HUDCO
HUDCO
Financial ServicesKey Fundamentals
SmallcapFinancial InstitutionFinancial ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Stock is providing a good dividend yield of 3.50%.
- Company has delivered good profit growth of 20.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 33.3%
Weaknesses
3- Company has low interest coverage ratio.
- Tax rate seems low
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoHUDCO is a government-backed housing finance NBFC trading at a market cap of ₹35,592 Cr with a PE of 8.4x and PB of 1.75x. The company has delivered 53% TTM profit growth and 26% TTM sales growth, while maintaining a 20% ROE in the last year, though concerns around interest coverage, potential interest capitalization, and a -17% one-year stock decline warrant careful evaluation.
- Strong TTM profit growth of 53% signals accelerating earnings momentum, well above the 5-year CAGR of 20%
- Attractive valuation with PE of 8.4x, significantly below typical financial services sector multiples in India
- Healthy ROE trajectory improving from 14% (10-year average) to 17% (3-year) to 20% (last year), indicating rising capital efficiency
- Robust TTM revenue growth of 26%, marking a sharp acceleration from the 5-year compounded sales CAGR of 13%
- Dividend yield of 3.38% with a consistent payout ratio of 33.3%, offering meaningful income in a low-yield market
- Government of India backing as a public sector enterprise provides implicit sovereign support for its borrowing program, lowering funding costs
- Compounded profit CAGR of 18% over 10 years demonstrates long-term earnings durability across economic cycles
- Long-term stock CAGR of 33% over both 3-year and 5-year periods reflects sustained wealth creation despite recent correction
- Stock has declined 17% over the past 1 year, underperforming broader markets and signaling weakening investor sentiment
- Low interest coverage ratio raises concerns about the company's ability to service debt comfortably from operating profits
- Potential capitalization of interest costs may be flattering reported profitability, masking true borrowing expenses
- Low effective tax rate raises questions about sustainability of earnings if tax benefits normalize or expire
- PB ratio of 1.75x, while not extreme, limits margin of safety for a government lending institution with inherently cyclical credit risk
- Debt-to-equity ratio is undisclosed in available data, creating opacity around the true leverage profile of this lending institution
- Heavy dependence on government housing and urban infrastructure policy means any shift in budgetary allocation or scheme priorities could directly impact loan disbursement growth
- As a wholesale lender to state governments and agencies, HUDCO carries concentrated counterparty and political risk that differs from diversified retail lenders
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Stock down ~20% YTD in 2026 Sep 02
HUDCO shares have declined 19.68% YTD in 2026 and shed ~15.54% over the past year, trading at ₹182.02 with a P/E of 8.39x and market cap of ₹36,804.9 crore.
- Massive ₹1.25L cr Bihar MoUs Sep 02
HUDCO signed two MoUs with Bihar — ₹25,000 crore (Sep 2) for industrial infra and ₹1 lakh crore (Jul 2026) for Greenfield Satellite Cities — both offering term loans over 5 years with flexible repayment up to 25 years.
- Strong Q1 FY27 profit growth Sep 02
Consolidated net profit rose 35.05% YoY to ₹851.11 crore in Q1 FY27, revenue up 26.55% to ₹3,717.17 crore, and NII grew 21.1% to ₹1,149 crore.
- ₹70,000 cr NCD raise approved Aug 24
HUDCO's 56th AGM approved a ₹70,000 crore NCD debt issuance and declared a 15% final dividend for FY26.
- Strong ESG rating of 62 Sep 03
HUDCO received an ESG rating of 62, categorized as 'Strong', from ESG Risk Assessments and Insights Limited based on public domain data.
- Govt shareholding consolidation Sep 02
DIPAM is transferring the 20.73% stake held by Ministry of Rural Development to Ministry of Housing and Urban Affairs, consolidating the unchanged 75% government holding under one ministry.
- New statutory auditor for FY27 Sep 10
CAG appointed S A R C & Associates (est. 1986, RBI/CAG empanelled) as HUDCO's statutory auditors for FY27.
