Home First Finance Shares Gets ICICI Securities 'Add' Downgrade Given Recent Stock Run-Up

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Home First Finance Company India Ltd., in its FY25 annual report themed ‘Home as the Foundation for Change’, highlighted that it has built a strong base during its decade-long journey as a housing financier by challenging status quo (tech-led solution to informal segment) and is now ready to accelerate its growth journey.

While it took 14 years to reach an assets under management of ~Rs 100 billion, it now intends to add Rs 100 billion in three years and achieve an AUM of Rs 200 billion by FY27, and add another Rs 150 billion in next three years to reach AUM of Rs 350 billion by FY30.

This implies CAGR of >20% until FY30. Madhya Pradesh (49% AUM CAGR FY20-25), Uttar Pradesh (54%), Rajasthan (35%), Andhra Pradesh (72%) and Telangana (44%) may be near-term growth markets.

Given the recent run-up in stock price (up 13% in 1M), we downgrade to Add (from Buy) with an unchanged target price of Rs 1,375.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.