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SRG Housing Finance Ltd

SRGHFL

NSE

₹111.01-0.64%19 Oct 2026

Reports

Finance Housing

SRG Housing Finance Ltd

SRGHFL

NSE

₹111.01

-0.64%

19 Oct 2026

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Finance Housing

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.

SRG Housing Finance is a retail housing finance company that lends almost entirely to self-employed families in India’s villages and small towns - people the formal banking system rarely reaches - using a field-based underwriting model that assesses cash flows in person rather than relying on pay slips or tax returns. It began in 1999 as a single office in Udaipur, Rajasthan, became the first housing finance company in the state licensed by the National Housing Bank, and over 25 years built a loan book that crossed INR 1,000 crore by serving customers with average monthly household incomes of about INR 30,000. The recurring approach is simple: small-ticket loans secured against property, sourced directly by the company’s own relationship managers who know the local market, and collected almost entirely through automated bank channels - a model designed for trust and consistency in places where formal credit histories barely exist.

Business segments

A single engine - affordable home loans and loans against property for rural and semi-urban India, built on a proprietary field-underwriting moat that turns informal incomes into lendable credit.

1. Affordable housing and property loans: credit for the missing middle

The company lends small amounts against property to self-employed, new-to-credit borrowers in Tier 3 and 4 locations, using a high-touch field process that no fintech can replicate.

Serving the informally employed - roughly 79% of customers are self-employed - small traders, milkmen, tea stall owners, vegetable vendors - and 94% of the loan book comes from rural and semi-urban markets, where most borrowers have never taken an institutional loan before.
Field visits replace pay slips - credit officers physically visit a borrower’s business to map daily cash flows through surrogate income analysis, because only about 3-4% of India’s population files income tax returns regularly; this proprietary underwriting is the company’s primary competitive moat.
Fixed rates for predictable instalments - loans are offered on a fixed-rate basis because rural customers expect consistent monthly payments and have limited understanding of floating rates; the company manages the interest-rate risk by blending variable and fixed-rate borrowings on its own books.
Direct sourcing, not middlemen - around 88% of loans are sourced by the company’s own field-based relationship managers, with low dependence on direct selling agents; go-to-market channels include customer referrals, loan melas, wall paintings, and local connectors.

2. Collections and recoveries: the social contract that keeps defaults low

Nearly all repayments flow through automated bank channels, and when a cheque bounces, the company recovers about 97% of the amount within 30 days - a system built on local relationships as much as legal muscle.

Automated EMI collection - about 97% of monthly instalments are routed through auto-debit and electronic clearing, reducing manual collection dependency and giving the company a predictable cash-flow stream.
Rapid bounce recovery - the initial cheque bounce rate runs around 14-15%, but roughly 90% of bounced amounts are recovered within the same month through a structured follow-up process that escalates from soft calling to field visits to legal notices.
Social standing as a deterrent - in the rural and semi-urban communities the company serves, default carries a heavy social stigma, so the majority of customers make every effort to avoid missing payments, resulting in minimal loan write-offs over the company’s history.
Legal tools when needed - for loans delinquent beyond 90 days, the company invokes SARFAESI proceedings, issues notices under the Negotiable Instruments Act, and files court suits; it was notified as a “Financial Institution” under the SARFAESI Act in 2015, giving it the same recovery powers as banks.

3. Branch network and distribution: the hub-and-spoke engine that scales locally

Ninety-six branches across six states and one union territory operate within tight radii - hub branches cover 50 kilometres, spoke branches cover 35 - so every loan is underwritten by someone who knows the area.

Local presence, local knowledge - the branch network has grown from 34 branches in FY21 to 96 in FY26, with Rajasthan and Gujarat together contributing nearly 77% of assets under management; the fastest expansion is now happening in Maharashtra, Andhra Pradesh, and Karnataka.
Branches break even quickly - new branches typically reach break-even within 4 to 6 months.
In-house sourcing at every spoke - the hub-and-spoke model means relationship managers operate within a defined geography, sourcing loans directly from their communities rather than relying on centralised call centres or digital-only channels.
A team built for field work - the company employs more than 980 people as of FY26, up from 298 in FY21, with the majority deployed in branch-level sourcing, underwriting, and collections roles rather than in headquarters functions.

