1. Maximum automation and TAT reduction - digitization re-engineering Delivered - In the FY20 annual report and a March 2020 announcement, management set a goal of "maximum automation of all operations and administration" to shorten TAT, with a consulting partner re-engineering processes in a fully digitized environment. The LOS/LMS overhaul (Project RED, replacing the 2012 CASTLE system) was completed in 2023-24, STP with digital onboarding was implemented around January-February of FY26, and online loan approvals in FY26 were ₹6,530 cr.
2. FY26 GNPA reduction - further reduction expected Delivered - In the FY25 annual report, management said "during FY2025-26, expecting further reduction in GNPA, which will offer leverage to maintaining margins". Gross NPA (Stage 3 EAD) fell from 2.47% (March 2025) to 2.16% (March 2026), and net NPA fell from 1.22% to 1.08%.
3. Real Estate Debt Opportunities Fund I - ₹3,000 cr target corpus Partial - LICHFL Real Estate Debt Opportunities Fund - I, registered with SEBI on 30 March 2021, targeted a corpus of ₹3,000 cr (base ₹2,000 cr plus ₹1,000 cr green shoe) from domestic and overseas investors. Commitments of ₹815 cr were received - ₹300 cr from LIC of India, ₹450 cr from LIC Housing Finance, and ₹65 cr from Indian Bank and IDBI Bank - with no further commitments in our record.
4. LHIF - ₹1,000 cr corpus, 20% IRR Partial - LICHFL AMC launched LICHFL Housing & Infrastructure Fund with a total corpus of ₹1,000 cr including a ₹250 cr Green Shoe Option, saying the fund "is poised to achieve an IRR of 20%". As of 31 March 2024, contribution agreements signed were ₹812 cr (drawable ₹765 cr) with drawdowns of ₹693.62 cr; by 31 March 2025 it received ₹439.98 cr from portfolio companies and distributed ₹412.51 cr to investors, with no IRR figure disclosed.
5. FY27 book growth - 8% to 10% On track - At the Q1 FY27 call, the MD said "this year, we are hell-bent on trying to give a growth of close to 8% to 10% in the book and at least a 15% growth in the disbursement". Q1 FY27 outstanding portfolio grew 4% YoY to ₹3,22,098 cr while disbursements grew 14.5%.
6. FY27 borrowing cost - refinance \~₹70,000 cr at lower cost, cumulative cost up 3-4 bps max On track - At the Q1 FY27 call, the CFO expected \~₹70,000 cr of borrowings maturing in FY27 at \~7.38% average cost to be refinanced at lower cost, with cumulative cost of borrowing up by 3-4 bps maximum. Q1 FY27 incremental cost of funds was 7.06%, and cost of funds stood at 7.28% as of June 30, 2026 vs 7.27% as of March 31, 2026.
7. FY27 written-off pool recoveries - ₹500-600 cr this year, ₹2,000 cr over 2 years On track - At the Q1 FY27 call, management expected recoveries of ₹500-600 cr in FY27 from the \~₹3,000 cr written-off pool and targeted at least ₹2,000 cr over the next 2 years. Q1 FY27 recovery from NPA accounts was ₹540 cr vs \~₹307 cr last year, with \~₹37 cr recovered from the written-off pool.
8. FY27 Gross NPA - below 2% On track - At the Q1 FY27 call, management guided Gross NPA below 2% for FY27, saying "we are definitely going to achieve that, in fact, do much better than less than 2%". Stage 3 EAD was 2.16% as of March 31, 2026 and 2.14% as of June 30, 2026.
9. FY27 credit cost - 10 to 15 bps On track - At the Q1 FY27 call, management reiterated credit cost guidance of 10 to 15 bps for FY27, inclusive of expected recoveries. Q1 FY27 credit cost was negative 5 bps.
