NSE: LICHSGFIN · BSE: 500253
LIC HOUSING FINANCE LTD
Provides housing finance to individuals and project developers, with the Loans segment delivering 99.5% of FY26 segment revenue at Rs 28,771.66 crore and Other Segments contributing the remaining 0.5%. The cost of funds is the dominant input — weighted average cost of funds was 7.27% in FY26 against a yield on advances of 9.21%, giving a Net Interest Margin of 2.68% for FY26. Q4 FY26 disbursements totalled Rs 21,019 crore, split between individual home loans of Rs 16,672 crore and non-housing individual loans of Rs 3,348 crore. Asset quality has been improving, with Stage 3 exposure trending lower in recent quarters. Employee costs are 2.5% of revenue and other operating expenses 1.5%. Life Insurance Corporation of India is the promoter, holding 45.24% of the equity. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Loans (100%), Other Segments (1%). Asset-heavy, leveraged housing finance with thin spread economics
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 19,974 | 22,714 | 27,277 | 28,110 | 28,837 |
| EBITDA (ex other income) | 16,963 | 19,750 | 24,518 | 26,501 | 26,986 |
| margin % | 84.9 | 87.0 | 89.9 | 94.3 | 93.6 |
| Owners' profit | 2,286 | 2,891 | 4,759 | 5,442 | 5,604 |
| EPS, as reported (₹) | 43.12 | 52.56 | 86.53 | 98.95 | 101.87 |
| ROE % · ROCE % | 9.2 · — | 10.6 · — | 15.1 · — | 15.0 · — | 13.5 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (16,729) | (19,632) | (7,151) | (16,609) | (8,504) |
| Capex | (35) | (64) | (37) | (73) | (52) |
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 | 6,938 | 7,070 | 7,306 | 7,250 | 7,179 | 7,209 | 7,212 | 7,083 |
| Profit before tax | 1,664 | 1,798 | 1,781 | 1,704 | 1,703 | 1,762 | 1,931 | 1,899 |
| Net profit | 1,328 | 1,435 | 1,374 | 1,364 | 1,349 | 1,398 | 1,493 | 1,499 |
| EPS (₹) | 24.14 | 26.09 | 24.97 | 24.80 | 24.53 | 25.42 | 27.13 | 27.25 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Loans | 7,195 | 24.9 |
| Other Segments | 43 | 0.1 |
| Segment Revenue | 7,187 | 24.8 |
| OTHERS | 64 | 0.2 |
| LOANS | 7,170 | 24.8 |
| OTHER SEGMENTS | 34 | 0.1 |
| SEGMENT REVENUE | 7,233 | 25.0 |
| Total, before eliminations | 28,925 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.9 | 10.3 | 7 of 17 | 63% |
| P/B | 0.7 | 1.0 | 7 of 17 | 63% |
| ROE | 13.5 | 11.8 | 5 of 17 | 75% |
| EBITDA margin | 97.1 | 74.7 | 2 of 19 | 94% |
| Revenue growth | (2.3) | 9.0 | 15 of 19 | 22% |
| Profit growth | 9.9 | 19.3 | 14 of 20 | 32% |
| Market cap | 28070 | 4631 | 3 of 20 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Members approve Sandeep Kumar as MD and CEO | management changes | high | — | — |
| 21 Oct 2026 · LIC Housing Finance board meeting set for 30 Oct 2026 to approve Q2FY26 results | results | low | — | — |
| 7 Oct 2026 · Routine SEBI compliance filing on demat share certificates for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 24 Sept 2026 · Promoter LIC confirms no new share encumbrance for FY26 | ownership changes | medium | — | — |
| 22 Sept 2026 · Postal ballot to appoint Sandeep Kumar as MD and CEO of LIC Housing Finance | management changes | high | — | — |
| 3 Sept 2026 · LIC HFL 37th AGM: Loan book Rs 3.2L cr, targets double digit growth | investor communications | medium | — | — |
| 31 Aug 2026 · LIC Housing Finance: Joint General Manager I Sreedhar retires | management changes | low | — | — |
| 28 Aug 2026 · LIC Housing Finance appoints Sandeep Kumar as MD and CEO effective Aug 29, 2026 | management changes | high | — | — |
| 28 Aug 2026 · MD and CEO T Adhikari ceases due to superannuation | management changes | critical | — | — |
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.