Introduction: A Closer Look at India’s Unlisted Housing Finance Sector
India’s housing finance sector plays an important role in helping individuals and families achieve homeownership. As housing demand continues to evolve, housing finance companies provide loans and other financial solutions to support residential property purchases. Alongside listed companies, unlisted housing finance companies also contribute to this segment through their lending operations and customer-focused strategies.
However, these companies differ considerably in their operating scale. While some generate revenue of several thousand crore rupees, others operate at a comparatively smaller scale. Therefore, comparing their financial performance provides a clearer picture of how they rank within the unlisted housing finance segment.
In FY26, Tata Capital Housing Finance Limited leads the selected group with revenue of ₹8,639.48 crore. Aditya Birla Housing Finance Limited and ICICI Home Finance Company Limited follow closely, while IIFL Home Finance Limited secures the fourth position.
Meanwhile, companies such as Truhome Finance, Hinduja Housing Finance and Sundaram Home Finance contribute to the middle tier. At the lower end, SMFG India Home Finance, Grihum Housing Finance and Mahindra Home Finance complete the comparison.
This article examines 10 unlisted housing finance companies based on their FY26 revenue figures. Furthermore, it highlights revenue concentration, compares the leading players and explores the differences in operating scale across the selected group.
FY26 Revenue Rankings: Who Leads the Group?
Revenue offers a useful starting point for comparing housing finance companies because it indicates their operating scale. Based on the figures provided, Tata Capital Housing Finance Limited ranks first with revenue of ₹8,639.48 crore.
Aditya Birla Housing Finance Limited follows with ₹4,066.05 crore, narrowly ahead of ICICI Home Finance Company Limited, which reports ₹4,064.06 crore. IIFL Home Finance Limited takes fourth place with revenue of ₹3,807.61 crore.
Together, these four companies generate ₹20,577.20 crore in revenue out of the group’s total of ₹30,891.45 crore. Consequently, they account for approximately 66.6% of the total revenue among the 10 selected companies.
This concentration highlights the significant contribution of the leading players. At the same time, the remaining six companies account for approximately 33.4% of the group’s revenue, reflecting the varied operating scales within the unlisted housing finance segment.
FY26 Revenue Comparison
Source: Revenue figures provided for FY26. Companies have been selected based on RBI categories.
Revenue Graph: How Do the Companies Compare?
The revenue comparison highlights a clear leader, followed by a closely matched pair of companies. Tata Capital Housing Finance stands ahead of the other nine companies with revenue of ₹8,639.48 crore. In comparison, Aditya Birla Housing Finance and ICICI Home Finance report almost identical revenue figures.
Furthermore, IIFL Home Finance maintains a strong position among the top four companies. Beyond these leaders, however, revenue declines more gradually, with Truhome Finance and Hinduja Housing Finance reporting ₹2,482.60 crore and ₹2,013.93 crore, respectively.
Meanwhile, Sundaram Home Finance, SMFG India Home Finance, Grihum Housing Finance and Mahindra Home Finance report revenue below ₹2,000 crore.
Therefore, the comparison reveals a broad range of operating scales across the selected group. Nevertheless, revenue alone does not establish profitability, asset quality or lending efficiency. For a more comprehensive assessment, these figures should also be considered alongside profit after tax, assets under management and non-performing asset ratios.
Tata Capital Housing Finance: The Clear Revenue Leader
Tata Capital Housing Finance Limited leads the comparison with FY26 revenue of ₹8,639.48 crore. This is the highest figure among the 10 selected unlisted housing finance companies.
To put this into perspective, Tata Capital Housing Finance generates more than twice the revenue of Aditya Birla Housing Finance, the second-ranked company. Moreover, its revenue exceeds the combined revenue of Aditya Birla Housing Finance and ICICI Home Finance, which stands at ₹8,130.11 crore.
This substantial difference establishes Tata Capital Housing Finance as the clear leader in terms of reported revenue. It also demonstrates how one company’s scale influences the overall distribution of revenue across the peer group.
However, higher revenue does not necessarily translate into higher profitability or better operating efficiency. Therefore, a more complete evaluation would also examine the company’s profit margins, loan portfolio, asset quality and growth trends.
Aditya Birla Housing Finance and ICICI Home Finance: A Close Contest
Aditya Birla Housing Finance Limited ranks second with revenue of ₹4,066.05 crore, while ICICI Home Finance Company Limited follows closely at ₹4,064.06 crore.
Interestingly, the difference between the two companies is just ₹1.99 crore. As a result, they occupy almost identical positions in terms of reported revenue, making this the closest comparison among the leading companies.
Furthermore, both companies generate revenue exceeding ₹4,000 crore, placing them well ahead of most of the remaining peers. However, their individual revenue figures are less than half of Tata Capital Housing Finance’s revenue.
