SRG Housing Finance Ltd (SRGHFL)

Financial Services · Finance · NSE · Updated 3 September 2026

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

₹253 ↓ 15.96% (1Y)

🎯 Key Takeaways

SRG Housing Finance Ltd is in a clear phase of controlled expansion within the rural housing finance segment, leveraging its niche focus on Tier 3/4 markets and self-employed borrowers to drive AUM growth while maintaining strong asset quality. The company has demonstrated consistent profitability and capital strength, with ROE near 13% and a high Capital Adequacy Ratio, supporting its strategy of scaling sustainably without overexposure.
Revenue declined 5.7% QoQ to ₹54 in Q1FY27.
⚠️ Concentration in rural and semi-urban markets may expose the company to localized economic or regulatory shifts, despite current asset quality support

Market Cap

₹397

P/E Ratio

11.6

P/B Ratio

1.51

ROE

12.9%

ROCE

15.0%

Debt/Equity

2.21

Promoter

59.0%

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📖 The Story

SRG Housing Finance Ltd is in a clear phase of controlled expansion within the rural housing finance segment, leveraging its niche focus on Tier 3/4 markets and self-employed borrowers to drive AUM growth while maintaining strong asset quality. The company has demonstrated consistent profitability and capital strength, with ROE near 13% and a high Capital Adequacy Ratio, supporting its strategy of scaling sustainably without overexposure.

📰 What's Happening

Over the past three quarters, SRG has delivered robust AUM growth, expanding from INR 1,042 crores in FY26 to INR 10,764 Mn in Q1-FY27, driven by 35% YoY growth in new assets. Management consistently highlighted rural penetration as a strategic advantage, with over 94% of loans in Tier 3/4 markets and 79% to self-employed borrowers. The company has also upgraded its NCD rating to A- Stable and is targeting INR 1,300-1,500 crores AUM by FY27, supported by disbursement growth of 45% YoY in FY26. Additionally, it executed a partial redemption of INR 75.76 lakhs in NCDs, reducing debt exposure, and maintained timely interest payments on its NCDs, reinforcing financial discipline.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	42	48	50	57	54
Operating Profit	7	10	10	12	10
OPM %	16.5%	20.3%	19.0%	20.1%	18.4%
Net Profit	7	8	8	9	8
EPS	₹4.33	₹5.26	₹5.23	₹5.89	₹5.39

Financial performance shows a clear upward trajectory in profitability and efficiency, with operating profit margin expanding from 16.5% in Jun 2025 to 20.1% in Mar 2026, despite modest revenue growth. Net profit rose from INR 7 crores in Jun 2025 to INR 8 crores in Q1-FY27, and EPS improved from ₹4.33 to ₹5.39 over the same period. This margin expansion aligns with management's focus on cost discipline and rural lending efficiency, even as funding costs declined and asset quality improved, with GNPA falling to 1.73% and NNPA held steady at 0.63%.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on future financial performance in the latest filings, but has reiterated confidence in its rural housing finance model, targeting INR 1,300-1,500 crores AUM by FY27 and INR 600 crores disbursements in FY27. The company emphasized sustainable growth in underserved markets, supported by a growing branch network of 96 branches across 6 states and 1 UT, and a focus on low-cost funding and improving NIM trends.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	14	16	16	16
Reserves	188	248	264	281
Borrowings	542	584	685	857
Total Liabilities	762	869	983	1,175
Fixed Assets	25	24	21	20
Investments	50	36	53	73
Total Assets	762	869	983	1,175

The balance sheet reflects a strong capital structure with equity of INR 16 crores and reserves of INR 281 crores as of Mar 2026, while total assets have grown from INR 869 crores in Mar 2025 to INR 1,175 crores in Mar 2026, indicating active asset expansion. Borrowings have increased from INR 584 crores to INR 857 crores over the same period, but remain well below equity and reserves, suggesting disciplined leverage. The high Capital Adequacy Ratio of 7% as of June 2026 further underscores regulatory compliance and financial resilience.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-131
Investing	-31
Financing	+173
Net Cash Flow	+10

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	59.1%	59.1%	59.0%	59.0%
FII	0.0%	0.0%	0.0%	0.0%
DII	0.0%	0.0%	0.0%	0.0%
Public	27.6%	27.7%	27.6%	27.0%
# Shareholders	2,618	2,540	2,624	2,650

Promoter holding has remained stable at approximately 59.02-59.11% over the last five shareholding patterns, indicating no signs of dilution or stake reduction. Institutional ownership (FII/DII) remains negligible at 0%, while public shareholding has slightly increased from 27.59% to 27.68% over the past year, with the number of shareholders growing from 2,540 to 2,650. This suggests gradual retail interest and stability in ownership structure, with no active institutional trading activity observed.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
BAJFINANCE	6.58 L Cr	32.4	10.4%	18.1%	3.82
BAJAJFINSV	3.19 L Cr	31.3	11.4%	26.5%	5.50
SHRIRAMFIN	2.46 L Cr	18.5	11.5%	17.1%	3.80
JIOFIN	1.56 L Cr	73.6	2.3%	1.6%	0.17
CHOLAFIN	1.55 L Cr	26.8	9.3%	18.9%	6.93
TATACAP	1.55 L Cr	28.3	8.4%	12.3%	5.28
ICICIAMC	1.47 L Cr	29.5	111.5%	83.6%	0.00
BAJAJHLDNG	1.23 L Cr	13.9	12.4%	12.3%	0.00
MUTHOOTFIN	1.18 L Cr	10.4	14.4%	29.3%	3.88
SBIFUNDS	1.15 L Cr	—	—	—	0.00

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN JIOFIN CHOLAFIN

⚠️ Risk Factors

1. Concentration in rural and semi-urban markets may expose the company to localized economic or regulatory shifts, despite current asset quality support. 2. Dependence on a niche borrower segment (self-employed, rural) could face credit pressure if macroeconomic conditions deteriorate, particularly in agriculture-linked income streams. 3. Rising competition in rural housing finance, including from larger banks and NBFCs expanding into these segments, may pressure pricing and margins over time.

📋 Recent Filings

🧠 Analyst's Read

SRG Housing Finance is executing a focused, capital-efficient growth strategy in an underserved segment, supported by strong asset quality and improving profitability. The key watchpoints are sustained NIM stability, ability to scale disbursements to INR 1,300-1,500 crores AUM by FY27, and management's execution of its rural finance model without compromising credit standards.

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 2026-09-03.

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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