Whalesbook
Q4 Mein Dhamaakedaar Performance!
Arre, Home First Finance ke numbers toh ekdum solid aaye hain! Consolidated net profit 42.8% growth dikha kar ₹149.4 Crore tak pahunch gaya. Ye sab net interest income mein 36.5% ki tezgrari se hua, jo ₹306.1 Crore ho gaya. Is performance ne market mein sabko impress kiya, aur stock bhi 3.66% upar jaa kar ₹1,230.00 pe band hua.
AUM Aur Loan Disbursements Ne Naye Record Banaye
Company ka assets under management (AUM) bhi record level par pahunch gaya, jo ₹15,878 Crore ho gaya hai, matlab 24.9% ka YoY growth aur 6.4% quarter-on-quarter growth. Iske piche sabse bada reason hai record loan disbursements, jo ₹1,572 Crore par pahunch gaye – yeh 23.5% saal-dar-saal aur 19.3% quarter-on-quarter badha hai. Zyada tar loans housing loans hain, jo AUM ka 83% hai, aur EWS/LIG segment mein customers 70% hain. Matlab affordable housing mein jabardast focus hai.
₹1,250 Crore Equity Raise Se Future Growth Ko Boost
Future growth ko aur boost dene ke liye, company ne April 2026 mein ₹1,250 Crore ka equity raise kiya hai. Iss capital se net worth ₹4,357 Crore ho gaya hai aur capital adequacy ratios bhi mast hain, CRAR 44.1% aur Tier I capital 43.8% par hai. Yeh move dikhata hai ki company apne operations ko aur badhane ke liye ready hai. Abhi 171 branches aur 373 touchpoints ke saath 13 states mein operate kar rahe hain, jo ek accha distribution network hai.
Asset Quality Mein Sudhaar
Asset quality bhi dhire dhire improve ho rahi hai. 1+ days past due (DPD) 4.7% hai, jo pichhle quarter se 60 basis points kam hai. 30+ DPD 3.2% pe aa gaya hai, aur gross NPAs bhi 1.8% par hai, jo 20 basis points kam hua hai. Credit costs bhi control mein 40 basis points rahe aur provision coverage ratio 44.9% ho gaya. Bounce rate 16.3% hai, par overall trend positive dikh raha hai.
Valuation Aur Competitors
Valuation ki baat karein toh, company ka P/E ratio around 3.5x hai, jo competitors ke comparison mein kaafi competitive hai. Aavas Financiers bhi lagbhag same valuation par hai (3.8x P/E), jabki PNB Housing Finance ka P/E 2.5x ke aas paas hai. Home First Finance ka return on equity 14% (pre-money adjusted 17.5%) aur return on assets 4.1% hai, jo operational efficiency dikhata hai. Borrowings par cost bhi kam hokar 7.9% ho gayi hai, jo 10 basis points kam hai.
Stock Performance Trend Aur Sector Outlook
Company ka stock performance bhi earnings ke saath match kar raha hai. Jab bhi results acche aate hain, stock mein 2-5% ka jump dikhta hai. Aaj bhi 3.66% badha, jo dikhata hai ki investors ko company ka core business pasand aa raha hai. Affordable housing sector ko government policies aur demand ka fayda mil raha hai, lekin interest rate ka impact bhi rehta hai. Ex-CL spread thoda kam hua hai par 5.3% par hai jo positive hai.
Potential Risks Aur Analyst ka View
Haan, kuch risks bhi hain dhyan dene wale. Spread mein thoda compression dikh raha hai, aur bounce rate par nazar rakhni hogi. Agar economy mein koi badi gadbad hui toh EWS/LIG segment ke customers zyada affect ho sakte hain. Proposed dividend ₹5.20 per share shareholder approval par depend karta hai. Analysts ka outlook positive hai, targets ₹1400 se ₹1500 ke beech hain. FY26 mein 16 naye branches aur 12 touchpoints kholne ka plan hai, jisse company market share badhane ki koshish karegi.