Home First Finance Company India LimitedQ2 FY27 Results & Financial Update
Home First Finance Company India Limited: Q2 FY27 standalone results and company financials – revenue ₹566.99 Cr, PAT ₹170.19 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Home First Finance Company India Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Home First Finance Company delivered a strong operating performance in Q2 FY27, marked by record quarterly disbursements of Rs 1,705 crore and an AUM expansion to Rs 18,010 crore, representing a 27.0% year-on-year increase.
Standalone total income for the quarter reached Rs 567.04 crore compared to Rs 539.84 crore in the preceding quarter (Q1 FY27). Net profit after tax (PAT) rose sequentially by 6.47% to Rs 170.19 crore from Rs 159.85 crore.
Quarterly earnings growth was supported by robust customer demand across target segments, deeper penetration in existing micro-markets, and continued investments in the distribution network, which expanded by six new branches to 181 physical branches and 379 touchpoints.
Operating efficiency improved as the cost-to-income ratio moderated to 30.8% in Q2 FY27 from 32.7% in Q1 FY27, reflecting enhanced productivity as the business scales.
Asset quality metrics remained stable, supported by proactive collection mechanisms and disciplined risk selection. Early-stage delinquency indicators held steady with 1+ DPD at 4.7% and 30+ DPD at 3.2%, while Gross Stage 3 assets improved by 10 basis points sequentially to 1.7%.
The company maintained a robust liquidity buffer totaling Rs 2,661.1 crore as of September 2026, comprising unencumbered cash and cash equivalents of Rs 1,816.1 crore and un-availed bank sanctions of Rs 850 crore.
The Green Homes initiative advanced during the quarter with 100 newly certified homes, taking the cumulative total to 650 certified properties by September 2026, aligning with the company's sustainable finance strategy.
01 · Business model
What does Home First Finance Company India do?
Home First Finance Company India Limited is a technology-driven affordable housing finance company operating across India with a hub-and-spoke distribution network covering approximately 80% of the country's affordable housing market.
The company primarily targets first-time home buyers, focusing heavily on families with monthly household incomes under Rs 50,000. Housing loans constitute 84% of Assets Under Management (AUM), backed by an average ticket size of Rs 1.23 million.
Operations leverage a data-science-backed centralized underwriting architecture integrated with Account Aggregators, utilizing proprietary customer-scoring models supported by digital data sources for rapid loan processing.
The financing model relies on a diversified borrowing profile across 33 banks and financial institutions, maintaining a strong liquidity pipeline with zero exposure to commercial papers.
02 · Historical context
What shaped the business before this quarter
Since commencing operations in Gujarat and Tamil Nadu in 2012, Home First expanded its footprint to 13 states and UTs and 144 districts by Q2 FY27, reaching 181 physical branches.
The company achieved significant equity backing and structural growth milestones over the past decade, including majority stake acquisitions by True North, co-investments by GIC, a strategic investment by Warburg Pincus in October 2020, and a Rs 1,250 crore Qualified Institutional Placement (QIP).
AUM scaled from Rs 53,803 million in March 2022 to Rs 1,80,098 million by September 2026, demonstrating a consistent multi-year compounding trajectory.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Total income | ₹567.04 Cr | ₹539.84 Cr |
| Interest income | ₹491.27 Cr | ₹461.97 Cr |
| Other income | ₹0.05 Cr | ₹1.83 Cr |
| Provisions | ₹21.17 Cr | — |
| Profit before tax | ₹222.21 Cr | ₹207.64 Cr |
| Profit after tax | ₹170.19 Cr | ₹159.85 Cr |
| EPS | ₹16.28 | ₹15.19 |
04 · Earnings & margin drivers
What drove earnings and margins
What drove net interest income and earnings
Interest income on term loans formed the primary revenue engine, rising to Rs 491.27 crore in Q2 FY27 from Rs 461.97 crore in Q1 FY27.
Total revenue from operations for the quarter stood at Rs 566.99 crore compared to Rs 538.01 crore in the preceding quarter.
Disbursements reached a record high of Rs 1,705 crore in Q2 FY27, reflecting a 32.2% year-on-year and 4.7% sequential expansion driven by strong demand across target segments.
NIM, spread, funding cost and credit cost
Net interest spreads, excluding co-lending, moderated by 10 basis points during the quarter as management actively navigated asset pricing, funding costs, and liability mix.
Marginal cost of borrowing (COB) stood at 7.5% for Q2 FY27, supported by a diversified lender base and a balanced long-term credit rating profile (ICRA AA 'Stable', CARE AA 'Stable', India Ratings AA 'Stable').
Operating leverage improved cost efficiency, driving the cost-to-income ratio down to 30.8% for Q2 FY27 from 32.7% in Q1 FY27.
05 · Loan growth, sanctions & disbursements
How the lending book is moving
Total Assets Under Management (AUM) reached Rs 1,80,098 million as of September 2026, up 27.0% year-on-year and 6.3% quarter-on-quarter.
The customer base expanded to 1,50,834 active borrowers, with an average ticket size of Rs 1.23 million.
First-time home buyers and new-to-credit customers accounted for 16% of customers and 12% of AUM.
Customer satisfaction remained high, reflected by a Net Promoter Score (NPS) of 81 for Q2 FY27 and 96% active customer registration on the mobile portal app.
