Home First Finance Company India share price today

Home First Finance Company India Ltd's share price was ₹1,072.00 at the close on 30 October 2026. It has been falling for 1 week. That is 6.0% below its average price over the last 200 trading days. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 7 weeks running.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Home First Finance Company India Ltd is in stage 4. The phase helps read everything below.

In the last 52 weeks it traded between ₹930 and ₹1,242, and at that close it sat 46% of the way up from that low.

Over the last 5.7 years the share price moved +96% while the NIFTY 500 moved +76%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 18 September 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 12 quarters in a row (every quarter we can compare), profit up on a year earlier for 12 quarters in a row (every quarter we can compare) and highest quarterly profit in 16 quarters.

1. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹567 crore, +18.9% on a year earlier.

   Why: Revenue rose because the company lent more to home buyers, so its loan book grew.

   From the earnings call on 28 Oct 2026.

2. Profit up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter profit was ₹170 crore, +28.8% on a year earlier.

   Why: Profit rose because the company set aside contained amounts for bad loans while early stress stayed stable.

   Next results: check whether bad loan stress stays low and the money set aside for bad loans stays small.

   From the earnings call on 28 Oct 2026.

3. Highest quarterly profit in 16 quarters

   Profit of ₹170 crore in the September 2026 quarter is the highest of the last 16 quarters.

   Why: This was the highest profit in 16 quarters because the company set aside contained amounts for bad loans while early stress stayed stable.

   From the earnings call on 28 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Home First Finance Company India reported total income of ₹567 crore, up 18.9% from ₹477 crore a year earlier, and a profit of ₹170 crore, up 28.8% from ₹132 crore.

Home First Finance Company India results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Home First Finance Company India's management discussed these results on a call held on 28 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Income and profit in ₹ crore.

Home First Finance Company India closed at ₹1,072.00 on 30 October 2026, down 10.3% from ₹1,195.10 a year earlier (31 October 2025) and up 52.0% over five years. Its highest weekly close since February 2021 was ₹1,479.00 on 25 July 2025.

Home First Finance Company India share price: then and now

Weekly closing prices. Each change is the move from that price to the 30 Oct 2026 close. A day's intraday high or low can go beyond these weekly closes.

304 weekly closes from 5 February 2021 to 30 October 2026.

30 Oct 2026: Home First Finance Company India closed at ₹1,072.00, up 7.0% on the week and down 4.8% on the month. 28 Oct 2026: Home First Finance Company India held its results call for July to September 2026. Management guided: 25% AUM growth to ₹20,000 crore by Mar27 on team-stability momentum with 20-25 branches yearly pace, 10-15 adds in H2.

Earlier

• Results for July to September 2026: Total income up 18.9% and profit up 28.8% on a year earlier.
• Our read, 22 Aug 2026: Quarterly revenue and profit rose from comparable periods, while gross and net NPA remained unchanged in the latest two quarters. Management's funding-spread goal supports the earnings case, but prior co-lending and technology-timetable inconsistencies require a delivery discount.
• 29 May 2026: ex-date for a dividend of ₹5.20 a share.

Our read of the business

Quarterly revenue and profit rose from comparable periods, while gross and net NPA remained unchanged in the latest two quarters. Management's funding-spread goal supports the earnings case, but prior co-lending and technology-timetable inconsistencies require a delivery discount.

Latest quarter: Reported revenue and profit increased while asset quality was unchanged from the preceding quarter.

Our read after the latest results, written 22 August 2026.

Home First Finance Company India paid ₹5.20 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.49% at the ₹1,072.00 close on 30 October 2026. The last was a dividend of ₹5.20 a share, ex-date 29 May 2026.

Home First Finance Company India dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Home First Finance Company India Ltd paid out 10% of its profit as dividends in FY26, and it paid a dividend in 6 of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 28 October 2026, Home First Finance Company India's management guided: 25% AUM growth to ₹20,000 crore by Mar27 on team-stability momentum with 20-25 branches yearly pace, 10-15 adds in H2.

