Home First India (HOMEFIRST) Q4 24/25 earnings summary

Executive summary

• Achieved strong growth in FY25 with AUM rising 31.1% year-over-year to INR 12,713 crore (₹127,127 Mn), PAT at INR 382 crore (₹3,821 Mn), and ROE at 16.5% for the year.

• Disbursements grew 21.2% year-over-year to INR 4,805 crore (₹48,053 Mn), with Q4 disbursements up 6.7% sequentially.

• Expanded network by 40 touchpoints, including 22 branches, and added 385 employees, reaching 1,634 total staff.

• Audited financial results for FY25 were approved with an unmodified audit opinion; dividend of Rs. 3.70 per share recommended.

• Board approved issuance of NCDs up to Rs. 700 crore and noted the resignation of a Non-Executive Nominee Director.

Financial highlights

• Total income for FY25 was INR 1,539 crore (₹15,392 Mn), up 33.1% year-over-year; net profit increased 25% to INR 382 crore (₹3,820.68 Mn).

• Net interest margin for Q4 FY25 was 5.1%, up 20 bps sequentially; spreads (ex-co-lending) at 5.1%.

• Operating expenses to assets at 2.7% for FY25; cost-to-income ratio at 35.8%.

• Basic EPS for FY25 was Rs. 42.83, up from Rs. 34.65 in FY24.

• Provision coverage ratio at 46.6% as of March 2025.

Outlook and guidance

• Disbursement growth targeted at 20-25% for FY26, with 75% from existing branches and 25% from new locations.

• AUM growth expected in the 26-30% range, assuming a 17-18% runout rate.

• Confident in achieving INR 20,000 crore AUM by FY27 and INR 35,000 crore by FY30.

• Spreads (ex-co-lending) guided to remain above 5% in the medium term.

• Dividend payout increased, reflecting confidence in future earnings.