Consequently, while the two companies are closely matched with each other, a considerable gap remains between them and the group’s leading player.
Nevertheless, revenue rankings provide only a starting point. Comparing profitability, assets under management and asset quality would help establish whether these companies also demonstrate similar financial performance across other measures.
IIFL Home Finance: Securing the Fourth Position
IIFL Home Finance Limited ranks fourth with FY26 revenue of ₹3,807.61 crore. Although its revenue is lower than that of Aditya Birla Housing Finance and ICICI Home Finance, it remains a significant contributor to the group’s overall revenue.
Notably, IIFL Home Finance generates approximately 93.6% of the revenue reported by either Aditya Birla Housing Finance or ICICI Home Finance. This relatively small difference places it within reach of the two companies immediately above it.
At the same time, IIFL Home Finance maintains a clear lead over Truhome Finance, which reports revenue of ₹2,482.60 crore.
Therefore, the top four companies form a distinct group within this comparison. Together, they account for approximately two-thirds of the total revenue, while the remaining six companies contribute the balance.
The Middle Tier: Truhome, Hinduja and Sundaram Home Finance
Truhome Finance Limited ranks fifth with FY26 revenue of ₹2,482.60 crore. Hinduja Housing Finance Limited follows with ₹2,013.93 crore, while Sundaram Home Finance Limited reports ₹1,867.57 crore.
Although these companies operate at a smaller revenue scale than the top four, they represent an important part of the selected peer group.
Among them, Truhome Finance leads the middle tier, generating approximately ₹468.67 crore more revenue than Hinduja Housing Finance. Meanwhile, Hinduja Housing Finance maintains a lead of ₹146.36 crore over Sundaram Home Finance.
As a result, the differences within this tier are comparatively narrower than the gap between Tata Capital Housing Finance and the companies immediately below it.
However, revenue alone cannot explain these differences. Lending strategies, customer segments, geographical reach and portfolio composition may also influence the financial performance of each company. Therefore, these factors should be considered when comparing their overall business positions.
Smaller Revenue Contributors: SMFG India Home Finance, Grihum and Mahindra Home Finance
The final three companies in the comparison report FY26 revenue below ₹1,600 crore. SMFG India Home Finance Company Limited, operating under the trade name SMFG Grihashakti, leads this group with revenue of ₹1,521.51 crore.
Grihum Housing Finance Limited follows with ₹1,253.60 crore, while Mahindra Rural Housing Finance Limited reports ₹1,175.04 crore.
Notably, the difference between Grihum Housing Finance and Mahindra Home Finance is ₹78.56 crore. Therefore, the two companies are relatively close in terms of their reported revenue.
Although their revenue figures are lower than those of the leading peers, this does not automatically indicate weaker business performance. Housing finance companies can differ in their target customers, lending models and geographical focus. Consequently, their financial performance should be assessed in the context of these operating differences.
Furthermore, comparing their profitability, loan portfolio quality and year-on-year revenue growth would provide a more complete understanding of their relative positions.
What Does the FY26 Comparison Tell Us?
The FY26 revenue comparison highlights three important observations.
First, revenue is concentrated among the leading companies. Tata Capital Housing Finance, Aditya Birla Housing Finance, ICICI Home Finance and IIFL Home Finance together contribute approximately 66.6% of the total revenue generated by the selected 10 companies. This indicates that a substantial share of the group’s revenue comes from its top four players.
Second, Tata Capital Housing Finance maintains a clear lead. With revenue of ₹8,639.48 crore, it generates more than twice the revenue of the second-ranked company. Moreover, Aditya Birla Housing Finance and ICICI Home Finance report almost identical revenue figures, highlighting a close contest for the second position.
Third, the remaining companies operate across different revenue levels. Truhome Finance, Hinduja Housing Finance and Sundaram Home Finance form the middle tier, while SMFG India Home Finance, Grihum Housing Finance and Mahindra Home Finance report comparatively lower revenue.
Taken together, these findings demonstrate the differences in operating scale across the selected unlisted housing finance companies. However, revenue is only one aspect of financial performance. A broader comparison of profitability, assets under management, asset quality and growth would help provide a more balanced view of the sector.
Conclusion: Beyond Revenue Rankings
FY26 revenue figures place Tata Capital Housing Finance at the top of the selected unlisted housing finance companies, followed by Aditya Birla Housing Finance, ICICI Home Finance and IIFL Home Finance. Together, these four companies account for approximately two-thirds of the group’s total revenue.
Meanwhile, Truhome Finance, Hinduja Housing Finance and Sundaram Home Finance occupy the middle tier. SMFG India Home Finance, Grihum Housing Finance and Mahindra Home Finance complete the lower end of the revenue ranking.
Nevertheless, revenue rankings alone cannot determine which company demonstrates stronger financial performance, profitability or operating efficiency. For that, analysts need to examine a broader set of financial and operational indicators.
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