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HUDCO to Raise Rs 1,442 Crore via Perpetual Bonds at 7.87% Coupon
HUDCO's Bond Allotment Committee has approved the issuance of perpetual subordinated, unsecured, non-convertible debentures (NCDs) totaling Rs 1,442 crore. The fundraise consists of a base issue of Rs 500 crore and a green shoe option of Rs 942 crore, which was fully utilized. These bonds carry a coupon rate of 7.87% per annum and are intended to be listed on the BSE. While the instruments are perpetual, HUDCO retains a call option to redeem them after 10 years, subject to RBI approval.
Key Highlights
Total fundraise of Rs 1,442 crore through Series-1 2025-26 perpetual bonds
Fixed coupon rate of 7.87% per annum with annual interest payments starting February 2027
Issue includes a base size of Rs 500 crore and a green shoe option of Rs 942 crore
Instrument is perpetual with a call option exercisable after 10 years (February 13, 2036)
Bonds are unsecured, taxable, and will be issued on a private placement basis
💼 Action for Investors
This fundraise strengthens HUDCO's capital position for long-term infrastructure and housing project financing. Investors should monitor how this relatively low-cost perpetual capital impacts the company's net interest margins and lending capacity.
Fitch Affirms HUDCO's Credit Rating at 'BBB-' with Stable Outlook
Fitch Ratings has affirmed HUDCO's Long-Term Issuer Default Ratings at 'BBB-' with a Stable outlook, matching India's sovereign rating. The affirmation is backed by the 'virtually certain' support from the Government of India, which maintains a 75% stake and close oversight. HUDCO reported strong operational momentum with a 16% loan book expansion in 2Q FY26 and exceptional asset quality with a net NPA of just 0.07%. Despite rapid growth leading to a moderate rise in leverage, the company maintains a healthy capital ratio of 38.03%.
Key Highlights
Fitch affirmed Long-Term IDRs at 'BBB-' with a Stable outlook, equalized with India's sovereign rating.
Loan book grew by 16% in 2Q FY26, driven by the government's affordable housing and urban agenda.
Asset quality remains robust with net NPA at a low 0.07% and high provision coverage.
Capital adequacy ratio stood at 38.03% in 2Q FY26, providing headroom for continued balance sheet expansion.
Total debt reached INR 1.3 trillion, supported by diversified funding sources and low near-term refinancing risk.
💼 Action for Investors
Investors should take confidence in the affirmation of HUDCO's international rating, which confirms its strategic importance to the government and ensures access to low-cost capital. The stock remains a strong play on India's urban infrastructure and affordable housing sectors given its sovereign-linked credit profile.
HUDCO Assigned 'ACUITE AAA' Rating for Rs 4,500 Crore Perpetual Tier 1 Bonds
Acuite Ratings has assigned its highest 'ACUITE AAA' rating with a stable outlook to HUDCO's proposed Rs 4,500 crore Perpetual Tier 1 Bonds. This rating is underpinned by the Government of India's 75% ownership and HUDCO's strategic role in national housing and urban development projects. The company demonstrated strong growth in FY25, with Assets Under Management (AUM) rising 35% to Rs 1.24 lakh crore and PAT increasing 28% to Rs 2,709 crore. While asset quality has improved with GNPA at 1.67%, the rating note highlights a concentrated loan book where the top 20 borrowers account for 79% of the portfolio.
Key Highlights
Assigned 'ACUITE AAA' rating with a Stable outlook for Rs 4,500 crore Perpetual Tier 1 Bonds.
AUM grew 35% YoY to Rs 1,24,828 crore in FY25, while PAT rose 28% to Rs 2,709.14 crore.
Gross NPA improved significantly to 1.67% in FY25 from 2.71% in FY24; Net NPA is at 0.25%.
Capital Adequacy Ratio (CAR) remains strong at 46.60% as of March 2025.
Company targets a loan book of Rs 3 lakh crore by FY2030 with a FY26 disbursement target of Rs 52,000 crore.
