HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
LIC Housing Finance Ltd.
NSE: LICHSGFINFinancial ServicesMortgage Finance
- Last close
- ₹490.00
- Day change
- −₹12.00 (−2.39%)vs
- Market cap
- ₹29,329 crIndian rupees
- Research updated
- 1 report
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About LIC Housing Finance
LIC Housing Finance Ltd. is a prominent player in the housing finance sector in India. It primarily focuses on providing long-term financial assistance to individuals for purchasing or constructing residences, as well as for renovation or extension of existing homes. The company engages across a broad spectrum of clients, including retail customers, builders, and other corporate entities, thereby underpinning the real estate sector's growth. LIC Housing Finance's operations are integral to enhancing home ownership rates in India by bridging the financial gap for prospective homeowners. As a subsidiary of Life Insurance Corporation of India, it benefits from a robust financial backing, extensive distribution network, and a well-established brand trust. The company plays a critical role in the financial market by enabling access to home financing solutions, which contribute to overall economic development. It caters not only to individual housing needs but also supports government initiatives aimed at housing for all by providing affordable financing solutions.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: LICHSGFIN
- Next results
- Chief executive
- Mr. Tribhuwan Adhikari
- Employees
- 2,352
- Headquarters
- Mumbai, India
- ISIN
- INE115A01026
- Website
- lichousing.com
Public research · Report of
Business model & financial foundation
LIC Housing Finance (NSE: LICHSGFIN), Housing finance company (HFC), mortgage lending: revenue of ₹28,765 crore in FY26 (+2.5% on FY25) and net profit of ₹5,595 crore.
- Revenue, FY26 (₹ crore)
- 28,765
- standalone
- Revenue growth, FY26
- +2.5%
- on FY25
- Net profit, FY26 (₹ crore)
- 5,595
- to owners
- Return on equity, FY26
- 14.4%
- on average equity
- Market capitalisation (₹ crore)
- 29,868
- at the close of 15 Oct 2026
Company profile
LIC Housing Finance is India's largest housing finance company by loan book (Rs 3,22,098 cr at 30 Jun 2026), promoted by Life Insurance Corporation of India (45.24%). About 84% of the book is individual home loans to salaried borrowers, 11% non-housing individual loans (LAP) and 4% developer and commercial loans. It is funded by NCDs (46%), bank loans (37%), NHB refinance (8%) and deposits, earns a spread of about 1.8-2.1% and a NIM of about 2.6-2.8%, and operates through 303 marketing offices.
| Item | Value |
|---|---|
| Legal name | LIC Housing Finance Limited |
| Exchange and ticker | NSE: LICHSGFIN; BSE: 500253 |
| ISIN | INE115A01026 |
| Sector | Financial Services |
| Industry | Housing finance company (HFC), mortgage lending |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Shah Gupta & Co. and Batliboi & Purohit (joint statutory auditors) (since 2025-08-29) |
| Market capitalisation | ₹29,868 crore (15 Oct 2026) |
| Shares outstanding | 55.01 crore shares (FY26) |
| Price | ₹535.0 (close, 15 Oct 2026) |
| 52-week range | ₹458.9 - ₹598.2 (to 15 Oct 2026) |
| Website | https://www.lichousing.com |
Corporate structure and shareholding
Parent: Life Insurance Corporation of India (promoter, 45.24%).
| Entity | Holding | Business |
|---|---|---|
| LICHFL Care Homes Limited | 100% | Senior-citizen assisted living homes |
| LICHFL Financial Services Limited | 100% | Distribution of loans and financial products; 46 branches |
| LICHFL Asset Management Company Limited | 94.62% | Alternative investment fund manager (real estate / infra funds) |
| LICHFL Trustee Company Pvt. Ltd. | 100% | Trustee to the AIFs |
| LIC Mutual Fund Asset Management Co. Ltd (associate) | 30.33% | Mutual fund asset manager |
| LIC Mutual Fund Trustee Co. Ltd. (associate) | 35.3% | Mutual fund trustee |
Subsidiaries and associates are immaterial to group earnings; the dossier is on the standalone entity.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 45.24% | 45.24% | 45.24% | 45.24% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 20.17% | 20.36% | 21.39% | 21.47% |
| Domestic institutions | 22.09% | 21.76% | 20.84% | 20.97% |
| of which mutual funds | 18.24% | 18.21% | 17.72% | 18.02% |
| Retail | 12.50% | 12.64% | 12.53% | 12.31% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
LIC Housing Finance is India's largest housing finance company: an outstanding loan book of Rs 3,22,098 cr at 30 Jun 2026, of which 84.4% is individual home loans, 11.3% non-housing individual loans (LAP), 3.0% developer project loans and 1.3% other corporate. It borrows through NCDs (46%), banks (37%), NHB refinance (8%), deposits (4%) and other (5%) at a weighted cost of 7.28%, and lends at a yield of 9.12%, a 1.84% spread and a 2.58% NIM in Q1 FY27. Life Insurance Corporation of India owns 45.24%, which brings the AAA rating (CRISIL AAA/Stable, reaffirmed 13 Mar 2026; CARE AAA) and cheap wholesale funding. It controls its pricing (PLR-linked book) and underwriting; it does not control the repo cycle, bank liquidity, or bank competition for salaried prime borrowers. The dossier is on the standalone basis; subsidiaries are immaterial.
