Introduction: A Closer Look at India’s Housing Finance Sector
India’s housing finance sector plays an important role in making homeownership more accessible. As demand for residential properties grows, housing finance companies continue to support individuals and families through home loans and other housing-related financial solutions.
However, not all housing finance companies operate at the same scale. While some have established a strong presence across the country, others are expanding their reach through focused lending strategies and customer segments. Therefore, comparing their financial performance helps us understand how they differ in terms of scale and market presence.
In FY26, the revenue figures of listed housing finance companies highlight a clear difference between the largest players and their smaller peers. LIC Housing Finance Limited leads the selected group, followed by Bajaj Housing Finance Limited and PNB Housing Finance Limited. Meanwhile, companies such as Can Fin Homes, Aadhar Housing Finance and Aavas Financiers form the next tier of this comparison.
This article examines 10 listed housing finance companies using their FY26 revenue figures. It also explores the revenue distribution across the group to identify the leading companies and understand how the remaining players compare.
FY26 Revenue Rankings: Who Leads the Group?
Revenue is a useful starting point when comparing housing finance companies because it provides an indication of their operating scale. Based on the figures provided, LIC Housing Finance Limited ranks first with revenue of ₹28,771.66 crore. Bajaj Housing Finance Limited follows with ₹11,150.29 crore, while PNB Housing Finance Limited ranks third with ₹8,514.29 crore.
Together, these three companies account for a substantial share of the revenue generated by the selected group. In fact, their combined revenue stands at ₹48,436.24 crore, out of the group’s total revenue of ₹64,340.61 crore.
Consequently, the top three companies contribute approximately 75.3% of the total revenue among these 10 peers. This indicates that revenue is concentrated among a few large players rather than being evenly distributed across the group.
The remaining seven companies contribute the other 24.7%. Although their individual revenue figures are lower, they provide a useful view of the different operating scales represented within the listed housing finance segment.
FY26 Revenue Comparison
Source: Revenue figures provided for FY26. Companies have been selected based on RBI categories.
Revenue Graph: How the Companies Compare
The revenue comparison becomes clearer when the companies are viewed together. LIC Housing Finance stands well ahead of the other nine companies, while Bajaj Housing Finance and PNB Housing Finance occupy the next two positions.
Below the top three, the revenue figures show a more gradual decline. Can Fin Homes and Aadhar Housing Finance generate revenue in the ₹3,000 crore to ₹5,000 crore range. Meanwhile, the remaining five companies each report revenue below ₹3,000 crore.
This difference highlights the range of operating scales within the selected peer group. However, revenue alone does not establish profitability, asset quality or business efficiency. Those aspects require additional metrics, including profit after tax, assets under management and gross and net non-performing assets.
LIC Housing Finance: The Clear Revenue Leader
LIC Housing Finance Limited leads the comparison with FY26 revenue of ₹28,771.66 crore. This is the highest figure among the 10 selected companies and places it well ahead of the next-largest player.
To put this into perspective, LIC Housing Finance generates approximately 2.6 times the revenue of Bajaj Housing Finance. Furthermore, its revenue exceeds the combined revenue of Bajaj Housing Finance and PNB Housing Finance, which stands at ₹19,664.58 crore.
This difference makes LIC Housing Finance the largest company in the group by the revenue measure used in this analysis. Its position also demonstrates how much the overall results of the peer group are influenced by its scale.
Nevertheless, a higher revenue figure should not automatically be interpreted as stronger profitability or better operating efficiency. For a more complete comparison, revenue needs to be assessed alongside profit after tax, asset quality and the size of the loan portfolio.
Bajaj Housing Finance and PNB Housing Finance: The Next Two Leaders
Following LIC Housing Finance, Bajaj Housing Finance Limited ranks second with revenue of ₹11,150.29 crore. PNB Housing Finance Limited takes third place with ₹8,514.29 crore.
Together, these companies form the second and third largest contributors to the group’s revenue. Bajaj Housing Finance generates approximately 31% more revenue than PNB Housing Finance, reflecting the difference in their reported operating scale.
