Housing & Urban Development Corporation Limited (HUDCO)
Mid CapFinancial Services stocks · Mid cap · NSE
HUDCO is a Public Financial Institution and Navratna CPSE, registered as an NBFC-IFC, with over 5 decades of expertise in financing, consultancy, and capacity building for housing and infrastructure projects across India. It is 75% owned by the Government of India and plays a strategic role in national development programs.
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 is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 65/100Rev +27% YoY · PAT +35% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,717 Cr | +26.6% | +4.3% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹851 Cr | +35.1% | -57.0% |
| PAT margin | 22.9% | +144 bps | -3271 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
HUDCO reported highest ever loan sanctions of ₹1.61 lakh Cr (29% YoY growth), highest ever disbursements of ₹51,194 Cr (28% YoY growth), and highest ever loan book of ₹1.61 lakh Cr (29% YoY growth) for FY26. Net Profit grew 48.92% YoY to ₹4,034.37 Cr. Asset quality remained strong with GNPA at 1.04% and NNPA at 0.05%.
HUDCO's strong FY26 performance, marked by record sanctions, disbursements, and loan book growth, coupled with pristine asset quality, reinforces its investment thesis. Strategic initiatives like UiWIN and PPP-based lending, alongside diversified funding, position it for continued growth in urban infrastructure financing, leveraging government programs.
Loan Sanctions by Category (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Policy & Procedural Reforms
Policy & procedural reforms, PPP-based lending, and object clause revision led to highest ever loan sanctions and disbursements.
Diversified Borrowings
Optimized cost of funds through diversified borrowings (ECB, 54EC, ESG Loan, External Benchmark linked loans) and updated investment strategy.
Urban Invest Window (UiWIN)
Launched Urban Invest Window (UiWIN) to handhold ULBs for UCF-ready projects, targeting 2x investments in next 5 years.
PPP-based Lending
Initiated lending against PPP projects with Board-approved guidelines for sectors like Real Estate, Sea Port, Airport, Energy, and Roads.
Workforce Expansion
Recruitment of 150 employees in the last 2 years improved efficiency and workforce motivation.
Government Programs
Strategic partner in GoI programs like PMAY 2.0, Smart City, AMRUT, Swachh Bharat, and Jal Jeevan Mission.
Urban Development Funds
GoI's Urban Challenge Fund and new City Economic Regions (CERs) offer ₹3.0 Lakh crore opportunity over next 5 years for urban infrastructure.
Multilateral Funding Partnerships
Finalized loan with KfW and in discussions with AIIB, World Bank for multilateral funding partnerships for infra development.
Concentration Risk
98.90% of the loan book is to Government and its agencies, with majority backed by State Government Guarantee, indicating high concentration.
Currency Risk
Management is strengthening internal controls with hedge/protection at appropriate levels to address currency risk from international borrowings.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The investor presentation primarily provides annual financial results and operational metrics for the full fiscal year (FY26 vs FY25, FY24, FY23), making year-over-year comparison the most relevant for assessing long-term trends and growth.
AUM Growth (Loan Book)
Loan Book grew 28.76% YoY to ₹1,60,724 Cr in FY26, highest ever.
Disbursements
Disbursements increased 28% YoY to ₹51,194 Cr in FY26, highest ever.
Net Interest Margin (NIM)
NIM (incl. EBR) was 2.91% in FY26, down from 3.22% in FY25.
Borrowing Cost
Overall incremental cost of borrowings reduced by 19 bps to 6.56% in FY26 from 6.75% in FY25.
Targeting Zero Net NPA
Management aims for Zero Net NPA through robust appraisal, monitoring, and periodic policy reviews.
International Footprints
Exploring various geographies for raising USD/EURO/YEN loans/bonds and setting up GMTN program for international capital market access.
UiWIN Investment Goal
UiWIN targets 2x investments in next 5 years by assisting ULBs in securing finance from multilateral agencies, FIs, municipal bonds, and FDIs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net NPA | 0.05% | Continued reduction towards zero and sustained low levels. |
| Loan Sanctions Growth | 29% YoY | Sustained growth rate, especially from non-government and PPP segments. |
| Cost of Borrowings | 6.56% (incremental) | Further reduction in borrowing costs through diversified funding sources. |
| UiWIN Investments | 2x investments in next 5 years | Progress and actual project financing facilitated through UiWIN. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company plans to maintain its debt-to-equity ratio at around 8%.
HUDCO is committed to becoming a zero NPA company within 15 months.
HUDCO is targeting around INR 200 crores of distressed asset resolutions in Q3 FY26.
HUDCO targets a loan book of INR 1.6 lakh crores by March 2026 and INR 3 lakh crores by FY 2030.
Outcome check: Revenue YoY averaged 24.8% across 2 later quarter(s).
The company expects to maintain its loan book growth rate between 25% and 30%.
Outcome check: Revenue YoY averaged 24.8% across 2 later quarter(s).
HUDCO targets achieving INR 50,000 crores of disbursements for the current financial year.
Outcome check: Revenue YoY averaged 24.8% across 2 later quarter(s).
Trend score and candlestick chart
19Strong Bearfull bear SMA stack · SMA20 -6.9% / mo · MACD −
Technical chart
HUDCOdaily · 1Y · AUTO+1.3%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.4% over last month) — short-term momentum negative.
- RSI(14) at 33 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 27% off 52W high · 14% 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.
Relative Strength & Trend Stage
- Price is 8.0% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 56 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 69.4%.
- Valuation contributes 24/30 to the score.
- Growth contributes 20/25 to the score.
Main drags
- Altman Z is 0.4, 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: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 38th percentile of the scored universe and 56th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Healthy Trust: 3/6 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed. Key concern: Operating cash flow is negative at ₹-33912 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 56th pctile, median 62 · Mid: 21st pctile, median 76
3/6 claims checked. Use as directional, not final.
3/6 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · medium 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 holding is 75%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-33912 Cr.
- ▸Debt/equity is 7.09.
- ▸Altman Z is 0.36.
- ▸Only 1 years of positive FCF.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 8.49
- P/B
- 1.65
- EV/EBITDA
- 14817.92
- Market Cap
- 36138.00Cr
Profitability
- ROE
- 20.00%
- ROCE
- 8.41%
- ROA
- 2.55%
- Dividend Y
- 3.35%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 7.09
- Interest Coverage
- —
- Altman Z
- 0.36
- Book Value
- 110.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -33912.00 Cr
- EPS TTM
- 21.26
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 25%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.