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.
| ₹ crore · consolidated | 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) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (9) | (6) | (111) | (129) | (65) |
| Capex | (1) | (0) | (2) | (2) | (0) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ HOUSING FINANCE LTD | 70,078 | 34.6 | 3.11 | — | 11.4 | — | — | 92.4 |
| LIC HOUSING FINANCE LTD | 30,982 | 5.4 | 0.75 | 1.1 | 13.5 | — | 7.7 | 97.1 |
| PNB HOUSING FIN LTD. | 30,721 | 13.3 | 1.60 | 3.5 | 11.9 | — | 2.3 | 91.6 |
| AADHAR HOUSING FINANCE L | 19,978 | 17.4 | 2.65 | 6.9 | 14.5 | — | — | 75.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 27 Aug 2026 · NHB classifies company's account as Fraud | regulatory legal | critical | — | — |
| 22 Aug 2026 · SHFL rating moved to IND D non-cooperating, company in default | credit debt | critical | — | — |
| 17 Aug 2026 · Postal Ballot Notice published in newspapers for board appointments | compliance | minimal | — | — |
| 14 Aug 2026 · Board approves postal ballot for director appointments under SEBI Reg 17(1C) | management changes | medium | — | — |
| 13 Aug 2026 · Promoters sign LOI to sell 33.52% stake to Cateye Consultancy | strategic transactions | high | — | — |
| 13 Jul 2026 · Secretarial report flags 8 governance lapses at Star Housing Finance for FY26 | compliance | minimal | — | — |
| 13 Jul 2026 · Routine compliance certificate for Q1 dematerialisation filings | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| SAMMAAN CAPITAL LIMITED |
| 17,203 |
| — |
| 0.91 |
| — |
| (37.6) |
| — |
| (3.8) |
| 101.8 |
| HOME FIRST FIN CO IND LTD | 12,386 | 21.2 | 2.84 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 12,360 | 12.5 | 2.44 | 6.3 | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 10,400 | 9.2 | 1.74 | — | 18.2 | — | — | 91.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 13.3 | 5 of 17 | 75% |
| P/B | 0.3 | 1.4 | 1 of 16 | 100% |
| ROE | 2.2 | 11.6 | 15 of 20 | 26% |
| Debt / Equity | 0.0 | 0.0 | 3 of 20 | 0% |
| 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 | 38 | 7130 | 17 of 19 | 11% |
| 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 |
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.
