| Profit before tax | 48 | 56 | 56 | (20) | 61 | 55 | 63 | 18 |
| Net profit | 37 | 50 | 35 | 7 | 50 | 44 | 54 | 10 |
| EPS (₹) | 6.78 | 9.23 | 6.54 | 1.38 | 9.29 | 8.11 | 9.97 | 1.87 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ HOUSING FINANCE LTD | 64,956 | 32.1 | 2.88 | — | 11.4 | — | — | 92.4 |
| PNB HOUSING FIN LTD. | 28,144 | 12.2 | 1.46 | — | 11.9 | — | 2.3 | 91.6 |
| LIC HOUSING FINANCE LTD | 28,070 | 4.9 | 0.68 | — | 13.5 | — | 7.7 | 97.1 |
| AADHAR HOUSING FINANCE L | 19,096 | 16.6 | 2.53 | — | 14.5 | — | — | 75.4 |
| SAMMAAN CAPITAL LIMITED | 13,314 | — | 0.70 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 10,662 | 18.2 | 2.45 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 10,141 | 10.3 | 2.00 | — | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 9,701 | 8.6 | 1.62 | — | 18.2 | — | — | 91.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.2 | 10.3 | 4 of 17 | 81% |
| P/B | 0.3 | 1.0 | 3 of 17 | 88% |
| ROE | 7.3 | 11.8 | 12 of 17 | 31% |
| EBITDA margin | 72.9 | 74.7 | 12 of 19 | 39% |
| Revenue growth | 0.5 | 9.0 | 14 of 19 | 28% |
| Profit growth | 35.9 | 19.3 | 5 of 20 | 79% |
| Market cap | 662 | 4631 | 12 of 20 | 42% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to review Q2 and half-year results on November 12, 2026 | results | low | — | — |
| 25 Oct 2026 · GIC Housing Finance raises benchmark lending rate by 25 basis points | credit debt | medium | — | — |
| 23 Oct 2026 · Physical-share transfer window extended to February 4, 2027 | compliance | minimal | — | — |
| 12 Oct 2026 · Submission of Reg 74(5) certificate for quarter ended Sept 30, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · No change in Compliance Officer and RTA for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · GIC Housing Finance allots Rs 100 crore NCDs to Kiri Industries at 8.15% | fund raising | medium | — | — |
| 28 Sept 2026 · Independent Director appointed via postal ballot | management changes | medium | — | — |
| 28 Sept 2026 · Postal ballot results: 2 resolutions approved with strong majority | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Independent Director Rani Singh Nair completes second term at GIC Housing Finance | management changes | medium | — | — |
| 23 Sept 2026 · Trading window closed from Sept 30 for Q2 FY26-27 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.