Financial Performance Highlights H1 FY27 vs H1 FY26

Scale Metrics

  • Assets under Management (AUM) increased 25% year-on-year from ₹1,26,749 crore (30 September 2025) to ₹1,58,205 crore (30 September 2026)
  • Loan Assets grew 24% year-on-year from ₹1,13,059 crore to ₹1,39,862 crore
  • Portfolio diversification: Home Loans 53.9%, LAP 10.3%, LRD 24.0%, DF 10.7%, Others 1.1%
  • Home loan growth improved from 19% in H1 FY26 to 22% in H1 FY27

Profitability Metrics

  • Net interest income rose 10% year-on-year from ₹1,843 crore to ₹2,023 crore
  • Net total income increased 16% to ₹2,429 crore from ₹2,100 crore
  • Pre-provisioning operating profit grew 17% to ₹1,959 crore from ₹1,671 crore
  • Profit before tax increased 20% year-on-year from ₹1,590 crore to ₹1,908 crore
  • Profit after tax grew 20% to ₹1,472 crore from ₹1,226 crore
  • Earnings per share (basic and diluted): ₹1.77 (H1 FY27) vs ₹1.47 (H1 FY26)
  • Annualized return on assets: 2.2% (H1 FY27) vs 2.3% (H1 FY26)
  • Annualized return on equity: 12.6% (H1 FY27) vs 11.9% (H1 FY26)
  • Opex to Net Total Income improved by 110 bps from 20.4% to 19.3%

Asset Quality

  • Gross NPA: 0.29% as of 30 September 2026 vs 0.26% a year earlier
  • Net NPA: 0.12% (unchanged from H1 FY26)
  • Provisioning coverage ratio: 59.8% on stage-3 assets as of 30 September 2026
  • Impairment on financial instruments declined 37% to ₹51 crore from ₹81 crore

Capitalization and Liquidity

  • CRAR: 21.24% as of 30 September 2026 (regulatory requirement: 15%)
  • Tier-I capital ratio: 20.83%
  • Leverage ratio: 6.0 times (up from 5.5 times a year earlier)
  • Borrowing mix: Money market instruments 56%, bank borrowings 35%, NHB refinance 9%
  • Liquidity surplus: ₹2,487 crore

Operational Highlights

  • Network: 223 branches across 182 locations in 20 states and union territories
  • Approved project finance network: Covered more than 10,300 projects offering home loans
  • Developer relationships: 614 active developer relationships spanning 885 projects
  • Credit ratings: AAA/stable for long-term debt and A1+/stable for short-term debt from both CRISIL and India Ratings

Key Developments During H1 FY27

  • 'Sambhav' housing initiative for near-prime and affordable customers now contributes approximately 16% of home loan originations
  • Monthly disbursement run rate for Sambhav increased from approximately ₹350 crore in Q3 FY26 to over ₹500 crore in Q2 FY27
  • Digital transformation: 96% of retail logins onboarded digitally, 96% of retail agreements executed digitally through Customer One portal
  • AI implementation across customer lifecycle including voice agents, sales-call intelligence, credit discussion intelligence, and geo-analytics
  • Market share: Approximately 2.6% of industry home loan originations

FY27 Outlook Guidance

  • AUM growth: 21–23%
  • Net interest margin moderation: 20-25 bps
  • Opex to Net Total Income: 19–20%
  • Gross NPA: 30-35 bps
  • Credit cost: 10-15 bps
  • Return on Assets: 2.1–2.3%
  • Return on Equity: 12–13%

Macroeconomic and Industry Context

  • RBI raised policy rate by 25 bps to 5.50% on 7 October 2026, changing stance from 'neutral' to 'calibrated tightening'
  • RBI projected CPI inflation of 5.2% for FY27 and real GDP growth of 7.1%
  • India's home loan portfolio reached ₹44.5 lakh crore in FY26 with year-on-year growth moderating from 13% in FY25 to 10.4% in FY26
  • IMF raised India's 2027 GDP growth forecast from 6.7% to 7.0%