STAR HOUSING FINANCE LIMITED

Lends against housing to retail borrowers, primarily in semi-urban and rural India, earning interest on the resulting home loan book. Revenue is the net interest income from this loan book against borrowings, which were INR 391.91 cr in Q1 FY26 at a blended cost of 12.5–12.75%, against a Q1 FY26 NIM of 6.61%. Assets under management stood at INR 546.58 cr at the end of Q1 FY26, up 16% year-on-year, with 5,400+ live borrowers serviced through 37 branches and 280+ employees. Disbursements in Q1 FY26 were INR 24.41 cr, and the business is now leaning on a co-lending arrangement with Vastu Housing Finance to scale origination without putting the full loan on its own balance sheet. Asset quality was reported at PAR 5.18%, GNPA 1.65% and NNPA 1.13% as of Q1 FY26. Operating costs are dominated by employees at 20.1% of FY25 revenue, with other operating expenses at 10.6%.