Home First Finance Company India Ltd (HOMEFIRST)

Financial Services · Finance · NSE · Updated 16 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,174.95 ↓ 9.28% (1Y)

🎯 Key Takeaways

Home First Finance Company India Ltd is in a strategic phase of capital structure optimization, leveraging its strong credit profile to raise long-term funding while maintaining operational efficiency. Despite flat growth in revenue and profits, the company demonstrates stable margins and improving asset quality, supported by consistent credit ratings and disciplined financial management.
Revenue grew 7.3% QoQ to ₹538 in Q1FY27.
⚠️ Elevated debt levels (D/E of 2.43) could constrain financial flexibility if economic conditions deteriorate or funding costs rise.

Market Cap

₹12,281

P/E Ratio

21.0

P/B Ratio

2.82

ROE

13.3%

ROCE

10.4%

Debt/Equity

2.43

Div Yield

0.44%

Promoter

7.0%

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📖 The Story

Home First Finance Company India Ltd is in a strategic phase of capital structure optimization, leveraging its strong credit profile to raise long-term funding while maintaining operational efficiency. Despite flat growth in revenue and profits, the company demonstrates stable margins and improving asset quality, supported by consistent credit ratings and disciplined financial management.

📰 What's Happening

In August 2026, the company announced the allotment of INR 150 crores in non-convertible debentures (NCDs) to Kotak Mahindra Bank via private placement, carrying a 7.55% coupon and maturing in August 2031. This follows a board-approved plan to raise up to INR 150 crores through similar instruments, with final terms to be approved by a committee meeting on August 21, 2026. The move underscores a deliberate shift toward structured debt financing to fund growth without diluting equity. The unchanged AA rating from ICRA reaffirms confidence in the company’s debt affordability and compliance posture.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	454	477	482	501	538
Operating Profit	155	172	181	192	206
OPM %	34.1%	35.9%	37.6%	38.3%	38.3%
Net Profit	119	132	140	149	160
EPS	₹11.70	₹12.76	₹13.52	₹14.35	₹15.31

Operating revenue has grown at a compound rate of approximately 10% over the past year, rising from ₹454 crores in June 2025 to ₹538 crores in June 2026, while operating margins have stabilized around 38%. Profit and EPS growth have tracked this trend, with net profit increasing from ₹119 crores to ₹160 crores and EPS from ₹11.7 to ₹15.31 over the same period. Despite rising operating costs, expense growth has been contained, indicating improved operational leverage. The company’s asset base has expanded in line with revenue growth, supported by disciplined capital allocation.

🔮 Management Outlook & What's Next

Management has not provided forward-looking financial guidance in the latest filings, but has signaled intent to continue raising long-term secured debt via private placements to fund expansion without equity dilution. The focus remains on maintaining credit quality and regulatory compliance while scaling operations. The upcoming committee meeting on August 21, 2026, will be key in finalizing the terms of the proposed NCD issuance, which could further influence capital structure and investor sentiment.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	18	18	21	21
Reserves	2,272	2,503	3,994	4,336
Borrowings	8,867	9,551	9,653	10,590
Total Liabilities	11,309	12,212	13,811	15,167
Fixed Assets	31	45	47	56
Investments	409	360	401	812
Total Assets	11,309	12,212	13,811	15,167

The balance sheet shows a steady increase in total assets from ₹12,212 crores in March 2025 to ₹15,167 crores in March 2026, driven by growth in loan book and reserves. Borrowings have risen from ₹9,551 crores to ₹10,590 crores, reflecting increased reliance on debt financing, while equity has modestly expanded from ₹18 crores to ₹21 crores, indicating limited capital infusion. Reserves have grown significantly, suggesting retained earnings are being capitalized. The leverage ratio (D/E of 2.43) remains elevated but manageable given the company’s asset coverage and stable credit rating.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-1,940
Investing	-408
Financing	+2,197
Net Cash Flow	-150

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	12.4%	12.3%	7.0%	7.0%
FII	40.0%	40.8%	45.7%	43.9%
DII	28.8%	27.6%	27.5%	29.8%
Public	10.3%	11.0%	11.2%	11.2%
# Shareholders	85,010	83,670	82,905	81,261

Promoter holding has declined sharply from 12.35% in Q3FY26 to 6.97% in Q1FY27, while FII ownership has increased from 39.99% to 43.9% and DII from 27.61% to 29.83%. This shift indicates growing institutional confidence and a potential re-rating of the stock among fund managers. The rising shareholder base and declining promoter stake suggest increasing market participation and reduced control concentration, which may improve liquidity and governance perception.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
BAJFINANCE	6.29 L Cr	30.9	10.4%	18.1%	3.82
BAJAJFINSV	2.97 L Cr	29.2	11.4%	26.5%	5.50
SHRIRAMFIN	2.31 L Cr	17.3	11.5%	17.1%	3.80
CHOLAFIN	1.53 L Cr	26.5	9.3%	18.9%	6.93
ICICIAMC	1.51 L Cr	30.3	111.5%	83.6%	0.00
TATACAP	1.50 L Cr	27.4	8.4%	12.3%	5.28
JIOFIN	1.49 L Cr	70.2	2.3%	1.6%	0.17
BAJAJHLDNG	1.24 L Cr	13.9	12.4%	12.3%	0.00
PFC	1.14 L Cr	4.4	9.8%	25.3%	7.62
MUTHOOTFIN	1.10 L Cr	9.6	14.4%	29.3%	3.88

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN CHOLAFIN ICICIAMC

⚠️ Risk Factors

1. Elevated debt levels (D/E of 2.43) could constrain financial flexibility if economic conditions deteriorate or funding costs rise. 2. Despite margin stability, operating profit growth has slowed, raising concerns about scalability in a competitive NBFC environment. 3. Reliance on private placement of NCDs for funding may expose the company to refinancing risks if market sentiment shifts. 4. The decline in promoter stake may lead to governance scrutiny or activist investor activity if not managed transparently.

📋 Recent Filings

🧠 Analyst's Read

Home First Finance is transitioning from a promoter-led growth phase to an institutionally backed growth model, supported by stable margins and improving asset quality. The key watchpoint is whether the proposed NCD issuance will be used to fund high-return assets or merely refinance existing liabilities. Investors should monitor the committee’s decision on August 21 and subsequent asset deployment updates for clarity on growth trajectory.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-16.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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