HDFC Bank Limited
NSE: HDFCBANK
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Research updated
Home First Finance Company India Ltd.
NSE: HOMEFIRSTFinancial ServicesMortgage Finance
- Last close
- ₹1,002.00
- Day change
- −₹19.30 (−1.89%)vs
- Market cap
- ₹11,500 crIndian rupees
- Research updated
- 1 report
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About Home First Finance Company India
Home First Finance Company India Ltd. is a financial service provider specializing in affordable housing finance. Catering predominantly to low and middle-income groups in India, the company plays a crucial role in the country’s housing sector. This is especially relevant given India's large population and the increasing demand for residential properties. Home First Finance's primary function is to offer accessible and affordable mortgage solutions to eligible customers, enabling them to purchase or construct homes. Established to bridge the gap in the housing finance sector, it provides a broad suite of home loan products tailored to meet the diverse needs of salaried and self-employed professionals. The company's significant presence across multiple states in India highlights its influence and commitment to financial inclusion within the housing industry. By focusing on underserved markets, it ensures that even those often excluded from traditional banking services can realize the dream of home ownership. Its substantial contribution to the housing finance ecosystem underscores Home First Finance Company India Ltd.'s pivotal role in democratizing home ownership across India.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: HOMEFIRST
- Next results
- Chief executive
- Mr. Manoj Viswanathan
- Employees
- 1,855
- Headquarters
- Mumbai, India
- ISIN
- INE481N01025
- Website
- homefirstindia.com
Public research · Report of
Business model & financial foundation
Home First Finance (NSE: HOMEFIRST), Affordable housing finance: revenue of ₹1,915 crore in FY26 (+25.1% on FY25) and net profit of ₹540.4 crore.
- Revenue, FY26 (₹ crore)
- 1,915
- standalone
- Revenue growth, FY26
- +25.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 540.4
- to owners
- Return on equity, FY26
- 15.7%
- on average equity
- Market capitalisation (₹ crore)
- 12,295
- at the close of 17 Oct 2026
Company profile
Home First originates small-ticket mortgages for predominantly salaried low- and middle-income households in India. It earns interest on retained loans and fees and income on assigned/co-lent assets, with bank and NHB funding supporting its branch and connector distribution. Managed AUM is broader than balance-sheet loans; funding, underwriting and operating leverage determine returns.
| Item | Value |
|---|---|
| Legal name | Home First Finance Company India Limited |
| Exchange and ticker | NSE: HOMEFIRST; BSE: 543259 |
| ISIN | INE481N01025 |
| CIN | L65990MH2010PLC240703 |
| Sector | Financial services |
| Industry | Affordable housing finance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | B S R & Co LLP and Batliboi & Purohit (joint from FY27) (since 2024 / 2026) |
| Market capitalisation | ₹12,295 crore (17 Oct 2026) |
| Shares outstanding | 10.43 crore shares (FY26) |
| Price | ₹1,100 (close, 17 Oct 2026) |
| 52-week range | ₹893.7 - ₹1,318 (to 17 Oct 2026) |
| Website | https://homefirstindia.com |
Corporate structure and shareholding
No subsidiary is recorded.
No subsidiaries, associates or joint ventures; one housing-finance reporting segment in India.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 12.39% | 12.35% | 6.99% | 6.97% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 39.99% | 40.82% | 45.72% | 43.90% |
| Domestic institutions | 28.83% | 27.61% | 27.53% | 29.83% |
| of which mutual funds | 23.34% | 21.93% | 19.74% | 21.80% |
| Retail | 9.25% | 9.66% | 10.01% | 9.94% |
| Other | 9.53% | 9.56% | 9.75% | 9.36% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Home First Finance (NSE: HOMEFIRST, BSE 543259) is a standalone housing finance company with no subsidiaries, associates or JVs. It lends small-ticket mortgages (average ticket INR12.1 lakh) to mostly salaried (68%) low- and middle-income households. Housing loans are 83% of AUM and LAP 16%. AUM was INR16,937.9cr at Jun26, of which gross on-book loans were INR14,094.9cr; the rest is direct-assigned and co-lent assets. Income comes from interest spread on retained loans, upfront direct-assignment gains (INR112.2cr FY26), and fees, treasury and fair-value income. Funding is bank term loans, NHB refinance, ECB and NCDs, all secured. The company controls underwriting, its 175 branches and collections; it does not control funding rates, which are mostly floating, BT competition from banks, or borrower income shocks.