However, the gap between these two companies and LIC Housing Finance remains considerable. LIC Housing Finance alone generates more than the combined revenue of both companies. Therefore, the top three positions are not evenly distributed, with the first-ranked company maintaining a significant lead.
At the same time, the figures provide a useful starting point for further comparison. Investors and analysts can examine whether these revenue differences are also reflected in profitability, growth, loan portfolio quality and other financial indicators.
The Middle Tier: Can Fin Homes and Aadhar Housing Finance
Can Fin Homes Limited ranks fourth with FY26 revenue of ₹4,218.24 crore. Aadhar Housing Finance Limited follows closely with ₹3,686.54 crore.
Although both companies report considerably lower revenue than the top three, they occupy an important position within the selected group. Their revenue figures are also higher than those of the remaining five companies in the comparison.
The difference between Can Fin Homes and Aadhar Housing Finance is approximately ₹531.70 crore. As a result, Can Fin Homes maintains a lead over Aadhar Housing Finance in terms of reported revenue.
However, revenue rankings provide only one perspective. To assess their relative performance more effectively, it would be useful to compare their assets under management, profitability and asset quality. These indicators would help establish whether their operating scale translates into comparable financial outcomes.
Smaller Revenue Contributors: Aavas, Home First, Repco, Aptus and India Shelter
The remaining five companies report FY26 revenue below ₹3,000 crore. These include Aavas Financiers Limited at ₹2,684.84 crore, Home First Finance Company India Limited at ₹1,922.72 crore, Repco Home Finance Limited at ₹1,797.69 crore, Aptus Value Housing Finance India Limited at ₹1,564.15 crore and India Shelter Finance Corporation Limited at ₹1,530.19 crore.
Among these companies, Aavas Financiers leads the group, followed by Home First Finance and Repco Home Finance. Aptus Value Housing Finance and India Shelter Finance report the lowest revenue figures in this comparison.
Notably, the revenue difference between Aptus Value Housing Finance and India Shelter Finance is only ₹33.96 crore. Therefore, their positions are relatively close when measured by revenue.
However, a smaller revenue base does not necessarily indicate weaker business performance. Companies can differ in their lending focus, customer segments, geographical reach and operating models. Consequently, a meaningful assessment should consider these factors alongside financial metrics rather than relying on revenue rankings alone.
What Does the FY26 Comparison Tell Us?
The comparison highlights three key observations.
First, revenue is concentrated among the leading companies. LIC Housing Finance, Bajaj Housing Finance and PNB Housing Finance together contribute approximately 75.3% of the total revenue generated by the selected 10 companies.
Second, there is a considerable difference between the largest company and the rest of the group. LIC Housing Finance reports revenue of ₹28,771.66 crore, compared with ₹11,150.29 crore for Bajaj Housing Finance. This establishes a clear gap at the top of the ranking.
Third, the remaining companies operate across a broad range of revenue levels. While Can Fin Homes and Aadhar Housing Finance report revenue above ₹3,000 crore, the other five companies in the lower tier each report revenue below ₹3,000 crore.
Taken together, these findings show that the selected companies differ considerably in their reported operating scale. Nevertheless, revenue is only one part of the financial picture. A broader assessment would also examine profitability, asset quality, assets under management and year-on-year growth to understand how these companies perform relative to one another.
Conclusion: Beyond Revenue Rankings
FY26 revenue figures place LIC Housing Finance at the top of the selected listed housing finance companies, followed by Bajaj Housing Finance and PNB Housing Finance. Together, the three largest companies account for approximately three-quarters of the group’s total revenue.
Meanwhile, Can Fin Homes and Aadhar Housing Finance occupy the middle tier, while Aavas Financiers, Home First Finance, Repco Home Finance, Aptus Value Housing Finance and India Shelter Finance report lower revenue figures.
However, revenue rankings alone cannot determine which company offers stronger financial performance or operating efficiency. For that, analysts need a more comprehensive view of each company’s financials, loan portfolio, asset quality and growth trends.
PrivateCircle helps simplify this process by bringing company financials and corporate information into a structured research workflow.