LICHSGFIN
Mid CapLIC Housing Finance Limited
Real Estate
LIC Housing Finance Ltd. (LICHSGFIN) is a housing finance company incorporated in 1989. It provides housing finance across India through a network of 303 area offices, 23 back offices, and 10 regional offices. The company's loan portfolio crossed Rs. 3 lakh crore and profit crossed Rs. 5000 crore by FY25. LIC holds a 45.24% stake.
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 is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 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
Bad · 0/100Rev -1% YoY · PAT +9% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,212 Cr | -1.3% | +0.1% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,493 Cr | +8.7% | +6.8% |
| PAT margin | 20.7% | +189 bps | +130 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
LICHSGFIN reported 9% YoY PAT growth in Q4 FY26, with total disbursements up 10% YoY. Full-year PAT grew 3% and disbursements 4%. Asset quality improved with Stage 3 EAD at 2.16%, but NIMs compressed YoY to 2.80% in Q4 and 2.68% for FY26.
Disbursement growth and asset quality improvement are positive, but the decline in Net Interest Margins, Return on Average Equity, and Return on Average Assets for FY26 suggests profitability is under pressure. The sequential NIM improvement in Q4 needs to be sustained.
Loan Book Composition as of March 31, 2026
Latest issuer-disclosed distribution across 4 reported categories.
Individual Home Loan Growth
Individual Home Loan Disbursements grew 8% YoY in Q4 FY26 and 6% YoY in FY26.
Non-Housing Individual Loan Growth
Non-Housing Individual Loan Disbursements grew 25% YoY in Q4 FY26 and 20% YoY in FY26.
Online Loan Approvals
Online loan approvals reached Rs. 6530 Cr in FY26, indicating digital channel traction.
Geographic Expansion
Company operates through 303 Area Offices, 23 Back Offices, and 10 Regional Offices, expanding its reach.
Office Network Expansion
The number of marketing offices increased to 303 in 2026 from 282 in 2020.
Employee Base
Employee count increased to 2399 in 2026 from 2392 in 2020.
Improving Asset Quality
Stage 3 EAD improved to 2.16% in March 2026 from 2.47% in March 2025, with total ECL provisions decreasing.
Lower Cost of Funds
Weighted average cost of funds decreased to 7.27% in Q4 FY26 from 7.73% in Q4 FY25, with incremental cost of funds at 6.86%.
NIM Compression
Net Interest Margins declined YoY for both Q4 FY26 (2.80% vs 2.85%) and FY26 (2.68% vs 2.73%).
Profitability Metric Decline
Return on Average Equity (ROAE) decreased to 14% in FY26 from 16% in FY25, and ROAA declined to 1.78% from 1.83%.
Project Finance Decline
Project Finance disbursements declined 48% YoY in FY26 and 3% YoY in Q4 FY26.
Sustaining NIMs
The YoY decline in NIMs for both Q4 and FY26 indicates pressure on interest income spreads, despite a sequential Q4 improvement.
Profitability Metrics
Return on Average Equity and Return on Average Assets declined in FY26, suggesting challenges in maintaining profitability.
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 annual growth in disbursements, portfolio, and overall profitability trends. QoQ comparison for NIMs is important to track sequential momentum and the impact of changing interest rate cycles.
Total Loan Disbursements
Q4 FY26 total disbursements grew 10% YoY to Rs. 21019 cr. FY26 total disbursements grew 4% YoY to Rs. 66544 cr.
Individual Home Loan Disbursements
Q4 FY26 individual home loan disbursements grew 8% YoY to Rs. 16672 cr. FY26 individual home loan disbursements grew 6% YoY to Rs. 54503 cr.
Non-Housing Individual Loan Disbursements
Q4 FY26 non-housing individual loan disbursements grew 25% YoY to Rs. 3348 cr. FY26 non-housing individual loan disbursements grew 20% YoY to Rs. 9636 cr.
Outstanding Portfolio
Total outstanding portfolio grew 4% YoY to Rs. 320707 cr as of March 31, 2026.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NIM Trend | 2.80% (Q4 FY26) | Sustained sequential improvement and stabilization of YoY NIMs. |
| Asset Quality (Stage 3 EAD) | 2.16% (March 2026) | Continued reduction in Stage 3 EAD and stable provision coverage. |
| Disbursement Growth | 10% YoY (Q4 FY26) | Track growth in individual home and non-housing individual loan disbursements. |
| ROAE/ROAA | 14% / 1.78% (FY26) | Observe stabilization or improvement in Return on Average Equity and Assets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Going forward, credit costs are expected to be further reduced, achieving the guided range of 50 basis points.
"credit costs would be further reduced, and I think we would be able to achieve the guided range of 50 basis points"
In the remaining two quarters, Q3 and Q4, we expect at least three big loans to be settled.
"We expect in the remaining two quarters, Q3 and Q4, at least three big loans to be settled."
By the end of the year, disbursements and the loan book are expected to accelerate further, getting closer to the guided double-digit growth.
"by the end of the year we will be closer to the guided figure of double-digit growth"
Outcome check: Revenue YoY averaged 0.3% across 2 later quarter(s).
The BT (Balance Transfer) challenge is expected to be over due to recent reductions in rewriting rates.
"we are hopeful that this BT challenge is now over"
Trend score and candlestick chart
59NeutralSMA20 +3.8% / mo
Technical chart
LICHSGFINdaily · 1Y-3.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 53. Wait for confirmation.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 53 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 8% off 52W high · 20% 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 83.6%.
- Valuation contributes 30/30 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Altman Z is 0.3, in distress territory.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 1/15; 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 1 checked claims. It ranks around the 8th percentile of the scored universe and 14th percentile within Real Estate. 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 ₹-8504 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Real Estate: 14th pctile, median 61 · Mid: 4th pctile, median 76
49 documents indexed, but claim history is not strong enough yet.
1/4 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.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-8504 Cr.
- ▸Debt/equity is 6.70.
- ▸Altman Z is 0.29.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 5.31
- P/B
- 0.72
- EV/EBITDA
- 2518.75
- Market Cap
- 29748.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 8.59%
- ROA
- 1.72%
- Dividend Y
- 1.85%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 6.70
- Interest Coverage
- —
- Altman Z
- 0.29
- Book Value
- 753.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -8504.00 Cr
- EPS TTM
- 101.87
Shareholding
- Promoter Hold
- 45.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — 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.