SRG Housing Finance Ltd(SRGHFL)

NSE: SRGHFLBSE: 534680

₹ 99.75-5.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 157 crWebsite: www.srghousing.comUpdated: 24 Oct 2026

About

SRG Housing Finance is a housing finance company founded in Udaipur in 1999. It lends mainly to new-to-credit, underserved and unorganised borrowers, and 94.07% of its loan book is rural. Assets under management stood at INR 10,764 Mn in Q1 FY27, served through 96 branches. FY26 revenue was 199.34.^[1][2][3]

Loan book mix

Housing loans were 71.99% of AUM (₹750.24 crores) and loans against property 28.01% (₹291.91 crores) in FY26.^[1]
In Q2 FY26 the LAP mix fell to 30.15%, following an NHB guideline requiring 70% housing loans and 30% LAP.^[4]
Self-employed borrowers made up 74.49% of the customer mix in FY26. In Q3 FY26 they were 78.57%, vs 74.77% in Q3 FY25.^[1][5]
Average ticket size was ₹15.44 lakh in Q4 FY26 vs ₹9.42 lakh in Q4 FY25. Average LTV was about 48% as of March 2026.^[6][1]

Branches and geography

The company had 96 branches and 980+ employees as of FY26. The branch count was still 96 in Q1 FY27.^[1][2]
Gujarat held 39.93% of AUM and Rajasthan 36.90% in FY26. The rest was in Madhya Pradesh, Maharashtra, Karnataka and Andhra Pradesh.^[1]
Newer 'Others' states grew to 23.17% of the loan book in Q4 FY26, from 16.42% in Q4 FY25.^[1]
AUM per branch was INR 112.13 Mn and AUM per employee INR 10.66 Mn in Q1 FY27, each up about 31% YoY.^[2]

Key operating numbers

AUM was INR 10,764 Mn in Q1 FY27, up 35.3% YoY and 3.3% QoQ. It was ₹10,422 Mn in FY26, up 37.2% YoY.^[2][6]
Disbursements were INR 672 Mn in Q1 FY27, down 16.0% YoY. FY26 disbursements were ₹443.54 cr, up 45% YoY.^[2][6]
NIM was 10.21% in Q1 FY27, vs 11.28% in Q4 FY26 and 10.48% in Q1 FY26. Gross yield was 19.23%, down 263 bps YoY.^[2]
Cost of borrowing was 10.77% in Q1 FY27, down 26 bps YoY. It was 10.88% in Q4 FY26.^[2][6]
Cost-to-income ratio was 66.47% in Q1 FY27, vs 63.14% in Q4 FY26 and 67.48% in Q1 FY26.^[2]
AUM grew at a CAGR of about 32% from FY17 to FY26.^[1]

Asset quality and capital

GNPA was 1.73% in Q1 FY27, vs 1.85% in Q1 FY26 and 1.77% in Q4 FY26. NNPA was 0.63%.^[2]
Stage-2 assets were 5.53% of gross assets in Q1 FY27, vs 5.18% in March 2026.^[2][6]
Capital adequacy ratio was 39.21% in Q1 FY27, vs 38.62% in Q4 FY26.^[2][6]
About 97% of EMI collections are received through electronic or digital modes (FY26).^[1]

Customers and funding

94.07% of the loan book is rural, and over 95% of borrowers have women as co-applicants (FY26).^[1]
The lender base had 36 banks, NBFCs and capital market participants in FY26. It grew to 38 lenders by Q1 FY27.^[1][2]
Borrowings in Q2 FY26 were split 45% banks, 44% financial institutions, 7% NCDs and 4% NHB. Mutual funds first invested in a ₹50 cr NCD in that quarter.^[4]

Expansion plans

The company plans 10-15 new branches in Tamil Nadu and Telangana by the end of FY27, with no further expansion in Gujarat, Rajasthan or Madhya Pradesh.^[6]
Management expects AUM of about INR 1,300-1,500 crore and disbursements of about INR 600 crore in FY27.^[2]
Management targets AUM of ₹2,000-2,500 cr within 2.5-3 years, with AUM per branch reaching ₹25 cr across about 110 branches (stated in Q4 FY26).^[6]

Recent developments

NHB classified the company as a Red Flag Account in September 2026. The company paused fresh sanctions and disbursements, expects resolution within 1-2 months, and says the slowdown will show in Q2 FY27.^[2]
The board passed a resolution to convert the company from a housing finance company to an NBFC. The process is expected to take at least 6 months.^[2]
In FY26, Acuité upgraded the long-term rating from BBB+ (Positive) to A- (Stable). The outlook had moved from BBB+ Stable to BBB+ Positive in Q2 FY26.^[6][4]
Promoters have committed to infuse capital if the company needs it (stated in the Q1 FY27 call).^[2]
The company listed on the NSE in August 2023.^[1]

Market Cap

₹157 Cr

High / Low

₹347 / 100

Stock P/E

4.6

Price / Book

0.5

Book Value

₹189

EPS

₹20.7

No. of Shares

1.57 Cr

ROE

11.6%

Debt / Equity

2.89

Sales

₹199 Cr

Net Profit

₹32 Cr

Promoter holding

60.0%

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