10. FY27 developer finance disbursements - ₹4,000 cr target, ₹7,000-8,000 cr aim On track - At the Q1 FY27 call, management set a "modest target of about INR4,000 crores" for developer finance disbursements in FY27, with an aim of ₹7,000-8,000 cr and expected "100% achievement" of the ₹4,000 cr target. Q1 FY27 project/wholesale finance disbursements were ₹872 cr vs ₹156 cr in Q1 FY26, up 459%, with developer finance lending at \~10.5%.
11. FY27 NIM - maintained at 2.6% On track - At the Q1 FY27 call, management guided NIM maintained at the guided level of 2.6% for FY27. Q1 FY27 NIM was 2.58%, two basis points below the guided lower end of 2.6%.
12. FY27 disbursement growth - 10%-12% On track - At the Q1 FY27 call, management reiterated full-year FY27 guidance of 10%-12% disbursement growth given at the beginning of the year. Q1 FY27 disbursements grew 14.5% YoY to ₹15,014 cr, and the Q2 FY27 target is 15% growth.
13. FY26 BT-outs - normalise to ₹2,000 cr per quarter Missed - At the Q2 FY26 call, the MD & CEO expected BT-outs in Q3 to come down to the normal ₹2,000 cr per quarter, or "even further probably to ₹1,200-1,500 cr level". Q2 FY26 BT-outs were ₹4,014 cr, and Q1 FY27 BT-out was \~₹3,000 cr with net BT-out \~₹1,500 cr; last year (Q2-Q4 FY26) almost ₹34,000 cr of BT-out took place.
14. FY26 construction finance - at least ₹5,000 cr business Missed - At the Q2 FY26 call, the CFO targeted at least ₹5,000 cr of business from the construction finance channel in FY26, versus \~₹4,000 cr last year, to come majorly in Q3 and Q4. Construction finance disbursements were only ₹156 cr in H1 FY26 vs ₹1,397 cr in H1 last year, and FY26 project finance disbursements were ₹1,964 cr vs ₹3,776 cr in FY25, down 48%.
15. FY26 legacy Stage-3 resolutions - at least three big loans in Q3/Q4 Partial - At the Q2 FY26 call, the MD & CEO said he expected at least three big legacy Stage-3 loans to be settled in Q3 and Q4, being at "final stages of resolution". One big corporate Stage-3 loan of \~₹140 cr was resolved in Q2 FY26, and in Q1 FY27 a stressed asset of \~₹180 cr was sold to NARCL for ₹140 cr; Stage 3 EAD fell from 2.51% (Sep 2025) to 2.16% (Mar 2026) to 2.14% (Jun 2026), with no three-loan Q3/Q4 count disclosed in our record.
16. FY26 cost of borrowing - further 10-12 bps cut Delivered - At the Q2 FY26 call, the CFO expected a further 10 to 12 bps cut in cumulative cost of borrowing with ₹14,000-15,000 cr of NCDs repriced by end of March, and the CEO expected \~another 10 bps reduction by end of year. Cost of funds fell from 7.42% as of 30 September 2025 to 7.27% as of 31 March 2026 - a decline of 15 bps - with incremental cost of funds at 6.94% during FY26.
17. FY26 NIM - 2.6% to 2.8% range Delivered - At the Q2 FY26 call, management reiterated beginning-of-year guidance that NIMs would be in the range of 2.6% to 2.8%, stating Q2 NIM of 2.62% is "the bottom". FY26 quarterly NIMs were Q1 2.68%, Q2 2.62%, Q3 2.69% and Q4 2.80%, full-year NIM was 2.68%, and Q1 FY27 NIM was 2.58%, below the guided lower end.
18. FY26 credit cost - within 15 bps Delivered - At the Q2 FY26 call, management reiterated beginning-of-year guidance of keeping credit costs within 15 basis points for FY26, with H1 actual of 11 bps. Q1 FY26 credit cost was 6 bps and Q2 FY26 was 5 bps; FY26 impairment on financial instruments was ₹554.03 cr and Q1 FY27 credit cost was negative 5 bps, with no full-year FY26 bps figure or breach disclosed in our record.
