Home First stock tumbles 5% after block deal on nearly 10% equity

According to reports, private equity investors like Warburg Pincus, True North, and Aether was on the block to offload their stake

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Shares of Home First Finance plunged 5 percent to the day’s low of Rs 870 on November 23 after 86.2 lakh shares or nearly 10 percent equity worth Rs 754 changed hands. The S&P BSE Sensex was up 111 points or 0.1 percent to 66,134 levels, as of 10am.

In the past one week, the stock of this housing finance company has slipped 7 percent as against 0.8 percent rise in the benchmark Sensex.

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According to reports, private equity investors like Warburg Pincus, True North, and Aether had put their stakes on the block. The floor price for the block deal was set at 5 percent discount to Rs 869 per share.

In the September-ended quarter, Home First Finance reported a 37 percent on-year growth in consolidated net profit, whereas total income jumped 46.7 percent year-on-year (YoY).

The management said that the company delivered a return on equity (RoE) of 15.6 percent despite inflationary pressures in a peak interest rate regime. “We have added seven branches in the July-September quarter that cumulatively added up to 120 physical branches. The company’s Q2 spreads at 5.5 percent were ahead of our guided levels of 5.25 percent,” said the company.

Analysts at Centrum were bullish on Home First Finance, saying that the company was the top bet in home finance companies spectrum. “We have increased our earnings estimate by 3-5 percent over FY24-26. We continue to value Home First at 4x H1FY26 P/ABV to arrive at our Target Price of Rs 1,150 per share,” the brokerage firm said.

Analysts said that Home First has consistently delivered assets under management (AUM) growth of over 30 percent over the last seven quarters. While home loans grew at an average of 30 percent, disbursements for Q2FY24 was up 37 percent YoY.

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