SRG SRAJAN: the digital backbone

A proprietary technology platform built in-house connects loan origination, management, and collections into a single system, cutting the time from application to disbursement from 35 days to under 15.

End-to-end digitisation - the Loan Origination System handles lead generation, digital KYC verification, credit decisioning, and disbursement, while the Loan Management System automates EMI collection, penalty calculations, and customer servicing.
Field-force enablement - the platform runs on AWS Cloud, giving relationship managers 24x7 access to digital tools, real-time dashboards, and geo-location tracking for field visits, so underwriting and collections happen faster even in remote areas.
Early warning signals - the Collection module provides automated DPD bucketing, pool allocation, and data-backed early warning signals that help the company intervene before a loan turns delinquent.

Group structure and partners

SRG Housing Finance is a standalone entity with no subsidiaries, backed by 36 lenders and a promoter family that has steered the company through 25 years of external shocks.

Single-entity structure - the company has no subsidiaries, associates, or joint ventures; it is registered with the National Housing Bank and listed on both BSE and NSE, having migrated from the SME platform to the main board in 2015.
Promoter-led, professionally managed - founder and Managing Director Mr. Vinod Kumar Jain has over 25 years of experience, while second-generation promoter Mr. Archis Jain serves as CEO driving day-to-day operations; the management team includes a CFO with 27-plus years of experience and a Chief Business Officer with 34-plus years.
Recent capital raises - the company raised about INR 50 crore through a preferential issue to M3 Investment Private Limited in March 2025, and an additional INR 25.94 crore through a preferential issue in July 2024, strengthening its capital base for the next phase of branch expansion.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹174Cr

