NSE: SRGHFL · BSE: 534680
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Housing loan interest. Regional, asset-light affordable-housing financier focused on self-employed rural/semi-urban borrowers
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 79 | 91 | 125 | 152 | 199 |
| EBITDA (ex other income) | 57 | 59 | 81 | 96 | 123 |
| margin % | 72.0 | 64.8 | 64.8 | 63.2 | 61.9 |
| Owners' profit | 20 | 17 | 21 | 24 | 32 |
| EPS, as reported (₹) | 15.63 | 13.12 | 15.87 | 17.45 | 20.71 |
| ROE % · ROCE % | 17.9 · — | 12.8 · — | 13.2 · — | 9.2 · — | 10.9 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 3 | (83) | (140) | (131) | (247) |
| Capex | (5) | (7) | (4) | (4) | (2) |
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 | 36 | 39 | 43 | 42 | 48 | 50 | 57 | 54 |
| Profit before tax | 8 | 7 | 8 | 8 | 10 | 10 | 12 | 10 |
| Net profit | 7 | 6 | 6 | 7 | 8 | 8 | 9 | 8 |
| EPS (₹) | 4.87 | 4.16 | 4.43 | 4.33 | 5.26 | 5.23 | 5.89 | 5.39 |
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 | 64,956 | 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.5 | 10.3 | 5 of 17 | 75% |
| P/B | 0.5 | 1.0 | 6 of 17 | 69% |
| ROE | 10.9 | 11.8 | 11 of 17 | 38% |
| EBITDA margin | 65.1 | 74.7 | 13 of 19 | 33% |
| Revenue growth | 29.3 | 9.0 | 3 of 19 | 89% |
| Profit growth | 24.9 | 19.3 | 8 of 20 | 63% |
| Market cap | 154 | 4631 | 13 of 20 | 37% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · SRG Housing Finance makes monthly bond interest and principal payment | credit debt | low | — | — |
| 22 Oct 2026 · NHB appoints forensic auditor to examine SRG Housing Finance | regulatory legal | critical | — | — |
| 8 Oct 2026 · Routine Compliance Certificate for Q2 FY27 from Registrar | compliance | minimal | — | — |
| 5 Oct 2026 · SRG Housing Finance denies NHB forensic audit news report | regulatory legal | high | — | — |
| 3 Oct 2026 · SRG Housing Finance: Liquidity Update, No Overdues, Capital Infusion Evaluated | business updates | medium | — | — |
| 29 Sept 2026 · 27th AGM: Both Resolutions Passed With Near-Unanimous Approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · SRG Housing Finance makes monthly interest and partial principal payment on NCDs | credit debt | low | — | — |
| 28 Sept 2026 · SRG Housing Finance 27th AGM held; Garima Soni re-appointed as Director | management changes | medium | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 until Q2 results are announced | compliance | minimal | — | — |
| 19 Sept 2026 · SRG Housing Finance denies Rs 400 crore siphoning allegations | investor communications | 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.