Objective: ₹ 1,350
CMP: ₹ 1,174
Home First Finance has delivered a strong 33 percent of assets under Administration Cag (AUM) between fiscal year growth 21-24 and 23 % of fiscal year 2015 – YTD. At the same time, in December 40, Roe expanded to 16.6 percent, from less than 10 percent in Mar’21; Therefore, it reflects a strong profitability assistant for business agility and superior execution of commercial strategies by management.
With tail winds from the entire industry, such as the reintroduction of the CLSS scheme and the probable rate cutting cycle, the first home would probably maintain its growth impulse. Recently fresh capital infusion, for a sum of ₹ 1,250 million rupees, would guarantee adequate capital to finance the Aum Aum aspirational objective of Home First or ₹ 400 billion rupees for the fiscal year30, which implies a commitment of approximately 27 % of the Long Late Rate Fy24-30. The car is now at approximately 50 percent compared to 33.1 percent, such as December 24. We believe that short -term AUM growth would remain excessively or 30 percent.
With a high visibility that the home maintains its growth impulse and a constant 15 percent row for fiscal year 27E, we update the shares to buy (ADD) and review our TP to ₹ 1,350 (compared to ₹ 1,075), valuing the tet sep’26
Key risks: Supply, collections administered by the Front-End team; and the lowest Hhan estimated AUM growth.
Posted on April 16, 2025