BSE: 539017
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Home loan interest income, Co-lending with Vastu Housing Finance. Small-ticket, semi-urban and rural housing finance; spread-driven with sticky funding costs.
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 16 | 19 | 35 | 59 | 93 |
| EBITDA (ex other income) | 7 | 9 | 18 | 37 | 59 |
| margin % | 46.9 | 47.4 | 50.2 | 63.0 | 63.8 |
| Owners' profit | 2 | 2 | 7 | 9 | 11 |
| EPS, as reported (₹) | 0.99 | 1.49 | 0.97 | 1.14 | 1.41 |
| ROE % · ROCE % | 2.9 · — | 3.7 · — | 6.6 · — | 6.7 · — | 7.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (9) | (6) | (111) | (129) | (65) |
| Capex | (1) | (0) | (2) | (2) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16 | 19 | 22 | 24 | 28 | 22 | 25 | 26 |
| Profit before tax | 4 | 4 | 4 | 3 | 4 | 2 | 2 | 1 |
| Net profit | 3 | 3 | 3 | 2 | 3 | 1 | 2 | 0 |
| EPS (₹) | 0.35 | 0.38 | 0.39 | 0.26 | 0.38 | 0.18 | 0.23 | 0.06 |
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) | 4.5 | 10.1 | 5 of 17 | 75% |
| P/B | 0.2 | 1.0 | 2 of 17 | 94% |
| ROE | 2.2 | 11.8 | 14 of 17 | 19% |
| EBITDA margin | 57.3 | 74.7 | 14 of 19 | 28% |
| Revenue growth | 7.4 | 9.0 | 11 of 19 | 44% |
| Profit growth | (75.9) | 19.3 | 20 of 20 | 0% |
| Market cap | 30 | 4420 | 17 of 20 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Independent Director Amlendra Prasad Saxena completes tenure | management changes | medium | — | — |
| 14 Oct 2026 · RTA compliance certificate under SEBI Reg 74(5) for Q2 FY26-27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed from 1 Oct 2026 Until Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Correction to forensic auditor name in earlier intimation | regulatory legal | medium | — | — |
| 17 Sept 2026 · AGM extension granted till 31 December 2026 for FY26 | board shareholder meetings | medium | — | — |
| 16 Sept 2026 · Postal Ballot results: 3 director appointments approved | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Postal ballot results: 3 director appointments approved with 99.99% majority | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Star Housing shifts office; advisor extended; lenders start forensic audit | management changes | medium | — | — |
| 9 Sept 2026 · Star Housing Finance shifts office; lenders appoint forensic auditor | general | low | — | — |
| 27 Aug 2026 · Potential investor to acquire majority stake; promoter exit and fund infusion planned | strategic transactions | high | — | — |
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.