Star Housing Finance Limited is an affordable housing finance company focused on EWS/LIG/MIG home loans, operating from a Mumbai corporate office with 35+ points of presence across six states; as of Dec 31, 2025 AUM stood at Rs.569.86 crore with 5,500+ live accounts and an average loan size around Rs.10 lakh.

The company has undergone a clear professionalisation since 2019: migration from BSE SME to Main Board, relocation of corporate office to Mumbai, expansion to a 250+ employee base, induction of ex‑NHB/LIC/IDBI professionals on the board and cumulative net worth strengthening to ~Rs.147 crore through capital infusion and PAT accretion.

Asset quality shows resilience for a fast‑growing affordable housing lender: GNPA at 1.84% and NNPA at 1.49% as of Dec 31, 2025, with management stating provisions and write‑offs provide full coverage on GNPA. Historical GNPA improved from near 3% in FY21-22 to current levels, indicating underwriting stability during scale‑up.

Funding and profitability metrics reflect growth phase dynamics: borrowings increased to ~Rs.400 crore with a diversified lender base including NHB and SBI, net interest income at Rs.31.25 crore for 9M FY25‑26 and PBT of Rs.4.84 crore for 9M FY25‑26; margin and finance cost pressures are evident as finance cost rose year‑on‑year.

Concentration and product mix remain notable: retail lending accounts for 99% of portfolio, 95% of loans are up to Rs.25 lakh and Maharashtra constitutes 70% of AUM; while this focus supports deep expertise in target segments, it represents regional concentration risk that management needs to mitigate as scale continues.