CANFINHOME
Large CapCan Fin Homes Limited
Financial Services
Can Fin Homes Limited is a 38-year-old deposit-taking HFC, promoted by Canara Bank (approx. 30% shareholding). Headquartered in Bengaluru, it has a pan-India presence with 249 branches across 21 States/UTs, focusing on housing loans to individuals with prudent underwriting and ethical practices.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 65/100Rev +8% YoY · PAT +48% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,074 Cr | +7.5% | +0.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹346 Cr | +47.9% | +30.6% |
| PAT margin | 32.2% | +880 bps | +752 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 PAT surged 48% YoY to `346 Cr, with Loan Book growing 10% YoY to `42209 Cr. NIM improved to 4.19% (QoQ) and GNPA decreased to 0.85% (QoQ). Strong operational performance, though Cost to Income Ratio increased sequentially.
Can Fin Homes delivered robust Q4 FY26 results, marked by strong PAT growth, healthy AUM expansion, and improved asset quality. The company's focus on digital transformation and diversified sourcing channels supports future growth, despite a sequential uptick in the cost-to-income ratio.
Loan Book by Borrower Category (Mar'26)
Latest issuer-disclosed distribution across 2 reported categories.
Expansion of Sourcing Channels
Company aims to expand sourcing channels to attract different segments of borrowers, facilitating upward trajectory.
Thrust on Direct Sourcing
Company intends to enhance its loan portfolio through a thrust on direct sourcing.
Digitalization and Technology Integration
Company intends to evolve with technology, integrating new processes for better, improved customer service and building robust digital capabilities.
Increased Lending to New Home Aspirants
Vision includes increasing lending to new home aspirants and enhancing value for stakeholders.
Consistent Management Support
Company benefits from consistent management support and guidance from its sponsor, Canara Bank.
Stable Liquidity Position
The company maintains a consistent and stable liquidity position.
Strong Credit Ratings
Long-term loans and NCDs are rated AAA/Stable by CARE, ICRA, and IND Ra, and Public Deposits are AAA/Stable.
Cost to Income Ratio Trend
The Cost to Income Ratio increased to 19.84% in Q4 FY26 from 18.53% QoQ and 19.36% YoY, indicating potential pressure on operational efficiency.
Geographical Concentration
South India still accounts for 60% of incremental disbursements as of Mar'26, posing concentration risk despite a projected slight reduction by Mar'28.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison provides a clear view of overall growth and profitability trends, which is crucial for a housing finance company. QoQ comparison highlights immediate operational momentum, asset quality changes, and margin dynamics.
AUM Growth
Outstanding Loan Book reached `42209 Cr (+10% YoY) as on Mar'26.
Disbursements
Disbursements were `3246 Cr in Q4 FY26, up 32% YoY from `2455 Cr and 19% QoQ from `2727 Cr.
Net Interest Margin (NIM)
NIM was 4.19% in Q4 FY26, up from 3.82% YoY and 4.14% QoQ.
Cost of Borrowing
Cost of Borrowing was 7.07% in Q4 FY26, down from 7.56% YoY and 7.14% QoQ.
Sustained Focus Areas
Management will continue its thrust on growth, asset quality, profitability, and liquidity, with unwavering focus on good governance and due diligence.
Technological Evolution
Company intends to evolve further with technology, keeping abreast with digitalization changes for improved customer service.
Sourcing Channel Diversification
Management aims to expand sourcing channels to attract different segments of borrowers, facilitating the company’s upward trajectory.
Roadmap 2028 Targets
Company has a roadmap to Mar-28 with projected changes in geographical concentration, product mix, segment mix, and sourcing mix.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | 10% YoY in FY26 | Sustained double-digit AUM growth, indicating continued market penetration and demand. |
| Net Interest Margin (NIM) | 4.19% in Q4 FY26 | Stability or further expansion of NIM, supported by favorable borrowing costs and yield management. |
| Asset Quality (GNPA/NNPA) | GNPA 0.85%, NNPA 0.37% in Q4 FY26 | Continued low delinquency rates and effective management of non-performing assets as the loan book grows. |
| Cost to Income Ratio | 19.84% in Q4 FY26 | Efficiency improvements to manage or reduce the cost-to-income ratio, especially with ongoing digital investments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
By March 2028, the company projects its incremental disbursement to have a geographical concentration of 60% in South and 40% in North.
"Mar-28 South 60% North 40% (Proj.)"
By March 2028, the company projects its AUM product mix to be 80% Housing Loans and 20% Non-Housing Loans.
"Mar-28 HL 80% NHL 20% (Proj.)"
The IT Transformation project is expected to be implemented from Q3FY26.
"Expected implementation from Q3FY26"
Several IT systems, including HRMS, Aadhar Data Vault, DMS, LOS, LMS, Finance & Accounting (Sprint-2), Deposits, and Reports, are planned to Go-Live in Q3 FY26.
"Planned Go-Live (Q3 FY26)"
Trend score and candlestick chart
43NeutralSMA20 -4.7% / mo
Technical chart
CANFINHOMEdaily · 5Y-7.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 45. Wait for confirmation.
- SMA20 falling (~5.5% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 69.2%.
- Valuation contributes 24/30 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Altman Z is 0.4, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 21st percentile of the scored universe and 37th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-2940 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 37th pctile, median 62 · Large: 14th pctile, median 74
155 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-2940 Cr.
- ▸Debt/equity is 6.40.
- ▸Altman Z is 0.41.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 10.20
- P/B
- 1.84
- EV/EBITDA
- 2899.59
- Market Cap
- 11035.00Cr
Profitability
- ROE
- 19.70%
- ROCE
- 9.17%
- ROA
- 2.45%
- Dividend Y
- 1.45%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 6.40
- Interest Coverage
- —
- Altman Z
- 0.41
- Book Value
- 449.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- -2940.00 Cr
- EPS TTM
- 81.54
Shareholding
- Promoter Hold
- 29.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 45%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.