HOMEFIRST
Large CapHome First Finance Company India Limited
Financial Services
Home First Finance Company India Ltd. is a technology-driven affordable housing finance company with a pan-India presence. It focuses on first-time home buyers with monthly incomes < ₹50,000, offering housing loans with an average ticket size of ₹1.20 Mn. It leverages data science for underwriting and has a diversified funding base.
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.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/10 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
Excellent · 75/100Rev +21% YoY · PAT +42% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹501 Cr | +20.7% | +3.9% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹149 Cr | +41.9% | +6.4% |
| PAT margin | 29.7% | +444 bps | +69 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
HOMEFIRST reported robust Q4FY26 and FY26 performance. AUM grew 24.9% YoY to ₹15,878 Cr, with PAT up 42.7% YoY in Q4. Disbursements hit an all-time high of ₹1,572 Cr, up 19.3% QoQ. Asset quality improved with GNPA at 1.8% (down 20bps QoQ).
The company delivered strong growth in AUM and disbursements, supported by expanding distribution and technology. Asset quality improved sequentially, reflecting disciplined risk management. Management's ~25% AUM growth outlook for FY27 suggests continued momentum, backed by robust fundamentals.
AUM by Product (Mar'26)
Latest issuer-disclosed distribution across 3 reported categories.
Distribution Footprint Expansion
Company expanded its network by adding 16 branches and 12 touchpoints in FY26, taking the total to 171 branches and 373 touchpoints.
Deeper Technology Integration
Leverages data science-backed centralized underwriting, proprietary customer scoring models, and in-house AI conversational platform for efficiency.
Diversified Funding Sources
Maintains diversified funding relationships with 31 lending partners, an AA credit rating, and zero exposure to commercial papers.
Affordable Housing Market Focus
Predominant focus on first-time home buyers with monthly income less than ₹50,000 p.m., comprising 83% of AUM in housing loans.
Branch Network Expansion
Added 16 new physical branches in FY26, bringing the total to 171 branches.
Touchpoint Expansion
Added 12 new touchpoints in FY26, bringing the total to 373 touchpoints.
Workforce Growth
Strengthened workforce with the addition of 221 employees in FY26, primarily in customer-facing roles, totaling 1,855 employees.
Macroeconomic Stability
India maintains macroeconomic stability despite a global landscape disturbed by Middle Eastern conflicts and shifting trade dynamics.
Domestic Demand
Domestic demand continues to be supported by stable policy settings and gradually improving economic momentum.
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 is crucial for assessing overall growth trends and accounting for potential seasonality in the financial services sector. QoQ comparison is vital for tracking sequential momentum in disbursements, asset quality improvements, and profitability, which are key for NBFCs.
Assets Under Management (AUM)
AUM grew to ₹15,878 crore, registering a robust 24.9% YoY and 6.4% QoQ growth in Q4FY26.
Disbursement
Disbursement grew by 23.5% YoY and 19.3% QoQ to an all-time high of ₹1,572 Crore in Q4FY26.
Spread (ex-Co-lending)
Spread (ex-Co-lending) stood at 5.3% in Q4FY26, up 20 bps QoQ.
Marginal Cost of Borrowing (Q4FY26)
Marginal COB for Q4FY26 stood at 7.6%.
FY27 AUM Growth Outlook
Management is well positioned to deliver ~25% YoY AUM growth in FY27.
Credit Cost Guidance
Committed to maintaining disciplined risk management with credit cost guidance of 30–40bps even as the company scales.
Strategic Focus for Growth
Growth will be driven by continued expansion of distribution footprint, deeper technology integration, diversified funding, and strong risk governance framework.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | 24.9% YoY (FY26) | Sustained ~25% YoY AUM growth in FY27 as guided by management. |
| Asset Quality (GNPA) | 1.8% (Q4FY26) | Continued stability or reduction in early-stage delinquencies (DPD 1+, DPD 30+) and GNPA levels. |
| Credit Cost | 40bps (Q4FY26) | Adherence to the 30-40bps credit cost guidance amidst scaling operations. |
| Distribution Network Expansion | 171 branches, 373 touchpoints (FY26) | Further expansion of branches and touchpoints in key affordable housing markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company aims to increase co-lending contribution to 10% of AUM as it scales.
"We aim to take co-lending contribution to 10% of AUM as we scale."
The operating cost to asset ratio is expected to remain range bound within 2.6%-2.7% as the company focuses on growth and expansion.
"We expect this ratio to remain range bound within 2.6%-2.7%"
The company is positioned to achieve 25% AUM growth in FY27, driven by enhanced distribution, technology adoption, diversified funding, and robust risk management.
"positioned to achieve 25% AUM growth driven by enhanced distribution"
Outcome check: Revenue YoY averaged 20.7% across 1 later quarter(s).
Gross Stage 3 is expected to start moving down in Q4, given the improvement in early-stage delinquency and overall collection efficiency.
"the Stage 3 also should start moving down."
Trend score and candlestick chart
47Neutrallabel neutral
Technical chart
HOMEFIRSTdaily · 5Y-8.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 falling (~7.3% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 21% 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
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 36.8%.
- Growth contributes 19/25 to the score.
- Quality contributes 8/20 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; 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.
Weak Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 4th percentile of the scored universe and 8th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 5.5%.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 8th pctile, median 62 · Large: 3rd pctile, median 74
107 documents indexed, but claim history is not strong enough yet.
2/10 claims checked · No contradicted claim yet
How to read this Trust Score
Weak 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
- ▸Promoter holding fell 5.5%.
- ▸Operating cash flow is negative at ₹-1940 Cr.
- ▸Debt/equity is 2.43.
- ▸Altman Z is 1.11.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.20
- P/B
- 2.50
- EV/EBITDA
- 1131.89
- Market Cap
- 10916.00Cr
Profitability
- ROE
- 15.70%
- ROCE
- 11.10%
- ROA
- 3.56%
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 31.00%
- EPS 5Y
- 40.00%
- Revenue 3Y
- 34.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 2.43
- Interest Coverage
- —
- Altman Z
- 1.11
- Book Value
- 418.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -1940.00 Cr
- EPS TTM
- 51.80
Shareholding
- Promoter Hold
- 6.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
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.