“I remain fully committed to Home First and its long-term future. My current term as CEO extends until July 2028, and I intend to remain available for reappointment beyond that, subject to the requisite approvals.”Manoj Viswanathan, on the call for July to September 2026

What management guided

• Exit ROE 15% in January to March 2027 and 16% in January to March 2028, with scope to exceed on current momentum.
• 50 basis points repo equals about 20 basis points over 3-6 months.
• Keep gross Stage-3 at 1.7% with credit cost around 40 basis points.
• Absorb about 35 basis points insurance-fee profit/ROA drag with about 10 basis points concession return plus about 20 basis points via LAP, assignment and pricing; 5% LAP lift equals 6-7 basis points.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 28 October 2026.

Revenue growth falls materially while profit growth slows and management no longer attributes disbursement growth to home loans.

Each change stops working if

• : Revenue growth falls materially while profit growth slows and management no longer attributes disbursement growth to home loans.
• : Gross NPA, early-bucket delinquency, or credit cost rises in the next reported period.
• : Operating cost to assets remains above management's stated range or technology pilots do not move into production with visible productivity evidence.

The main risks

• : Co-lending remains below the long-stated strategic aspiration. ⚠ estimate
• : Technology execution has a disclosed status inconsistency. ⚠ estimate
• : Earnings quality needs a disclosed assignment-income bridge. ⚠ estimate

Our read after the latest results, written 22 August 2026.

When Home First Finance Company India reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Disbursement momentum through seasonally stronger second half to stay on flagged AUM path - per team-stability and demand commentary.

Home First Finance Company India is not on any of our India lists this week.

Home First Finance Company India Ltd earned ₹170 Cr of net profit in the Sep 2026 quarter, +28.8% on the same quarter a year earlier. That is the 12th quarter in a row of profit growth. Full-year FY26 profit was ₹540 Cr. Over 10 years profit has grown 56.8% a year on average. That is 30.0% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

Why this happened. Reported PAT includes material day-1 gains; normalised profit is the decision print

The same quarter a year earlier earned ₹132 Cr.

For the full year, FY26 profit was ₹540 Cr (+41.4% on the year before).

Why profit moved: revenue changed +18.9% on a year earlier and the margin moved +2.3 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +37.4% and revenue +19.2%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

High-growth build with contained Stage 3 · FY23-Q3 → FY24-Q4. CC guide 30-40 bps; ex-CL spread medium-term 5.0-5.25% AUM +33.5%; Stage 3 1.7%; CC 30 bps

Still compounding; BT-out heating · FY25-Q1 → FY25-Q4. FY25 close; BT-out ~7.5%; Stage 3 1.7%; CC ~30 bps path Board approved 1250 crore equity raise; still 30%+ design talk

Re-guide to ~25%; Stage 3 tag then write-off pair · FY26-Q1 → FY26-Q4. FY close; GS3 1.8%; FY write-offs ~36 crore beside that print; CL book 3.7% AUM GS3 tagged 2.0%; TN churn; BT-out 6.6%; gratuity opex one-off

On-guide growth; QoE still assignment-heavy · FY27-Q1 → FY27-Q1. AUM 16938 crore +25.7% YoY; day-1 gain 36.5 crore ~23% PAT; GS3 1.8%; BT-out 4.5%; CC 40 bps; write-offs quarterly GAP

Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.

Home First Finance Company India Ltd reported ₹567 Cr of income in the Sep 2026 quarter, +18.9% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 41.4% a year on average. The last full year, FY26, came in at ₹1,921 Cr.

For a bank, revenue is everything it earns: interest on its loans plus fees and other income.

The last four reported quarters add to ₹2,088 Cr.

FY26 revenue was ₹1,921 Cr, +24.8% on the year before.

Recent pace: the last four quarters grew +19.2% on average, against 41.4% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +19.2%, against +25.9% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +36.6%, against +34.5% a year (stabilising).

FY23-Q4. Write-offs ~10 crore vs prior 22; DA gain ballpark ~1% commentary

FY23-Q3. Distribution build-out; earliest spine print in this pull

Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.

Home First Finance Company India Ltd's net margin was 30.0% in the Sep 2026 quarter, 2.3 percentage points higher than the same quarter a year ago. Across 13 years it has been between 7.7% and 31.2%. The latest quarter is within that range.

Net margin is what the bank keeps from every ₹100 of revenue after every cost, provision for bad loans and tax. It is the clearest single margin we can read for a lender.

Why this happened. Ex-co-lending lending spread near 5.3% is the recurring engine; assignment gains are a separate honesty line

Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason.

FY23-Q4. Write-offs ~10 crore vs prior 22; DA gain ballpark ~1% commentary

FY23-Q3. Distribution build-out; earliest spine print in this pull

Why-sources: our stock research file (17 August 2026) and the company’s own results for those quarters.

