Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 19 Sep - Company held London investor roadshows on September 16-17, 2026; Chennai and Ahmedabad branch visits scheduled.
Source: Bse
Home First Finance Company India Limited (HOMEFIRST)
Large CapFinancial Services stocks · Large cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result27 Jul, 11:21 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
36BearishSMA20 -6.6% / mo · MACD −
Stock trend: 30
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HOMEFIRSTD candles · FIT view-7.1%Latest close ₹1055.20 on 2026-10-19
Bar
-3.7%
RSI
35
MACD hist
-0.81
52W pos
38%
2026-10-19O ₹1096.30H ₹1096.60L ₹1052.00C ₹1055.20Vol 3.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HOMEFIRSTNifty Financial ServicesNifty 500
- HOMEFIRST
- -17.1%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -11.5 pp
Chart stats
19 Oct 2026- From 52W high
- -19.9%
- 52W range position
- 38%
- ATR (14)
- 3.6%
- Volume vs 20D
- 1.36x
- Avg traded value
- ₹23.9 Cr
- 20D price channel
- ₹1,052 - ₹1,273.9
₹1,317.7
₹893.7 - ₹1,317.7
₹38.5
Latest completed session
20-session average
32.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +18.5% · PAT +34.5% YoY
Technical
Bearish36
Price trend and sector-relative-strength timing.
Valuation
Legacy model+25.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence48
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +19% YoY · PAT +34% YoY · +7% QoQ · operating leverage
Filed 27 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹538 Cr | +18.5% | +7.4% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹160 Cr | +34.5% | +7.4% |
| PAT margin | 29.7% | +353 bps | +0 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.00
- P/B
- 2.66
- EV/EBITDA
- 1111.25
- Market Cap
- 11635.00Cr
Profitability
- ROE
- 15.70%
- ROCE
- 11.10%
- ROA
- 3.83%
- Dividend Y
- 0.47%
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
- 1.15
- Book Value
- 418.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -1940.00 Cr
- EPS TTM
- 55.84
Shareholding
- Promoter Hold
- 6.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 52%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 538+7.4% vs prev
Net Profit
₹ CrLatest: 160+7.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 35 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 20% off 52W high · 18% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
38
RS percentile
Stage 1 Base / Transition
1M return
-15.0%
3M return
-17.1%
6M return
-10.1%
1Y return
-12.3%
RS 1D
-6
RS 20D
-31
Sector rank
#9
Industry rank
#20
Stage evidence
- Price is within 6.9% of the 30-week proxy.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 92.25-3.06%
RS vs Nifty 50092
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation6/30
Growth19/25
Quality9/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 25.9%.
- Growth contributes 19/25 to the score.
- Quality contributes 9/20 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.
Sector valuation model
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.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
20.0
PB
2.7
EV/EBITDA
1111.3
ROE
15.7%
ROCE
11.1%
FCF Yield
—
Debt/Equity
2.4
MoS
+25.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+25.9%
Previous: +25.9%
Score history
12 stored score snapshots. Latest stored move: +2 points.
20 Oct 2026
v4.3-runtime-valuation
35
35
35
35
33
33
33
33
33
33
33
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹724.69
-45.6% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,423.92
+25.9% MoS
PEG
0.54
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AADHARHFC
Large
Aadhar Housing Finance Limited
NBFC
match 169
40
16.8
15.9%
+33%
WATCHLIST
APTUS
Small
Aptus Value Housing Finance India Limited
NBFC
match 168
50
11.3
20.1%
+57%
FAIR VALUE
AAVAS
Large
Aavas Financiers Limited
NBFC
match 166
28
19.6
13.9%
+26%
OVERVALUED
CANFINHOME
Large
Can Fin Homes Limited
NBFC
match 165
53
8.5
19.7%
+67%
FAIR VALUE
INDIASHLTR
Micro
India Shelter Finance Corporation Limited
NBFC
match 165
49
13.6
17.0%
+48%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T17:41:59.245Z
Management commentary snapshot
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.
Current business mix
AUM by Product (Mar'26)
Latest issuer-disclosed distribution across 3 reported categories.
Housing Loan83.0%
LAP16.0%
Shop Loans1.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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%.
Management forward view
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.
Thesis monitor
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
market share expansionnot yet verifiablequantified
The company aims to increase co-lending contribution to 10% of AUM as it scales.
Timeframe: as we scaleDirection: increaseConfidence: aim to
"We aim to take co-lending contribution to 10% of AUM as we scale."
operational efficiencynot yet verifiablequantified
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.
Timeframe: implicit futureDirection: stableConfidence: expect
"We expect this ratio to remain range bound within 2.6%-2.7%"
revenue outlookdeliveredquantified
The company is positioned to achieve 25% AUM growth in FY27, driven by enhanced distribution, technology adoption, diversified funding, and robust risk management.
Timeframe: FY27Direction: growthConfidence: positioned to achieve
"positioned to achieve 25% AUM growth driven by enhanced distribution"
Outcome check: Revenue YoY averaged 20.7% across 1 later quarter(s).
operational efficiencynot yet verifiable
Gross Stage 3 is expected to start moving down in Q4, given the improvement in early-stage delinquency and overall collection efficiency.
Timeframe: Q4Direction: decreaseConfidence: should
"the Stage 3 also should start moving down."
Trust Score
48Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 5th percentile of the scored universe and 7th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
109 docs text-extracted · 44 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
5th percentile
overall median 67 · Financial Services: 7th pctile, median 62 · Large: 3rd pctile, median 73
Evidence depth
Financial-only
109 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/10 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
48
watch · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
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 5.4%.
- ▸Operating cash flow is negative at ₹-1940 Cr.
- ▸Debt/equity is 2.43.
- ▸Altman Z is 1.15.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Home First Finance Company India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Sep - Intimation of allotment of Equity Shares against exercise of ESOPs under ESOP Schemes of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Intimation of Schedule of Analyst / Institutional Investor meeting under the SEBI (LODR), Regulations 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 10 Sep - Home First conducted investor roadshows in Singapore from September 7-9, 2026, meeting several funds.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Intimation of Schedule of Analyst / Institutional Investor meeting under the SEBI (LODR), Regulations 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug - Intimation of Schedule of Analyst / Institutional Investor meeting under the SEBI (LODR), Regulations 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug - Home First Finance schedules investor conferences in Mumbai on August 10, 13 and 19, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Aug - Home First Finance schedules investor meetings on August 6-7, 2026 with multiple funds in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 25 Jun - AGM approved auditor appointment, one director exit, and two independent director changes.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 25 Jun - AGM approved auditor appointment, one director exit, and two independent director changes effective through 2029.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1d - Home First to attend JM Financial forum, branch visits, and investor meetings on June 22-24, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 16 Jun - Home First Finance held one-on-one investor meetings with five institutions on June 15-16, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.