Housing & Urban Development Corporation Ltd(HUDCO)

NSE: HUDCOBSE: 540530

₹ 146.75-3.33%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 29,378 crWebsite: www.hudco.orgUpdated: 24 Oct 2026

About

Housing & Urban Development Corporation Ltd (HUDCO) is a Government of India infrastructure finance company that lends exclusively to state governments, urban local bodies, and housing agencies for urban infrastructure and affordable housing projects. As of FY26, HUDCO's loan book stood at ₹1,60,724 crore, with FY26 disbursements of ₹51,194 crore - both the highest in its history. HUDCO holds a position as the designated institutional lender for India's Urban Challenge Fund and is expanding into private-sector PPP lending across five infrastructure sectors after a 12-year gap. It reported FY26 revenue of Rs 13150.4 crore.^[1][2]

Loan book composition

Urban Infrastructure: ₹1,18,673 Cr, 73.84% of loan book in FY26, up from 61.15% in FY25 and 53.04% in FY23, driven by the infrastructure finance mandate.^[1]
Affordable Housing: ₹42,051 Cr, 26.16% of loan book in FY26, down from 38.85% in FY25 as urban infrastructure growth outpaced housing disbursements.^[1]
Private sector PPP lending formally launched in Q1 FY27; first two projects sanctioned totalling ~₹6,000 - 7,000 Cr across Board-approved sectors: Real Estate, Roads, Sea Port, Airport, and Energy.^[3]
Top 20 borrowers accounted for 77.98% of total advances as of FY25.^[4]

Sanctions, disbursements and pipeline

FY26 loan sanctions: ₹1,64,757.79 Cr, up 28.89% from ₹1,27,852 Cr in FY25 - highest ever annual sanctions.^[1]
FY26 disbursements: ₹51,194.21 Cr, up 28% from ₹40,038 Cr in FY25 - highest ever annual disbursements.^[1]
Undisbursed sanctions outstanding: ~₹2.5 lakh Cr as of Q1 FY27; Q1 FY27 alone added >₹60,000 Cr in new sanctions.^[3]
FY27 disbursement target: ₹65,000 Cr; Board-approved FY27 borrowing plan: ₹70,000 Cr to support this.^[3]

Key operating metrics

Loan book (AUM): ₹1,60,724 Cr in FY26, up 27.54% from ₹1,24,828 Cr in FY25; FY30 loan book target reaffirmed at ₹3 lakh Cr.^[1]
NIM (incl. EBR): 2.91% in FY26 vs 3.22% in FY25; NIM (excl. EBR): 3.31% vs 3.86% in FY25. Spread ~1.8% in Q1 FY27, below the 2% management target.^[1]
Cost of funds (incl. EBR): 7.17% in FY26, down from 7.44% in FY25. Incremental borrowing cost fell to 6.32% in H1 FY26 from 6.99% in H1 FY25.^[1]
Yield on loans: 8.78% in Q1 FY27.^[3]

Asset quality

~₹1,100 Cr of gross NPA is at advanced NCLT resolution stages (pre-2013 vintage); management targets resolution of the bulk within FY27.^[3]

Borrowings and funding mix

ECB borrowings: ~USD 700 million drawn under the RBI 5-year forex swap window in Q1 FY27; total committed under the facility: USD 2 billion. All-in cost: 5.5% - 6.5%.^[3]
ECB share of total borrowings: ~10% in Q1 FY27; target to grow to ~20% over five years leveraging the RBI forex window.^[3]
FCNR forex losses of ₹470 Cr in 9M FY26 from currency fluctuations; no new FCNR borrowings taken; Q4 FY26 confirmed as the final impacted quarter.^[5]
GMTN programme being set up for sourcing from international capital markets; in discussions with AIIB and World Bank for multilateral infrastructure funding.^[1]
FY25 annual report: overall borrowing limit to rise from Rs 1,50,000 Crore to Rs 2,50,000 Crore; foreign currency exchange rate risk 99.79% hedged.^[4]

Urban Challenge Fund and UiWIN platform

UCF blended financing structure (25% GoI VGF + 25% state + 50% institutional finance) is operational; 2 schemes totalling >₹30,000 Cr sanctioned by the Apex Committee in Q1 FY27.^[3]
UCF represents a ₹3 lakh Cr opportunity over FY26 - FY31; HUDCO targets ₹1 lakh Cr in state counterpart loans under the programme.^[1]
UiWIN (Urban Invest Window) launched to help Urban Local Bodies create UCF-ready bankable projects; targets 2x investments over 5 years with multilateral agency partnerships.^[1]

Expansion and new mandates

MOU signed with Gujarat in June 2026 for >₹1 lakh Cr covering metro, RRTS, highway, and Olympic/Commonwealth Games infrastructure; sanctions expected from Q2 FY27, disbursements over 5 years.^[3]
MOU signed with Bihar in June 2026 for >₹1 lakh Cr covering 12 satellite towns, roads, metro, and housing; both MOUs valid for 5 years.^[3]
Comprehensive Economic Regions announced in Union Budget 2026-27; HUDCO targeting financing of ₹5,000 Cr per CER over 5 years in Tier II and Tier III cities.^[1]
MoU with Vadhavan Port under which HUDCO is expected to provide financial assistance of up to Rs 25,000 Crore (FY25 annual report).^[4]

Recent developments

16 Oct 2026: Moody's affirmed HUDCO's issuer rating at Baa3 with a stable outlook, in line with India's sovereign rating.^[6]
RBI registered HUDCO as an NBFC-IFC on 23 Aug 2024; it received Navratna status in April 2024.^[4]
The Board had no independent directors from 22.11.2024 to 31.03.2025; outstanding exchange fines stood at Rs 24,369,360 as of 31 March 2025.^[4]

Market Cap

₹29,378 Cr

High / Low

₹247 / 144

Stock P/E

6.9

Price / Book

1.3

Book Value

₹110

EPS

₹20.1

No. of Shares

200.19 Cr

ROE

20.2%

Debt / Equity

6.45

Sales

₹13,150 Cr

Net Profit

₹4,034 Cr

Promoter holding

75.0%

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