06 · Portfolio mix & lending exposure
Where the loan book is concentrated
Segments and products
Housing loans maintained a dominant share of the portfolio, accounting for 84% of total AUM, with shop loans and LAP making up the remaining 15% and 1% respectively.
Salaried customer segments accounted for 68% of AUM, while self-employed individuals represented 32%.
Economically Weaker Sections (EWS) and Low-Income Groups (LIG) accounted for approximately 56% of total AUM.
Geography and market mix
Geographic distribution remained anchored in high-growth states, with Gujarat accounting for 28.6% of gross loan assets, Maharashtra at 15.4%, Madhya Pradesh at 11.2%, and Tamil Nadu at 10.0% as of September 2026.
The physical network covered 181 branches and 379 touchpoints across 13 states and UTs and 144 districts.
07 · Asset quality & capital strength
How credit quality and balance-sheet capacity changed
Capital adequacy, net worth and balance-sheet capacity
Net worth strengthened to Rs 4,665.1 crore as of September 2026, up from Rs 4,356.5 crore at the end of FY26, providing robust balance sheet capacity to support future lending expansion.
Capital Adequacy Ratio (CRAR) stood at 39.8% as of September 2026 (with Tier I capital at 39.4% and Tier II at 0.4%), well above regulatory minimum thresholds.
08 · Strategy & portfolio evolution
How the lending mix and strategic agenda are changing
The company continued its digital transformation across sourcing, underwriting, and collections using proprietary AI tools such as ClariFi for multi-agent underwriting, Cue for communication, BankLens for statement analysis, and DocIQ for multi-lingual document interpretation.
The Green Homes initiative expanded with 100 new certifications in Q2 FY27, bringing the cumulative total to 650 certified sustainable homes.
09 · Reported developments
What changed operationally
Achieved highest-ever quarterly disbursements of Rs 1,705 crore in Q2 FY27.
Won the 'ESG & Financial Inclusion' award in the NBFC category at ASSOCHAM's 21st Annual Summit & Awards.
Maintained a strong liquidity buffer of Rs 26,661 million with positive cumulative ALM flows across all time buckets.
10 · Items worth noticing
The line items that can distort a quick read
Provisions and loan loss write-downs for the quarter stood at Rs 21.17 crore (Rs 211.71 million).
11 · Funding & balance sheet
How funding, liquidity and capital support the loan book
Capital allocation & funding
Total borrowings and debt securities stood at Rs 1,22,461.1 million (Borrowings of Rs 1,18,675.5 million and Debt Securities of Rs 3,785.6 million) as of September 2026.
The company maintained a diversified funding mix across 33 lending partners, with National Housing Bank (NHB) acting as the single largest lender with Rs 2,193.98 million outstanding across 20+ credit lines.
Short-term credit ratings remained at A1+ by ICRA and India Ratings, with zero borrowing exposure through commercial papers.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Management Changes
Rinkoo Somani was appointed as the Chief Financial Officer (CFO) effective October 27, 2026, succeeding Nutan Gaba Patwari who ceased to hold office on August 31, 2026.
Reported update
Board Changes
Vineet Taneja was appointed as an Additional Independent, Non-Executive Director effective October 24, 2026, while Anuj Srivastava is scheduled to cease being a director effective October 31, 2026.
13 · Previous-quarter changes
What changed since the previous quarter
Disbursements increased by 4.7% sequentially from Rs 16,284 million in Q1 FY27 to Rs 17,048 million in Q2 FY27.
AUM expanded by 6.3% quarter-on-quarter to Rs 1,80,098 million from Rs 1,69,379 million in Q1 FY27.
Standalone PAT increased by 6.47% sequentially to Rs 170.19 crore from Rs 159.85 crore in Q1 FY27.
14 · Key Q&A
The quarter, answered directly
What does Home First Finance Company India do?
Home First Finance Company India Limited is a technology-driven affordable housing finance company operating across India with a hub-and-spoke distribution network covering approximately 80% of the country's affordable housing market.
What is the clearest takeaway from Q2 FY27?
Home First Finance Company delivered a strong operating performance in Q2 FY27, marked by record quarterly disbursements of Rs 1,705 crore and an AUM expansion to Rs 18,010 crore, representing a 27.0% year-on-year increase.
What drove earnings or loan-book movement?
Interest income on term loans formed the primary revenue engine, rising to Rs 491.27 crore in Q2 FY27 from Rs 461.97 crore in Q1 FY27.
What mattered most for margins, funding or credit cost?
Net interest spreads, excluding co-lending, moderated by 10 basis points during the quarter as management actively navigated asset pricing, funding costs, and liability mix.
What changed operationally beyond the headline numbers?
Net worth strengthened to Rs 4,665.1 crore as of September 2026, up from Rs 4,356.5 crore at the end of FY26, providing robust balance sheet capacity to support future lending expansion.
What should the next disclosure help confirm?
Monitor quarterly disbursement velocity and AUM growth trajectory against the 27.0% annual expansion rate achieved in Q2 FY27.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Monitor quarterly disbursement velocity and AUM growth trajectory against the 27.0% annual expansion rate achieved in Q2 FY27.
- 02
Track asset quality metrics, specifically Gross Stage 3 ratio (standing at 1.7%) and credit costs (maintained at 40 basis points), across subsequent quarters.
- 03
Observe marginal cost of borrowing trends and funding diversification across bank lines and NHB refinance channels.
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