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Stock Analysis

Description

Housing & Urban Development Corporation Ltd (HUDCO) is a public financial institution primarily engaged in financing housing and urban development activities in the country.

Key Growth Triggers

Strategic importance to the Government of India for implementing policies in social housing and urban infrastructure.
Active involvement in government schemes like 'Housing For All', Jal Jeevan Mission (JJM), Atal Mission for Rejuvenation Urban Transformation (AMRUT), and Pradhan Mantri Awas Yojana (PMAY).
Participation in the National Infrastructure Pipeline (NIP) and expected to meet requirements.
Transition to NBFC-IFC status (August 2024) allowing increased financing for various infrastructure sectors.
Year-on-year AUM growth driven by government schemes and a focus on urban infrastructure.

Order Book

Currently no data available for Order Book.

Key Red Flags

Concentrated loan book: Top 20 exposures accounted for 98.0% of the total loan book as of September 30, 2025, posing a risk of material impact from any single large exposure slippage.
Increasing gearing levels to 7.0x as of September 30, 2025.

Key Dates To Watch

Currently no data available for Key Dates To Watch.

Corporate Announcements

16th Apr 26

Impact Rating: 9

India Ratings has affirmed HUDCO's 'IND AAA/Stable' issuer rating and assigned 'IND AAA/Stable' to proposed bonds. The agency also affirmed ratings on bank loan facilities and commercial papers.

10th Apr 26

Impact Rating: 8

HUDCO has been fined ₹542,800 by BSE and NSE for non-compliance with SEBI listing regulations concerning board composition. The company argues the issues are beyond its control and has requested a waiver from the exchanges.

8th Apr 26

Impact Rating: 3

HUDCO has filed its SEBI compliance certificate under Regulation 74(5) for the quarter ended March 31, 2026. The registrar confirmed securities dematerialization, cancellation of physical certificates, and updated ownership records.

7th Apr 26

Impact Rating: 5

HUDCO disclosed that two Independent Directors, Shri Kantilal Chaturbhai Patel and Smt. Sabitha Bojan, ceased their positions on April 6, 2026, following the completion of their one-year tenure as per MoHUA directives.

31st Mar 26

Impact Rating: 8

Housing and Urban Development Corporation (HUDCO) announced provisional FY26 business performance, with loan sanctions rising 28.76% to ₹1,64,757 crore and disbursements increasing 27.87% to ₹51,194 crore.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	I R F C	127.22	24.32	166257.53	1.26	1776.98	10.19	6371.89	-7.65	5.83	26774.19	99.33	6835.20	1776.98	2.96	1.34	7.25
2.	Power Fin.Corpn.	376.25	5.02	124166.33	4.20	7834.39	8.31	28890.24	12.32	9.73	113492.35	96.22	24754.75	5743.25	0.98	2.75	7.88
3.	REC Ltd	382.85	5.84	100812.98	4.70	4414.93	9.34	15152.67	10.75	9.96	59513.92	96.54	17266.97	4414.93	1.21	2.73	6.18
4.	H U D C O	224.83	16.06	45008.72	1.85	709.83	3.08	3219.03	27.85	9.62	11761.56	97.44	2802.83	709.83	2.50	2.44	7.03
5.	Indian Renewable	143.55	23.41	40326.51	0.00	549.00	41.59	2056.88	26.22	9.37	7606.77	88.78	1722.85	549.00	3.12	2.39	5.41
6.	IFCI	52.11	36.87	14040.07	0.00	317.40	71.83	732.28	18.66	8.08	2010.62	70.73	380.79	142.96	1.58	1.57	0.40
7.	Tour. Fin. Corp.	68.06	28.02	3151.02	0.88	29.07	13.64	66.45	2.90	10.67	255.42	87.79	112.46	29.07	2.52	4.67	0.82
–	Median: 9 Co.	127.22	23.41	40326.51	0.88	549.0	10.19	2056.88	10.75	9.49	7606.77	88.78	1722.85	549.0	2.51	2.39	5.79