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Housing Finance (BAJAJHFL) | Largest prime HFC competitor in salaried home loans and LAP; growth benchmark |
| PNB Housing Finance (PNBHOUSING) | |
| Can Fin Homes (CANFINHOME) | Bank-promoted prime salaried HFC with similar low-cost, low-yield model |
| Aadhar Housing Finance (AADHARHFC) | |
| Aavas Financiers (AAVAS) | |
| Home First Finance (HOMEFIRST) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total revenue from operations (standalone) | n.r. | n.r. | 27,228 | 28,050 | 28,765 |
| Profit before tax (standalone) | n.r. | n.r. | 6,054 | 6,856 | 7,081 |
| Tax expense (standalone) | n.r. | n.r. | 1,289 | 1,427 | 1,485 |
| Net profit after tax (standalone) | n.r. | n.r. | 4,765 | 5,429 | 5,595 |
| Diluted EPS (standalone) (₹) | n.r. | n.r. | 86.63 | 98.70 | 101.7 |
| Interest income (standalone) | 27,042 | 27,661 | 28,200 | ||
| Finance costs (standalone) | 18,391 | 19,532 | 19,775 | ||
| Net interest income (company definition) | 8,651 | 8,130 | 8,425 | ||
| Other income (outside revenue from operations) | 6.42 | 6.08 | 7.03 | ||
| Employee benefits expenses | 610.0 | 701.9 | 641.1 | ||
| Other expenses incl. fees and commission expenses | 470.9 | 586.8 | 603.2 | ||
| Depreciation, amortisation and impairment | 65.4 | 93.9 | 117.6 | ||
| Impairment on financial instruments | 1,644 | 285.8 | 554.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (standalone) | 24,754 | 27,188 | 31,395 | 36,257 | 41,326 |
| Total borrowings (debt securities + other borrowings + deposits + subordinated) | 2,06,279 | 2,33,960 | 2,52,497 | 2,70,597 | 2,77,423 |
| Cash and cash equivalents * | 998.8 | 843.8 | 1,680 | 1,438 | 932.3 |
| Trade payables * | 747.0 | 685.3 | 570.7 | 523.3 | 605.1 |
| Net property, plant and equipment * | 231.2 | 308.3 | 341.2 | 404.2 | 456.0 |
| Capital work in progress * | 2.85 | 0.84 | 0.14 | 0.66 | 2.51 |
| Total assets (standalone) | 2,91,168 | 3,13,927 | 3,25,106 | ||
| Loans (net, standalone balance sheet) | 2,80,590 | 3,02,846 | 3,16,168 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore) | 53.02 | 55.01 | 55.01 | 55.01 | 55.01 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations (standalone) | 6,926 | 7,057 | 7,283 | 7,233 | 7,163 | 7,187 | 7,181 | 7,062 |
| Profit before tax (standalone) | 1,664 | 1,793 | 1,770 | 1,699 | 1,705 | 1,743 | 1,934 | 1,888 |
| Tax expense (standalone) | 335.5 | 361.5 | 401.6 | 339.2 | 350.8 | 358.6 | 436.8 | 400.1 |
| Net profit after tax (standalone) | 1,329 | 1,432 | 1,368 | 1,360 | 1,354 | 1,384 | 1,497 | 1,488 |
| Diluted EPS (standalone, not annualised) (₹) | 24.16 | 26.03 | 24.87 | 24.72 | 24.61 | 25.16 | 27.22 | 27.06 |
| Interest income (standalone) | 6,853 | 6,952 | 7,117 | 7,113 | 7,034 | 7,044 | 7,009 | n.r. |
| Finance costs (standalone) | 4,880 | 4,951 | 4,951 | 5,047 | 4,995 | 4,942 | 4,787 | 4,948 |
| Net interest income (company definition: interest income less finance cost) | 1,974 | 2,000 | 2,166 | 2,066 | 2,038 | 2,102 | 2,219 | 2,076 |
| Other income (outside revenue from operations) | 6.00 | 0.02 | 0.04 | 0.01 | 6.42 | 0.01 | 0.59 | 3.08 |
| Employee benefits expenses | 170.3 | 204.4 | 176.1 | 159.5 | 142.9 | 176.3 | 162.3 | 184.0 |
| Other expenses incl. fees and commission expenses | 117.3 | 128.1 | 252.0 | 110.4 | 127.6 | 139.9 | 225.3 | 180.2 |
| Depreciation, amortisation and impairment | 22.9 | 24.0 | 25.4 | 23.9 | 31.3 | 32.5 | 29.8 | 29.0 |
| Impairment on financial instruments (negative = write-back) | 77.3 | -44.0 | 109.4 | 192.9 | 168.2 | 153.6 | 39.4 | -164.2 |
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 | 3.0% | 2.5% | |||
| Net margin | 17.5% | 19.4% | 19.5% | ||
| Return on equity | 16.3% | 16.0% | 14.4% | ||
| Return on assets | 1.6% | 1.8% | 1.8% | ||
| EPS, diluted (₹) | 86.63 | 98.70 | 101.7 | ||
| Book value per share (₹) | 466.9 | 494.3 | 570.7 | 659.1 | 751.3 |
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.
- EPS, diluted (₹): as reported (Diluted EPS (standalone)).
- 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 15 Oct 2026); market data at the close of 15 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 LIC Housing Finance 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
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- 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.
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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
Reports on LIC Housing Finance
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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