Housing Finance Company industry

20 companies · ₹2.0 L cr · 12 with AI deep dives · Q1FY27 report

Volume growth intact but NIM compression - not demand - is dragging HFC sector revenue

Deceleratingrevenue growth slowed to 1.5% YoY from 6.6% a year earlier

Revenue YoY: +1.5%
Panel: 12 cos
Price, 1 year: -26.7%; 8% of names up
P/E vs own 5y: -7.1%; 11.3x now

Exhibit 1The quarter in numbers

constant panel of 12 companies above ₹500 cr

aggregate revenue (₹ cr)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	19,164 cr	18,656 cr	+2.7%	18,874 cr	+1.5%	19,231 cr	-0.3%

Revenue

Jun 26: 19,164 cr
Mar 26: 18,656 cr
QoQ: +2.7%
Jun 25: 18,874 cr
YoY: +1.5%
Peak: 19,231 cr
vs peak: -0.3%

Sept 26: 2 of 12 reported so far, so it is not in the trend above.

Breadth: 83% of 12 companies grew revenue year on year (was 83% a quarter earlier).

Exhibit 2What it costs

5.58x - 17.08x across the panel today

The median name trades at 11.3x, -7.1% against this industry's own 5-year median of 12.1x, and -28.1% against its own peak of 15.7x.

Exhibit 3Structure

₹2.0 L cr

Bajaj Housing Finance Ltd is 32% of this industry by market cap. The top 5 are 76% and the top 10 are 98.5%.

large 1mid 5small 5micro 912 above ₹500 cr

Exhibit 5Coverage (20 of 20)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	P/B	NIM	Gross NPA	Rev YoY	Read
Bajaj Housing Finance Ltd	₹65,409 cr	23.3x	2.7x	-	-	+18.0%	Unlock
PNB Housing Finance Ltd	₹28,297 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

mixedDisbursement volumes broadly strong but net AUM growth muted by elevated prepayments7 managements

Disbursements grew materially YoY across the bucket - BAJAJHFL +33%, CANFINHOME +29%, AAVAS +41%, HOMEFIRST +31%, APTUS +36%, LICHSGFIN +14.5%, AADHARHFC +19% like-for-like…

BAJAJHFL (Q1FY27): “Disbursements grew 33% and AUM was up 24% during the quarter, with PAT growth of 23% on…”

headwind6 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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