Strong YoY growth masks QoQ decline; long-term ₹3L Cr target backed by MOUs

No FCNR maturities in FY27/28; only $200M in 2028 hedged; delivered clean result

Q1 spreads reported at 1.8%, down from 2% guided

With yield 8.78% and spreads 2%, roughly supported; not yet validated in quarter

YoY revenue growth 26.6% consistent; FY27 disbursement raised to ₹65k Cr

Confirmed: ₹60k Cr sanctioned last quarter alone; total ₹2.5L Cr outstanding

Raised from ₹50k Cr (prior FY achieved) to ₹65k Cr; 30% acceleration. Backed by MOU ramp.

₹200M only maturing 2028, hedged. No forex losses expected FY27/28. Prior guidance met.

Spreads fell to 1.8% from guided 2%. Temporary (new growth business) per mgmt, recovery expected Q3.

₹3 lakh Cr by 2030 reaffirmed; not upgraded despite analyst pushback that guidance looks conservative.

99%+ long-term (5-year) borrowings. RBI forex window covers hedging; only 1.5% cost to HUDCO. Retired all short-term FCNR.

No separate breakup. Yield ~8.7%, spreads maintained 2%, NIMs 3%. Housing at MCLR 8.6%; infra rates per sector/project.

No FCNR maturities in FY27/28. Only $200M maturing 2028, hedged. No forex losses expected. Prior guidance met.

To some extent you are right. But project execution involves land acquisition, political issues, 5-year completion cycles. Arithmetic says 2029, but taking 5-year buffer safer.

Case-to-case basis; no target. Sanctioned ₹6-7k Cr in Q1; disbursement H2 FY27. Principles: good entities, good projects, strong collateral.

Compression due to accelerated growth business mix. Will recover to 2% by Q3 as Q4/Q1 disbursements capitalize. Will vest around 2%.

Gross NPA ₹1600 Cr (₹1100 Cr in NCLT resolution with lender consensus). Net NPA ₹82 Cr. Changed strategy to collaborative resolution with promoters.

Total repayment FY27 ~₹20k Cr. Already received ₹4k+ Cr Q1. Expect ₹15-16k Cr in remaining quarters.

Focus on spreads 2% maintenance and NIM 3%. Cost of funds reducing. Will pass some to borrowers as needed for infrastructure support.

Borrowed ~$700M so far. USD2B tie-up minimum; targeting to enhance. Cost 5.5-6.5% including 1.5% RBI-covered hedging.

Board-approved borrowing plan ₹70k Cr. Sanction pipeline ₹2.5L Cr supports; execution underway.

Quantified long-term target. MOUs (Gujarat ₹1L+, Bihar ₹1L+, existing ₹6.5L) provide visible pipeline. 25% CAGR implied growth.

Q1 at 1.8% vs guidance; compression temporary per mgmt due to accelerated growth. Recovery expected by Q3 as new business capitalizes.

With yield 8.78% and spreads 2%, supported mathematically. Cost of funds declining via RBI forex window + ECB mix optimization.

Approved borrowing plan ₹70k Cr for FY27. RBI forex tie-up USD2B minimum (raised from $700M already deployed).

Management acknowledged: land acquisition, social issues, political approvals add 1-2 years to project timelines. Gujarat/Bihar MOUs may not deliver as fast as visible pipeline suggests.

Q1 spreads 1.8% vs guided 2%; attributed to accelerated growth driving lower-yielding business. If growth continues, spreads may not recover to 2% by Q3 as promised.

Water and sanitation are priority but represent largest sanction concentration. If Government priority shifts (e.g., roads vs water), growth diversification limited.

RBI forex window and ECB rates dependent on RBI policy and forex environment. If rupee weakens or rates rise, cost advantage erodes.

₹1100 Cr in NCLT at advanced stage; ₹34 Cr outside NCLT; ₹29 Cr non-consortium NCLT. All claimed in resolution but history of legacy projects (pre-2013) may extend timelines.