Close Price

₹110.85

Industry

Finance Housing

Price To Earnings

5.09

Price To Sales

0.83

Revenue

₹209Cr

Rev Gr TTM

Revenue Growth TTM

30.60%

PAT Gr TTM

PAT Growth TTM

35.05%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	30	32	36	34	36	39	43	43	48	50	57	54
Growth YoY Revenue Growth YoY%	37.1	39.7	37.8	25.8	19.3	22.7	18.3	26.2	32.6	29.6	33.9	26.6
Interest Expended Interest ExpendedCr	13	13	14	14	15	17	17	17	18	20	23	24
Expenses ExpensesCr	10	11	14	12	12	15	17	17	19	19	22	19
Financing Profit Financing ProfitCr	7	8	9	8	9	8	9	9	11	11	13	11
FPM FPM%	22.9	24.6	24.6	24.3	25.4	19.5	20.4	21.6	23.4	22.0	22.6	20.7
Other Income Other IncomeCr	1	0	0	0	1	1	1	0	1	1	0	0
Depreciation DepreciationCr	1	2	2	2	2	2	2	1	2	2	1	1
PBT PBTCr	7	7	8	7	8	7	8	8	10	10	12	10
Tax TaxCr	1	1	2	1	2	1	1	1	2	2	2	2
PAT PATCr	5	5	6	6	7	6	6	7	8	8	9	8
Growth YoY PAT Growth YoY%	19.8	48.6	45.7	33.5	25.5	7.9	1.6	15.7	25.0	43.0	49.4	24.9
NPM NPM%	17.4	16.8	16.9	17.4	18.3	14.7	14.5	15.9	17.3	16.3	16.2	15.7
EPS EPS₹	4.0	4.1	4.6	4.4	4.9	4.2	4.4	4.3	5.3	5.2	5.9	5.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	30	32	36	34	36	39	43	43	48	50	57	54
Growth YoY Revenue Growth YoY%	37.1	39.7	37.8	25.8	19.3	22.7	18.3	26.2	32.6	29.6	33.9	26.6
Interest Expended Interest ExpendedCr	13	13	14	14	15	17	17	17	18	20	23	24
Expenses ExpensesCr	10	11	14	12	12	15	17	17	19	19	22	19
Financing Profit Financing ProfitCr	7	8	9	8	9	8	9	9	11	11	13	11
FPM FPM%	22.9	24.6	24.6	24.3	25.4	19.5	20.4	21.6	23.4	22.0	22.6	20.7
Other Income Other IncomeCr	1	0	0	0	1	1	1	0	1	1	0	0
Depreciation DepreciationCr	1	2	2	2	2	2	2	1	2	2	1	1
PBT PBTCr	7	7	8	7	8	7	8	8	10	10	12	10
Tax TaxCr	1	1	2	1	2	1	1	1	2	2	2	2
PAT PATCr	5	5	6	6	7	6	6	7	8	8	9	8
Growth YoY PAT Growth YoY%	19.8	48.6	45.7	33.5	25.5	7.9	1.6	15.7	25.0	43.0	49.4	24.9
NPM NPM%	17.4	16.8	16.9	17.4	18.3	14.7	14.5	15.9	17.3	16.3	16.2	15.7
EPS EPS₹	4.0	4.1	4.6	4.4	4.9	4.2	4.4	4.3	5.3	5.2	5.9	5.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	10	15	34	58	72	74	79	91	125	154	199	209
Growth Revenue Growth%	48.7	42.2	134.9	69.8	23.5	2.8	7.6	15.4	36.5	23.6	29.2	30.6
Interest Expended Interest ExpendedCr	4	6	11	23	30	31	31	37	51	62	78	85
Expenses ExpensesCr	3	4	11	15	18	20	22	32	44	56	76	78
Financing Profit Financing ProfitCr	3	4	11	20	24	23	26	22	30	36	46	46
FPM FPM%	27.6	29.7	33.5	34.2	33.0	30.9	33.4	24.1	24.0	23.6	22.9	22.2
Other Income Other IncomeCr	0	0	0	0	1	3	1	2	2	0	0	2
Depreciation DepreciationCr	0	0	0	1	2	2	2	3	6	7	6	6
PBT PBTCr	3	4	11	19	22	24	26	21	26	30	40	42
Tax TaxCr	1	1	3	5	5	5	5	4	5	6	8	8
PAT PATCr	2	3	8	15	18	19	20	17	21	24	32	34
Growth PAT Growth%	21.6	45.0	198.3	81.3	22.7	4.8	7.9	-16.1	23.5	15.8	33.2	35.0
NPM NPM%	18.3	18.6	23.7	25.3	25.1	25.6	25.7	18.7	16.9	15.8	16.3	16.3
EPS EPS₹	1.6	2.4	6.2	11.3	13.8	14.5	15.6	13.1	15.9	17.4	20.7	21.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	10	15	34	58	72	74	79	91	125	154	199	209
Growth Revenue Growth%	48.7	42.2	134.9	69.8	23.5	2.8	7.6	15.4	36.5	23.6	29.2	30.6
Interest Expended Interest ExpendedCr	4	6	11	23	30	31	31	37	51	62	78	85
Expenses ExpensesCr	3	4	11	15	18	20	22	32	44	56	76	78
Financing Profit Financing ProfitCr	3	4	11	20	24	23	26	22	30	36	46	46
FPM FPM%	27.6	29.7	33.5	34.2	33.0	30.9	33.4	24.1	24.0	23.6	22.9	22.2
Other Income Other IncomeCr	0	0	0	0	1	3	1	2	2	0	0	2
Depreciation DepreciationCr	0	0	0	1	2	2	2	3	6	7	6	6
PBT PBTCr	3	4	11	19	22	24	26	21	26	30	40	42
Tax TaxCr	1	1	3	5	5	5	5	4	5	6	8	8
PAT PATCr	2	3	8	15	18	19	20	17	21	24	32	34
Growth PAT Growth%	21.6	45.0	198.3	81.3	22.7	4.8	7.9	-16.1	23.5	15.8	33.2	35.0
NPM NPM%	18.3	18.6	23.7	25.3	25.1	25.6	25.7	18.7	16.9	15.8	16.3	16.3
EPS EPS₹	1.6	2.4	6.2	11.3	13.8	14.5	15.6	13.1	15.9	17.4	20.7	21.8

