CFO steps down: Home First Finance | Asia Pacific

Research evidence excerpt

CFO steps down: Home First Finance | Asia Pacific

Update

June 25, 2026 01:17 PM GMT

Morgan Stanley India Company Private Limited+MHome First Finance | Asia Pacific Kushan Parikh, CFA

Equity Analyst

CFO steps down Kushan.Parikh@morganstanley.comSubramanian Iyer +91 22 6118-1082

Subramanian.Iyer@morganstanley.com +91 22 6118-2234

Key Takeaways Sakshi V Chaplot

Research Associate

Home First (HFFC) has informed (link below) that Ms. Nutan Gaba Patwari, CFO, Sakshi.Chaplot@morganstanley.com +91 22 6118-2228

has resigned from the company.

Her resignation will be effective from 31 August 2026. She has served about eight

years with the company.

After stepping down as CFO, she will support HFFC in a non-operating, time-

bound advisory capacity focused on investor relations and capital-markets. Home First Finance Co Ltd (HOME.NS, HOMEFIRS IN)

India Financials | India

Link to exchange filing. Stock Rating Overweight

Industry View Attractive

Price target Rs1,560.00

We have an Overweight rating on Home First. Our price target of Rs1,560 (34% Up/downside to price target (%) 34

upside) implies F28e P/BV of 2.9x and P/E of ~21x. We expect F28 post-money ROE Shr price, close (Jun 24, 2026) Rs1,163.50

52-Week Range Rs1,519.00-893.70

of 14.6% (pre-money ROE of 16%+ in F24-25) and F26-28 EPS CAGR of 21%. Sh out, dil, curr (mn) 108

Mkt cap, curr (bn) US$1.3

Home First is one of the fastest-growing affordable housing franchises, in terms of Avg daily trading value (mn) US$4.6

both loans and EPS CAGR (20%+). Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS (Rs)** 53.87 60.97 72.99 87.22

It also has a higher proportion of relatively lower-risk housing loans vs. peers. A BV/shr (Rs)* 417.6 473.9 541.6 622.6

fully secured loan book adds defensiveness in the context of macro uncertainty.