TL;DR: HUDCO is aggressively expanding its infrastructure lending book with combined Bihar commitments of ₹1.25 lakh crore and a ₹70,000 crore NCD fundraise to fuel growth. Q1 FY27 financials are strong with 35% profit growth and 27% revenue growth. However, the stock has underperformed significantly, down ~20% YTD despite these developments, suggesting the market may be pricing in execution risk on the massive loan pipeline. The forward outlook hinges on Bihar project disbursements materializing and asset quality holding up as the loan book scales rapidly.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,843 | 1,865 | 2,013 | 2,065 | 2,188 | 2,518 | 2,760 | 2,845 | 2,937 | 3,219 | 3,431 | 3,563 | 3,717 |
| Expenses | 60 | 55 | 12 | 8 | 47 | -138 | 73 | -28 | 109 | 147 | 320 | 587 | 109 |
| Financing Profit | 592 | 593 | 688 | 817 | 678 | 994 | 924 | 1,014 | 852 | 926 | 717 | 563 | 1,048 |
| Fin. Margin % | 32% | 32% | 34% | 40% | 31% | 39% | 33% | 36% | 29% | 29% | 21% | 16% | 28% |
| Other Income | 9 | 16 | 10 | 129 | 9 | 8 | 10 | 10 | 8 | 32 | 74 | 62 | 20 |
| Interest | 1,191 | 1,217 | 1,313 | 1,240 | 1,464 | 1,662 | 1,762 | 1,859 | 1,976 | 2,147 | 2,394 | 2,413 | 2,561 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 3 | 3 | 3 | 4 | 2 |
| PBT | 598 | 606 | 696 | 943 | 685 | 1,000 | 932 | 1,020 | 857 | 955 | 788 | 621 | 1,066 |
| Tax % | 25% | 26% | 25% | 26% | 19% | 31% | 21% | 29% | 26% | 26% | 10% | -219% | 20% |
| Net Profit | 446 | 452 | 519 | 700 | 558 | 689 | 735 | 728 | 630 | 710 | 713 | 1,981 | 851 |
| EPS in Rs | 2.23 | 2.26 | 2.59 | 3.5 | 2.79 | 3.44 | 3.67 | 3.64 | 3.15 | 3.55 | 3.56 | 9.9 | 4.25 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,383 | 3,270 | 3,536 | 4,228 | 5,584 | 7,567 | 7,267 | 6,986 | 7,082 | 7,831 | 10,345 | 13,150 | 13,930 |
| Expenses | 477 | 319 | 468 | 526 | 652 | 544 | 277 | 111 | 279 | 134 | -46 | 1,162 | 1,162 |
| Financing Profit | 1,131 | 1,044 | 1,082 | 1,408 | 1,861 | 2,176 | 2,225 | 2,342 | 2,296 | 2,736 | 3,644 | 3,057 | 3,253 |
| Fin. Margin % | 33% | 32% | 31% | 33% | 33% | 29% | 31% | 34% | 32% | 35% | 35% | 23% | 23% |
| Other Income | 44 | 37 | 98 | 6 | 7 | 4 | 11 | 11 | 4 | 117 | 4 | 177 | 189 |
| Interest | 1,775 | 1,908 | 1,986 | 2,295 | 3,071 | 4,848 | 4,765 | 4,533 | 4,507 | 4,961 | 6,747 | 8,931 | 9,515 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 6 | 7 | 8 | 11 | 10 | 11 | 13 | 12 |
| PBT | 1,170 | 1,076 | 1,175 | 1,408 | 1,863 | 2,174 | 2,229 | 2,346 | 2,289 | 2,843 | 3,637 | 3,221 | 3,430 |
| Tax % | 34% | 27% | 28% | 28% | 37% | 21% | 29% | 27% | 26% | 26% | 26% | -25% | — |
| Net Profit | 768 | 783 | 842 | 1,010 | 1,180 | 1,708 | 1,578 | 1,716 | 1,701 | 2,117 | 2,709 | 4,034 | 4,255 |
| EPS in Rs | 384 | 3.91 | 4.21 | 5.04 | 5.89 | 8.53 | 7.89 | 8.57 | 8.5 | 10.57 | 13.53 | 20.15 | 21.26 |