| Peer | Why the dossier compares them |
|---|---|
| Aavas Financiers (AAVAS) | Affordable mortgage underwriting and branch-led distribution. |
| Aptus Value Housing Finance India (APTUS) | Small-ticket housing lender; higher-yield borrower mix requires return-basis adjustment. |
| India Shelter Finance Corporation (INDIASHLTR) | Affordable mortgages and LAP with rapid branch rollout. |
| Aadhar Housing Finance (AADHARHFC) | Large affordable housing finance franchise. |
| Can Fin Homes (CANFINHOME) | Housing lender benchmark with lower risk and yield profile. |
| PNB Housing Finance (PNBHOUSING) | Larger mortgage platform expanding affordable housing; scale comparator. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (statutory) | 478.4 | 732.6 | 1,137 | 1,530 | 1,915 |
| Cost of revenue (vendor classification) * | 285.4 | 411.3 | 648.2 | 837.5 | 941.7 |
| Other operating costs (vendor classification) * | 35.5 | 71.2 | 71.2 | 77.7 | 91.0 |
| EBITDA (vendor classification) * | 178.2 | 230.9 | 253.0 | 450.6 | 660.6 |
| EBIT * | 227.2 | 256.2 | 311.1 | 532.6 | 746.3 |
| Finance costs including lease interest | 0.85 | 1.03 | 499.9 | 715.3 | 792.3 |
| Profit before tax | 226.3 | 295.2 | 400.0 | 501.6 | 707.8 |
| Total tax expense | 40.2 | 66.9 | 94.2 | 119.5 | 167.4 |
| Profit after tax (standalone) | 186.1 | 228.3 | 305.7 | 382.1 | 540.4 |
| Diluted EPS (₹) | 20.54 | 25.20 | 33.67 | 42.07 | 51.59 |
| Interest on term loans | 969.6 | 1,280 | 1,573 | ||
| Interest expense excluding leases | 498.7 | 713.4 | 789.6 | ||
| Interest on lease liabilities | 1.20 | 1.90 | 2.70 | ||
| Net interest income (company definition) | 471.0 | 566.8 | 783.8 | ||
| Income other than interest on term loans and DA gain | 123.8 | 167.8 | 237.1 | ||
| Net total income (management) | 657.9 | 825.8 | 1,133 | ||
| Operating expenses including depreciation and leases | 232.5 | 295.5 | 368.5 | ||
| Pre-provision operating profit | 425.4 | 530.4 | 764.6 | ||
| Total income | 1,157 | 1,539 | 1,923 | ||
| Interest income (all financial assets) | 1,028 | 1,354 | 1,664 | ||
| Fees and commission income | 9.93 | 45.3 | 82.7 | ||
| Other operating income | 4.59 | 4.29 | 6.33 | ||
| Net gain on fair value changes | 32.1 | 35.1 | 49.3 | ||
| Net gain on derecognition | 63.1 | 91.2 | 112.2 | ||
| Other income (statutory) | 19.1 | 9.26 | 8.13 | ||
| Employee benefits expense | 148.3 | 194.4 | 248.7 | ||
| Other expenses | 71.2 | 83.6 | 98.2 | ||
| Depreciation and amortisation | 11.7 | 15.5 | 18.9 | ||
| Impairment on financial instruments (absolute) | 25.4 | 28.8 | 56.9 | ||
| Total expenses | 756.6 | 1,038 | 1,215 | ||
| Current tax | 94.5 | 113.9 | 166.3 | ||
| Deferred tax (signed) | -0.22 | 5.62 | 1.04 | ||
| Profit attributable to equity owners | 305.7 | 382.1 | 540.4 | ||
| EBITDA (not applicable; use lender PPOP) | n.a. | n.a. | n.a. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,574 | 1,817 | 2,121 | 2,521 | 4,357 |