19. FY26 disbursement and loan book growth - \~10% Missed - At the Q2 FY26 call, management reiterated beginning-of-year guidance of \~10% growth in both disbursements and loan book for FY26, expecting to be "closer to the guided figure of double-digit growth" by year-end. FY26 total disbursements were ₹66,544 cr vs ₹64,022 cr, up 4%, and the FY26 loan book grew 4% to ₹3,20,707 cr, though Q4 FY26 disbursements grew 10% YoY.
20. FY25 SCALE targets - 10-12% AUM growth, 15% disbursement growth Missed - In the FY25 annual report, management set FY25 "SCALE" targets of "10-12% growth in AUM and 15% growth in disbursement". FY25 AUM grew 7% to ₹3,07,732 cr and FY25 disbursements grew 9% to ₹64,022 cr.
21. FY25 NIM - maintain between 2.5% and 2.5% Partial - In the FY25 annual report, management said it expects to maintain NIM "between 2.5% and 2.5%" (stated verbatim), with double-digit overall growth and low double-digit AUM growth. FY25 NIM was 2.73%, but FY25 AUM growth was 7% and disbursement growth was 9%.
22. FY25 loan book growth - 12 to 15% Missed - In the FY24 annual report, management planned "a loan book growth of 12 to 15% for FY 2024-25" and separately "aiming for 13% growth in the loan book in FY 2024-25". FY25 outstanding portfolio was ₹3,07,732 cr vs ₹2,86,844 cr, growth of 7%.
23. Affordable housing portfolio - 10% to 25% over two/three years Missed - In the FY24 annual report, management said LICHFL "plans to increase its affordable housing portfolio from 10% to 25% over the next two/three years," with the same report setting a roadmap of "doubling the share of affordable mix to 20-25% in the next few years" and a variant plan "to 20% over the next 2-3 years". Our record holds no FY25-FY27 disclosure of the affordable housing share, and at Q1 FY27 management said the affordable housing finance business with a fully external team "has not been rolled out" and no targets set.
24. FY23 DME/DMI channel - 1,000 recruits, 15% business share Missed - In the FY22 annual report, management set an FY23 outlook of "additional recruitment of 1000 DME/DMIs and increase share of business from this channel to 15%". No FY23 DME recruitment or share disclosure is in our record, and Q1 FY27 DME share of origination was 0.3%.
25. FY23 high-yielding product mix - around 20% share Missed - In the FY22 annual report, management set an FY23 outlook to "increase share of high-yielding products (non-housing and project finance) to around 20% to enhance margins". By Q2 FY26, housing loans were 85% of the total portfolio implying \~15% high-yielding mix, and by Q1 FY27 individual home loans were 84.4% with non-housing individual at 11.3% and NHC-project at 3.0% - combined \~15.6%, with no FY23-specific mix disclosed.
26. FY23 portfolio growth - around 15%, 3 lakh new customers Missed - In the FY22 annual report, management set an FY23 outlook of "portfolio growth of around 15% by adding 3 lakhs new customers". FY23 outstanding portfolio was ₹2,75,047 cr vs ₹2,51,120 cr in FY22, growth of \~9.5%, with no FY23 customer-count disclosure in our record.
27. FY22 project loans - double performance, increase book level from 5% Missed - In the FY22 annual report, management planned "to double project loans performance this year and increase project finance book level from 5% this year". FY24 project loan portfolio was ₹8,036 cr, down 32% YoY from ₹11,738 cr, and project loans were \~3% of overall portfolio by Q2 FY26, with no FY22-specific book level disclosed.
28. FY22 double-digit growth - disbursements, profitability, loan book Partial - In the FY21 annual report, management said it "expects to record double-digit growth this fiscal" (FY22), supported by home loan growth returning to pre-COVID levels with healthy growth in disbursements and profitability. FY22 total disbursements were ₹61,848 cr, the highest ever, with individual home loan disbursement up 14% to ₹53,662 cr; outstanding portfolio grew 8% to ₹2,51,120 cr and PAT fell 16% to ₹2,287.28 cr.