| Div. Payout % | 13% | 13% | 13% | 11% | 14% | 36% | 28% | 41% | 45% | 39% | 31% | 30% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Reserves | 5,779 | 6,444 | 7,166 | 7,940 | 8,953 | 10,340 | 11,186 | 12,465 | 13,442 | 14,611 | 15,966 | 19,974 |
| Borrowing | 18,315 | 25,449 | 28,196 | 36,277 | 59,848 | 61,437 | 60,978 | 61,503 | 62,905 | 73,996 | 1,07,297 | 1,41,677 |
| Other Liabilities | 7,018 | 1,999 | 1,975 | 2,695 | 2,026 | 2,347 | 2,792 | 2,924 | 2,621 | 2,814 | 3,231 | 3,186 |
| Total Liabilities | 33,114 | 35,894 | 39,339 | 48,914 | 72,828 | 76,126 | 76,958 | 78,894 | 80,969 | 93,422 | 1,28,496 | 1,66,838 |
| Fixed Assets | 75 | 73 | 72 | 71 | 71 | 65 | 82 | 93 | 90 | 88 | 88 | 88 |
| CWIP | 25 | 39 | 43 | 35 | 39 | 52 | 39 | 25 | 19 | 15 | 16 | 23 |
| Investments | 756 | 367 | 367 | 527 | 534 | 232 | 250 | 257 | 630 | 297 | 1,318 | 2,227 |
| Other Assets | 32,259 | 35,415 | 38,857 | 48,281 | 72,185 | 75,777 | 76,588 | 78,518 | 80,230 | 93,022 | 1,27,074 | 1,64,500 |
| Total Assets | 33,114 | 35,894 | 39,339 | 48,914 | 72,828 | 76,126 | 76,958 | 78,894 | 80,969 | 93,422 | 1,28,496 | 1,66,838 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -182 | -4,965 | -2,598 | -7,830 | -23,400 | -1,336 | 2,161 | -806 | -851 | -10,287 | -31,421 | -33,912 |
| Investing | -13 | 372 | -5 | -4 | 18 | 83 | -14 | -1 | -352 | 435 | -1,041 | -884 |
| Financing | 204 | 4,659 | 2,509 | 7,858 | 23,422 | 1,365 | -1,083 | 81 | 691 | 10,174 | 32,218 | 34,793 |
| Net Cash Flow | 9 | 66 | -93 | 24 | 39 | 112 | 1,063 | -726 | -512 | 322 | -244 | -3 |
| Free Cash Flow | -193 | -4,982 | -2,606 | -7,837 | -23,408 | -1,349 | 2,150 | -812 | -853 | -10,283 | -31,442 | -33,906 |
| CFO/OP | 7 | -155 | -72 | -199 | -462 | -13 | 37 | -6 | -6 | -127 | -296 | -278 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 10% | 10% | 9% | 11% | 11% | 15% | 12% | 12% | 11% | 13% | 16% | 20% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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55 extracted metrics + investor summaries across FY09–FY27.
Documents
Frequently Asked Questions about HUDCO
What does Housing & Urban Development Corporation Ltd do?
Where is Housing & Urban Development Corporation Ltd (HUDCO) listed?
Which sector does Housing & Urban Development Corporation Ltd belong to?
What is the market capitalisation of Housing & Urban Development Corporation Ltd?
What is the PE ratio of Housing & Urban Development Corporation Ltd?
What is the 52-week high and low of Housing & Urban Development Corporation Ltd?
Does Housing & Urban Development Corporation Ltd pay dividends?
What is the Return on Equity (ROE) of Housing & Urban Development Corporation Ltd?
Company Information
Housing & Urban Development Corporation Ltd is primarily engaged in the business of financing housing and urban development activities in the country.[1]
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