| On-book borrowings including debt securities | 3,467 | 4,813 | 7,302 | 9,551 | 10,590 |
| Cash and cash equivalents | 617.8 | 235.6 | 580.5 | 599.1 | 448.7 |
| Trade receivables | n.d. | 5.55 | 7.81 | ||
| Trade payables (all creditors) | 6.21 | 14.9 | 11.5 | 16.1 | 16.4 |
| Net PPE plus right-of-use assets | 20.0 | 25.4 | 29.8 | 44.7 | 54.1 |
| Capital work in progress | 0.09 | 0.19 | |||
| Total assets | 5,117 | 6,737 | 9,534 | 12,212 | 15,167 |
| On-book loans net of ECL | 8,143 | 10,649 | 13,133 | ||
| On-book loans gross carrying amount | 8,213 | 10,731 | 13,238 | ||
| Investments | 378.8 | 360.2 | 812.2 | ||
| Cash equivalents and other bank balances | 821.5 | 938.2 | 841.0 | ||
| Debt securities | 277.5 | 284.8 | 227.4 | ||
| Borrowings other than debt securities | 7,025 | 9,266 | 10,363 | ||
| Managed AUM (includes off-book loans) | 9,698 | 12,713 | 15,878 | ||
| Direct assigned off-book assets | 1,219 | 1,636 | 2,101 | ||
| Co-lending assigned assets | 274.1 | 372.0 | 593.4 | ||
| Analytical net debt incl investments and bank balances | 6,102 | 8,252 | 8,937 | ||
| Other bank balances (includes restricted deposits) | 241.0 | 339.1 | 392.3 | ||
| Paid-up equity share capital | 17.7 | 18.0 | 20.9 | ||
| Other receivables (not loans) | 0.77 | 0.29 | 0.39 | ||
| Lease liabilities | 16.9 | 29.2 | 37.4 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities (signed) | -1,028 | -1,824 | -1,908 | -2,196 | -1,940 |
| Free cash flow (vendor definition) * | -810.6 | -1,476 | -1,916 | -2,208 | -1,949 |
| Dividends paid (negative cash outflow) | -22.9 | -30.1 | -38.2 | ||
| PPE and intangible purchases (positive cash spend) | -3.46 | -7.15 | 8.00 | 11.9 | 9.55 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end equity shares outstanding | 8.75 | 8.78 | 8.85 | 9.01 | 10.43 |
| Weighted-average basic equity shares | 8.82 | 8.92 | 10.32 | ||
| Weighted-average diluted equity shares | 9.08 | 9.08 | 10.48 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (statutory) | 372.9 | 405.9 | 414.7 | 453.6 | 477.3 | 482.2 | 501.4 | 538.0 |
| Cost of revenue (vendor classification) * | 225.8 | 243.4 | 242.1 | 260.7 | 257.7 | 260.2 | 284.7 | |
| Other operating costs (vendor classification) * | 18.7 | 20.3 | 24.2 | 22.1 | 24.1 | 28.4 | 26.3 | |
| EBITDA (vendor classification) * | 73.6 | 84.7 | 89.9 | 105.4 | 151.0 | 137.3 | 141.7 | |
| EBIT * | 94.5 | 104.4 | 111.0 | 127.9 | 163.7 | 162.0 | 171.1 | |
| Profit before tax | 120.4 | 129.8 | 137.9 | 156.5 | 173.2 | 182.8 | 195.2 | 207.6 |
| Total tax expense | 28.1 | 32.4 | 33.2 | 37.6 | 41.4 | 42.6 | 45.7 | 47.8 |
| Profit after tax (standalone) | 92.2 | 97.4 | 104.7 | 118.9 | 131.8 | 140.2 | 149.4 | 159.9 |
| Diluted EPS (₹) | 10.07 | 10.65 | 11.45 | 11.48 | 12.53 | 13.34 | 14.22 | 15.19 |
| Total income | 374.2 | 407.5 | 416.2 | 455.3 | 479.0 | 483.7 | 504.7 | 539.8 |
| Interest income (all financial assets) | 332.2 | 355.8 | 362.9 | 394.4 | 409.1 | 428.8 | 431.7 | 462.0 |
