Concall transcript
Shareholder Meeting / Postal Ballot-Outcome of AGM 3 Sep - LIC Housing Finance AGM transcript covers FY26 results, 500% dividend, NPA reduction, and growth outlook.
Source: Bse
LIC Housing Finance Limited (LICHSGFIN)
Mid CapFinancial Services stocks · Mid cap · NSE
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result31 Jul, 02:03 am 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
43NeutralMACD −
Stock trend: 42
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
LICHSGFIND candles · FIT view-5.4%Latest close ₹511.50 on 2026-10-19
Bar
-2.0%
RSI
41
MACD hist
-2.68
52W pos
38%
2026-10-19O ₹522.00H ₹523.80L ₹510.80C ₹511.50Vol 8.3L 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
LICHSGFINNifty Financial ServicesNifty 500
- LICHSGFIN
- -7.4%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -1.8 pp
Chart stats
19 Oct 2026- From 52W high
- -14.5%
- 52W range position
- 38%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.23x
- Avg traded value
- ₹190 Cr
- 20D price channel
- ₹497.2 - ₹576.7
₹598.2
₹458.9 - ₹598.2
₹17.6
Latest completed session
20-session average
41.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · FAIR VALUE55
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -1.4% · PAT +9.9% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model+80.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence49
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
Bad · 0/100Rev -1% YoY · PAT +10% YoY · operating leverage
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,083 Cr | -1.4% | -0.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹1,499 Cr | +9.9% | +0.4% |
| PAT margin | 21.2% | +218 bps | +11 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 5.11
- P/B
- 0.71
- EV/EBITDA
- 2416.28
- Market Cap
- 29329.00Cr
Profitability
- ROE
- 14.40%
- ROCE
- 8.59%
- ROA
- 1.76%
- Dividend Y
- 1.88%
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
- 104.33
Shareholding
- Promoter Hold
- 45.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 7,083-0.2% vs prev
Net Profit
₹ CrLatest: 1,499+0.4% 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 41.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 11% 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
44
RS percentile
Stage 1 Base / Transition
1M return
-6.7%
3M return
-7.4%
6M return
-8.5%
1Y return
-12.7%
RS 1D
-1
RS 20D
-5
Sector rank
#9
Industry rank
-
Stage evidence
- Price is within 4.9% of the 30-week proxy.
- The 30-week proxy changed +0.6% 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
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 93.3-0.81%
RS vs Nifty 50093
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 55 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation30/30
Growth17/25
Quality6/20
Balance Sheet1/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
55
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
55/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 80.8%.
- 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.
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
5.1
PB
0.7
EV/EBITDA
2416.3
ROE
14.4%
ROCE
8.6%
FCF Yield
—
Debt/Equity
6.7
MoS
+80.8%
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
55
Previous: 55
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+80.8%
Previous: +80.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
55
55
55
55
55
55
55
55
55
55
55
55
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
₹1,329.52
+61.5% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹2,660.42
+80.8% MoS
PEG
0.27
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
KPIL
Large
Kalpataru Projects International Limited
Real Estate
match 154
48
21.5
13.7%
+31%
FAIR VALUE
OBEROIRLTY
Mid
Oberoi Realty Limited
Real Estate
match 151
55
23.4
14.6%
+30%
FAIR VALUE
SOBHA
Large
Sobha Limited
Real Estate
match 148
28
55.9
4.2%
-64%
OVERVALUED
PRESTIGE
Mid
Prestige Estates Projects Limited
Real Estate
match 148
25
55.8
7.5%
-67%
OVERVALUED
GANESHHOU
Small
GANESH HOUSING LIMITED
Real Estate
match 147
62
22.1
16.0%
+36%
UNDERVALUED
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 under stressReviewed 2026-06-15T07:26:32.450Z
Management commentary snapshot
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.
Current business mix
Loan Book Composition as of March 31, 2026
Latest issuer-disclosed distribution across 4 reported categories.
Individual Home Loans84.5%
Non-Housing Individual11.3%
NHC-Project Loans2.9%
NHC-Others1.3%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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%.
Headwinds
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.
Risk radar
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.
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 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.
Sector KPIs management disclosed
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.
Thesis monitor
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
operational efficiencynot yet verifiablequantified
Going forward, credit costs are expected to be further reduced, achieving the guided range of 50 basis points.
Timeframe: going forwardDirection: further reducedConfidence: pretty sure
"credit costs would be further reduced, and I think we would be able to achieve the guided range of 50 basis points"
operational efficiencynot yet verifiablequantified
In the remaining two quarters, Q3 and Q4, we expect at least three big loans to be settled.
Timeframe: Q3 and Q4Direction: settledConfidence: expect
"We expect in the remaining two quarters, Q3 and Q4, at least three big loans to be settled."
revenue outlookpartially deliveredquantified
By the end of the year, disbursements and the loan book are expected to accelerate further, getting closer to the guided double-digit growth.
Timeframe: by the end of the yearDirection: accelerate furtherConfidence: hopeful
"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).
operational efficiencynot yet verifiable
The BT (Balance Transfer) challenge is expected to be over due to recent reductions in rewriting rates.
Timeframe: nowDirection: overConfidence: hopeful
"we are hopeful that this BT challenge is now over"
Trust Score
49Limited 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 1 checked claims. It ranks around the 6th percentile of the scored universe and 9th 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
28 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
6th percentile
overall median 67 · Financial Services: 9th pctile, median 62 · Mid: 2nd pctile, median 76
Evidence depth
Financial-only
28 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
1/4 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
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸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.
Continue researching LIC Housing Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 May - LIC Housing Finance reported FY26 PAT of Rs 5,595.15 crore, proposed 500% dividend, Q4 PAT up 9%.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
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.