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Housing & Urban Development Corporation Limited (HUDCO)

₹161.09 +0.02% last close, 16 Oct

📊 NSE: HUDCO 🏢 Finance - Housing 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Housing & Urban's net interest income was ₹1,156 Cr (+20.3% year on year, +0.6% on the previous quarter), and net profit ₹851 Cr (+35.1% year on year).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Net interest income	₹1,156	+20.3%	+0.6%
Operating profit	₹1,066	—	—
Net profit	₹851	+35.1%	-57.0%
EPS (₹)	4.25	+34.9%	-57.1%

Full quarterly financials → Results calendar →

HUDCO delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 46.0% of the HUDCO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.09%. That is close to its usual level.

46.0%Delivery, 16 Oct

48.09%Own 20-session average

0.5×Volume vs its average

₹161.09NSE close · +0.02%

Delivery in the last 5 sessions: 39.9% · 47.5% · 47.0% · 53.5% · 46.0%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Moody's Affirms HUDCO's Rating at 'Baa3' with Stable Outlook

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 16 Oct 2026, 07:13 PM

Moody's Ratings has affirmed HUDCO's local and foreign currency issuer ratings at 'Baa3' with a Stable outlook, in line with India's sovereign rating. The affirmation is supported by the company's 75% sovereign ownership, a low Stage 3 problem loans ratio of 1.0% as of June 2026, and a strong capital adequacy ratio of 39.4%. Around 99% of HUDCO's loan book is concentrated in government-related projects, with over 85% backed by state government guarantees. However, Moody's noted potential pressure on net interest margins due to rising competition for infrastructure projects.

Moody's affirmed Baa3 issuer rating and (P)Baa3 senior unsecured MTN program ratings with a Stable outlook
Stage 3 problem loans ratio stood at 1.0% as of June 2026, improving from 3.4% as of March 2023
Reported capital adequacy ratio was 39.4% as of June 2026, with over 85% of loans backed by state guarantees
Lending to government-related projects constitutes approximately 99% of HUDCO's total loan book

💡 Track the upcoming Q2 FY2027 financial results to monitor net interest margin trajectory and asset quality trends across state government exposures.

HUDCO Submits Demat Compliance Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 11:36 AM

HUDCO has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent Beetal Financial and Computer Services (P) Ltd, pertains to the quarter ended September 30, 2026. It confirms that all securities received for dematerialisation were processed, confirmed, and mutilated within the mandated 15-day timeframe. As a routine statutory filing, there is no impact on operations or financials.

Regulation 74(5) compliance submitted for the quarter ended September 30, 2026
Confirmation provided by RTA Beetal Financial and Computer Services (P) Ltd dated October 7, 2026
Securities received for dematerialisation verified and cancelled within 15 days

💡 No action is needed as this is a standard quarterly administrative filing; track upcoming Q2 FY27 financial results for operational updates.

HUDCO H1 FY27 Sanctions Hit ₹1,04,592 Cr; Disbursements Up 36.9% YoY to ₹35,371 Cr

🟢 POSITIVE ⭐ 7/10

OTHER 📅 30 Sep 2026, 11:17 PM

HUDCO reported provisional business performance for the half-year ended September 30, 2026, achieving record loan sanctions of ₹1,04,592 crore. Loan disbursements for the period reached ₹35,371 crore, marking a 36.89% year-on-year growth compared to ₹25,838 crore disbursed in the half-year ended September 30, 2025. This strong pipeline and disbursement run-rate reflects sustained traction under its infrastructure-financing mandate. The figures are provisional and subject to audit.

Loan sanctions reached ₹1,04,592 crore for H1 ended September 30, 2026 (provisional)
Loan disbursements surged to ₹35,371 crore in H1 ended September 30, 2026
Disbursements grew 36.89% YoY from ₹25,838 crore in H1 ended September 30, 2025

💡 Track the upcoming Q2 FY27 audited financial results to assess how higher disbursements translate into net interest income (NII) and verify whether Stage 2/3 asset quality remains stable.

HUDCO Extends Tenure of Chief Compliance Officer Nishi Rani by 1 Year to Sept 2027

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 25 Sep 2026, 06:38 PM

HUDCO has announced a one-year tenure extension for its Chief Compliance Officer (CCO), Ms. Nishi Rani, General Manager (Finance). The extension takes effect from September 29, 2026. This appointment is aligned with the Reserve Bank of India (Non-Banking Financial Companies - Governance) Directions. The filing represents a standard regulatory continuation and has no direct financial impact on the company's balance sheet or earnings.

