Announcement
Announcement Under Regulation 30 - ESG Rating 18 Sep - HUDCO received ESG score 65.13, categorized as Performer, from Niche Ninety Nine Capability and Certifications.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result27 Jul, 08:52 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 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
32Bearishfull bear SMA stack · SMA20 -7.5% / mo · MACD + · near 52W low
Stock trend: 24
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
HUDCOD candles · FIT view-26.0%Latest close ₹156.31 on 2026-10-19
Bar
-3.1%
RSI
31
MACD hist
0.21
52W pos
1%
2026-10-19O ₹161.24H ₹161.90L ₹155.50C ₹156.31Vol 22.6L 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
HUDCONifty Financial ServicesNifty 500
- HUDCO
- -22.6%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -17.0 pp
Chart stats
19 Oct 2026- From 52W high
- -36.7%
- 52W range position
- 1%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹39.9 Cr
- 20D price channel
- ₹155.5 - ₹179.2
₹246.9
₹155.5 - ₹246.9
₹4.8
Latest completed session
20-session average
29.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +26.6% · PAT +35.1% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+71.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust63
medium confidence · 3/6 claims checked
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
Good · 65/100Rev +27% YoY · PAT +35% YoY · operating leverage
Filed 27 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 7.58
- P/B
- 1.46
- EV/EBITDA
- 14493.33
- Market Cap
- 32243.00Cr
Profitability
- ROE
- 20.00%
- ROCE
- 8.41%
- ROA
- 2.55%
- Dividend Y
- 3.76%
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
- 0.34
- 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
- 5%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-85.0% vs prev
Net Profit
₹ CrLatest: 4,034+48.9% vs prev
Return on Equity
%Latest: 20.2+19.0% vs prev
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 31.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.2% over last month) — short-term momentum negative.
- RSI(14) at 31 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
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
9
RS percentile
Stage 4 Downtrend
1M return
-10.6%
3M return
-22.6%
6M return
-21.8%
1Y return
-30.8%
RS 1D
-1
RS 20D
-7
Sector rank
#9
Industry rank
#20
Stage evidence
- Price is 18.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.1%.
- Both 3-month and 6-month returns are negative.
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 73.2-1.96%
RS vs Nifty 50073
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation26/30
Growth20/25
Quality10/20
Balance Sheet1/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 71.2%.
- Valuation contributes 26/30 to the score.
- Growth contributes 20/25 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.
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
7.6
PB
1.5
EV/EBITDA
14493.3
ROE
20.0%
ROCE
8.4%
FCF Yield
—
Debt/Equity
7.1
MoS
+71.2%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+71.2%
Previous: +71.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
57
58
57
57
58
58
58
57
57
57
59
59
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
₹229.39
+31.9% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹542.13
+71.2% MoS
PEG
0.30
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 148
40
16.8
15.9%
+33%
WATCHLIST
APTUS
Small
Aptus Value Housing Finance India Limited
NBFC
match 147
50
11.3
20.1%
+57%
FAIR VALUE
CANFINHOME
Large
Can Fin Homes Limited
NBFC
match 147
53
8.5
19.7%
+67%
FAIR VALUE
HOMEFIRST
Large
Home First Finance Company India Limited
NBFC
match 146
35
20.0
15.7%
+26%
WATCHLIST
INDIASHLTR
Micro
India Shelter Finance Corporation Limited
NBFC
match 145
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 2026-06-14T07:40:34.543Z
Management commentary snapshot
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.
Current business mix
Loan Sanctions by Category (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Urban Infrastructure73.8%
Affordable Housing26.2%
Growth engines
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.
Capacity and execution
Workforce Expansion
Recruitment of 150 employees in the last 2 years improved efficiency and workforce motivation.
Tailwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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
debt reductionnot yet verifiablequantified
The company plans to maintain its debt-to-equity ratio at around 8%.
Timeframe: OngoingDirection: StableConfidence: High
operational efficiencynot yet verifiablequantified
HUDCO is committed to becoming a zero NPA company within 15 months.
Timeframe: Within 15 monthsDirection: ImprovementConfidence: High
operational efficiencynot yet verifiablequantified
HUDCO is targeting around INR 200 crores of distressed asset resolutions in Q3 FY26.
Timeframe: Q3 FY26Direction: ImprovementConfidence: Medium
revenue outlookdeliveredquantified
HUDCO targets a loan book of INR 1.6 lakh crores by March 2026 and INR 3 lakh crores by FY 2030.
Timeframe: By March 2026 and FY 2030Direction: GrowthConfidence: High
Outcome check: Revenue YoY averaged 24.8% across 2 later quarter(s).
revenue outlookcontradictedquantified
The company expects to maintain its loan book growth rate between 25% and 30%.
Timeframe: OngoingDirection: GrowthConfidence: High
Outcome check: Revenue YoY averaged 24.8% across 2 later quarter(s).
revenue outlookdeliveredquantified
HUDCO targets achieving INR 50,000 crores of disbursements for the current financial year.
Timeframe: FY26Direction: GrowthConfidence: High
Outcome check: Revenue YoY averaged 24.8% across 2 later quarter(s).
Trust Score
63Mixed Trust · medium confidenceClaim-tested Trust
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 55th 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.
Computed 21 Oct 2026
management-trust-v1
15 extracted concalls · 3/6 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
38th percentile
overall median 67 · Financial Services: 55th pctile, median 62 · Mid: 21st pctile, median 76
Evidence depth
Early sample
3/6 claims checked. Use as directional, not final.
Claim delivery
67% delivered or partly delivered
3/6 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
76
strong · capital discipline
Results
79
strong · quarterly consistency
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 0.34.
- ▸Only 1 years of positive FCF.
Continue researching Housing & Urban Development Corporation Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 - ESG Rating 16 Sep - HUDCO received Crisil ESG score 64, graded Strong, based on public-domain information.
Source: Bse
Announcement
Announcement Under Regulation 30 - ESG Rating 15 Sep - HUDCO received ESG rating 61.5/B from SES ESG Research, based on public-domain information.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 10 Sep - CAG appoints S A R C & Associates as HUDCO statutory auditors for FY 2026-27.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.