Home First Finance Company India Ltd's gross NPA, the share of loans that have stopped being repaid, is 1.80% in Jun 2026, down from 1.80% a year ago. After the money already set aside for bad loans, 1.40% is left (net NPA). That is the 2nd quarter in a row of improvement.

Gross NPA is the share of the loan book where repayments have stopped. Net NPA is what is left after the money the lender has already set aside for those loans. Falling is good; rising is a warning.

Why this happened. Lender substitute for industrial cash conversion: PPoP versus credit cost and write-offs; quarterly write-offs still GAP so cash honesty is incomplete

Why this happened. Calm 1.8% Stage 3 only counts beside FY26 write-offs about 36 crore and a still-missing quarterly write-off series; the book is largely unseasoned per rating commentary

Across the 11 quarters on file it has been between 1.70% and 2.90%. Falling bad loans mean the loan book is healing; rising ones mean new damage.

The bad-loan figures stop at Jun 2026, and our data does not yet carry gross and net NPA for the quarters after it, although results up to Sep 2026 are in. They are shown as filed, not estimated.

In short: a lender's profit growth is only as good as its loans, and this loan book is healing, several quarters running. Quarterly detail on money set aside for bad loans is not in our data yet, so this shows the levels and the trend, not the cost of the clean-up.

Why bad loans moved: recoveries, write-offs and new bad loans all play a part. That split is not in our data, so the page shows the trend without the breakdown.

Home First Finance Company India Ltd's revenue was ₹1,921 Cr in FY26, +24.8% on the year before, so the loan book is growing. The latest quarter was +18.9% on a year earlier. The net margin on that income is 30.0%, +2.3 percentage points on a year ago.

We read the loan book through revenue: when the book grows, revenue grows with it. It is only a rough guide, because interest-rate changes and fee swings can move it a few points in any year.

Why this happened. AUM compounds near 25% while co-lending remains a small managed share and about 17% of AUM sits off-book via assignment economics

Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year.

In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses.

Home First Finance Company India Ltd's P/BV is 2.4×, about the lowest it has ever been. Its usual P/BV (the middle reading) is 4.0×, over 5.5 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

For a bank or lender we compare the price with book value, the net worth on its balance sheet. P/BV is how many rupees the market pays for each ₹1 of that net worth. Below 1× means the market values it at less than its net worth.

Why this happened. Primary lens is price-to-book versus ROE, not earnings multiple; dual prints 2.81 and 2.9 versus median 4.15 at 5th percentile, trough setup exists but does not repair QoE

Why the multiple is where it is: over the past year book value grew while the price moved −10.3%. Price and book value moved together, so the multiple stayed in its range.

Where the price move came from: over 5 years the price moved +8.7% a year; about +21.6% a year came from book-value growth and about −12.9 percentage points from the multiple (the market paying less). The split is approximate (price return minus book-value growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the book value trend underneath matters more than the multiple.

Worked out from its price on 11 October 2026, Home First Finance Company India Ltd's share price assumed profit growth of about 12.0% a year. Over the past 10 years its profit actually grew 56.8% a year. Today its P/BV is 2.4×, lower than 98% of its own last 5.5 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 30 October 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Home First Finance Company India Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROE is steady at 13.3%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Home First Finance Company India Ltd's story is not scored yet against the checks our research set on 17 August 2026. Checks so far: 20 not due yet. Still open: BT-out persistence after one 4.5% print, seasoning of FY24-26 and new-state vintages, earnings quality once assignment day-1 gains shrink, quarterly write-off honesty beside Stage 3

NOT YET CHECKED 20 not due yet · first check at the next results

From the numbers. Trailing four-quarter PPoP 820 crore with credit cost 7.5% of that engine; FY26 write-offs about 36 crore beside GS3 1.8%; Q1 day-1 gain 36.5 crore about 23% of PAT.

From the research. Promoter 6.97% down 23 points in three years, pledge zero, AA Stable dual ratings, mixed guidance track on co-lending, no stock-specific expert transcript.

What is not proven yet. BT-out persistence after one 4.5% print, seasoning of FY24-26 and new-state vintages, earnings quality once assignment day-1 gains shrink, quarterly write-off honesty beside Stage 3

The test written in advance. BT-out persistence after the 4.5% print. Measured by: BT-out annualised percent at or below 6% for two consecutive quarters by FY27-Q3 results.