| Fees and commission income | 9.53 | 15.4 | 17.3 | 19.3 | 21.3 | 20.1 | 22.0 | 23.4 |
| Other operating income | 0.92 | 1.13 | 1.33 | 1.39 | 1.46 | 1.46 | 2.02 | 2.02 |
| Net gain on fair value changes | 10.1 | 12.2 | 3.07 | 13.9 | 20.5 | 5.19 | 9.79 | 14.1 |
| Net gain on derecognition | 20.2 | 21.5 | 30.0 | 24.7 | 25.0 | 26.7 | 35.8 | 36.5 |
| Other income (statutory) | 1.32 | 1.50 | 1.53 | 1.65 | 1.73 | 1.43 | 3.33 | 1.83 |
| Finance costs (including lease interest) | 175.6 | 192.6 | 190.3 | 200.3 | 202.6 | 194.1 | 195.3 | 208.4 |
| Employee benefits expense | 50.3 | 50.8 | 51.8 | 60.4 | 59.9 | 63.6 | 64.9 | 76.2 |
| Other expenses | 18.7 | 20.3 | 24.2 | 22.1 | 23.6 | 24.1 | 28.4 | 26.3 |
| Depreciation and amortisation | 3.62 | 4.12 | 4.33 | 4.39 | 4.54 | 4.88 | 5.10 | 5.30 |
| Impairment on financial instruments (absolute) | 5.73 | 9.79 | 7.70 | 11.7 | 15.2 | 14.2 | 15.8 | 15.9 |
| Total expenses | 253.9 | 277.6 | 278.3 | 298.8 | 305.8 | 300.8 | 309.5 | 332.2 |
| Current tax | 26.2 | 32.0 | 30.3 | 38.1 | 40.7 | 42.2 | 45.3 | 50.0 |
| Deferred tax (signed) | 1.95 | 0.40 | 2.94 | -0.50 | 0.70 | 0.39 | 0.44 | -2.25 |
| Interest on term loans | 314.6 | 334.4 | 343.7 | 367.2 | 388.6 | 405.6 | 412.1 | 439.2 |
| Interest expense excluding leases | 175.2 | 192.0 | 189.7 | 199.7 | 202.0 | 193.4 | 194.6 | 207.7 |
| Interest on lease liabilities | 0.37 | 0.59 | 0.60 | 0.62 | 0.64 | 0.69 | 0.76 | 0.74 |
| Net interest income (company definition) | 139.4 | 142.4 | 154.0 | 167.6 | 186.6 | 212.2 | 217.5 | 231.5 |
| Income other than interest on term loans and DA gain | 39.4 | 51.5 | 42.5 | 63.3 | 65.5 | 51.4 | 56.8 | 64.1 |
| Net total income (management) | 199.0 | 215.4 | 226.5 | 255.6 | 277.1 | 290.3 | 310.2 | 332.1 |
| Operating expenses including depreciation and leases | 73.0 | 75.8 | 80.9 | 87.4 | 88.6 | 93.3 | 99.2 | 108.6 |
| Pre-provision operating profit | 126.1 | 139.6 | 145.6 | 168.2 | 188.5 | 197.0 | 211.0 | 223.5 |
| Profit attributable to equity owners | 92.2 | 97.4 | 104.7 | 118.9 | 131.8 | 140.2 | 149.4 | 159.9 |
| EBITDA (not applicable; use lender PPOP) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
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 | 17.3% | 53.2% | 55.3% | 34.5% | 25.1% |
| Net margin | 26.9% | 25.0% | 28.2% | ||
| Return on equity | 15.5% | 16.5% | 15.7% | ||
| Return on assets | 3.8% | 3.5% | 3.9% | ||
| Dividend payout | 7.5% | 7.9% | 7.1% | ||
| EPS, diluted (₹) | 20.54 | 25.20 | 33.67 | 42.07 | 51.59 |
| Book value per share (₹) | 179.8 | 207.1 | 239.7 | 280.0 | 417.6 |
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 17 Oct 2026); market data at the close of 17 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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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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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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