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	245	12	73	60	47	109	-155	8	-28	103	55	-138	147
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	10	10	10	9	9	8	10	129	10	8	16	8	32
Profit before tax	340	696	932	598	685	857	864	943	1,020	532	606	1,000	955
Tax %	25%	25%	21%	25%	19%	26%	26%	26%	29%	26%	26%	31%	26%
Net Profit	254	519	735	446	558	630	639	700	728	396	452	689	710
EPS in Rs	1.27	2.59	3.67	2.23	2.79	3.15	3.19	3.50	3.64	1.98	2.26	3.44	3.55

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	192	477	318	468	525	652	544	277	111	278	134	-46	301
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	25	44	37	99	7	7	4	11	11	4	119	4	60
Interest	1,702	1,775	1,907	1,986	2,295	3,071	4,848	4,765	4,533	4,507	4,961	6,747	7,745
Depreciation	4	5	5	5	5	5	6	7	8	11	10	11	12
Profit before tax	1,105	1,170	1,077	1,175	1,409	1,863	2,175	2,229	2,346	2,289	2,843	3,637	3,764
Net Profit	734	768	784	842	1,010	1,180	1,708	1,579	1,717	1,702	2,117	2,709	2,803
EPS in Rs	366.64	383.80	3.92	4.21	5.05	5.90	8.53	7.89	8.57	8.50	10.57	13.53	14.01
Dividend Payout %	14%	13%	13%	13%	11%	14%	36%	28%	41%	45%	39%	31%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	2,002	2,002	2,002	2,002	2,002	2,002	2,002	2,002	2,002	2,002	2,002	2,002	2,002
Reserves	5,130	5,779	6,444	7,165	7,941	8,954	10,342	11,187	12,466	13,443	14,612	15,968	16,035
Borrowings	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Liabilities	2,748	4,681	1,997	1,972	2,695	2,026	2,347	2,792	2,924	3,317	2,814	3,231	4,391
Total Liabilities	30,224	33,114	35,878	39,322	48,915	72,829	76,127	76,959	78,895	81,667	93,424	128,497	149,266
Fixed Assets	68	75	73	72	71	71	65	82	93	90	88	88	87
Gross Block	158.80	170.31	169.32	172.28	174.77	178.15	172.71	198.93	213.02	218.90	222.31	229.77	–
Accumulated Depreciation	90.61	95.72	96.70	100.19	103.60	107.58	107.88	117.42	119.90	129.03	134.03	141.89	–
CWIP	27	25	28	32	35	39	52	39	25	19	15	16	17
Investments	754	756	369	369	528	536	234	251	259	631	299	1,320	1,703
Other Assets	29,376	32,259	35,409	38,850	48,281	72,185	75,777	76,588	78,518	80,926	93,022	127,074	147,460
Total Assets	30,224	33,114	35,878	39,322	48,915	72,829	76,127	76,959	78,895	81,667	93,424	128,497	149,266

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-3,663	-182	-4,968	-2,598	-7,830	-23,400	-1,336	2,161	-806	-850	-10,287	-31,603
Cash from Investing Activity	-80	-13	381	-4	-4	18	83	-14	-1	-353	435	-939
Cash from Financing Activity	3,375	204	4,646	2,509	7,858	23,422	1,365	-1,083	81	691	10,174	32,215
Net Cash Flow	-368	9	60	-93	24	39	112	1,063	-726	-512	322	-326

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	–	–	–	–	–	–	–	–	–	–	–
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	–	–	–	–	–	–	–	–	–	–	–	–
Working Capital Days	–	–	–	–	–	–	–	–	–	–	–	–
ROCE %	–	–	–	–	–	–	–	–	–	–	–	–

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	81.81%	81.81%	81.81%	81.81%	75.17%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	0.12%	0.30%	0.32%	0.65%	1.20%	1.91%	2.70%	2.32%	2.08%	2.46%	1.96%	1.94%
DIIs	7.30%	7.29%	7.17%	7.15%	11.80%	11.39%	11.64%	9.05%	9.74%	9.69%	10.26%	10.92%
Public	10.77%	10.61%	10.69%	10.41%	11.83%	11.70%	10.66%	13.63%	13.17%	12.85%	12.78%	12.13%