HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Can Fin Homes Ltd.
NSE: CANFINHOMEFinancial ServicesMortgage Finance
- Last close
- ₹707.50
- Day change
- −₹7.85 (−1.10%)vs
- Market cap
- ₹9,798 crIndian rupees
- Research updated
- 1 report
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About Can Fin Homes
Can Fin Homes Ltd. is a prominent mortgage lender in India, primarily focusing on housing finance solutions. Established in 1987, the company serves as a key player in promoting home ownership across both urban and rural areas. Can Fin Homes specializes in providing a range of financial products, such as home loans for construction, purchase of new or resale housing units, and loans against property for personal or business needs. Targeting individuals in the middle and lower-income segments, it contributes significantly to the housing finance sector in India. The corporation operates through a network of branches strategically located in various parts of the country, ensuring accessibility to potential homeowners and promoting financial inclusion. As a subsidiary of Canara Bank, one of India's largest public sector banks, Can Fin Homes benefits from a robust backing and a strong financial base, enhancing its credibility in the market. Playing a crucial role in alleviating the housing deficit, Can Fin Homes Ltd. supports the national agenda of affordable housing, making it a significant participant in the financial market and a pivotal entity in India's economic growth and development.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: CANFINHOME
- Chief executive
- Mr. Suresh Srinivasan Iyer
- Employees
- 1,108
- Headquarters
- Bengaluru, India
- ISIN
- INE477A01020
- Website
- canfinhomes.com
Public research · Report of
Business model & financial foundation
Can Fin Homes (NSE: CANFINHOME), Housing finance: revenue of ₹4,218 crore in FY26 (+8.7% on FY25) and net profit of ₹1,086 crore.
- Revenue, FY26 (₹ crore)
- 4,218
- standalone
- Revenue growth, FY26
- +8.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,086
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Market capitalisation (₹ crore)
- 10,279
- at the close of 13 Oct 2026
Company profile
Can Fin Homes provides secured retail housing and non-housing loans through a nationwide branch network. Its Canara Bank sponsorship supports funding access, while salaried-borrower underwriting restrains credit losses. Profitability depends on disbursements net of repayments, asset yields relative to funding costs, and operating and credit costs.
| Item | Value |
|---|---|
| Legal name | Can Fin Homes Limited |
| Exchange and ticker | NSE: CANFINHOME; BSE: 511196 |
| ISIN | INE477A01020 |
| CIN | L85110KA1987PLC008699 |
| Sector | Financial services |
| Industry | Housing finance |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Rao & Emmar and V.K. Ladha & Associates (since FY25) |
| Market capitalisation | ₹10,279 crore (13 Oct 2026) |
| Shares outstanding | 13.32 crore shares (FY26) |
| Price | ₹735.0 (close, 13 Oct 2026) |
| 52-week range | ₹700.0 - ₹971.5 (to 13 Oct 2026) |
| Website | https://www.canfinhomes.com |
Corporate structure and shareholding
No subsidiary is recorded.
Canara Bank is sponsor with 29.99%, not a majority shareholder. The company has no consolidated reporting perimeter.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 29.99% | 29.99% | 29.99% | 29.99% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 13.24% | 13.37% | 13.23% | |
| Domestic institutions | 24.71% | 24.61% | 24.53% | |
| of which mutual funds | 16.11% | 16.28% | 16.54% | 14.99% |
| Retail | 15.23% | 15.34% | 15.57% | |
| Other | 16.83% | 16.69% | 16.69% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Can Fin Homes is a standalone retail secured-lending entity with no subsidiaries. It earns loan and treasury interest plus amortised fees, financed by banks, NHB, NCDs, CP and deposits. Sponsor Canara holds29.99%, not majoritycontrol. Branch underwriting and collateral constrain creditrisk; funding rates, prepayments and technology readiness are less controllable.
