Housing & Urban Development Corporation Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Housing & Urban Development Corporation Ltd filed with BSE on 31 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
HUDCO management discussed its Q1 FY'27 results, emphasizing the company's role in financing urban infrastructure across states and the recently signed MOUs with Gujarat and Bihar. Management addressed foreign currency borrowing strategy under the RBI forex window, spreads and yield trends, and the resolution status of NPA accounts. Management also outlined disbursement and loan book targets, and detailed the borrowing mix and tax rate changes for the quarter.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Effective tax rate: 20.61% (Q1 FY27)
p. 10
“Yes, tax rate is like 20.61%.”
Daljeet Singh Khatri, page 10 of the filed PDF · View the filing
Total sanctions outstanding: around INR2.5 lakh crores
p. 11
“The total sanction outstanding, if you see, it is around INR2.5 lakh crores, which is already there in last quarter only, we had sanctioned more than INR60,000 crores.”
Sanjay Kulshrestha, page 11 of the filed PDF · View the filing
Sanctions last year: INR1.64 lakh crores (FY26)
p. 11
“Last year, we have sanctioned on INR1.64 lakh crores.”
Sanjay Kulshrestha, page 11 of the filed PDF · View the filing
Gross NPA: slightly more than INR1,600 crores
p. 12
“So, our gross NPA is slightly more than INR1,600 crores and our net NPA is around INR82 crores.”
Sanjay Kulshrestha, page 12 of the filed PDF · View the filing
Net NPA: around INR82 crores
p. 12
“So, our gross NPA is slightly more than INR1,600 crores and our net NPA is around INR82 crores.”
Sanjay Kulshrestha, page 12 of the filed PDF · View the filing
NCLT-related NPA: around INR1,100 crores
p. 12
“So out of the INR1,600 crores, around INR1,100 crores are at different stages of the NCLT where we are funding these projects way back previous to 2013, and I'm very sure that we will be resolving these assets by -- during this financial year.”
Sanjay Kulshrestha, page 12 of the filed PDF · View the filing
Non-NCLT NPA: around INR34 crores
p. 12
“Other -- outside the NCLT, there are around INR34 crores of the projects, 3 accounts are there.”
Sanjay Kulshrestha, page 12 of the filed PDF · View the filing
Non-consortium NCLT NPA: INR29 crores
p. 12
“There are some non-consortium project in NCLT to the extent of INR29 crores that is also in the advanced stage.”
Sanjay Kulshrestha, page 12 of the filed PDF · View the filing
Repayment received this quarter: INR4,000 plus crores (Q1 FY27)
p. 12
“Actually, total repayment for the year will be approx. 20,000 in the current financial year. Out of that, already INR4,000 plus we have received for the current quarter.”
Daljeet Singh Khatri, page 12 of the filed PDF · View the filing
Borrowing under RBI forex swap window: around 700 million
p. 5
“And we had already borrowed around 700 million, and we are planning -- we have a tie-up of around USD2 billion under this facility, and we are trying to enhance this number.”
Sanjay Kulshrestha, page 5 of the filed PDF · View the filing
Cost of borrowing under forex window including hedging: 5.5% to 6.5%
p. 13
“It is between 5.5% to 6.5%.”
Sanjay Kulshrestha, page 13 of the filed PDF · View the filing
Q1 sanctions (private sector projects): around INR6,000 crores or so, INR7,000 crores (Q1 FY27)
p. 8
“in Q1, Q1, we have sanctioned 2 projects and amounting to around INR6,000 crores or so, INR7,000 crores.”
Sanjay Kulshrestha, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
NIM — around 3%
stated firmly by Sanjay Kulshrestha
p. 13
“So, for sure, our spreads will be maintained at 2% and NIMs will be at 3%.”
Sanjay Kulshrestha, page 13 of the filed PDF · View the filing
Disbursement — around INR65,000 crores · FY27
stated firmly by Sanjay Kulshrestha
p. 10
“So, we had not worked out for '28, but of course, for '27, FY '27, we are planning to have a disbursement of around INR65,000 crores.”
Sanjay Kulshrestha, page 10 of the filed PDF · View the filing
Borrowing plan — around INR70,000 crores · FY27
stated firmly by Sanjay Kulshrestha
p. 10
“On the basis of the INR65,000 crores, Board has approved the borrowing plan also. So, it is around INR70,000 crores.”
Sanjay Kulshrestha, page 10 of the filed PDF · View the filing
Loan book — INR3 lakh crores · 2029-30
stated conditionally by Sanjay Kulshrestha
p. 10
“So, in the next year, we have not planned, but 2030, we have planned a loan book of INR3 lakh crores, and I'm very sure that we will be achieving that INR3 lakh crores loan book.”
Sanjay Kulshrestha, page 10 of the filed PDF · View the filing
ECB share of borrowing — from 10% to 20% of total portfolio · next 5 years
stated conditionally by Sanjay Kulshrestha
p. 10
“There is a possibility because of the RBI forex window that in another -- for another 5 years that ECB loans will be higher, maybe it may go from 10% to 20% of the total portfolio.”
Sanjay Kulshrestha, page 10 of the filed PDF · View the filing
Total repayments for the year — approx. 20,000 crores · FY27
stated firmly by Daljeet Singh Khatri
p. 12
“Actually, total repayment for the year will be approx. 20,000 in the current financial year.”
