HUDCO
H U D C O share price & financials
- Price
- ₹202.93
- Market cap
- ₹39.0k Cr
- Sector
- Financial Services
- Calls analysed
- 5
H U D C O Q1 FY27
What went well
- Spreads are expected to remain around 2% and NIMs around 3%, reflecting diligent project selection and cost management.
- The company has a robust project pipeline with INR2.5 lakh crores in sanctions outstanding, including new MOUs worth over INR2 lakh crores with Gujarat and Bihar.
- HUDCO targets INR65,000 crores in disbursements for FY27 and a loan book of INR3 lakh crores by 2030.
What to watch
- Project execution can face delays due to factors like land acquisition, social, and political issues, impacting disbursement timelines.
- Gross NPA stands at over INR1,600 crores, though net NPA is significantly lower at INR82 crores, and resolution efforts are underway.
What H U D C O does
HUDCO (Housing and Urban Development Corporation) is a Government of India-owned Navratna public financial institution registered with RBI as an NBFC-IFC. It provides project financing to central/state governments, state public agencies, urban local bodies and specialized entities for affordable housing and urban infrastructure (social infra such as hospitals and water supply, and commercial infra such as roads, highways, urban mobility, ports and energy). Beyond lending, it earns fee income from consultancy (architectural, urban & regional planning, project appraisal & monitoring, asset monetisation, environmental studies) and from capacity-building/training services delivered through its dedicated training institute. It also acts as the implementing/counterpart-funding partner for Government of India urban missions such as PMAY, Smart City, AMRUT, Swachh Bharat Mission and Jal Jeevan Mission.
Segments
- Financing
- Consultancy
- Capacity Building
- Employee strength
- 585
- Regional Offices
- 20
- Development Offices
- 11
- Geographic presence
- Pan-India, with Regional Offices in all State capitals
- Domestic credit rating
- AAA (highest)
- International credit rating
- Sovereign-equivalent (e.g. BBB+/Baa3)
Guidance record · Q1 FY27
what the last two calls moved 13 tracked 2 delivered 3 missed 8 open- Cost of Funds delivered said Q4 FY25 Promised: Further reduction by 10-15 basis points from 6.75% Q1 FY27: Management reports new cost of debt between 5.5% and 6.5%, reinforcing the achieved reduction.
- Loan Book Target FY26 went quiet said Q4 FY25 Promised: INR 1.5 lakh crores by FY26 Q1 FY27: The target period (FY26) has ended, but management did not report the final closing loan book figure. A new long-term target for 2030 was introduced instead.
- Net Interest Margin on track said Q4 FY25 Promised: Around 3.25% (maybe 3.3%) Q1 FY27: Reported NIM of 3.0% and guided for 'around 3%', meeting the lower end of the previously diluted guidance.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 26.6%, net profit up 35.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,518 | 2,760 | 2,845 | 2,937 | 3,219 +28% | 3,431 +24% | 3,563 +25% | 3,717 +27% |
| Net profit | 689 | 735 | 728 | 630 | 710 +3% | 713 −3% | 1,981 +172% | 851 +35% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −20.2% 1Y
1Y: ₹216.38 on 10 Sept 2025 → ₹172.76. High ₹243.93 (18 Nov 2025), low ₹159.58 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.8%
- 28 Jul
- Q3 FY26
- +2.9%
- 4 Feb
- Q2 FY26
- −1.5%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 23.1% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹7.0k Cr | ₹7.8k Cr | ₹10.3k Cr | ₹13.2k Cr |
| Interest | ₹4.5k Cr | ₹5.0k Cr | ₹6.7k Cr | ₹8.9k Cr |
| Depreciation | ₹12 Cr | ₹8 Cr | ₹12 Cr | ₹13 Cr |
| Net profit | ₹1.7k Cr | ₹2.1k Cr | ₹2.7k Cr | ₹4.0k Cr |
| Net margin | 24.1% | 27.2% | 26.3% | 30.7% |
| Cash from operations | ₹-851 Cr | ₹-10.3k Cr | ₹-31.6k Cr | ₹-33.9k Cr |