| Segment | loan assets, FY26 (₹ crore) | Share |
|---|---|---|
| Housing finance - single Ind AS 108 reportable segment | 42,209 | 100.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| LIC Housing Finance (LICHSGFIN) | Established salaried-borrower mortgage lender and bank-funded spread competitor. |
| PNB Housing Finance (PNBHOUSING) | Bank-sponsored mortgage lender with diversified funding and retail mix. |
| Aavas Financiers (AAVAS) | Affordable housing benchmark; different borrower risk and operating intensity. |
| Home First Finance (HOMEFIRST) | Granular housing lending growth and asset-quality benchmark. |
| Aptus Value Housing Finance (APTUS) | Southern geographic exposure but higher-yield self-employed borrowers. |
| Bajaj Housing Finance (BAJAJHFL) | Prime mortgage competition and funding-cost benchmark. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total income (gross, including interest and other income) | 812.5 | 2,743 | 3,525 | 3,880 | 4,218 |
| Other operating costs (vendor classification) * | 39.5 | 45.2 | 56.2 | 75.6 | 95.9 |
| Profit before tax | 635.1 | 824.0 | 957.5 | 1,077 | 1,304 |
| Total tax expense | 164.0 | 202.8 | 206.8 | 220.3 | 217.8 |
| Profit after tax (excludes OCI) | 471.1 | 621.2 | 750.7 | 857.2 | 1,086 |
| Diluted EPS (₹) | 35.38 | 46.65 | 56.38 | 64.37 | 81.54 |
| Interest income | 3,490 | 3,843 | 4,174 | ||
| Fees and commission income | 33.2 | 35.7 | 42.4 | ||
| Other income | 1.64 | 1.36 | 1.98 | ||
| Finance costs (includes lease interest) | 2,231 | 2,488 | 2,563 | ||
| Fees and commission expense | 27.4 | 30.4 | 10.2 | ||
| Employee benefit expense | 96.9 | 112.0 | 176.9 | ||
| Depreciation, amortisation and impairment | 12.7 | 12.9 | 16.7 | ||
| Impairment on financial instruments / ECL and write-offs | 78.8 | 75.8 | 39.6 | ||
| Other expenses (excludes fees, staff, depreciation, provisions) | 120.0 | 83.0 | 108.0 | ||
| Current tax net of earlier-year adjustments | 224.0 | 223.7 | 272.1 | ||
| Deferred tax expense / (credit) | -17.1 | -3.36 | -54.3 | ||
| Net interest income (statement-derived) | 1,258 | 1,354 | 1,611 | ||
| Pre-provision operating profit (after depreciation) | 1,036 | 1,153 | 1,343 | ||
| PAT attributable to equity owners (standalone PAT) | 750.7 | 857.2 | 1,086 | ||
| Exceptional items as labelled in financial statement | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (share capital plus other equity) | 3,067 | 3,647 | 4,344 | 5,067 | 5,980 |
| Debt securities + bank/NHB borrowings + deposits + subordinated debt | 24,189 | 28,672 | 31,863 | 35,289 | 38,258 |
| Cash and cash equivalents (excludes other bank balances) | 324.9 | 309.5 | 0.76 | 1.06 | 1.36 |
| Trade payables | 5.55 | 8.05 | 4.83 | 5.73 | 7.67 |
| Property, plant and equipment including right-of-use assets | 10.6 | 11.7 | 52.6 | 50.3 | 49.9 |
| Intangible assets under development (not industrial CWIP) | n.d. | 0.00 | 59.8 | ||
| Total assets | 36,602 | 40,514 | 44,381 | ||
| Loans net of impairment and effective-interest adjustments | 34,553 | 37,696 | 41,647 | ||
| Bank balances other than cash equivalents | 456.7 | 306.6 | 303.1 | ||
| Government securities at amortised carrying value | 1,459 | 2,345 | 2,143 | ||
| Trade receivables (not housing loans) | 0.89 | 0.93 | 2.43 | ||
| Debt less cash, other bank balances and government securities | 29,946 | 32,636 | 35,810 | ||
| Loans at amortised cost before ECL (net of EIR fee adjustments) | 34,939 | 38,156 | 42,147 | ||
| ECL allowance deducted from loans | 385.8 | 459.7 | 500.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations (borrowings classified as financing) | 744.7 | 916.1 | -2,570 | -2,255 | -2,910 |
| Free cash flow (vendor definition) * | -3,920 | -4,053 | -2,590 | -2,272 | -2,987 |
