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Housing & Urban Development Corporation Ltd.
NSE: HUDCOFinancial ServicesCredit Services
- Last close
- ₹146.02
- Day change
- −₹5.75 (−3.79%)vs
- Market cap
- ₹32,249 crIndian rupees
- Research updated
- 2 reports
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About Housing & Urban Development Corporation
Housing & Urban Development Corporation Ltd. is a prominent governmental financial corporation in India, primarily focused on providing long-term finance for construction-related projects. Established in 1970, its core mission is aligned with supporting housing and urban development needs in the country, thereby playing a critical role in infrastructure growth and urbanization. HUDCO’s impact extends across various sectors, including residential housing for low and middle-income groups, urban infrastructure projects like water supply, sewerage systems, and transportation networks. Additionally, it finances initiatives aimed at slum rehabilitation and the development of satellite towns. This institution not only collaborates with governmental bodies and private sector partners but also influences policy-making and the implementation of housing schemes. By facilitating access to stable financial resources, HUDCO significantly contributes to improving the quality of life in urban and rural areas, underpinning broader economic development and supporting the government's agenda for affordable housing.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: HUDCO
- Employees
- 585
- Headquarters
- New Delhi, India
- ISIN
- INE031A01017
- Website
- hudco.org.in
Public research · Report of
Business model & financial foundation
HUDCO (NSE: HUDCO), Government-owned infrastructure and housing finance (RBI-registered NBFC-Infrastructure Finance Company): revenue of ₹3,431 crore in FY26 (-4.6% on FY25) and net profit of ₹4,034 crore.
- Revenue, FY26 (₹ crore)
- 3,431
- standalone
- Revenue growth, FY26
- -4.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 4,034
- to owners
- Return on equity, FY26
- 20.2%
- on average equity
- Market capitalisation (₹ crore)
- 32,841
- at the close of 16 Oct 2026
Company profile
HUDCO is a Navratna Government of India enterprise and RBI-registered NBFC-Infrastructure Finance Company that lends to state governments, their agencies and urban local bodies for urban infrastructure (water, sewerage, roads, metro, new cities; 75% of the book) and affordable housing (25%). Some 99% of its 1.73 lakh crore loan book (30 Jun 2026) is to government entities, much of it state-guaranteed, funded by bank loans, bonds and ECBs at AAA ratings. It earns a spread of about 2% and a NIM below 3% with near-nil credit cost on a book growing about 30% a year.
| Item | Value |
|---|---|
| Legal name | Housing & Urban Development Corporation Limited |
| Exchange and ticker | NSE: HUDCO; BSE: 540530 |
| ISIN | INE031A01017 |
| Sector | Financial Services |
| Industry | Government-owned infrastructure and housing finance (RBI-registered NBFC-Infrastructure Finance Company) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | S A R C & Associates, Chartered Accountants (appointed by CAG; reappointed for FY27 on 10 Sep 2026) (since FY25) |
| Market capitalisation | ₹32,841 crore (16 Oct 2026) |
| Shares outstanding | 200.19 crore shares (FY26) |
| Price | ₹161.1 (close, 16 Oct 2026) |
| 52-week range | ₹155.8 - ₹246.9 (to 16 Oct 2026) |
| Website | https://www.hudco.org.in |
Corporate structure and shareholding
Parent: President of India (Government of India), 75.00%, held through MoHUA after the 22 Sep 2026 transfer of MoRD's 20.73%.
| Entity | Holding | Business |
|---|---|---|
| Shristi Urban Infrastructure Development Ltd (SUIDL) | 40% | Joint venture/associate in urban infrastructure; the only investee consolidated (equity method); RBI requires divestment |
| Pragati Social Infrastructure & Development Ltd (PSIDL) | 26% | Joint venture, carried at Re1, exit under way |
| Signa Infrastructure India Ltd (SIIL) | 26% | Joint venture, carried at Re1, exit under way |
| Ind Bank Housing Ltd (IBHL) | 25% | Associate housing finance company, carried at Re1 |
No subsidiaries. Investments in the four investees total 4.64 cr at cost (2.64 cr impaired). RBI's NBFC-IFC registration (23 Aug 2024) required divestment of JVs by 31 Mar 2026; extension sought 4 May 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 1.97% | 2.22% | 2.40% | |
| Domestic institutions | 11.46% | 11.03% | 10.10% | |
| of which mutual funds | 3.00% | 2.51% | 1.83% | |
| Retail | 8.41% | |||
| Other | 11.57% | 11.74% | 4.09% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
HUDCO is an RBI-registered NBFC-IFC and Government of India enterprise that funds state governments, their agencies and urban local bodies for housing and urban infrastructure. The primary analytical basis is standalone: HUDCO has no subsidiaries, while its consolidated accounts add only an equity-accounted associate. At 30 Jun 2026 its loan book was INR1,73,123cr; the portfolio is predominantly government-linked.
