HSG & URBAN DEV CORPN LTD

Lends long-term debt for housing and urban infrastructure, primarily to state governments and public agencies. Income comes from the spread between lending rates and borrowing costs — the loan book stood at ₹1,73,123 crore as of Q1 FY27, up 28.8% year-on-year. In Q1 FY27 alone, it sanctioned ₹65,485 crore of new loans (up 93% YoY) and disbursed ₹16,377 crore, with an FY27 disbursement target of ₹65,000 crore against a ₹70,000 crore borrowing plan. Funding is raised through domestic bonds and a USD 2 billion RBI forex-window line at 5.5–6.5% all-in cost; ECB share of the borrowing mix is targeted to rise from 10% to 20% over five years. Demand is anchored by state-level MoUs — ₹1 lakh crore each with Gujarat and Bihar, ₹1 lakh crore over five years with Odisha — taking the sanctions pipeline to ₹2.5 lakh crore. Asset quality is tight: net NPA 0.048%, GNPA 0.96%, CRAR 39.41%. Operating costs are minimal (employees 2% of revenue, other opex 1.1%); the dominant input cost is the cost of funds on borrowings, which stood at 6.95% in Q1 FY27. A new PPP Project Finance vertical has sanctioned two projects worth ₹6–7,000 crore. The promoter is the Government of India, with the President of India holding shares through the Ministry of Housing and Urban Affairs.