| Cash dividends paid (outflow negative) | -46.6 | -40.0 | -53.3 | -133.2 | -173.1 |
| Cash capex purchases including intangible development (outflow negative) | -3.43 | -8.96 | -19.9 | -16.6 | -76.5 |
| PPE purchase payments (outflow negative) | -19.9 | -16.6 | -16.7 | ||
| Intangible development payments (outflow negative) | 0.00 | -59.8 | |||
| PPE sale proceeds | 0.07 | 0.21 | 0.34 | ||
| Long-term debt repayment (excludes net debt security cash flows) | -4,154 | -7,381 | -4,643 | ||
| Long-term borrowings raised | 5,700 | 7,525 | 10,250 | ||
| Short-term borrowing cash flows (net) | 201.6 | -96.3 | 494.5 | ||
| Debt security cash flows (net) | 1,264 | 3,172 | -3,161 | ||
| Public deposit cash flows (net) | -217.3 | -30.5 | 28.3 | ||
| Lease liability payments | -2.69 | -15.4 | -8.64 | ||
| Government securities investing cash flow (net) | -0.04 | -918.2 | 196.7 | ||
| Change in non-cash-equivalent bank balances (cash flow) | -150.1 | 150.1 | 3.45 | ||
| Cash flow from investing activities | -170.0 | -784.5 | 123.9 | ||
| Cash flow from financing activities | 2,738 | 3,040 | 2,787 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 13.32 | 13.32 | 13.32 | 13.32 | 13.32 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Total income (gross, including interest and other income) | 986.1 | 999.6 | 1,020 | 1,049 | 1,073 | 1,075 | 1,096 | 1,131 |
| Other operating costs (vendor classification) * | 20.9 | 25.8 | 22.6 | 27.3 | 32.2 | 30.4 | ||
| Profit before tax | 269.1 | 279.2 | 277.6 | 331.6 | 341.4 | 353.0 | 338.5 | 347.2 |
| Total tax expense | 57.0 | 45.2 | 53.8 | 80.1 | 76.6 | 7.31 | 70.7 | 72.6 |
| Profit after tax (excludes OCI) | 212.1 | 233.9 | 223.9 | 251.4 | 264.8 | 345.7 | 267.8 | 274.6 |
| Diluted EPS (quarterly, not annualised) (₹) | 15.93 | 17.57 | 16.81 | 18.88 | 19.89 | 25.96 | 20.11 | 20.62 |
| Interest income | 980.3 | 982.9 | 1,011 | 1,043 | 1,063 | 1,056 | 1,087 | 1,122 |
| Fees and commission income | 5.80 | 15.7 | 9.27 | 6.28 | 9.69 | 17.2 | 9.12 | 9.12 |
| Other income | 0.03 | 1.07 | 0.07 | 0.01 | 0.33 | 1.57 | 0.18 | 0.40 |
| Finance costs | 635.6 | 634.3 | 648.3 | 638.6 | 642.2 | 634.2 | 659.5 | 690.2 |
| Fees and commission expense | 5.92 | 10.1 | 0.47 | 3.02 | 3.20 | 3.51 | 3.32 | 4.59 |
| Employee benefit expense | 29.1 | 30.7 | 41.7 | 43.3 | 45.1 | 46.9 | 48.7 | 49.1 |
| Depreciation and amortisation | 3.33 | 4.12 | 3.46 | 3.96 | 4.34 | 4.92 | 2.84 | 7.07 |
| ECL provisions and write-offs | 22.1 | 15.4 | 26.3 | 3.07 | 9.73 | 0.56 | 13.1 | 7.39 |
| Other expenses (excludes fees, staff, depreciation, provisions) | 20.9 | 25.8 | 22.6 | 26.0 | 27.3 | 32.2 | 30.4 | 25.7 |
| Current tax net of earlier-year adjustments | 62.5 | 38.2 | 63.5 | 72.5 | 77.3 | 58.8 | 78.2 | 79.0 |
| Deferred tax expense / (credit) | -5.51 | 7.08 | -9.75 | 7.68 | -0.71 | -51.5 | -7.55 | -6.38 |
| Net interest income (statement-derived) | 344.7 | 348.5 | 362.8 | 404.6 | 421.0 | 422.3 | 427.6 | 431.5 |
| Pre-provision operating profit (after depreciation) | 291.3 | 294.6 | 303.9 | 334.6 | 351.1 | 353.5 | 351.6 | 354.6 |
| PAT attributable to equity owners (standalone PAT) | 212.1 | 233.9 | 223.9 | 251.4 | 264.8 | 345.7 | 267.8 | 274.6 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 1.5% | 237.6% | 28.5% | 10.1% | 8.7% |
| Net margin | 21.3% | 22.1% | 25.7% | ||
| Return on equity | 18.8% | 18.2% | 19.7% | ||
| Return on assets | 2.1% | 2.2% | 2.6% | ||
| Dividend payout | 7.1% | 15.5% | 15.9% | ||
| EPS, diluted (₹) | 35.38 | 46.65 | 56.38 | 64.37 | 81.54 |
| Book value per share (₹) | 230.3 | 273.9 | 326.2 | 380.6 | 449.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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