| Peer | Why the dossier compares them |
|---|---|
| REC Ltd (RECLTD) | Government-owned AAA infrastructure lender, largely to state utilities; closest business and funding model |
| Power Finance Corporation (PFC) | Government-owned infrastructure NBFC lending to state entities; REC's parent |
| Indian Railway Finance Corporation (IRFC) | Government-owned AAA lender to a sovereign counterparty; spread-based, low credit cost |
| Indian Renewable Energy Development Agency (IREDA) | Government-owned NBFC-IFC growing loan book at 25-30%, the market's growth-PSU-lender comparator |
| LIC Housing Finance (LICHSGFIN) | State-linked housing financier; comparator for HUDCO's housing book and wholesale funding |
| PNB Housing Finance (PNBHOUSING) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue * | 2,463 | 2,577 | 2,976 | 3,598 | 3,431 |
| Other operating costs (vendor classification) * | 122.4 | 149.3 | 94.0 | 116.1 | 125.3 |
| Profit before tax | 2,346 | 2,289 | 2,843 | 3,637 | 3,221 |
| Total tax expense / (credit) | 629.3 | 587.8 | 726.7 | 927.5 | -812.9 |
| Profit after tax | 1,716 | 1,701 | 2,117 | 2,709 | 4,034 |
| Diluted EPS (₹) | 8.57 | 8.50 | 10.57 | 13.53 | 20.15 |
| Interest income | 7,653 | 10,200 | 13,096 | ||
| Finance cost | 4,961 | 6,747 | 8,931 | ||
| Net interest income | 2,692 | 3,453 | 4,166 | ||
| Other income excluding interest and fair value changes | 223.1 | 99.5 | 227.6 | ||
| Net fair value gains / (losses) | 68.7 | 45.9 | -936.6 | ||
| Operating expenses including CSR | 348.8 | 372.1 | 426.7 | ||
| Impairment on financial instruments | -208.1 | -410.5 | -191.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 14,467 | 15,444 | 16,613 | 17,968 | 21,975 |
| Borrowings * | 61,499 | 62,907 | 74,003 | 1,07,305 | 1,41,688 |
| Cash and cash equivalents * | 644.6 | 14.3 | 250.6 | 5.96 | 2.45 |
| Trade payables * | 1,161 | 934.1 | 902.0 | 1,202 | 1,566 |
| Net property, plant and equipment * | 10.2 | 9.67 | 9.62 | 7.08 | 6.81 |
| Capital work in progress * | 37.2 | 18.3 | 13.9 | 24.8 | 38.5 |
| Total assets * | 93,422 | 1,28,496 | 1,66,838 | ||
| Loan book incl. EBR (presentation principal, before provisions) | 92,654 | 1,24,828 | 1,60,724 | ||
| Common equity (net worth less perpetual instruments) | 16,614 | 17,970 | 20,535 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations including lending flows | 2,297 | 1,820 | -10,287 | -31,421 | -33,912 |
| Free cash flow (vendor definition) * | -812.3 | -852.9 | -10,291 | -31,624 | -33,934 |
| Dividends paid (the provider's sign: an outflow is negative) * | -435.4 | -700.7 | -920.9 | -1,151 | -1,062 |
| Capital expenditure (outflow negative) | -6.25 | -2.09 | -4.18 | -21.7 | -21.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 200.19 | 200.19 | 200.19 | 200.19 | 200.19 |
| Cash inflow from interest on loans and investments | n.r. | 9,805 | 12,979 | ||
| Cash outflow for interest on bonds and borrowings | n.r. | 6,510 | 7,645 | ||
| Instruments entirely equity in nature (7.87% perpetual, allotted 13 Feb 2026) | 0.00 | 1,442 | |||
| Net loans cash-flow outflow | -11,971 | -32,606 | -36,076 | ||
| CFO excluding net loan deployment (calculated) | 1,684 | 1,185 | 2,163 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue * | 864.1 | 1,007 | 992.8 | 856.0 | 1,038 | 817.6 | 744.5 | 1,176 |
| Other operating costs (vendor classification) * | 28.9 | 29.7 | -30.3 | 30.5 | 31.8 | 29.9 | 53.9 | 36.8 |
| Profit before tax | 1,000 | 931.7 | 1,020 | 857.2 | 954.7 | 788.5 | 621.0 | 1,066 |
| Total tax expense / (credit) | 311.4 | 196.6 | 292.5 | 227.0 | 244.9 | 75.5 | -1,360 | 215.1 |
| Profit after tax | 688.6 | 735.0 | 727.7 | 630.2 | 709.8 | 713.0 | 1,981 | 851.1 |
| Diluted EPS (not annualised) (₹) | 3.44 | 3.67 | 3.64 | 3.15 | 3.55 | 3.56 | 9.90 | 4.25 |
| Interest income | 2,459 | 2,746 | 2,821 | 2,925 | 3,197 | 3,419 | 3,555 | 3,710 |
| Finance cost | 1,662 | 1,762 | 1,859 | 1,976 | 2,147 | 2,394 | 2,413 | 2,561 |
| Net interest income | 797.3 | 983.1 | 961.6 | 948.3 | 1,050 | 1,025 | 1,142 | 1,149 |
| Other income excluding interest and fair value changes | 29.8 | 24.3 | 23.0 | 18.9 | 53.6 | 86.3 | 68.8 | 27.4 |
| Net fair value gains / (losses) | 37.0 | -0.02 | 8.89 | -111.2 | -65.6 | -293.5 | -466.4 | 0.02 |
| Operating expenses including CSR | 97.2 | 92.5 | 115.0 | 101.7 | 100.7 | 106.8 | 117.5 | 110.0 |
| Impairment on financial instruments | -233.2 | -16.8 | -141.8 | -103.0 | -17.0 | -77.7 | 6.05 | 0.06 |
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 | -1.9% | 4.6% | 15.5% | 20.9% | -4.6% |
| Net margin | 69.7% | 66.0% | 71.1% | 75.3% | 117.6% |
| Return on equity | 12.4% | 11.4% | 13.2% | 15.7% | 20.2% |
| Return on assets | 2.3% | 2.4% | 2.7% | ||
| Dividend payout | 25.4% | 41.2% | 43.5% | 42.5% | 26.3% |
| EPS, diluted (₹) | 8.57 | 8.50 | 10.57 | 13.53 | 20.15 |
| Book value per share (₹) | 72.27 | 77.14 | 82.98 | 89.76 | 109.8 |
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 2, information to 16 Oct 2026); market data at the close of 16 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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What the full research on Housing & Urban Development Corporation includes
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.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
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
Reports on Housing & Urban Development Corporation
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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