Buy Home First Finance Company India; target of Rs 988: Khambatta Securities

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26 Aug, 2025 12:21

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Khambatta Securities' research report on Home First Finance Company India

Home First Finance Company India Limited (HFFC) is a technology-driven affordable housing finance company that targets first-time home buyers in the low and middle-income groups. India has a huge housing shortage and a lower percentage of home ownership than even many developing countries. The extremely low mortgage penetration levels in India compared to other countries presents a tremendous potential for growth of housing finance. With its focus on affordable housing finance, HFFC is well-positioned to benefit from the growing demand in the segment, driven by favourable policy initiatives. Through its focus on technology, HFFC has built a scalable operating model, which enables expansion of operations and drive revenue growth with lower incremental costs. The digital service delivery mechanisms and operating model bring uniformity in operations, increases customer satisfaction and aids in expansion across high-growth geographies.

Outlook

We expect strong growth in earnings and ROE, driven by healthy expansion in HFFC’s loan book without compromising on asset quality. We initiate coverage on HFFC with a BUY based on a price target of ₹ 988 at a P/B ratio of 4.3x FY24E BVPS, informing an upside potential of 31% from current levels.

More Info

At 15:55 hrs Home First Finance Company India was quoting at Rs 765.80, up Rs 12.45, or 1.65 percent.

It has touched an intraday high of Rs 769.30 and an intraday low of Rs 755.10.

It was trading with volumes of 7,104 shares, compared to its thirty day average of 6,207 shares, an increase of 14.45 percent.

In the previous trading session, the share closed down 3.53 percent or Rs 27.55 at Rs 753.35.

The share touched its 52-week high Rs 919.95 and 52-week low Rs 441.00 on 08 December, 2021 and 12 April, 2021, respectively.

Currently, it is trading 16.76 percent below its 52-week high and 73.65 percent above its 52-week low.

Market capitalisation stands at Rs 6,707.96 crore.

 For all recommendations report, click here

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