Housing & Urban Development Corporation Ltd

Q2 FY26Finance

Housing & Urban Development Corporation Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹186

Market cap₹40.6K Cr

P/E9.5

Updated23 Aug 2026

Read4 min read

The short version

HUDCO is targeting sustained strong growth in sanctions and disbursements, with H1 FY26 sanctions at ~INR93,000 crores (22% growth YoY) and disbursements at INR26,000 crores (19% growth YoY). HUDCO targets strong and sustained growth, with loan book expected to grow from INR1.44 lakh crores to INR1.5 lakh crores by March 2026, and further to INR3 lakh crores by FY 2030, implying a ~25-27% annual growth.

From Housing & Urban Development Corporation Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

HUDCO is targeting sustained strong growth in sanctions and disbursements, with H1 FY26 sanctions at ~INR93,000 crores (22% growth YoY) and disbursements at INR26,000 crores (19% growth YoY).
Loan book grew 30% YoY from INR111,000 crores to INR144,000 crores; expected to cross INR1.5 lakh crores by March 2026 and potentially reach INR3 lakh crores by FY2030.
Medium-term AUM growth expected around 25%-27% annually.
Urban Invest Window and Urban Challenge Fund initiatives offer substantial opportunities, with RBI targeting INR1 lakh crores from state governments and INR2 lakh crores from PPP players over 1 to 3 years.

2 more points management made on revenue & sales performance

Profitability & Margins

HUDCO targets strong and sustained growth, with loan book expected to grow from INR1.44 lakh crores to INR1.5 lakh crores by March 2026, and further to INR3 lakh crores by FY 2030, implying a ~25-27% annual growth.
Disbursement guidance for FY 2026 is INR50,000 crores, with H1 already achieving 50%, indicating full-year target achievable with growth.
Net Interest Margin (NIM) expected to improve, with management targeting above 3.1% in H2 FY 2026, aided by anticipated 25 bps repo rate cut.
Resolution of NPAs and interest recoveries from identified projects (10 projects worth INR730 crores principal) expected to add up to INR900 crores in recoveries, bolstering profitability.
ROE improved to around 15%; management confident in maintaining/growing profitability aligned with growth.

2 more points management made on profitability & margins

See what Housing & Urban Development Corporation Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

HUDCO is actively working on funding metro projects, collaborating with multinational institutions to support urban infrastructure development.
The company plans to start issuance of bonds and engage with multilateral banks to create value through strategic financing.
HUDCO aims to expand through the Urban Invest Window, focusing on capacity building, asset mapping, and financial closure to create bankable urban infrastructure projects.
The company targets participation in the Urban Challenge Fund, aiming to mobilize INR 1 lakh crore in state government loans and leveraging PPP players for loan arrangements, reflecting a large opportunity in urban infrastructure finance.

2 more points management made on capital expenditure plans

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

HUDCO plans to maintain a debt-to-equity ratio around 8%, with current levels sub-7%.
They are planning to raise perpetual debt in the third or fourth quarter of the fiscal year, depending on market conditions, though it is not an emergent need.
No immediate plans for equity issuance are mentioned.
Focus remains on strategic borrowing including external commercial borrowings (5-year maturity) with adequate foreign exchange protection.
They have actively managed borrowings to reduce cost of funds to about 6.32%.
No new FCNR borrowings are planned; remaining FCNR loans will mature by February-March next year.

2 more points management made on fundraising & capital structure

See what Housing & Urban Development Corporation Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Outstanding MOUs signed: INR 7 lakh to 8 lakh crores.
Documented schemes: Around INR 2 lakh crores, ready to convert into disbursements.
Non-documented schemes: Approximately INR 1 lakh crores, in various documentation stages.
Total clear pipeline of sanctioned projects: Around INR 3 lakh crores.
Of this, INR 2 lakh crores already documented with agreements.

2 more points management made on order book & pipeline

What Housing & Urban Development Corporation Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Housing & Urban Development Corporation Ltd Q2 FY26 results?

What is Housing & Urban Development Corporation Ltd share price analysis?

Housing & Urban Development Corporation Ltd currently shows a neutral. The stock trades at a P/E of 9.5 with a market cap of ₹40,607 Cr. Investors should review the full earnings analysis for detailed insights.

Is Housing & Urban Development Corporation Ltd planning capital expenditure?

HUDCO is actively working on funding metro projects, collaborating with multinational institutions to support urban infrastructure development.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.