The test written in advance. Assignment day-1 earnings quality. Measured by: Day-1 derecognition gain as percent of PAT at or below 15% for two consecutive quarters with a disclosed bridge by FY27-Q3 results.

The test written in advance. Quarterly write-off honesty. Measured by: Write-off rupees disclosed beside Gross Stage 3 disclosed each quarter and not spiking while GS3 falls by FY27-Q2 results.

What the company does. Originate home loans and limited loan-against-property through branches and digital checks; fund with banks, National Housing Bank refinance, bonds, direct assignment sales, and a small co-lending book; earn lending spread after funding cost; deepen existing states rather than endless geographic sprawl.

How the money is made. PAT approximately equals AUM times lending spread plus fees and assignment day-1 gains minus operating expenses minus credit-cost charge minus tax, with reported ROE diluted while post-QIP capital sits surplus.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

Why the latest quarter changed (FY27-Q1 versus FY26-Q1)

Versus FY26-Q4, PAT rose 149 to 160 crore, Gross Stage 3 stayed 1.8%, BT-out cooled to 4.5% from mid-year heat, and co-lending share stayed stuck near 3.6-3.7% of AUM.

Did the business cover its own costs? Operating profit covered credit-cost charge (and write-offs when disclosed) against pre-provision operating profit in 5 of 5 periods; cumulatively. Engine covers the impairment charge today; the honesty gap is quarterly write-offs, not an uncovered PPoP shortfall

The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading.

Calm Stage 3 versus FY26 write-offs. Markets and the old brochure read 1.8% Gross Stage 3 as clean asset quality; the May 2026 call’s about 36 crore write-offs equal 6.7% of FY26 PAT and must sit in the same sentence.

Reported PAT versus assignment day-1 gains. Q1 FY27 PAT 160 crore looks like operating momentum; 36.5 crore day-1 gain is about 23% of that print, Quality of Earnings applied against a clean compounder narrative.

BT-out heat versus one cool print. 7.5-7.6% BT-out through FY25-Q4 and FY26-Q2 stressed retention; 4.5% in Q1 FY27 is real but PARTLY, seasonal Q1 history means two more prints are owed.

What is temporary, what is cyclical, what is structural

Day-1 gain 36.5 crore is 23% of Q1 PAT 160 crore; FY26 write-offs 36 crore are 6.7% of FY26 PAT 540 crore; the remainder of earnings is real AUM times spread minus opex minus credit cost, but quarterly write-offs and vintage curves are still unexplained gaps

• 1 · Operating leverageworking now
• 2 · Value-added mixfaded
• 3 · Management changebuilding
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesbuilding
• 11 · More business from existing customersbuilding
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to serveworking now
• 15 · Market-share gainsquiet
• 16 · Asset qualityworking now

Lever 16 · Asset quality: working now. Keep Gross Stage 3 near 1.8% and credit cost near 40 bps while the book seasons; Hard AQ can partially override soft guidance misses only if write-offs stay paired. What proves it keeps working: GS3 at or below 2.0% with quarterly write-off rupees disclosed and not spiking beside the ratio. It stops working if GS3 and write-offs rise together, or credit cost leaves 30-40 bps for two quarters.

Lever 1 · Operating leverage: working now. Branch densification inside ~13 states pulls opex/assets below the old 3% fear toward 2.6-2.7%. What proves it keeps working: Opex/avg assets at or below 2.7% for two quarters without AUM growth falling under 20%. It stops working if Opex/assets stays at or above 3.0% while growth slows.

Lever 14 · A bigger market to serve: working now. AUM compounding near the re-guided ~25% band after stepping down from 30%+. What proves it keeps working: AUM YoY at or above 20% with Stage 3 contained. It stops working if AUM growth sustainably under 15% with no ROE rebuild.

Lever 11 · More business from existing customers: building. Retention waterfall and top-ups to cut BT-out after 7.5-7.6% heat. What proves it keeps working: BT-out at or below 6% for two more quarters after the 4.5% Q1 print. It stops working if BT-out returns above 7.5% for two prints.

