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Spotlight Pick – Can Fin Homes

Can Fin Homes is a public deposit-taking housing finance company. It focuses on funding low & middle-income individuals and first-time homebuyers, preferably salaried professionals, while also extending services to builders, corporates, and others.

Its product portfolio includes: housing finance tailored to individuals, affordable homes, and PMAY-linked borrowers. It also offers composite loans, top-up loans, mortgage loans, site loans, loans against rent receivables, and loans for commercial properties.

For individuals, Can Fin also caters through personal financing options, education loans, pensioner loans, along with accepting deposits.

The company operates in three key segments: Housing Finance, Non-housing Finance, and Deposits. The average loan ticket size is ?18L in housing, ?9L in non-housing finance. It also mobilizes both fixed and cumulative deposits as per NHB norms.

Headquartered in Bengaluru, Can Fin has a widespread network spanning 205 branches, affordable housing centers, and satellite offices across India. Shri Suresh S Iyer is the current Managing Director & CEO.

Core Offerings

• Housing Finance
• Non-Housing Finance
• Deposits

Positives

• 205 branches across 21 states and UTs, serving diverse geographies.
• Plans to expand network and penetrate new high-potential markets.
• Earnings CAGR of ~17.1% over the last 5 years.
• Intrinsic value estimated above 30%.
• Average borrowing cost at 6.5%, sustaining healthy spreads.
• Loan book crossed ?30,000 crore – strong business growth.
• 27% loan share from self-employed customers (?8,477 crore).
• Attractive valuation: P/E ~15X vs peer average ~24X.
• Better value than Indian diversified financial industry average (28.9X).
• Revenue forecasted at 14.7% growth vs Indian market 9.6%.
• Earnings growth forecast ~13.6%, higher than savings rate.

Challenges

• Intense competition from banks and larger HFCs in Tier I & II cities.
• Credit risk due to borrower defaults.
• Macroeconomic factors like inflation, demand-supply, and interest rates can cause liquidity and funding risks.

Futurecaps Valuation Metrics

• Economic Moat – Moderate
• Growth – Good
• Valuation – Good
• Debt – High
• Integrity – Moderate

Summary

The company shows strong fundamentals to generate 3–5X returns in the medium to long term. Full details are available in the complete article on our website.

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