Housing & Urban Development Corporation Limited (HUDCO) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 31, 2026 6 min read

HUDCO, a Navratna CPSE and NBFC-IFC financing housing and urban infrastructure across India, reports its Q2 FY 2026-2027 results with disbursement momentum running well ahead of last year. The print will speak to whether the interest spread recovers toward the guided 2% and how the rupee's slide past 95/USD affects the FCNR and ECB book.

Quick Details

Results date	November 04, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 3,717.17 Cr
Previous quarter PAT	Rs. 851.11 Cr
Market cap	Rs. 28,641.18 Cr
CMP	Rs. 143.07

Housing & Urban Development Corporation Limited Q2 Results Date and Time

The Board of Directors will meet on November 04, 2026, to consider the audited financial results for the quarter and half-year ended 30 September 2026 and possibly recommend the 2nd interim dividend for FY 2026-27. The trading window remains shut from October 1 to November 6, 2026.

The November 4, 2026 Board meeting will consider the 2nd interim dividend for FY 2026-27 and its record date. This follows the 1st interim dividend of Rs. 1.25 per share paid with a record date of July 31, 2026, and the FY26 total dividend of Rs. 6.05 per share.

What to expect from Housing & Urban Development Corporation Limited's Q2 FY27 results

The quarter's central test is whether HUDCO's volume momentum holds while its margin bridge survives a late-quarter rate hardening — the repo was hiked 25 bps to 5.50% with a calibrated tightening stance after G-sec yields hardened from mid-August into September.

On volumes, H1 FY27 disbursements of Rs. 35,371 Cr are up 36.90% YoY and already 54.42% of the ~Rs. 65,000 Cr FY27 target, with H1 sanctions at Rs. 1,04,592 Cr and the CMD publicly framing a loan book crossing Rs. 2 lakh crore in FY27 on a Rs. 75,000 Cr borrowing plan. On margins, the guided interest spread of ~2% by end-FY27 and NIM of ~3% were at 1.83% and 2.72% (Incl.

EBR) in Q1, and management has flagged the 2% spread to materialise in Q3 — a path now carrying more execution risk after the rate hike. On forex, the rupee fell past 95/USD in September, but HUDCO's up-to-USD 2 bn ECB programme via the RBI concessional swap window (open till December 31, 2026, with USD 700 mn already secured) offers a buffer against a repeat of the ~Rs. 176 Cr H1 FY26 currency-fluctuation loss.

Asset quality starts from a strong base — GNPA 0.96%, NNPA 0.0483%, PCR 95.06% in Q1 — against the zero-NNPA-within-18-months goal, while the unresolved exchange-fine waiver and BSE's Z-group warning remain the governance overhang entering the print.

Key Things To Watch

Performance vs Guidance Tracking: Where HUDCO stands against its own stated targets:

Disbursements — ~Rs. 65,000 Cr by FY27 — H1 FY27 actual of Rs. 35,371 Cr is 54.42% of target; track reaffirmation or raise
Interest spread — ~2% by end of FY27 — Q1 FY27 spread was 1.83% Incl. EBR / 2.06% Excl. EBR; Q3 materialisation flagged by management
NIM — around 3% (open-ended) — Q1 FY27 NIM was 2.72% Incl. EBR / 3.03% Excl. EBR; which basis the guide refers to
Debt-equity below 6x — guided 'next 2-3 months' from the Q3 FY26 call — Q1 FY27 D/E was 6.70x; status of perpetual Tier-1 issuance and the Rs. 70,000 Cr NCD window
Zero Net NPA within 18 months — NNPA at 0.0483% and GNPA below 1% at Q1 FY27
NPA resolution — Rs. 700-800 Cr of gross NPAs by end FY27; Rs. 403 Cr recovered in FY26

Volume run-rate and state frameworks

Implied Q2 disbursements of ~Rs. 18,994 Cr (H1 less Q1) need to sustain the record Q1 run-rate of Rs. 16,377.14 Cr
Conversion of the Bihar MoU (up to Rs. 25,000 Cr over 5 years, signed 2 Sep 2026) and the Odisha term-loan framework of up to Rs. 1 trillion into sanctions
Urban Invest window sanctions guided within 12-18 months of the Q2 FY26 call — the window for first UI sanctions opens around H2 FY27

Forex and funding execution

Confirmation that FCNR losses ended after Q3 FY26 as guided, against cumulative 9M FY26 losses of Rs. 470 Cr
ECB drawdowns under the RBI swap window toward the USD 2 bn target (USD 700 mn secured this financial year)
NCD issuance under the Rs. 70,000 Cr AGM-approved limit and perpetual Tier-1 timing for the sub-6x D/E path

Governance and regulatory overhang

Waiver outcome on NSE and BSE fines of Rs. 1,171,740 (incl. GST) each for Board/committee composition lapses for the quarter ended 30 June 2026
BSE has warned that continued Reg. 17(1)/18(1)/27(2) non-compliance for a second consecutive quarter could trigger Z-group transfer and trading suspension
RBI placed HUDCO on its NBFC-Upper Layer list on August 6, 2026, following the June 24, 2026 norms withdrawing concentration-risk exemptions for government-owned NBFCs

Dividend and repayments

2nd interim dividend for FY 2026-27 and record date to be considered at the 4 Nov 2026 Board meeting, after the 1st interim dividend of Rs. 1.25/share
Repayments tracking vs ~Rs. 20,000 Cr for FY27 (Rs. 4,000 Cr received in Q1; Rs. 15,000-16,000 Cr expected in remaining quarters)

Frequently Asked Questions

How much did HUDCO disburse in the first half of FY27?

HUDCO's provisional H1 FY27 disbursements stood at Rs. 35,371 Cr, up 36.90% YoY from Rs. 25,838 Cr in the half-year ended 30 September 2025. That equals 54.42% of its ~Rs. 65,000 Cr FY27 disbursement target.

Why did HUDCO's interest spread fall, and when will it recover to 2%?

The spread compressed to 1.83% (Incl. EBR) in Q1 FY27 from 2.08% in H1 FY26, which management attributes to accelerated growth. Management has guided that the spread will rest at around 2% by end of FY27, with the 2% anticipated to materialise in Q3.

Is HUDCO's asset quality improving?

Yes — gross NPA fell below 1% to 0.96% in Q1 FY27 with net NPA at 0.0483% and provision coverage at 95.06%, which the company called a new benchmark. Management has set a goal of becoming a Zero NPA company within 18 months.

What is HUDCO's plan for foreign currency borrowings and forex losses?

HUDCO plans to raise up to USD 2 billion via ECBs under the RBI concessional swap window by December 2026, with USD 700 million already secured this financial year. Management stated that if the currency remained at current levels, no further forex loss was expected after the cumulative 9M FY26 FCNR loss of Rs. 470 crores.

What is the exchange fine issue facing HUDCO?

NSE and BSE levied fines of Rs. 1,171,740 (incl. GST) each for Board/committee composition and quorum lapses for the quarter ended 30 June 2026, and HUDCO has sought a waiver, saying director appointments vest with the President of India. BSE has warned that continued non-compliance for a second consecutive quarter could trigger Z-group transfer and trading suspension.