Motilal Oswal's research report on Home First Finance
Home First Finance (HomeFirst), in its FY25 Annual Report, highlighted its digital-first approach to making home ownership more accessible by offering innovative housing finance solutions and leveraging technology to streamline processes. HomeFirst positions itself as a foundation for change, a vision expressed in this Annual Report through a powerful metaphor: Every remarkable structure begins beneath the surface, hidden yet essential. This reflects the company’s belief that a home is the cornerstone of stability, fuelling family aspirations and nurturing growth.
Outlook
HomeFirst trades at ~2.7x FY27E P/BV, which is attractive for an AUM/PAT CAGR of ~26%/30% over FY25-27E, with RoA/RoE of 3.8%/14.2% in FY27E. HomeFirst is our preferred pick in the AHF segment and we reiterate our BUY rating on the stock with a TP of INR1,500 (based on 3.2x Mar’27E P/BV).
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