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	13	13	13	13	13	13	13	13	16	16
Reserves ReservesCr	5	21	29	44	62	81	101	118	145	248	281
Borrowings BorrowingsCr	32	61	135	255	246	286	287	357	491	584	857
Other Liabilities Other LiabilitiesCr	11	18	41	10	10	14	18	20	20	21	21
Total Liabilities Total LiabilitiesCr	59	112	218	322	331	393	418	508	670	869	1,175
Fixed Assets Fixed AssetsCr	1	1	1	2	4	3	7	25	27	24	20
Cash Equivalents Cash EquivalentsCr	2	22	6	28	33	27	25	23	21	31	18
Other Assets Other AssetsCr	56	90	211	291	293	364	386	459	623	814	1,136
Total Assets Total AssetsCr	59	112	218	322	331	393	418	508	670	869	1,175

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	13	13	13	13	13	13	13	13	16	16
Reserves ReservesCr	5	21	29	44	62	81	101	118	145	248	281
Borrowings BorrowingsCr	32	61	135	255	246	286	287	357	491	584	857
Other Liabilities Other LiabilitiesCr	11	18	41	10	10	14	18	20	20	21	21
Total Liabilities Total LiabilitiesCr	59	112	218	322	331	393	418	508	670	869	1,175
Fixed Assets Fixed AssetsCr	1	1	1	2	4	3	7	25	27	24	20
Cash Equivalents Cash EquivalentsCr	2	22	6	28	33	27	25	23	21	31	18
Other Assets Other AssetsCr	56	90	211	291	293	364	386	459	623	814	1,136
Total Assets Total AssetsCr	59	112	218	322	331	393	418	508	670	869	1,175

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-13	-24	-90	-66	23	-27	3	-83	-140	-131	-247
Investing Cash Flow Investing Cash FlowCr	-2	0	-1	-1	-9	-19	-6	9	-1	-31	-39
Financing Cash Flow Financing Cash FlowCr	16	44	74	89	-9	40	1	73	139	173	273
Net Cash Flow Net Cash FlowCr	2	20	-16	21	5	-6	-2	-1	-2	10	-13
Free Cash Flow Free Cash FlowCr	-13	-24	-91	-68	23	-29	-1	-90	-144	-135	-249
CFO To EBITDA CFO To EBITDA%	-457.4	-563.1	-786.8	-335.1	99.4	-118.2	13.0	-377.1	-466.9	-361.0	-540.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-13	-24	-90	-66	23	-27	3	-83	-140	-131	-247
Investing Cash Flow Investing Cash FlowCr	-2	0	-1	-1	-9	-19	-6	9	-1	-31	-39
Financing Cash Flow Financing Cash FlowCr	16	44	74	89	-9	40	1	73	139	173	273
Net Cash Flow Net Cash FlowCr	2	20	-16	21	5	-6	-2	-1	-2	10	-13
Free Cash Flow Free Cash FlowCr	-13	-24	-91	-68	23	-29	-1	-90	-144	-135	-249
CFO To EBITDA CFO To EBITDA%	-457.4	-563.1	-786.8	-335.1	99.4	-118.2	13.0	-377.1	-466.9	-361.0	-540.9