💼 Action for Investors
The 'AAA' rating confirms HUDCO's superior credit quality and its ability to raise low-cost capital, which is essential for its ambitious FY2030 growth targets. Investors should remain positive on the stock given the improving asset quality and sovereign support, while keeping an eye on loan concentration risks.
HUDCO Q3 FY26: 25% Loan Growth, Net NPA at 0.06%, Targets INR 3 Lakh Cr Book by 2030
HUDCO reported a steady 25% growth in its loan book, maintaining a near-zero net NPA of 0.06%. While earnings were impacted by a one-time INR 470 crore loss from FCNR borrowings in the first 9 months, the management expects this impact to cease from the next quarter as they exit short-term FCNR instruments. The company has a robust sanction pipeline of INR 2.5 lakh crores and has signed MOUs worth INR 7-8 lakh crores to support its long-term growth. With increased government allocation of INR 2 trillion to states for infrastructure, HUDCO aims to double its loan book to INR 3 lakh crores by 2030.
Key Highlights
Loan book growth maintained at 25% with a target to reach INR 3 lakh crores by 2030.
Asset quality remains exceptional with Net NPA at 0.06% following successful resolutions of legacy assets.
One-time FCNR loss of INR 470 crores in 9M FY26; management to exit 1-year FCNR borrowings to stabilize costs.
Strong pipeline with INR 1.4 lakh crores sanctioned this year and INR 2.5 lakh crores in total committed sanctions.
Significant tailwinds from government infrastructure spending and the INR 2 trillion allocation to states in the budget.
💼 Action for Investors
Investors should view the FCNR-related earnings dip as temporary and focus on the strong 25% loan growth and pristine asset quality. The massive sanction pipeline and government infrastructure push provide a clear multi-year growth trajectory for the stock.
HUDCO 9MFY26 Results: Net Profit Rises to ₹2,053 Cr; Loan Book Grows 31% YoY to ₹1.55 Lakh Cr
HUDCO reported a steady financial performance for the nine-month period ending December 2025, with net profit increasing 3.62% YoY to ₹2,053.06 crore. The loan book reached a record high of ₹1,55,631 crore, driven by a 51% surge in sanctions and a 30.86% growth in disbursements. Asset quality remains best-in-class with Net NPA dropping to 0.06% and a high Provision Coverage Ratio of 94.70%. Additionally, the company declared an interim dividend of ₹3.30 per share for FY26.
Key Highlights
Loan book grew 30.86% YoY to ₹1,55,631 crore, with 98.85% exposure to Government and its agencies.
Asset quality improved significantly with Gross NPA at 1.08% and Net NPA at a record low of 0.06%.
9M FY26 sanctions reached ₹1,39,152 crore, a 51% increase compared to ₹92,151 crore in 9M FY25.
Cost of incremental borrowings optimized to 6.34% in 9M FY26 from 7.46% in the previous year's period.
Capital Adequacy Ratio (CRAR) remains robust at 38.28%, providing significant room for future growth.
💼 Action for Investors
HUDCO remains a strong pick for investors seeking exposure to India's infrastructure and housing sectors with minimal credit risk due to its high government exposure. The improving margins and near-zero Net NPA levels justify a positive long-term outlook.
HUDCO Q3 PAT at ₹713 Cr; Declares ₹1.15 Dividend & Hikes Borrowing Limit to ₹80,000 Cr
HUDCO reported a strong total income of ₹3,505.57 crore for Q3 FY26, up from ₹2,770.14 crore in the same quarter last year. While quarterly net profit saw a marginal decline to ₹713 crore, the nine-month profit grew to ₹2,053.06 crore. The board declared a third interim dividend of ₹1.15 per share and significantly enhanced its annual borrowing limit from ₹65,000 crore to ₹80,000 crore. Asset quality remains a highlight with zero fresh slippages in project loans during the first nine months of the fiscal year.
Key Highlights
Total income for Q3 FY26 rose to ₹3,505.57 crore compared to ₹2,770.14 crore in Q3 FY25.
Declared 3rd interim dividend of ₹1.15 per equity share (11.50%) with a record date of Feb 7, 2026.
