October 2026
Largest Real Estate Finance Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
L&T Finance, Piramal Finance, Embassy Office Parks, HUDCO and IIFL Finance.
 | Non-banking finance company of the Larsen & Toubro group. It lends to rural households, farm equipment buyers, two-wheeler buyers, small businesses, and for housing and infrastructure projects. Headquartered in Mumbai. | $2 | -18% | $6.3B | $17B | 15.4x | - | ||
| Piramal Finance Ltd main business is providing loans to customers for construction or purchase of residential property, loans against property, loans to real estate developers, loans to SMEs, Consumption loans, etc. Its loan products are Home Loan, Construction Loan, Renovation Loan, Extension Loan, Business Loans, Loan Against Property, Small Business Loan, Working Capital Loan, Personal Loan, Used Car Loan, Group Loan, Loan Against Securities, Loan Against Car, Insurance Services, Interest Rates & Disclosures, Wholesale Lending, Alternatives, etc. The company's business segments are Retail Lending, Wholesale Lending, Alternatives, and Life Insurance. The Company has identified only one reportable business segment & geographical segment as it deals mainly in lending business within India. | $20 | -- | $4.7B | $13B | 12.2x | 73.6x | ||
| Embassy Office Parks REIT is involved in real estate activities including renting, buying, selling, and operating leased or self-owned real estate properties. The group's portfolio comprises office parks and prime city-center office buildings. Geographically, the activities are carried out throughout India. | $4 | -- | $4.2B | $6.6B | 13.8x | 16.2x | ||
| State-owned housing and urban infrastructure financier. It lends to state housing boards, development authorities, municipal bodies and public agencies for housing and urban projects. Headquartered in New Delhi. | $2 | -42% | $3.1B | $18B | 49.8x | - | ||
| Non-banking finance company focused on gold loans, home loans and loans to small businesses. It lends mainly to retail and small-business customers through a large branch network across India. Headquartered in Mumbai. | $6 | -7% | $2.4B | $9.4B | 11.6x | - | ||
| Affordable housing finance company serving low and middle income and self-employed home buyers with home and home improvement loans. Branches mainly in tier 2 and 3 cities. Headquartered in Mumbai. | $5 | -19% | $2B | $3.9B | 10.8x | 13.5x | ||
| IndiGrid Infrastructure Trust, formerly India Grid Trust is an infrastructure investment trust established to own inter-state power transmission assets in India. The projects comprise extra high voltage (EHV) overhead power transmission lines, comprising approximately seven 765 kV transmission lines and thirty 400 kV transmission lines. The company has two distinct reportable segments: Power Transmission and Power generation. The power Transmission segment generates the majority of revenue and is engaged in the business of owning and maintaining transmission assets. The power Generation segment includes entities in the business of generating power through renewable sources such as solar etc. | $2 | -10% | $1.7B | $3.8B | 7.5x | 11.0x | ||
| Mortgage-focused non-banking finance company, formerly Indiabulls Housing Finance. It offers home loans, loans against property and loans to developers and small businesses. | $1 | -43% | $1.4B | $5.5B | 9.6x | (6.8x) | ||
| Home First Finance is an affordable housing finance company lending to low and middle income buyers in urban India. It funds itself through banks and debt markets. Headquartered in Mumbai. | $11 | -22% | $1.1B | $2.1B | 12.2x | 30.0x | ||
| Aptus Value Housing Finance is a housing finance company serving self-employed, low and middle income households in semi-urban and rural South India. It offers home purchase, construction, extension and home improvement loans, mostly through a branch network in Tamil Nadu, Andhra Pradesh, Karnataka and Telangana. Headquartered in Chennai. | $2 | -42% | $1B | $1.8B | 10.8x | - | ||
| Housing finance company promoted by Canara Bank. It gives home loans, plot loans and home improvement loans to salaried and self-employed individuals, mainly in South India. Headquartered in Bengaluru. | $7 | -24% | $995M | $5B | 28.8x | - | ||
| AAVAS Financiers is a housing finance company that lends for home purchase and construction to low and middle income families in semi-urban and rural India. It funds itself through bank loans and debt. Headquartered in Jaipur. | $12 | -37% | $933M | $2.4B | 9.9x | 29.1x | ||
| India Shelter Finance is a housing finance company lending to low-income and self-employed borrowers for home purchase and construction in smaller towns. Income is net interest on its loan book. It operates through a branch network across several Indian states. Headquartered in Gurugram, Haryana. | $6 | -35% | $707M | $1.3B | 9.5x | 20.8x | ||
| Repco Home Finance is a housing finance company offering home loans, extension and plot loans to middle and lower income households, mostly in South India. Headquartered in Chennai. | $3 | -31% | $203M | $1.4B | 7.7x | 22.0x | ||
| GIC Housing Finance is a housing finance company that gives home loans, loans against property and construction finance to individuals. It is promoted by General Insurance Corporation of India and other public sector insurers. Headquartered in Mumbai. | $1 | -33% | $71M | $1B | 9.1x | 60.4x | ||
| Median | $4 | -31% | $1.4B | $3.9B | 10.8x | 21.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.