Daljeet Singh Khatri, page 12 of the filed PDF · View the filing
ECB tie-up utilization — USD2 billion minimum
stated as an aspiration by Sanjay Kulshrestha
p. 13
“The USD2 billion will be the minimum figure.”
Sanjay Kulshrestha, page 13 of the filed PDF · View the filing
Private sector project sanctions/disbursements
stated firmly by Sanjay Kulshrestha
p. 8
“So, we have repeatedly advised the market that there will not be any target for the private sector sanctions or the disbursement.”
Sanjay Kulshrestha, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said short-term foreign currency exposure is minuscule, with over 99% of borrowing now long-term (5 years), and RBI's forex window helps reduce hedging costs.
Answered by Sanjay Kulshrestha
Asked by Vijay Singh: Whether short-term foreign exposure and hedging costs remain a concern
p. 4
“So, regarding the short-term foreign exposure, there is very, very miniscule. We had retired all short-term foreign currency loans.”
Sanjay Kulshrestha, page 4 of the filed PDF · View the filing
Director of Finance said there are no FCNRs maturing in the current or next financial year, and only a small $200 million FCNR matures in 2028, which is adequately secured.
Answered by Daljeet Singh Khatri
Asked by Sumeet Rohra: Whether FCNR-related forex losses from last year are behind the company
p. 6
“We have a very small portion of FCNR, $200 million, which we -- they are going to mature in 2028.”
Daljeet Singh Khatri, page 6 of the filed PDF · View the filing
CMD acknowledged the point but explained project timelines involve land acquisition, approvals, and other delays, so a 5-year completion assumption is used.
Answered by Sanjay Kulshrestha
Asked by Sumeet Rohra: Whether the INR3 lakh crore loan book target by 2029-30 is conservative given large MOUs signed
p. 8
“So, the arithmetic -- here the arithmetic says that it will be done by 2029.”
Sanjay Kulshrestha, page 8 of the filed PDF · View the filing
Management said there is no fixed target for private sector sanctions/disbursements; it will be decided case-to-case.
Answered by Sanjay Kulshrestha
Asked by Divyam Ketan Doshi: Whether there is an internal target book size for the PPP Project Finance division for FY28-29
p. 8
“So, we have repeatedly advised the market that there will not be any target for the private sector sanctions or the disbursement.”
Sanjay Kulshrestha, page 8 of the filed PDF · View the filing
Director of Finance explained the Board decided to stop creating deferred tax liability on special reserves, which lowered the effective tax rate.
Answered by Daljeet Singh Khatri
Asked by Sandeep Agarwal: Why the tax rate guidance for the full year is lower
p. 10
“So that is why my effective rate has come down.”
Daljeet Singh Khatri, page 10 of the filed PDF · View the filing
Management indicated a disbursement plan of around INR65,000 crores for FY27 and a loan book target of INR3 lakh crores by 2030, with a mid-year review planned.
Answered by Sanjay Kulshrestha
Asked by Parth: What growth is projected for disbursement and AUM in FY27-28
p. 10
“So, in the next year, we have not planned, but 2030, we have planned a loan book of INR3 lakh crores, and I'm very sure that we will be achieving that INR3 lakh crores loan book.”
Sanjay Kulshrestha, page 10 of the filed PDF · View the filing
Director of Finance said total repayments for the year are expected at approximately INR20,000 crores, with INR15,000-16,000 crores expected in coming quarters.
Answered by Daljeet Singh Khatri
Asked by Kishore Agarwal: What is the repayment pipeline for the full year
p. 12
“So accordingly, our total loan outstanding will be on that basis.”
Daljeet Singh Khatri, page 12 of the filed PDF · View the filing
Management said the cost, with RBI covering most hedging and a 1.5% provision borne by the company, comes to around 5.5% to 6.5%.
Answered by Sanjay Kulshrestha
Asked by Vishal Gajwani: What is the cost of borrowing under the RBI forex swap window including hedging
p. 13
“Since RBI is taking care of entire hedging and we have only have a provision of 1.5%.”
Sanjay Kulshrestha, page 13 of the filed PDF · View the filing
Risks flagged
Legacy NPA accounts under NCLT resolution, arising from projects funded before 2013
p. 12
“So out of the INR1,600 crores, around INR1,100 crores are at different stages of the NCLT where we are funding these projects way back previous to 2013, and I'm very sure that we will be resolving these assets by -- during this financial year.”
Sanjay Kulshrestha, page 12 of the filed PDF · View the filing
Compression in spreads due to accelerated growth within the company
p. 11
“The compression is only account of the accelerated growth within the company.”
Sanjay Kulshrestha, page 11 of the filed PDF · View the filing
Domestic loan demand slowing, requiring careful balancing of foreign currency loan levels
p. 5
“So, we need to be very wise in deciding the levels of the foreign currency loans going forward.”
Sanjay Kulshrestha, page 5 of the filed PDF · View the filing
Complexity of large infrastructure projects including land acquisition and political/social issues delaying disbursement
p. 8
“And the process is not like -- it's not an easy process because land acquisitions, social issues, political issues, so a lot of things are there.”
Sanjay Kulshrestha, page 8 of the filed PDF · View the filing
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