Tenure of Chief Compliance Officer Ms. Nishi Rani extended for 1 year
Extension effective from 29th September, 2026
Action taken in compliance with RBI NBFC Governance Directions
CCO also holds the designation of General Manager (Finance)

💡 Track subsequent quarterly financial prints and asset quality trends, particularly wholesale loan stage transitions, as this compliance leadership extension is strictly administrative.

Government Transfers 20.73% HUDCO Stake from Rural Development to MoHUA; Promoter Share at 75%

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Sep 2026, 10:02 PM

HUDCO announced that the 20.73% shareholding previously held by the Ministry of Rural Development has been transferred to the Ministry of Housing and Urban Affairs (MoHUA) following DIPAM's communication on September 22, 2026. Consequently, MoHUA now holds HUDCO's entire 75.0% promoter equity stake. Total Government of India shareholding in the company remains unchanged at 75.0%, with no change in public float or capital structure.

20.73% equity stake transferred from Ministry of Rural Development to Ministry of Housing and Urban Affairs (MoHUA)
Entire 75% promoter shareholding of HUDCO is now consolidated under MoHUA
Overall promoter holding remains unchanged at 75.0%
Transfer executed pursuant to DIPAM communication dated September 22, 2026

💡 Track if consolidation under a single administrative ministry leads to any changes in board composition or strategic focus on urban infrastructure initiatives.

HUDCO Assigned ESG Rating Score of 65.13 ('Performer') by Niche Ninety Nine

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Sep 2026, 06:56 PM

HUDCO disclosed that it has been assigned an ESG rating score of 65.13 and categorized as 'Performer' by Niche Ninety Nine Capability and Certifications (OPC) Private Limited. The company explicitly clarified that it did not engage this ESG Rating Provider, and the rating was derived solely from publicly available information. With HUDCO holding a net worth of Rs 21,977 Cr and TTM revenue of Rs 14,119 Cr, this unsolicited assessment has zero immediate impact on financials or business operations.

Assigned an ESG score of 65.13 under the category/grade 'Performer'
Rating assigned by Niche Ninety Nine Capability and Certifications (OPC) Private Limited
HUDCO confirmed it did not engage the agency; assessment was based on public domain data
Filing made pursuant to SEBI Regulation 30 disclosure norms on September 18, 2026

💡 Track subsequent mandated corporate governance and sustainability disclosures (BRSR) to assess if ESG scores influence terms on green/social bond issuances.

HUDCO Assigned CRISIL ESG Score of 64 with 'Strong' Category

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Sep 2026, 02:29 PM

Housing & Urban Development Corporation Limited (HUDCO) has been assigned an ESG rating by CRISIL ESG Ratings & Analytics Limited. The company received an ESG score of 64, categorized under the 'Strong' grade. The assessment was unsolicited and assigned based entirely on publicly available data, as HUDCO did not formally engage the rating provider.

CRISIL ESG Ratings & Analytics assigned an ESG score of 64
Assigned grade categorized as 'Strong'
Assessment was conducted independently using publicly available information without company engagement

💡 Track if higher ESG ratings help lower cost of funds for future green bond or overseas debt issuances.

HUDCO Assigned ESG Rating Score of 61.5 (Grade B) by SES ESG Research

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 05:43 PM

HUDCO announced that SES ESG Research Pvt. Ltd. has assigned it an ESG score of 61.5 with a category grade of 'B'. The company clarified that it did not engage the agency and the rating was derived entirely from publicly available domain data. This unsolicited assessment provides an external benchmark on the NBFC's sustainability practices but does not directly impact debt servicing, credit ratings, or financial operations.

ESG Rating Provider assigned: SES ESG Research Pvt. Ltd.
Assigned ESG rating/score: 61.5
Assigned category/grade: B
Unsolicited rating: Company confirmed it did not engage the ERP

💡 Track subsequent credit rating actions and core operational metrics (AUM growth and Stage 2 asset movements) as ESG scores do not alter HUDCO's current financial position.