What this research does not know. Only 15 quarters in the results pull (Dec 2022 to Jun 2026), short of preferred 16-20; pre-Dec-2022 history missing; Quarterly write-off rupees undisclosed beside every quarterly GNPA print; FY24 and FY25 annual write-off totals not locked from extracts; Intra-year path from ~10 crore YTD talk (Jan 2026) to ~36 crore FY26 (May 2026) not footed; Assigned Assets stock line separate from co-lend not locked, residual off-book method used; Tax add-back on stripping day-1 gains not fully recomputed.

Sources: IR transcript Q1 FY27 (true Q1 call) (28 July 2026); IR transcript Q4 and FY26 (call mislabeled elsewhere as Q1 FY27) (7 May 2026); IR transcript Q3 FY26 (23 January 2026); IR transcript Q2 FY26 (4 November 2025); IR transcript Q1 FY26 (28 July 2025); Company Deck Q1 FY27 (28 July 2026); Q1 FY27 press release (27 July 2026); Q1 FY27 financial results PDF (27 July 2026); +8 more. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Home First Finance Company India Ltd's management promised, against what actually happened: 6 promises on the record. Scored in our research file, promise by promise. A promise that slipped stays on this page after it is met.

Said 28 July 2023, due by FY26-FY27 scaling window: missed. Promised: Co-lending to reach about 10% of disbursements in the near future (later shifted toward 10% of AUM). What arrived: Q1 FY27 co-lend book 617 crore = 3.6% of AUM; FY26 CL disbursements 307 crore about 5.7% of FY disbursements.

Said 28 July 2025, due FY26 close: missed. Promised: FY26 disbursements 5600 to 5800 crore. What arrived: FY26 disbursements 5424 crore.

Said 23 January 2026, due FY27 run-rate: not due yet. Promised: About 25% AUM growth into FY27. What arrived: FY26 AUM +24.9%; Q1 FY27 AUM +25.7% YoY.

Said 9 May 2024, due ongoing: not due yet. Promised: Credit cost inside 30-40 bps band. What arrived: FY25 ~30 bps; FY26 and Q1 FY27 at 40 bps.

Said 9 May 2024, due ongoing: not due yet. Promised: Gross Stage 3 stays contained near or below about 2%. What arrived: Peaked 2.0% in Q3 FY26; 1.8% in Q4 FY26 and Q1 FY27, always pair with write-offs.

Said 3 May 2023, due ongoing disclosure practice: not due yet. Promised: Write-offs disclosed as short recoveries when asked. What arrived: FY26 about 36 crore stated on May 2026 call; quarterly rupees still GAP; Jan YTD vs May FY conflict open.

Every quote above is taken word for word from the company’s own earnings calls.

Management has handled asset quality and funding well, but the standing record's M10-M13 tests are not yet cleared.

Regulatory and governance record

The sweep found no company-specific SEBI, CBI or ED action; unrelated Reliance Home Finance material was excluded.

Checked 30 August 2026.

Home First Finance Company India Ltd earned a return on equity of 16% in FY26. Its lowest yearly reading on file was 3% in FY15. On its assets, every ₹100 earned about ₹4.00, before the effect of borrowing. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together.

Two numbers rate a bank: ROE, what it earns on shareholders’ money, and ROA, what it earns on all its assets. An ROE above about 13 to 15% is healthy; below that, net worth grows slowly.

Why this happened. Headline ROE is pinned by surplus equity after QIP; pre-money mid-teens shows the operating engine better

That is above the level a bank needs to grow its net worth steadily.

Why ROE moved: profit grew 56.8% a year over 10 years while net worth grew more slowly. When earnings recover faster than net worth builds up, ROE climbs off its low.

For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead.

Why this happened. Bank-heavy liabilities with NHB refinance and assignment funding; ratings AA Stable

For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here.

Domestic institutions raised their stake in Home First Finance Company India Ltd by 20.5 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 32.9% of the company. Foreign institutions moved +16.9 points over the same period, to 42.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why this happened. institutions own about 74%; pledge is zero but Structural Quality Proxy fails a stable-promoter screen

Over the last two years: Domestic institutions: +20.5 points over 8 quarters, to 32.9%; Foreign institutions: +16.9 points over 8 quarters, to 42.4%; Promoters: −16.4 points over 8 quarters, to 7.0%. Promoters own under 20%, so this is a widely owned company where institutions, not a family, have the most say.

Why the owners changed: domestic institutions drove it (+20.5 points), together with foreign institutions (+16.9 points). They raised their stake step by step.