Broker’s Call: Home First Finance (Add)

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SENSEX 74,151.04

+ 905.01

NIFTY 22,936.75

+ 237.90

NIFTY 22,936.75

+ 237.90

CRUDEOIL 9,585.00

 -213.00

CRUDEOIL 9,585.00

 -213.00

GOLD 142,977.00

 -728.00

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InCred Equities

By Anjana C Shriram

Updated - October 29, 2026 at 07:18 PM.

HFFC’s calibrated growth strategy and proven execution track record position it well to capitalise on growth opportunities while sustaining asset quality and profitability

Target: ₹1,500

CMP: ₹1,055.80

Home First Finance Company (HFFC) reported healthy Q2FY27 PAT of about ₹170 crore (+29 per cent year on year), in line with estimate, supported by robust AUM growth of 27 per cent. Profitability was aided by improved operating efficiency, primarily due to lower employee expenses. The management reiterated its guidance of about 25 per cent AUM growth and a spread of 5-5.25 per cent

AUM grew 27 per cent to ₹18,000 crore, supported by strong ₹1,700-crore disbursements and moderation in Balance Transfer outflows to 4.4 per cent, reflecting improved customer retention. Disbursements were supported by healthy loan ticket sizes of ₹15-16 lakh, with the company continuing to tilt towards higher-ticket loans (>₹25 lakh), which account for about 20 per cent of AUM. Direct assignments and co-lending declined to ₹280 crore, accounting for 17 per cent of total disbursements.

With his tenure till July 2028, CEO Manoj Vishwanathan reiterated his long-term commitment to the company. HFFC’s calibrated growth strategy and proven execution track record position it well to capitalise on growth opportunities while sustaining asset quality and profitability. We expect its RoE to be about 16 per cent in FY28F and believe that its valuation remains attractive, given the recent correction. We maintain our high-conviction Add rating on HFFC with a stable target price of ₹1,500, valuing it at 2.8x FY28F BV and 18x FY28F EPS.

Published on October 29, 2026

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