CAG Appoints M/s S A R C & Associates as Statutory Auditors for FY 2026-2027

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 07:14 PM

HUDCO announced that the Comptroller and Auditor General of India (CAG) has appointed M/s S A R C & Associates, Chartered Accountants, as its Statutory Auditors for FY 2026-2027. The appointment is made under Section 139 of the Companies Act, 2013, via CAG letter dated September 8, 2026. The firm will also audit the Consolidated Financial Statements for FY27. This is a standard statutory rotation/appointment applicable to government-owned Central Public Sector Enterprises.

CAG letter dated 8th September, 2026 conveyed the appointment under Section 139 of Companies Act, 2013
Appointed firm M/s S A R C & Associates will audit standalone and consolidated statements for FY 2026-2027
Auditor profile indicates 40 years of experience, 14 branches, 17 partners, and over 200 professionals

💡 No action needed; investors may track the upcoming quarterly financial results reviewed by the statutory auditors.

JCRA Upgrades HUDCO's Long-Term Issuer Ratings to 'A-' from 'BBB+'; Outlook Stable

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 03 Sep 2026, 04:58 PM

Japan Credit Rating Agency (JCRA) has upgraded HUDCO's Foreign Currency and Local Currency Long-Term Issuer Ratings by one notch from BBB+ to A- with a Stable outlook. The rating action follows the sovereign credit rating upgrade for the Republic of India announced on September 2, 2026. JCRA highlighted HUDCO's critical position as a financing arm and nodal agency for central housing and urban development initiatives, underpinned by strong sovereign ties (75% GoI ownership).

Foreign Currency Long-term Issuer Rating upgraded by 1 notch from BBB+ to A-.
Local Currency Long-term Issuer Rating upgraded by 1 notch from BBB+ to A-.
Rating outlook assigned as Stable across both categories.
Upgrade mirrors the sovereign rating upgrade of Republic of India on September 2, 2026.

💡 Track HUDCO's future borrowing costs and international debt issuances in upcoming quarterly results to see if the upgraded rating translates to lower funding costs and improved net interest margins.

HUDCO Assigned ESG Score of 62 and 'Strong' Grade by ESG Risk Assessments

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 03 Sep 2026, 02:40 PM

ESG Risk Assessments and Insights Limited has assigned Housing & Urban Development Corporation Limited (HUDCO) an ESG score of 62, placing it in the 'Strong' category. HUDCO noted that it did not formally engage the agency and that the rating was generated independently from public domain data. The filing fulfills disclosure mandates under Regulation 30 of the SEBI LODR Regulations.

Assigned an ESG score of 62 by ESG Risk Assessments and Insights Limited
ESG category/grade assigned as 'Strong'
Rating conducted using public domain data without direct engagement by HUDCO

💡 Track whether HUDCO formally pursues sustainability-linked debt frameworks or dedicated ESG fund allocations as it expands infrastructure financing.

HUDCO Signs Rs 25,000 Cr MoU with Bihar Govt for Industrial Infrastructure Financing

🔵 WATCH ⭐ 7/10

EXPANSION 📅 02 Sep 2026, 06:17 PM

HUDCO has executed a Memorandum of Understanding (MoU) with the Government of Bihar on September 2, 2026, to provide financial assistance up to Rs 25,000 Crore over a period of five years. The financing will support the development of industrial parks and infrastructure, including land acquisition. The loan facilities will feature flexible repayment tenures of up to 25 years, secured via revenue escrowing or state budgetary ring-fencing. The MoU is valid for three years, with actual disbursements dependent on subsequent project-specific operational agreements.

Signed MoU to provide financial assistance of up to Rs 25,000 Crore over 5 years
Funding targeted for industrial infrastructure development and land acquisition in Bihar
Loan structure includes flexible moratorium and repayment tenures of up to 25 years with prepayment options
Repayment backed by escrowed project revenue or ring-fenced state budget receivables
MoU validity set at 3 years from execution date (September 2, 2026), subject to annual reviews

💡 Track execution of definitive operational agreements and subsequent tranche sanctions/disbursements to assess actual balance sheet asset growth.

GoI Consolidates 20.73% HUDCO Stake from MoRD to MoHUA; Overall Holding Constant at 75%

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Sep 2026, 04:21 PM

HUDCO announced that DIPAM has directed the transfer of its shares held by the Ministry of Rural Development (20.73%) to the Ministry of Housing and Urban Affairs (MoHUA), which currently holds 54.27%. Post-transfer, MoHUA will hold the entire promoter stake on behalf of the President of India. The total Government of India shareholding remains unchanged at 75.0%, with no impact on the public float or company fundamentals.

