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Home First Finance Gets 'Buy' Upgrade From ICICI Securities, Sees 27% Upside
Steady AUM growth and tight control on opex and credit quality helped Home First in commanding sector-premium valuations, evident in average ~3.4x P/B (oneyear forward) between FY21–25.
15 Apr 2025, 11:53 AM IST 
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Home First has delivered a strong 33% AUM CAGR between FY21–24 and 23% FY25–YTD growth.
(Source: pxhere)
Successful execution of its business strategies has led to judicious capital consumption with Home First’s financial leverage (AUM/net worth) improving to ~5x by Dec’24 (~3x in FY21) alongside stable asset quality. Fresh capital of Rs 12.5 billion would allow adequate capital to fund incremental growth, as it plans to reach Rs 400 billion in AUM by FY30.
