Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
Repco Home Finance:
₹115 Cr PAT. 3.3% Gross NPA.
And They’re Trying REALLY Hard to Fix Tamil Nadu.
A housing finance company that lends like a Tamil grandmother—conservative, methodical, and slightly obsessed with property in Tamil Nadu. Q3 saw controlled growth, shrinking NPAs, and a management team that finally realized: “Hey, maybe we should expand beyond Madras?”
Market Cap₹2,115 Cr
CMP₹338
P/E Ratio4.62x
Div Yield1.33%
ROE14.4%
01 — At a Glance
The Quiet Tamil Nadu Lender That Everyone Forgot About
- 52-Week High / Low₹464 / ₹315
- Q3 FY26 Revenue₹457 Cr
- Q3 FY26 PAT₹115 Cr
- TTM EPS₹73.7
- Annualised EPS (Q3)₹73.8
- Book Value / Share₹577
- Price to Book0.58x
- Gross NPA (Dec 2025)3.3%
- Net NPA (Dec 2025)~1.3%
- AUM (Dec 2025)₹15,394 Cr
Flash Summary: Repco just posted Q3 FY26 PAT of ₹115 crore, with Gross NPA shrinking to 3.3% (down from 4.2% in Dec 2024). The stock is at ₹338, returned -13.2% in 3 months, yet trades at just 0.58x book value. The company has ₹15,394 crore in assets under management and is desperately trying to reduce Tamil Nadu concentration from 57% through geographic expansion. Meanwhile, ROE sits at a respectable 14.4%, but the market price suggests the share is worth less than the bricks it finances. Something’s off, and the concalls from Feb 2026 suggest management finally noticed.
02 — Introduction
The Lender That Time Forgot (But Should Remember)
Imagine if your neighborhood uncle decided to become a housing finance company. He would be Repco Home Finance. Established in April 2000, it’s been quietly lending to middle-class Tamil Nadu families for 26 years, asking for property papers, bank statements, and—most crucially—references from at least two local neighbors who will vouch that you’re not going to abscond with the lender’s money.
Repco operates through 189 branches and 44 satellite centers spread across 12 states and 1 Union Territory. But let’s be honest: 57% of the ₹15,394 crore AUM is still in Tamil Nadu. That’s not diversification. That’s a love story. A very, very Tamil love story with property documents.
Q3 FY26 saw disbursements of ₹1,064 crore—up 40% YoY—but only ₹360 crore of that actually added to the loan book. The rest? Runoff. Prepayments. Borrowers who decided they’d rather pay in full and move on. The concall in Feb 2026 revealed something management has finally accepted: they’re running a slow-motion loan book, and even 40% growth isn’t enough to overcome the gravitational pull of customer exits.
The Concall Confession (Feb 2026): Management stated: “We have changed the trend” when discussing Q3’s seasonally-weak quarter showing strength. They’re targeting ₹1,090–₹1,100 crore in Q3 disbursements but fell short due to an e-Khata issue in Karnataka. Yes, a land registration system hiccup cost them ₹26–36 crore in expected lending. India’s tech problems just became housing finance’s problem.
03 — Business Model: WTF Do They Even Do?
They Lend Money For Houses. That’s It. But Wait, There’s More.
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