DIPAM Office Memorandum dated September 1, 2026 mandates the inter-ministry share transfer
20.73% stake held by Ministry of Rural Development will transfer to Ministry of Housing and Urban Affairs
MoHUA currently holds a 54.27% stake as the administrative ministry
Overall Government of India promoter holding remains unchanged at 75.0%

💡 Track subsequent share transfer completion filings; no operational or fundamental action is required as economic ownership remains unchanged.

HUDCO Shareholders Approve All Resolutions at 56th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Aug 2026, 07:15 PM

Housing & Urban Development Corporation Limited (HUDCO) reported the voting results of its 56th Annual General Meeting held on August 24, 2026. As per the Scrutinizer's report submitted on August 25, 2026, all resolutions proposed in the AGM notice were approved by shareholders with the requisite majority. The remote e-voting window was open from August 20 to August 23, 2026.

56th Annual General Meeting conducted on August 24, 2026 via video conferencing
All resolutions passed with requisite majority as confirmed by Scrutinizer M/s. VAP & Associates
Remote e-voting held between August 20, 2026 (9:00 AM) and August 23, 2026 (5:00 PM)
Scrutinizer's report formally submitted on August 25, 2026

💡 Track ongoing quarterly loan disbursements, asset quality trends, and Q2 FY27 earnings performance.

HUDCO 56th AGM: Seeks Approval for Rs 70,000 Cr Debt Raise & Rs 1.50/Share Final Dividend

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 24 Aug 2026, 06:13 PM

HUDCO conducted its 56th Annual General Meeting on August 24, 2026, considering six agenda items. Key business items included an enabling special resolution to raise up to Rs 70,000 crore via Non-Convertible Bonds/Debentures on a private placement basis, alongside declaring a final dividend of Rs 1.50 per share (15%) for FY26. Other business covered adoption of FY26 audited accounts and appointment of directors. Formal voting results will be disclosed following the scrutinizer's report.

Special resolution tabled to raise up to Rs 70,000 crore via private placement of Non-Convertible Bonds/Debentures
Final dividend of 15% (Rs 1.50 per equity share) for FY26 placed for shareholder approval
Re-appointment of Director (Finance) Shri Daljeet Singh Khatri and appointment of Shri Baldeo Purushartha as Government Nominee Director
Adoption of FY26 audited standalone and consolidated financial statements

💡 Track the formal scrutinizer voting results on the stock exchange and observe HUDCO's debt issuance pace and borrowing costs against the Rs 70,000 crore authorization.

View All HUDCO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income grew by 30.2% YoY to INR 10,348 Cr in FY2025 from INR 7,948 Cr in FY2024. Post-transition to NBFC-IFC in August 2024, infrastructure lending grew significantly, contributing to a 35% YoY increase in outstanding loans for FY2025. H1 FY2026 revenue from operations reached record highs of INR 103.1 billion.

Geographic Revenue Split

The portfolio is highly concentrated in specific states: Telangana (TEL) accounts for 72% of net worth, while combined exposure to Telangana and Andhra Pradesh (AP) stands at 133% of net worth as of December 31, 2024. Other key regions include Delhi, Rajasthan, and Maharashtra.

Profitability Margins

Net profit (PAT) increased by 28% to INR 2,709 Cr in FY2025 from INR 2,117 Cr in FY2024. Return on Average Tangible Net Worth (RoNW) improved to 15.7% in FY2025 from 13.2% in FY2024. Return on Managed Assets (RoMA) remained stable at 2.4% for both FY2024 and FY2025.

EBITDA Margin

Profitability is supported by low credit costs and operating expenses, with PAT for H1 FY2026 at INR 1,340 Cr, up 7.5% from INR 1,246 Cr in H1 FY2025. Net Interest Margins (NIMs) have remained range-bound over the last three years due to the low-risk nature of government-backed lending.

Capital Expenditure

Not disclosed as a traditional CAPEX figure; however, loan disbursements (the primary capital deployment) grew 123% to INR 40,038 Cr in FY2025. Assets Under Management (AUM) grew 41% YoY to INR 1,18,931 Cr as of December 31, 2024.

