SRG HOUSING FINANCE L

Lends against residential property to self-employed borrowers in rural and semi-urban India, operating from 96 branches across six states and one union territory with 980+ employees and about 25,000 customers. The bulk of the book is housing loans to households earning informally, with average ticket size at INR 15.44 lakh in FY26 and 94% of AUM from tier-2/3 markets; 79% of borrowers are self-employed. Net interest income of INR 98.26 crore was the core revenue line, against total revenue of INR 199.34 crore for FY26. Assets under management stood at INR 1,042 crore (+37% YoY) and disbursements for the year were INR 443.54 crore (+45% YoY). Funding is borrowed from 36 lenders including SBI, HDFC Bank and LIC Housing Finance, alongside listed NCDs; cost of borrowing was 10.88%. For the company itself, the largest cost lines are employees at 25.4% of revenue and other operating expenses at 11.2%. Asset quality was stable with GNPA at 1.77% and NNPA at 0.65%, capital adequacy at 38.62%, and Acuité upgraded the rating to A- Stable. Management plans 10–15 new branches in Tamil Nadu and Telangana by end of FY27 and targets AUM of INR 1,400–1,500 crore with disbursements of INR 600 crore for that year.