NSE: HOMEFIRST · BSE: 543259
HOME FIRST FIN CO IND LTD
Provides home loans to the affordable housing segment in India and earns the spread between its lending rate and cost of borrowing. Operates a branch-led network of 171 branches and 373 touch points with 1,855 employees, sourcing customers through branches and a developer-led model piloted in Mumbai and Pune. Loan book (AUM) stood at INR15,878 crore at end-FY26 and rose to INR16,938 crore by Q1 FY27, with quarterly disbursements of INR1,572 crore in Q4 FY26 and INR1,628 crore in Q1 FY27. Portfolio yield was 13.2% against a 7.9% cost of borrowing, producing a spread of 5.3% and a net interest margin of 5.9% in Q4 FY26. Asset quality has tightened, with Stage 3 (gross NPA) at 1.8% of book and 1+ days-past-due at 4.7%. Also runs a co-lending arrangement with bank partners, with its own co-lending disbursements doubling YoY to INR307 crore in FY26. The main cost lines are interest expense on borrowings and employee costs, with employee cost at 13% of revenue and operating cost-to-assets guided at 2.6-2.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on home loans, Co-lending income. Asset-heavy, interest-rate-sensitive housing finance lender focused on affordable housing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 596 | 791 | 1,137 | 1,530 | 1,915 |
| EBITDA (ex other income) | 449 | 604 | 892 | 1,223 | 1,511 |
| margin % | 75.5 | 76.4 | 78.5 | 79.9 | 78.9 |
| Owners' profit | 186 | 228 | 306 | 382 | 540 |
| EPS, as reported (₹) | 21.26 | 26.01 | 34.65 | 42.83 | 52.35 |
| ROE % · ROCE % | 11.8 · — | 12.6 · — | 14.4 · — | 15.2 · — | 12.4 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (807) | (1,451) | (1,908) | (2,198) | (1,940) |
| Capex | (4) | (7) | (8) | (12) | (10) |
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 | 373 | 406 | 415 | 454 | 477 | 482 | 501 | 538 |
| Profit before tax | 120 | 130 | 138 | 156 | 173 | 183 | 195 | 208 |
| Net profit | 92 | 97 | 105 | 119 | 132 | 140 | 149 | 160 |
| EPS (₹) | 10.36 | 10.90 | 11.65 | 11.69 | 12.76 | 13.52 | 14.35 | 15.31 |
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) | 18.2 | 10.3 | 13 of 17 | 25% |
| P/B | 2.5 | 1.0 | 15 of 17 | 13% |
| ROE | 12.4 | 11.8 | 7 of 17 | 63% |
| EBITDA margin | 78.3 | 74.7 | 8 of 19 | 61% |
| Revenue growth | 18.6 | 9.0 | 6 of 19 | 72% |
| Profit growth | 34.5 | 19.3 | 6 of 20 | 74% |
| Market cap | 10662 | 4631 | 6 of 20 | 74% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · CFO joins team responsible for stock exchange disclosures | compliance | minimal | — | — |
| 27 Oct 2026 · Rinkoo Somani appointed Chief Financial Officer | management changes | high | — | — |
| 27 Oct 2026 · Q2 FY27 profit rises 29.1% as assets cross ₹18,000 crore | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27: loan assets up 27%, profit up 29%, asset quality stable | investor communications | medium | — | — |
| 27 Oct 2026 · September 2026 half-year profit rises 31.6 percent; cash outflow widens | results | high | — | — |
| 27 Oct 2026 · Half-year profit rises 32%; operating cash outflow widens | results | high | — | — |
| 27 Oct 2026 · Home First Finance grants 78,000 employee stock options | corporate actions | medium | — | — |
| 27 Oct 2026 · 10,515 shares issued on employee stock option exercise | capital market events | low | — | — |
| 24 Oct 2026 · Vineet Taneja appointed additional independent director | management changes | medium | — | — |
| 23 Oct 2026 · Investor call for September 2026 results moved to 5:30 PM | board shareholder meetings | low | — | — |
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 |
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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.