Credit Rating & Borrowing

Maintains 'CARE AAA; Stable' and 'ICRA AAA; Stable' ratings. Borrowing costs are competitive due to quasi-sovereign status; total borrowings stood at INR 87,281 Cr as of March 31, 2025, with 50% sourced from bank loans and 30% from long-term tax-free/GoI fully serviced bonds (10-15 year tenure).

⚙️ Operational Drivers

Raw Materials

Capital/Funds (Cost of Borrowing) represents the primary 'raw material' cost for HUDCO's lending operations.

Import Sources

Domestic capital markets and banks provide the majority of funding, supplemented by foreign currency borrowings and multilateral institution lines.

Key Suppliers

Major funding providers include the Government of India (fully serviced bonds of INR 20,000 Cr), National Housing Bank (NHB), and IIFCL for refinance assistance.

Capacity Expansion

Current AUM is INR 1,18,931 Cr as of December 2024. Sanctions reached a record INR 92,985 Cr in H1 FY2026, a 22% growth over the INR 76,000 Cr sanctioned in H1 FY2025, indicating massive pipeline expansion.

Raw Material Costs

Interest expenses are the primary cost; gearing levels increased to 7.0x as of September 30, 2025, from 4.5x in March 2024, reflecting higher leverage to fund the 123% growth in disbursements.

Manufacturing Efficiency

Gross Stage 3 assets improved to 1.7% in FY2025 from 2.7% in FY2024. Net Stage 3 assets improved to 0.2% from 0.4% in the same period, reflecting high recovery efficiency.

📈 Strategic Growth

Expected Growth Rate

18-22%

Growth Strategy

Growth will be driven by the transition to NBFC-IFC status (August 2024), allowing higher exposure limits for infrastructure. Strategy includes financing 'Viksit Bharat' initiatives, clean energy, EV-charging stations, multi-modal transit hubs, and sustainable cities. HUDCO is also exploring joint ventures and M&As domestically and internationally.

Products & Services

Long-term finance for social housing, core urban infrastructure projects, and consultancy services for project appraisal.

Brand Portfolio

HUDCO (Navratna CPSE).

New Products/Services

Financing for renewable energy, hydro-electricity, and Flue Gas Desulphurization projects for environmental sustainability.

Market Expansion

Geographic diversification to reduce concentration in Telangana and AP; disbursements in FY2025 were spread more widely to mitigate regional risk.

Market Share & Ranking

Amongst top 200 companies by market cap in India; market capitalization reached INR 44,768 Cr by September 30, 2025.

Strategic Alliances

Strategic importance to the GoI with board representation (two government nominee directors) and access to low-cost multilateral funding.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainable urban infrastructure. HUDCO's positioning as an NBFC-IFC allows it to capture the growing demand for green energy and multi-modal transit, moving beyond traditional housing finance.

Competitive Landscape

Competes with other NBFCs and banks in the infrastructure space, but holds a unique position due to its mandate for social housing and urban development.

Competitive Moat

Moat is derived from its 'Quasi-Sovereign' status and 75% GoI ownership, providing access to low-cost funds and regulatory exemptions on concentration norms for government-guaranteed loans. This is highly sustainable as long as GoI maintains majority control.

Macro Economic Sensitivity

Highly sensitive to Central and State Government urban development budgets and the 'Viksit Bharat' policy framework.

Consumer Behavior

Shift toward sustainable cities and green materials is driving HUDCO to finance eco-friendly infrastructure.

Geopolitical Risks

Limited direct risk, but indirect exposure if international M&A or joint ventures are pursued.

⚖️ Regulatory & Governance

Industry Regulations

Transitioned from NBFC-HFC to NBFC-IFC in August 2024. RBI concentration norms are a key monitorable, though government-guaranteed exposures are currently exempt.

Environmental Compliance

Ensures all funded projects meet environmental protection parameters at the appraisal stage; financing FGD projects to help clients meet pollution norms.

Taxation Policy Impact

Utilizes Section 54EC of the Income Tax Act for tax-free bond issuances to lower funding costs.

Legal Contingencies

Not specifically disclosed in the provided documents, though 'regulatory censure' is noted as a risk for potential data security lapses.

⚠️ Risk Analysis

Key Uncertainties

Weak financial profiles of certain state governments could lead to delayed repayments, impacting liquidity. Potential impact is high given the 133% net worth exposure to AP and Telangana.