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SRG HousingQ3 FY21

SRG Housing Q3 FY21 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹99P/E: 4.5Market Cap: ₹156 CrSector: Finance

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

No

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3
  • Post-COVID normalization shows positive business momentum with improved disbursements in Q3 FY21 (Rs. 26.77 crore, 161.68% growth YoY).
  • Total loan book grew by 7.73% QoQ to Rs. 303.11 crore.
  • Expected to clarify growth trajectory for FY22 after Q4 results.
  • Lenders have increased confidence due to no moratorium availed; ready to support higher leverage.
  • Target leveraging up to 7-8 times capital to reach loan book size of Rs. 500-700 crore.
  • Focus on deepening business within existing branches and geographies rather than expanding to new districts in the short term.
  • Market positivity expected due to COVID-19 vaccine availability and government funding initiatives.
  • Rating agencies urged to adopt positive outlook to sustain NBFC financing and growth.
  • Long-term growth driven by untapped rural loan market (only about 2-2.5% of India’s population currently availing loans).

See what SRG Housing management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes
  • The company has raised Rs. 125 crore funding in the last nine months, including Rs. 25 crore through debentures in the latest quarter.
  • Current total borrowings stand at Rs. 305.70 crore with a comfortable liquidity position (liquid funds at Rs. 91 crore and Rs. 15 crore un-drawn sanction).
  • Vinod Kumar Jain mentioned they have capacity to leverage up to 7-8 times their capital (~Rs. 100 crore), targeting a loan book size of Rs. 500-700 crore without additional capital.
  • They can leverage up to 15x as per NHB regulations but currently do not require more capital. Whenever additional growth funding is needed, they plan to raise equity.
  • NSE listing application planned to be moved post-March results, indicating potential future equity market access.
  • Existing lenders are confident and proactively supporting fresh funding requirements for growth in FY22.

See what SRG Housing management said on order book — free account, 30 seconds.

Capex plans

No
The transcript does not mention any specific current or future capex, capital investment, or strategic investment plans by SRG Housing Finance Limited. Key related points are: - The company focuses on organic growth through existing branch networks and does not plan expansion into new districts in the next 6-12 months, leveraging capacity in current branches. - Leverage capacity exists up to 7-8 times capital; they have capital and capacity to grow loan book up to Rs. 700-800 crore without additional equity. - Equity infusion will be considered in the future if required, but currently, the company is comfortable raising funds via debt (NCDs, bank loans). - No mention of strategic investments or capex on infrastructure or technology; focus seems to be on employee training (Program ‘Pathshala’) to enhance efficiency. Therefore, no explicit capex or strategic investment plans were disclosed in this call.

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