Annual borrowing plan for FY 2025-26 enhanced by ₹15,000 crore to a total of ₹80,000 crore.
Reported zero fresh slippages to NPA in project loans during the nine-month period ended Dec 31, 2025.
Nine-month PAT increased to ₹2,053.06 crore from ₹1,981.40 crore in the previous year's corresponding period.
💼 Action for Investors
Investors should take note of the significant hike in borrowing limits, which signals a strong pipeline for future lending and growth. The steady dividend payout and robust asset quality make HUDCO a stable long-term play in the infrastructure and housing finance space.
HUDCO Q3 PAT at ₹713 Cr; Declares ₹1.15 Dividend & Hikes Borrowing Plan to ₹80,000 Cr
HUDCO reported a strong total income of ₹3,505.57 crore for Q3 FY26, up from ₹2,770.14 crore in the same quarter last year. While quarterly net profit saw a marginal decline to ₹713 crore from ₹735 crore, the nine-month profit grew to ₹2,053.06 crore. The company declared a 3rd interim dividend of ₹1.15 per share and significantly increased its FY26 borrowing limit by ₹15,000 crore to ₹80,000 crore. Notably, the company reported zero fresh slippages in project loans during the first nine months of the fiscal year.
Key Highlights
Total income for Q3 FY26 increased to ₹3,505.57 crore from ₹2,770.14 crore YoY.
Declared 3rd interim dividend of ₹1.15 per equity share with a record date of February 7, 2026.
Annual borrowing plan for FY 2025-26 enhanced from ₹65,000 crore to ₹80,000 crore.
Zero fresh slippages in Project Loans recorded during the nine-month period ended Dec 31, 2025.
Technical write-off of ₹13.25 crore for 9 chronic NPA cases while maintaining recovery efforts.
💼 Action for Investors
The significant hike in borrowing limits suggests a strong pipeline for future lending and growth. Investors should maintain a positive outlook given the stable asset quality and consistent dividend payouts.
HUDCO Q3 PAT at 713 Cr; Declares 1.15 Dividend & Hikes Borrowing Limit to 80,000 Cr
HUDCO reported a total income of 3,505.57 crore for Q3 FY26, a significant increase from 2,770.14 crore in the same quarter last year. Despite the revenue growth, Net Profit (PAT) marginally declined to 713 crore from 735.03 crore YoY, largely due to finance costs rising to 2,394.15 crore. The company declared a third interim dividend of 1.15 per share and substantially increased its annual borrowing limit by 15,000 crore to 80,000 crore. Asset quality remains a strong point with zero fresh slippages in project loans during the first nine months of the fiscal year.
Key Highlights
Total Revenue from Operations rose 24.3% YoY to 3,431.20 crore in Q3 FY26.
Declared 3rd interim dividend of 1.15 per equity share with a record date of February 7, 2026.
Annual borrowing plan for FY25-26 enhanced from 65,000 crore to 80,000 crore.
Zero fresh slippages to NPA in Project Loans observed during the nine-month period ended December 2025.
Finance costs increased by 35.8% YoY to 2,394.15 crore, impacting overall bottom-line growth.
💼 Action for Investors
Investors should view the stable asset quality and increased borrowing limit as a sign of strong growth intent in the housing and infrastructure sector. While the dividend provides yield support, monitor the rising finance costs and their impact on net interest margins in upcoming quarters.
CARE Reaffirms HUDCO's 'AAA' Rating with Stable Outlook; Net NPA Drops to 0.07%
CARE Ratings has reaffirmed HUDCO's highest credit ratings of 'AAA' and 'A1+' for its bank facilities and debt instruments totaling over ₹2 lakh crore. The rating reflects HUDCO's strategic importance to the Government of India, which maintains a 75% stake and utilizes the entity for key urban infrastructure and housing schemes. Financial performance remains robust with AUM growing 30% YoY to ₹1,44,554 crore as of September 2025. Asset quality has shown significant improvement, with Net NPAs declining to a negligible 0.07% compared to 0.25% in the previous fiscal year.
