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1. At a Glance
SRG Housing Finance runs a home loan book from a head office in Udaipur, Rajasthan. Revenue for the three months to June 2026 was ₹53.95 crore, against ₹42.62 crore a year earlier. Net profit was ₹8.47 crore, against ₹6.78 crore in the same quarter last year.
Assets under management reached ₹1,076 crore, up 35.3% on the year, per the earnings presentation. Disbursement, the money actually handed out in the quarter, was ₹67.2 crore. That compares with ₹80 crore in the same quarter a year earlier. In the three months to March 2026 the figure was ₹139.6 crore. The company reported the falls as 16.0% on the year and 51.9% on the quarter. Gross non-performing assets, loans where repayment has stopped, were 1.73% against 1.85%. Net non-performing assets, counted after money is set aside for bad loans, were 0.63%.
Against the previous quarter, revenue moved from ₹57.23 crore to ₹53.95 crore. Profit after tax moved from ₹9.25 crore to ₹8.47 crore. Diluted earnings per share, the profit attached to each share, went from ₹5.89 to ₹5.39.
In March, Acuité, a credit-rating agency, upgraded the company from BBB+ (Positive) to A- (Stable). The presentation attributes a fall in borrowing cost, to 10.77%, to that improved credit profile. The fall was 0.26 percentage points over the year. Gross yield fell further, to 19.23% from 21.86%. Net interest margin, the gap between what a lender earns on loans and pays on borrowings, was 10.21% against 10.48%.
The company also allotted 4,400 equity shares to employees under its stock option scheme during the quarter. The share base is 1.57 crore. Assets under management stood at ₹1,076 crore at the end of June 2026.
2. Introduction
SRG Housing Finance Limited was incorporated on 10 March 1999 and keeps its head office in Udaipur, Rajasthan. It is registered with the National Housing Bank, the body that oversees housing finance companies in India. The company lends for homes and against property a borrower already owns. Acuité, a credit-rating agency, says Mr Vinod Kumar Jain promoted the company. It adds that he has over three decades of experience in financial services. The shares are listed on both BSE and NSE.
The network ran to 96 branches in the three months to June 2026. They sit across six states and one union territory. Rajasthan holds 35 of them and Gujarat 25. Maharashtra and Madhya Pradesh have 13 each. Karnataka has six branches and Andhra Pradesh three. One branch is in Delhi. The company counts more than 25,000 customers and more than 1,000 employees.
The last two years have been a run of funding events. In June 2024 the board approved raising ₹100 crore and increasing capital. A preferential allotment of 7,76,263 equity shares followed in September 2024. A further 13,68,000 equity shares were approved in January 2025, with a shareholder meeting that February. In August 2025 the board approved secured non-convertible debentures, which are bonds sold to chosen buyers rather than listed, of up to ₹250 crore for the year to March 2026. In April 2026 the board approved lifting the borrowing limit to ₹2,500 crore, subject to shareholder approval.
On the May 2026 call, management set a disbursement target of about ₹600 crore for the year to March 2027. An investor on the call referenced an earlier figure of ₹500 crore. Management put assets under management at ₹1,300 crore to ₹1,400 crore over the next twelve months, and stated an aspiration of ₹1,500 crore. It said it may consider raising equity in the fourth quarter if growth stays on track. Otherwise it would look at the first or second quarter of the following year. Management guided return on equity, which measures profit against shareholders’ money, to roughly 12% to 13% over one to two years.
Management said expansion is being pointed south. Tamil Nadu and Telangana are the next markets, with about 10 to 15 new branches planned there. Management said no further expansion is planned in Rajasthan, Gujarat, Maharashtra or Madhya Pradesh.
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3. Business Model: WTF Do They Even Do?
The company lends small amounts to people building their own houses, and secures the loan against the house. Many of those places do not appear on airline route maps.
Housing loans were 73% of the loan book in the three months to June 2026, and loans against property 27%. In rupees that is ₹785 crore of housing loans and ₹291 crore of loans against property. The average lending rate was 18.84% on housing and 19.99% on loans against property. Average loan-to-value, the loan measured as a share of the property’s worth, was 53.62% and 48.30%. The company describes the model as low-risk secured lending with loan-to-value under 50%. It put the blended figure for the quarter at about 52%.
The presentation puts 94% of the loan book in rural areas and 79% with self-employed borrowers. More than 95% of loans carry a woman as co-borrower. On the May call, management described the customers as kirana
