Repco Home Finance borrowings rise to Rs 12,812 crore in Q2 FY27

Repco Home Finance Limited reported total borrowings of Rs 12,812 crore in Q2 FY27, up Rs 1,314 crore from Rs 11,498 crore in Q2 FY26. Commercial banks supplied Rs 10,967 crore, or 85.6% of the total, while pass-through certificates reached Rs 145 crore and Repco Bank funding declined 28% year on year to Rs 580 crore.

How much did Repco Home Finance borrow in Q2 FY27?

Repco Home Finance had total borrowings of Rs 12,812 crore in Q2 FY27, compared with Rs 12,078 crore in Q1 FY27 and Rs 11,498 crore in Q2 FY26. The sequential increase was Rs 734 crore, while the year-on-year increase was Rs 1,314 crore. The presentation lists the average cost for total borrowings at 8.35%.

Commercial-bank borrowings were the largest contributor to the increase, rising by Rs 493 crore from Rs 10,474 crore in Q1 FY27 to Rs 10,967 crore in Q2 FY27. National Housing Bank funding increased by Rs 173 crore sequentially to Rs 921 crore, while pass-through certificates increased by Rs 68.22 crore to Rs 145 crore.

Which sources fund most of Repco Home Finance's borrowings?

Commercial banks funded most of Repco Home Finance's borrowings, providing Rs 10,967 crore in Q2 FY27, or 85.6% of the Rs 12,812 crore total. Their balance rose 12% year on year from Rs 9,751 crore in Q2 FY26 and increased from Rs 10,474 crore in Q1 FY27.

National Housing Bank was the second-largest disclosed source at Rs 921 crore, representing 7.2% of Q2 FY27 borrowings. Repco Bank provided Rs 580 crore, or 4.5%. Commercial banks and National Housing Bank together accounted for Rs 11,888 crore, equivalent to about 92.8% of the total funding balance.

The borrowing-profile chart shows that commercial-bank share was 86.7% in Q1 FY27 before declining by 1.1 percentage points to 85.6% in Q2 FY27. National Housing Bank's share rose from 6.2% to 7.2% over the same two quarters, while Repco Bank's share declined from 4.8% to 4.5%.

How has Repco Home Finance reduced reliance on Repco Bank?

Repco Home Finance reduced Repco Bank borrowings to Rs 580 crore in Q2 FY27 from Rs 805 crore in Q2 FY26, a decline of Rs 225 crore or 28%. The Q2 FY27 balance was nearly unchanged from Rs 581 crore in Q1 FY27, showing that the reduction had occurred by the preceding quarter.

Repco Bank represented 4.5% of total borrowings in Q2 FY27, compared with about 7.0% based on its Rs 805 crore balance against total borrowings of Rs 11,498 crore in Q2 FY26. In the same year-on-year comparison, commercial-bank funding increased by Rs 1,216 crore and National Housing Bank funding increased by Rs 122 crore.

Commercial paper also declined year on year, falling to Rs 74 crore in Q2 FY27 from Rs 141.91 crore in Q2 FY26. Its balance was unchanged from Q1 FY27, and the presentation lists its average cost at 7.60%. The presentation does not state why Repco Bank or commercial-paper balances were reduced.

What new funding channels has Repco Home Finance reported?

Repco Home Finance reported pass-through certificates, or PTCs, of Rs 145 crore and non-convertible debentures, or NCDs, of Rs 125 crore in Q2 FY27. The borrowing table does not show balances for either source in Q2 FY26, while it shows Rs 76.78 crore of PTCs and Rs 125 crore of NCDs in Q1 FY27.

PTC funding rose by Rs 68.22 crore quarter on quarter, whereas NCD funding was unchanged at Rs 125 crore. Together, the two channels represented Rs 270 crore, or about 2.1%, of Q2 FY27 total borrowings. The presentation lists average costs of 7.85% for PTCs and 8.40% for NCDs.

Commercial paper, PTCs and NCDs together totalled Rs 344 crore in Q2 FY27, compared with Rs 275.78 crore in Q1 FY27. That Rs 68.22 crore increase came entirely from the higher PTC balance because commercial paper remained at Rs 74 crore and NCDs remained at Rs 125 crore.

What ratings does Repco Home Finance report for its funding instruments?

Repco Home Finance reported AA-/Stable ratings for term loans from CARE and ICRA as of September 30, 2026. CARE and ICRA each assigned A1+ to commercial paper, which stood at Rs 74 crore in the Q2 FY27 borrowing profile.

ICRA assigned AA-/Stable to the company's NCDs and AAA (SO) to its pass-through certificates as of September 30, 2026. The presentation reported Rs 125 crore of NCDs and Rs 145 crore of PTCs in Q2 FY27, but did not provide maturity dates, rating rationales or future issuance plans.

Conclusion

Repco Home Finance increased its borrowing balance while retaining a funding profile led by commercial banks. Total borrowings rose to Rs 12,812 crore in Q2 FY27, commercial-bank funding rose to Rs 10,967 crore, and Repco Bank funding declined to Rs 580 crore. PTCs and NCDs added Rs 270 crore to the disclosed mix, although their combined share remained about 2.1%.

The main item to watch is whether the Rs 145 crore PTC balance continues to rise and whether commercial-bank concentration changes from 85.6% of borrowings. The presentation leaves the maturity profile, planned borrowing mix and future issuance plans unresolved, while its instrument ratings are stated as of September 30, 2026.