Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · HSG & URBAN DEV CORPN LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Interest income on loans. Spread-driven government-owned development finance institution; minimal operating costs (employees 2% of revenue, other opex 1.1%).
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
6,954
7,086
7,784
10,311
13,150
EBITDA (ex other income)
6,843
6,808
7,650
10,358
11,988
margin %
98.4
96.1
98.3
100.4
91.2
Owners' profit
1,716
1,701
2,117
0
4,034
EPS, as reported (₹)
8.57
8.50
10.57
13.53
20.15
ROE % · ROCE %
11.9 · —
11.0 · —
12.7 · —
15.1 · —
18.4 · —
Debt / equity (x)
—
—
—
—
—
Cash from operations
(806)
(851)
(10,287)
(31,603)
(33,912)
Capex
(6)
(2)
(4)
(21)
(27)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HSG & URBAN DEV CORPN LTD · 29 October 2026Page 2 of 3
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
2,518
2,760
2,845
2,937
3,219
3,431
3,563
3,717
Profit before tax
1,000
932
1,020
857
955
788
621
1,066
Net profit
689
735
728
630
710
713
1,981
851
EPS (₹)
3.44
3.67
3.64
3.15
3.55
3.56
9.90
4.25
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
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. %
POWER FIN CORP LTD.
1,04,415
4.0
0.60
—
19.4
—
10.0
100.0
INDIAN RAILWAY FIN CORP L
97,530
13.6
1.72
—
12.4
—
—
101.1
REC LIMITED
76,363
4.8
0.90
—
19.2
—
10.9
97.1
HSG & URBAN DEV CORPN LTD ◆
29,388
6.9
1.34
—
18.4
—
12.7
97.6
INDIAN RENEWABLE ENERGY
28,250
14.3
2.05
—
13.6
—
—
78.5
IFCI LTD
15,896
92.2
1.03
—
2.8
—
0.0
67.2
TOURISM FINANCE CORP. OF
7,291
16.7
7.49
—
4.6
—
—
90.1
HARYANA FINANCIAL CORPORATION
1,189
1145.0
—
—
—
4.9
—
—
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
6.9
13.9
3 of 8
71%
P/B
1.3
1.3
4 of 7
50%
ROE
18.4
13.6
3 of 7
67%
EBITDA margin
97.6
97.1
3 of 7
67%
Revenue growth
26.6
(0.0)
1 of 7
100%
Profit growth
35.0
(1.6)
2 of 8
86%
Market cap
29388
28250
4 of 9
63%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HSG & URBAN DEV CORPN LTD · 29 October 2026Page 3 of 3
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 September 2026 results and consider interim dividend
results
low
—
—
22 Oct 2026 · HUDCO seeks waiver of Rs 11.72 lakh exchange fine
regulatory legal
medium
—
—
16 Oct 2026 · Moody's affirms HUDCO's Baa3 rating with stable outlook
credit debt
high
—
—
16 Oct 2026 · HUDCO gets ESG rating of 70, graded Aspiring by NSE Sustainability arm
business updates
medium
—
—
8 Oct 2026 · HUDCO files Regulation 74(5) certificate for Q2 FY27 with BSE and NSE
compliance
minimal
—
—
30 Sept 2026 · HUDCO loan disbursements up 37% YoY at Rs 35,371 Cr in H1 FY26
business updates
high
—
—
25 Sept 2026 · HUDCO extends Chief Compliance Officer tenure by one year
management changes
medium
—
—
25 Sept 2026 · HUDCO trading window closed ahead of Q2 and H1 FY27 results
compliance
minimal
—
—
22 Sept 2026 · HUDCO govt promoter shares transferred between ministries, holding stays at 75%
ownership changes
medium
—
—
18 Sept 2026 · HUDCO gets ESG rating of 65.13, classified in Performer category
business updates
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
