Forex losses from FCNR borrowings
A ₹470 crore forex loss on FCNR borrowings impacted 9-month profits; management expects this to end after Q4 FY26.
HOUSINGANDURBANDEVELOPME / bear-case history
Track the concerns that keep returning.
Housingandurbandevelopme · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Elevated debt-to-equity ratio
Debt-to-equity stood at 7.28x as of Dec 2025, above comfortable levels; management plans to reduce it via perpetual debt but execution risk remains.
Competition from banks and NBFCs in infrastructure financing
Entry into urban infrastructure faces competition from commercial banks and NBFCs; management cites collaboration and niche focus as mitigants.
Execution delays in state-level projects
Disbursement conversion from sanctions may be slower if states delay project implementation, given long gestation periods of 3-4 years.