NSE: RHFL · BSE: 540709
RELIANCE HOME FINANCE LTD
Operates as a non-banking housing finance company engaged in mortgage-based lending — home loans, affordable housing loans, loans against property, and construction finance — and is classified as a subsidiary of Reliance Capital within the broader Anil Dhirubhai Ambani Group. As of FY25, the company reported revenue of ₹0.2226 crore, with the filings explicitly noting no main product sales during the year and no fixed assets on its books. Since September 20, 2025, the company has been under Corporate Insolvency Resolution Process (CIRP), with Resolution Professional Umesh B. Sonkar conducting an ongoing series of Committee of Creditors meetings (numbered up to at least the 12th by July 2026). The insolvency process drew 28 prospective resolution applicants, from which 12 resolution plans were received, but no final resolution or liquidation outcome has been disclosed. The cost structure — employee costs at 110.6% of revenue and other operating costs at 1437.2% of revenue — reflects a cost base that is entirely disconnected from any active lending activity, consistent with a company in resolution rather than normal operation. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Home loans, Affordable housing loans, Loans against property, Construction finance. Housing finance NBFC currently in corporate insolvency resolution, with no active lending operations
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 803 | 291 | 382 | 1 | 0 |
| EBITDA (ex other income) | (1,118) | (6,512) | 9,038 | (2) | 25 |
| margin % | (139.2) | (2240.3) | 2364.9 | (339.6) | 11234.5 |
| Owners' profit | (1,520) | (5,440) | 5,419 | (4) | 24 |
| EPS, as reported (₹) | (31.33) | (112.15) | 111.72 | (0.07) | 0.50 |
| ROE % · ROCE % | 2869.9 · — | 99.0 · — | (7339.3) · — | 4.6 · (7.0) | (45.6) · (84.9) |
| Debt / equity (x) | — | — | — | 0.00 | (0.17) |
| Cash from operations | 3,068 | (597) | 4,103 | (21) | 9 |
| Capex | (1) | 0 | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 6 | (1) | (3) | (7) | (0) | 27 | (2) | (1) |
| Net profit | 6 | (1) | (3) | (7) | (0) | 27 | (2) | (1) |
| EPS (₹) | 0.13 | (0.01) | (0.05) | (0.14) | 0.00 | 0.56 | (0.04) | (0.01) |
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 | 64,581 | 31.9 | 2.87 | — | 11.4 | — | — | 92.4 |
| PNB HOUSING FIN LTD. | 29,147 | 12.6 | 1.52 | — | 11.9 | — | 2.3 | 91.6 |
| LIC HOUSING FINANCE LTD | 28,079 | 4.9 | 0.68 | — | 13.5 | — | 7.7 | 97.1 |
| AADHAR HOUSING FINANCE L | 18,768 | 16.3 | 2.49 | — | 14.5 | — | — | 75.4 |
| SAMMAAN CAPITAL LIMITED | 13,451 | — | 0.71 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 10,649 | 18.2 | 2.44 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 9,955 | 10.1 | 1.97 | — | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 9,655 | 8.6 | 1.61 | — | 18.2 | — | — | 91.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.4 | 10.1 | 2 of 17 | 94% |
| EBITDA margin | (27731.6) | 74.7 | 19 of 19 | 0% |
| Revenue growth | (98.9) | 9.0 | 19 of 19 | 0% |
| Profit growth | 89.8 | 19.3 | 2 of 20 | 95% |
| Market cap | 59 | 4420 | 14 of 20 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Sept 2026 · 14th Committee of Creditors meeting held on Sep 17, 2026 | regulatory legal | high | — | — |
| 17 Sept 2026 · 14th CoC Meeting of Reliance Home Finance scheduled on Sept 17, 2026 | regulatory legal | high | — | — |
| 10 Aug 2026 · 13th Committee of Creditors meeting held on August 6, 2026 | regulatory legal | medium | — | — |
| 4 Aug 2026 · 13th CoC meeting of Reliance Home Finance (in CIRP) on Aug 5, 2026 | regulatory legal | high | — | — |
| 17 Jul 2026 · 12th CoC meeting held for Reliance Home Finance under CIRP | regulatory legal | high | — | — |
| 13 Jul 2026 · 12th CoC Meeting of Reliance Home Finance Rescheduled to July 14, 2026 | regulatory legal | high | — | — |
| 9 Jul 2026 · Promoter group shrinks after Reliance Innoventures insolvency order | ownership changes | medium | — | — |
| 24 Jun 2026 · CoC meeting rescheduled and held on June 24, 2026 | regulatory legal | high | — | — |
| 24 Jun 2026 · RHFL 11th Committee of Creditors meeting held on June 24, 2026 | regulatory legal | high | — | — |
| 18 Jun 2026 · CoC meeting rescheduled to June 24, 2026 | regulatory legal | medium | — | — |
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.