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	79	158	386	329	65	278	165	191	359	481	361	174
Price To Earnings Price To Earnings	42.4	58.5	47.8	22.5	3.6	14.8	8.1	11.2	17.0	19.7	11.1	5.1
Price To Sales Price To Sales	7.7	10.9	11.3	5.7	0.9	3.6	2.0	2.0	2.8	3.1	1.8	0.8
Price To Book Price To Book	4.8	4.7	9.2	5.8	0.9	3.0	1.4	1.5	2.3	1.8	1.2	0.6
EV To EBITDA EV To EBITDA	38.6	45.5	45.0	28.0	11.8	23.6	16.1	23.8	27.6	28.4	26.2	21.9
Profitability Ratios Profitability Ratios
FPM FPM%	27.6	29.7	33.5	34.2	33.0	30.9	33.4	24.1	24.1	23.6	22.9	22.2
NPM NPM%	18.3	18.6	23.7	25.3	25.1	25.6	25.7	18.7	16.9	15.8	16.3	16.3
ROCE ROCE%	14.2	10.3	12.7	13.7	16.5	14.4	14.0	11.9	11.8	10.9	10.2	10.2
ROE ROE%	11.4	8.0	19.2	25.8	24.0	20.1	17.9	13.0	13.3	9.2	10.9	10.9
ROA ROA%	3.1	2.4	3.7	4.5	5.4	4.8	4.9	3.4	3.1	2.8	2.8	2.8
Solvency Ratios Solvency Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	79	158	386	329	65	278	165	191	359	481	361	174
Price To Earnings Price To Earnings	42.4	58.5	47.8	22.5	3.6	14.8	8.1	11.2	17.0	19.7	11.1	5.1
Price To Sales Price To Sales	7.7	10.9	11.3	5.7	0.9	3.6	2.0	2.0	2.8	3.1	1.8	0.8
Price To Book Price To Book	4.8	4.7	9.2	5.8	0.9	3.0	1.4	1.5	2.3	1.8	1.2	0.6
EV To EBITDA EV To EBITDA	38.6	45.5	45.0	28.0	11.8	23.6	16.1	23.8	27.6	28.4	26.2	21.9
Profitability Ratios Profitability Ratios
FPM FPM%	27.6	29.7	33.5	34.2	33.0	30.9	33.4	24.1	24.1	23.6	22.9	22.2
NPM NPM%	18.3	18.6	23.7	25.3	25.1	25.6	25.7	18.7	16.9	15.8	16.3	16.3
ROCE ROCE%	14.2	10.3	12.7	13.7	16.5	14.4	14.0	11.9	11.8	10.9	10.2	10.2
ROE ROE%	11.4	8.0	19.2	25.8	24.0	20.1	17.9	13.0	13.3	9.2	10.9	10.9
ROA ROA%	3.1	2.4	3.7	4.5	5.4	4.8	4.9	3.4	3.1	2.8	2.8	2.8
Solvency Ratios Solvency Ratios

	INDIASHLTR	REPCOHOME	GICHSGFIN	SRGHFL	CORALFINAC	RHFL	INDIAHOME
Market CapitalizationMkt CapCr	6,770	2,087	711	174	124	71	44
Close PriceClose₹	619.95	333.60	131.98	110.85	30.80	1.46	30.75
IndustryIndustry	Finance Housing	Finance Housing	Finance Housing	Finance Housing	Finance Housing	Finance Housing	Finance Housing
Price To EarningsPE	13.34	4.33	4.51	5.09	8.60	2.92	307.50
Price To SalesPS	4.43	1.15	0.66	0.83	8.54	321.90	3.38
RevenueRevenueCr	1,528	1,819	1,084	209	15	0	13
Revenue Growth TTMRev Gr TTM%	31.1%	4.9%	1.2%	30.6%	-18.4%	-64.5%	-11.1%
PAT Growth TTMPAT Gr TTM%	33.1%	3.9%	22.2%	35.0%	-5.1%	782.8%	-26.3%

	INDIASHLTR	REPCOHOME	GICHSGFIN	SRGHFL	CORALFINAC	RHFL	INDIAHOME
Market CapitalizationMkt CapCr	6,770	2,087	711	174	124	71	44
Close PriceClose₹	619.95	333.60	131.98	110.85	30.80	1.46	30.75
IndustryIndustry	Finance Housing	Finance Housing	Finance Housing	Finance Housing	Finance Housing	Finance Housing	Finance Housing
Price To EarningsPE	13.34	4.33	4.51	5.09	8.60	2.92	307.50
Price To SalesPS	4.43	1.15	0.66	0.83	8.54	321.90	3.38
RevenueRevenueCr	1,528	1,819	1,084	209	15	0	13
Revenue Growth TTMRev Gr TTM%	31.1%	4.9%	1.2%	30.6%	-18.4%	-64.5%	-11.1%
PAT Growth TTMPAT Gr TTM%	33.1%	3.9%	22.2%	35.0%	-5.1%	782.8%	-26.3%