External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

<ul><li>LIC Housing Finance (LICHF) Q2FY26 earnings were largely in line with our estimates as lower opex was offset by higher credit costs (22bps)</li><li>Loan growth continued to remain subdued (+6% YoY), driven by muted disbursements growth (-1% YoY), and continues to remain an area of concern</li><li>LICHF continues to prioritize margins over loan growth with broadly steady NIMs at 2.62%, although the company has recently tweaked its re-pricing rates in order to arrest the BT-outs, which had spiked in Q2</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LIC Housing Finance (LICHF) Q2FY26 earnings were largely in line with our estimates as lower opex was offset by higher credit costs (22bps)Loan growth continued to remain subdued (+6% YoY), driven by muted disbursements growth (-1% YoY), and continues to remain an area of concernLICHF continues to prioritize margins over loan growth with broadly steady NIMs at 2.62%, although the company has recently tweaked its re-pricing rates in order to arrest the BT-outs, which had spiked in Q2Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LIC Housing Finance: Margins Remain Steady, Upgrade to ADD

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/lic-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:15667:1" rel="noopener">LIC Housing Finance (LICHF IN)</a> vs. <a href="https://www.smartkarma.com/entities/bank-of-india" target="_blank" data-smartkarma-citation="entities:541:1" rel="noopener">Bank Of India (BOI IN)</a> price-ratio deviates more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long <a href="https://www.smartkarma.com/entities/lic-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:15667:1" rel="noopener">LIC Housing Finance (LICHF IN)</a> and short <a href="https://www.smartkarma.com/entities/bank-of-india" target="_blank" data-smartkarma-citation="entities:541:1" rel="noopener">Bank Of India (BOI IN)</a> targets a 7% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The LIC Housing Finance (LICHF IN) vs. Bank Of India (BOI IN) price-ratio deviates more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long LIC Housing Finance (LICHF IN) and short Bank Of India (BOI IN) targets a 7% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Long LIC Housing (LICHF IN) Vs. Short Bank of India (BOI IN): Statistical Arbitrage Pair Trade

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/lic-housing-finance-ltd">LIC Housing Finance</a> (LICHF) holds a strong position as one of India's largest housing finance companies, benefiting significantly from the brand equity and extensive network of its parent, Life Insurance Corporation of India (LIC).</li>
 <li>The company has demonstrated robust growth in net income and operating cash flow over the past three years, driven by strong demand in the Indian housing market and a strategic focus on the salaried customer segment.</li>
 <li>While facing intense competition from banks and other housing finance companies, which puts pressure on margins, LICHF is strategically diversifying into higher-yielding segments like project finance and Loan Against Property (LAP) to support future profitability.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
LIC Housing Finance (LICHF) holds a strong position as one of India's largest housing finance companies, benefiting significantly from the brand equity and extensive network of its parent, Life Insurance Corporation of India (LIC).
  The company has demonstrated robust growth in net income and operating cash flow over the past three years, driven by strong demand in the Indian housing market and a strategic focus on the salaried customer segment.
  While facing intense competition from banks and other housing finance companies, which puts pressure on margins, LICHF is strategically diversifying into higher-yielding segments like project finance and Loan Against Property (LAP) to support future profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: LIC Housing Finance (LICHF IN) - Sep 2025

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
-------------

<ul>
<li>LICHF has been producing below-average growth over the past four years; however FY26 is expected to be a normal year in terms of growth and asset quality.</li>
<li>Q1FY26 saw growth of 7% YoY in AUM, which is decent considering that Q1 tends to have employee promotions and transfers which disrupt the operations somewhat.</li>
<li>Asset quality has stabilized with GNPA at 2.6% vs 3.3% YoY, although it has worsened slightly QoQ due to collection delinquencies in some retail loans. </li>
</ul>


LICHF has been producing below-average growth over the past four years; however FY26 is expected to be a normal year in terms of growth and asset quality.
Q1FY26 saw growth of 7% YoY in AUM, which is decent considering that Q1 tends to have employee promotions and transfers which disrupt the operations somewhat.
Asset quality has stabilized with GNPA at 2.6% vs 3.3% YoY, although it has worsened slightly QoQ due to collection delinquencies in some retail loans. 


LIC Housing Finance (LICHF): Decent Q1FY26 | FY26 Looks Promising

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  </li>
<li>The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  </li>
<li>It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.</li>
</ul>


India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  
The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  
It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.


The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

India

LIC Housing Finance Limited provides housing finance services to individuals for purchase, construction, repair and renovation of new or existing flats and houses. The Company also provides finance on existing property for business, personal needs and gives loans to professionals for purchase, construction of clinics, nursing homes, diagnostic centers, and office space throughout India.

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LIC Housing Finance (LICHF IN)

LIC Housing Finance: Margins Remain Steady, Upgrade to ADD

LIC Housing Finance (LICHF) Q2FY26 earnings were largely in line with our estimates as lower opex was offset by higher credit costs (22bps)

HDFC Securities

Long LIC Housing (LICHF IN) Vs. Short Bank of India (BOI IN): Statistical Arbitrage Pair Trade

Potential relative value opportunity with a 7% target-return by going long LIC Housing Finance and short Bank of India. Essential for quantitative...

Gaudenz Schneider

Primer: LIC Housing Finance (LICHF IN) - Sep 2025

LIC Housing Finance (LICHF) holds a strong position as one of India's largest housing finance companies, benefiting significantly from the...

αSK

LIC Housing Finance (LICHF): Decent Q1FY26 | FY26 Looks Promising

LICHF is on track to post a strong FY26 led by decent growth and stable asset quality. At current valuation, it has potential to more than double.

Ankit Agrawal, CFA

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

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52-week Range

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LIC Housing Finance: Margins Remain Steady, Upgrade to ADD

LIC Housing Finance (LICHF) Q2FY26 earnings were largely in line with our estimates as lower opex was offset by higher credit costs (22bps)

HDFC Securities

Long LIC Housing (LICHF IN) Vs. Short Bank of India (BOI IN): Statistical Arbitrage Pair Trade

Potential relative value opportunity with a 7% target-return by going long LIC Housing Finance and short Bank of India. Essential for quantitative...

Gaudenz Schneider

Primer: LIC Housing Finance (LICHF IN) - Sep 2025

LIC Housing Finance (LICHF) holds a strong position as one of India's largest housing finance companies, benefiting significantly from the...

αSK

LIC Housing Finance (LICHF): Decent Q1FY26 | FY26 Looks Promising

LICHF is on track to post a strong FY26 led by decent growth and stable asset quality. At current valuation, it has potential to more than double.

Ankit Agrawal, CFA

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

​India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.