| Free cash flow | ₹-853 Cr | ₹-10.3k Cr | ₹-31.6k Cr | ₹-33.9k Cr |
| ROE | 11.0% | 13.0% | 16.0% | 20.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.0k Cr | ₹2.0k Cr | ₹2.0k Cr | ₹2.0k Cr | ₹2.0k Cr | ₹2.0k Cr |
| Reserves | ₹11.2k Cr | ₹12.5k Cr | ₹13.4k Cr | ₹14.6k Cr | ₹16.0k Cr | ₹20.0k Cr |
| Borrowings | ₹61.0k Cr | ₹61.5k Cr | ₹62.9k Cr | ₹74.0k Cr | — | ₹141.7k Cr |
| Other liabilities | ₹2.8k Cr | ₹2.9k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹4.4k Cr | ₹3.2k Cr |
| Total liabilities | ₹77.0k Cr | ₹78.9k Cr | ₹81.0k Cr | ₹93.4k Cr | ₹149.3k Cr | ₹166.8k Cr |
| Fixed assets | ₹82 Cr | ₹93 Cr | ₹90 Cr | ₹88 Cr | ₹87 Cr | ₹88 Cr |
| Capital work in progress | ₹39 Cr | ₹25 Cr | ₹19 Cr | ₹15 Cr | ₹17 Cr | ₹23 Cr |
| Investments | ₹250 Cr | ₹257 Cr | ₹630 Cr | ₹297 Cr | ₹1.7k Cr | ₹2.2k Cr |
| Other assets | ₹76.6k Cr | ₹78.5k Cr | ₹80.2k Cr | ₹93.0k Cr | ₹147.5k Cr | ₹164.5k Cr |
| Total assets | ₹77.0k Cr | ₹78.9k Cr | ₹81.0k Cr | ₹93.4k Cr | ₹149.3k Cr | ₹166.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +0.44 pp while the public trimmed −0.29 pp. The shareholder count shrank 14% to 7,57,055.
- Promoters
- 75.0%
- FIIs
- 2.4%
- DIIs
- 10.1%
- Public
- 12.5%
Since Jun 2025
- FIIs +0.44 pp
- Public −0.29 pp
- DIIs −0.17 pp
How it drifted, 12 quarters
Over this window promoters fell from 81.8% to 75.0% — −6.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 81.8%, FIIs 0.7%, DIIs 7.2%, Public 10.4%.Dec '23: Promoters 75.2%, FIIs 1.2%, DIIs 11.8%, Public 11.8%.Mar '24: Promoters 75.0%, FIIs 1.9%, DIIs 11.4%, Public 11.7%.Jun '24: Promoters 75.0%, FIIs 2.7%, DIIs 11.6%, Public 10.7%.Sep '24: Promoters 75.0%, FIIs 2.3%, DIIs 9.1%, Public 13.6%.Dec '24: Promoters 75.0%, FIIs 2.1%, DIIs 9.7%, Public 13.2%.Mar '25: Promoters 75.0%, FIIs 2.5%, DIIs 9.7%, Public 12.8%.Jun '25: Promoters 75.0%, FIIs 2.0%, DIIs 10.3%, Public 12.8%.Sep '25: Promoters 75.0%, FIIs 1.9%, DIIs 10.9%, Public 12.1%.Dec '25: Promoters 75.0%, FIIs 2.0%, DIIs 11.5%, Public 11.6%.Mar '26: Promoters 75.0%, FIIs 2.2%, DIIs 11.0%, Public 11.7%.Jun '26: Promoters 75.0%, FIIs 2.4%, DIIs 10.1%, Public 12.5%.
Who is on the register
Named in the Jun 2026 filing
Every holder of H U D C O above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| The President Of India Through Secretary Ministry of Housing And Urban Affairs | 54.27% | unchanged |
| The President Of India Through Secretary Ministry Of Rural Development | 20.73% | unchanged |
| Life Insurance Corporation Of India Insurer | 7.26% | −0.13 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HUDCO
Filings to Aug 2026
0 new, 6 added, 1 trimmed, 0 sold out — net +0.41 L shares (+0.9%).
- Held by funds
- ₹83 Cr
- 8 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹64 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹64 Cr | held | Dec '22 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹9 Cr | +0.28 L | Sep '24 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹6 Cr | +0.06 L | Sep '24 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹3 Cr | +0.06 L | Sep '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| Nippon India ETF Nifty Dividend Opportunities 50 Nippon India Mutual Fund | ₹0 Cr | +0.00 L | Mar '25 |
| SBI Nifty Midcap150 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | Mar '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
6 added, 1 trimmed — net +40,757 shares (+0.9%)
- Funds are sitting on
- +115%
- vs est. average cost
- Held by funds
- ₹83 Cr
- 8 schemes · ≈ 0.23% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹64 Cr · 0.1% of that fund
Shares held by these funds −82%
Aug '23 43.06 L shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse H U D C O
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