Key Highlights
CARE AAA; Stable rating reaffirmed for bank facilities (₹80,000 Cr) and multiple bond tranches.
Net NPA improved significantly to 0.07% as of Sept 30, 2025, down from 0.25% in March 2025.
AUM reached ₹1,44,554 crore in H1FY26, marking a 30% year-on-year growth.
Capital Adequacy Ratio (CAR) stands strong at 38.03%, well above the 15% regulatory requirement.
98.70% of the loan book is dedicated to the government sector, with 87.76% secured by guarantees.
💼 Action for Investors
Investors should take confidence in the reaffirmed 'AAA' rating which confirms HUDCO's low-risk profile and strong sovereign support. The significant improvement in asset quality and growth in infrastructure lending following its IFC status transition are positive indicators for long-term stability.
HUDCO signs MoU with Chhattisgarh Govt for Rs 1 Lakh Crore financial assistance
HUDCO has entered into a non-binding Memorandum of Understanding (MoU) with the Government of Chhattisgarh on January 7, 2026. The agreement outlines potential financial assistance of up to Rs. 1,00,000 crore over the next five years. These funds are earmarked for the execution of various housing and infrastructure projects within the state. This partnership underscores HUDCO's strategic role in supporting large-scale state infrastructure development and significantly expands its potential loan pipeline.
Key Highlights
MoU signed for financial assistance up to Rs. 1,00,000 crore over a five-year period
Agreement focuses on funding housing and infrastructure projects across Chhattisgarh
The MoU is non-binding but indicates a massive potential increase in HUDCO's loan book
The signing took place on January 7, 2026, at Nava Raipur, Chhattisgarh
💼 Action for Investors
Investors should monitor the conversion of this MoU into actual loan sanctions and disbursements to gauge the impact on interest income. The stock remains a key beneficiary of the government's focus on urban development and infrastructure.
HUDCO Achieves 'Excellent' MoU Rating for FY 2024-25 with Score of 97.90/100
HUDCO has been awarded an 'Excellent' rating by the Department of Public Enterprises (DPE) for its performance in the Financial Year 2024-25. The company secured a high score of 97.90 out of 100 based on the Memorandum of Understanding (MoU) signed with the Ministry of Housing and Urban Affairs. This rating reflects the company's strong operational and financial efficiency during the period. Such high performance scores are significant for PSUs as they validate management execution and alignment with government targets.
Key Highlights
Achieved 'Excellent' rating for MoU performance in Financial Year 2024-25
Secured a high score of 97.90 marks out of a total of 100
Rating awarded by the Department of Public Enterprises (DPE), Ministry of Finance
Evaluation based on operational and financial performance parameters set by MoHUA
💼 Action for Investors
Investors should view this as a positive indicator of HUDCO's operational efficiency and management quality. While this reinforces the company's fundamental stability, long-term stock performance will remain tied to quarterly earnings and the interest rate environment.
HUDCO Reports Strong Performance with ₹1.39 Lakh Cr Loan Sanctions in 9M FY26
HUDCO has announced robust operational performance for the nine-month period ending December 31, 2025, with total loan sanctions reaching ₹1,39,151.92 crore. The company demonstrated significant momentum in the third quarter alone, recording sanctions of ₹46,167.32 crore. On the execution front, loan disbursements for the nine-month period stood at ₹41,346.70 crore, with Q3 contributing ₹15,508.25 crore. These provisional figures suggest a strong growth trajectory in the housing and urban infrastructure financing segments.
Key Highlights
Total loan sanctions for 9M FY26 reached ₹1,39,151.92 crore on a provisional basis.
Q3 FY26 loan sanctions alone accounted for ₹46,167.32 crore, indicating sustained demand.
Cumulative loan disbursements for the nine-month period totaled ₹41,346.70 crore.
Quarterly disbursements for Q3 FY26 were reported at ₹15,508.25 crore.
All reported figures are provisional and subject to statutory audit.
