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%).
| ₹ 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) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (806) | (851) | (10,287) | (31,603) | (33,912) |
| Capex | (6) | (2) | (4) | (21) | (27) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,16,642 | 4.5 | 0.67 | 1.0 | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 1,05,973 | 14.7 | 1.87 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 82,341 | 5.2 | 0.97 | 1.4 | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD ◆ | 34,513 | 8.1 | 1.57 | 2.8 | 18.4 | — | 12.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 10 Sept 2026 · HUDCO gets new statutory auditor SARC & Associates for FY27 | management changes | medium | — | — |
| 10 Sept 2026 · HUDCO appoints SARC and Associates as statutory auditor for FY 2026-27 | management changes | medium | — | — |
| 3 Sept 2026 · HUDCO credit rating upgraded to A- by Japan Credit Rating Agency | credit debt | high | — | — |
| 3 Sept 2026 · HUDCO gets ESG rating of 62, categorised as Strong | business updates | low | — | — |
| 2 Sept 2026 · HUDCO signs MoU with Bihar for Rs 25,000 crore industrial infrastructure funding | strategic transactions | high | — | — |
| 2 Sept 2026 · HUDCO: Government to transfer shares between two ministries | ownership changes | medium | — | — |
| 1 Sept 2026 · Special window for physical share dematerialisation - HUDCO | compliance | minimal | — | — |
| 25 Aug 2026 · HUDCO 56th AGM: All 6 resolutions passed; nod to raise Rs 70,000 crore via NCDs | board shareholder meetings | low | — | — |
| 25 Aug 2026 · HUDCO files newspaper publication of Chairman's Message from 56th AGM | compliance | minimal | — | — |
| 24 Aug 2026 · HUDCO AGM considers Rs 1.50 dividend and Rs 70,000 crore fund raising | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 97.6 |
| INDIAN RENEWABLE ENERGY | 31,382 | 15.9 | 2.28 | 4.3 | 13.6 | — | — | 78.5 |
| IFCI LTD | 22,274 | 129.2 | 1.44 | 20.9 | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 6,563 | 15.0 | 6.74 | 27.7 | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,246 | 1200.0 | — | — | — | 4.9 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.1 | 14.7 | 4 of 9 | 63% |
| P/B | 1.6 | 1.6 | 4 of 7 | 50% |
| ROE | 18.4 | 13.6 | 3 of 7 | 67% |
| Debt / Equity | 0.0 | 0.0 | 1 of 7 | 0% |
| 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 | 34513 | 31382 | 4 of 9 | 63% |
| 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 |
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.