💼 Action for Investors
The significant jump in loan sanctions provides high visibility for future interest income; investors should hold for the full earnings release to assess margin trends. Monitor the conversion rate of these large sanctions into actual disbursements in the coming quarters.
HUDCO to raise ₹1905 Crore via NCDs (Series-E 2025)
HUDCO's Bond Allotment Committee approved raising up to ₹1905 Crore through Unsecured, Taxable, Redeemable, Non-Convertible, Non-Cumulative NCDs (Series-E 2025) on a private placement basis. The issue includes a base size of ₹500 Crore and a Green Shoe Option of ₹1405 Crore. These bonds have a face value of ₹1,00,000 each and are redeemable at par at the end of the 7th year. Interest will be paid annually at a coupon rate of 6.98%.
Key Highlights
Raising up to ₹1905 Crore through NCDs
Base Issue Size: ₹500 Crore
Green Shoe Option: ₹1405 Crore
Coupon Rate: 6.98%
Redeemable at par at the end of 07th Year
💼 Action for Investors
Investors should be aware of the terms of the NCDs, including the coupon rate and maturity date. Monitor HUDCO's financial performance and its ability to meet its debt obligations.
HUDCO Gets 'CARE AAA' Rating for ₹4,000 Cr Perpetual Debt; Existing Ratings Reaffirmed
CARE Ratings has reaffirmed HUDCO's highest 'AAA' rating for its ₹80,000 crore bank facilities and various bond programs, while assigning a new 'AAA' rating to a ₹4,000 crore perpetual debt instrument. The rating reflects HUDCO's strategic importance to the Government of India (75% stake) and its robust asset quality, with Net NPAs improving to a record low of 0.07% as of September 2025. Following its transition to an Infrastructure Finance Company (IFC), the company's AUM grew 30% YoY to ₹1.44 lakh crore. A healthy Capital Adequacy Ratio of 38.03% provides a significant buffer against potential risks.
Key Highlights
CARE assigned 'AAA; Stable' rating to new ₹4,000 crore Perpetual Debt and reaffirmed 'AAA' for ₹80,000 crore bank facilities.
Net NPA improved significantly to 0.07% as of Sept 2025, down from 0.25% in March 2025.
Assets Under Management (AUM) grew 30% YoY to ₹1,44,554 crore following its NBFC-IFC transition.
Capital Adequacy Ratio remains robust at 38.03%, well above the regulatory requirement of 15%.
Government of India maintains a 75% majority stake, ensuring high strategic importance and access to low-cost funds.
💼 Action for Investors
Investors should view this as a validation of HUDCO's strong balance sheet and sovereign-like credit profile. The stock remains a solid long-term play on India's urban infrastructure and social housing themes with minimal credit risk.
HUDCO Secures 'BBB+' Credit Rating from Japan Credit Rating Agency with Stable Outlook
Japan Credit Rating Agency (JCRA) has affirmed HUDCO's foreign and local currency long-term issuer ratings at 'BBB+' with a stable outlook, aligning them with India's sovereign rating. The rating reflects HUDCO's critical role as a nodal agency for government housing schemes like PMAY-U and its strong 75% government ownership. Financially, the company saw a 35% YoY growth in outstanding loans for FY2025, reaching a record net profit of INR 27.1 billion. With 90% of its portfolio guaranteed by government entities and a robust capital adequacy ratio of 46.6%, the credit profile remains exceptionally strong.
Key Highlights
JCRA affirmed Foreign and Local Currency Long-term Issuer Ratings at BBB+ with a Stable outlook
FY2025 net profit reached a record INR 27.1 billion on revenue of INR 103.1 billion
Outstanding loans grew by 35% YoY in FY2025, driven by infrastructure and housing demand
Asset quality remains strong with Net NPL at 0.25% and 90% of loans government-guaranteed
Capital adequacy ratio stands at 46.6%, significantly above the 15% regulatory requirement
💼 Action for Investors
Investors should view this as a validation of HUDCO's low-risk business model and strong government backing. The affirmation supports the company's ability to raise low-cost capital for its expanding infrastructure and housing loan book.