Portfolio Outstanding & Active Accounts
March-end annual data · FY2020–FY2026 · Portfolio in ₹ Lakh Crore · Accounts in Lakh
₹44.4 L Cr
POS Mar-26
+9.4% YoY · +3.4% QoQ
235.7 L
Active Accounts Mar-26
+2.5% YoY · +0.8% QoQ
₹18.8 L
Avg Outstanding/Account
+6.7% YoY (ATS inflation)
+122%
POS Growth: FY20→FY26
₹20.0L Cr → ₹44.4L Cr
Portfolio Outstanding (₹ L Cr) vs Active Accounts (Lakh)
POS growth outpacing account growth — ticket-size inflation driving portfolio, not new borrower acquisition
Originations — Value, Volume & Average Ticket Size
Annual data FY2020–FY2026 · Value in ₹ Crore · Volume in Lakh loans · ATS in ₹ Lakh
FY26 originations value hit ₹11.8L Cr (+12.3% YoY) while volume recovered to 36.4L (+6.8%) after a 5.3% decline in FY25. Q4 FY26 was strongest quarter at ₹3.45L Cr — buoyed by PMAY 2.0, rate cuts, and fiscal year-end demand.
Originations Value (₹ Cr) & Volume (Lakh) — FY2020 to FY2026
Dual axis: bars = value (left), line = volume (right)
Asset Quality — Portfolio at Risk (PAR)
PAR = % of portfolio outstanding that is overdue · Buckets: 31–90 days, 91–180 days, 180+ days
PAR Trend — All Buckets (Mar 2020 – Mar 2026)
Post-COVID recovery visible; PAR 31-90 oscillates — no structural cure
PAR 31–180% — Historical Snapshot
Combined early delinquency signal by year
Lender Market Share — Originations & Portfolio
By value (₹ amount) and volume (loan count) · PSU Banks, Private Banks, HFCs, Others
Originations Value Share by Lender Type (%)
FY2020–FY2026 · HFC structural decline visible since FY22 peak
Originations Volume Share by Lender Type (%)
FY2020–FY2024 · PSU banks dominant in sub-₹75L segment
Portfolio Outstanding Share — March 2024
PSU Banks dominate volume; Private Banks lead higher ticket sizes
Public Sector Banks
40.0% vol · 43.0% POS
Dominant in sub-₹75L
Private Banks
34.5% vol · 23.0% POS
Lead ₹75L+ segment
HFCs
19.4% vol · 22.5% POS
Losing share structurally
Others
6.1% vol · 11.3% POS
Foreign banks, NBFCs
Ticket Size Migration — Originations Mix
Share of originations (value & volume) by loan size band · Clear shift from sub-₹35L to ₹35L+ over 5 years
Originations Value — Ticket Size Distribution (%)
₹75L+ share doubled from 2.6% (FY20) to 5.9% (FY24) by value
Originations Volume — Ticket Size Distribution (%)
Sub-₹35L volume fell from 51.2% (FY20) to 36% (FY24) — affordability compression
Geographic Distribution — Originations Q4 FY26
Share by city classification: Top 8 metros, Top 9–50, Top 51–100, Beyond Top 100 (BT100)
Home Loans — Value Distribution by Geography
51.8% of origination value from Top 8 cities — most metro-concentrated product
Top 10 States by POS (Mar-26)
Maharashtra ₹9.8L Cr leads; Top 10 = ₹35.8L Cr (80.6% of total)
Hidden Insights
Hidden patterns and strategic signals from 7 years of data — not directly stated in reports
Insight 01 · Volume vs Value Divergence
POS Grew 122% Since FY20; Account Count Only 94% — The Gap Is Pure ATS Inflation
Home loan portfolio doubled in 6 years, but the active account base grew at half the pace. Average outstanding per borrower rose from ₹17.5L (FY20) to ₹18.8L (FY26). The "growth story" is really a rising property price story flowing into bank balance sheets as credit — not a financial inclusion story. Any meaningful correction in property prices would reveal this concentration. Affordable housing lenders targeting BT100 borrowers face the toughest version of this problem.
ATS: ₹20.1L (FY20) → ₹32.5L (FY26) = +62%
Insight 02 · HFC Structural Pressure
HFCs Lost 20 ppts of Originations Volume Share in 6 Years — Model Under Structural Compression
HFCs held 42.5% of originations volume in FY20; by FY26 this fell to ~22.6%. PSU banks captured this share by leveraging lower cost of funds post-rate normalization. HFCs, which depend on NHB/NCD refinancing, saw their funding cost advantage compress. This is not a cyclical hiccup — it's a structural re-rating of the HFC business model. Any HFC relying on the sub-₹35L affordable segment will face continued PSU competition through PMAY 2.0 subsidies.
HFC vol share: 42.5% (FY20) → ~22.6% (FY26)
Insight 03 · Delinquency Absolutism
PAR% Looks Stable, But Absolute Delinquent Portfolio Has Nearly Doubled
PAR 31–90% has oscillated between 1.9%–2.3% for 4 years — often cited as "stable quality". But this masks the absolute exposure: at 2.1% PAR 31–90 on ₹44.4L Cr, the delinquent pool is ~₹0.93L Cr today vs ~₹0.64L Cr (1.9% on ₹33.6L Cr) in Mar-23. Management using % PAR as the sole quality metric are underestimating the recovery machinery needed as the portfolio scales. A consistent 2.1% PAR on a ₹60L Cr portfolio (likely by FY28) means ₹1.26L Cr in stress — 97% larger than Mar-23 in absolute terms.
Absolute PAR 31-90: ₹0.64L Cr (Mar-23) → ₹0.93L Cr (Mar-26)
Insight 04 · Geographic Risk Migration
Growth Is Moving to BT100 Cities Where Delinquency Rates Are Materially Higher
Home loans remain 51.8% metro-centric by value, but the volume-growth frontier is BT100. PAR 91–180 in BT100 cities is measurably higher than Top 8 cities (Mar-26 state data confirms Rajasthan, UP, AP have elevated PAR vs MH/KA). As PSU banks and HFCs push PMAY 2.0 in smaller markets, they're acquiring a different risk profile than their existing book. The credit selection models built on urban borrower data will need explicit recalibration for BT100 geographies.
MH PAR 31-180: 1.5% vs AP: 3.8% (Mar-26)
Insight 05 · Originations Quality Signal
FY25 Volume Contraction (−5.3%) Was Healthy Hygiene, Not Demand Failure
Originations volume fell 5.3% in FY25 despite value growing 1.9% — meaning lenders chose fewer but larger tickets. This coincided with RBI's tightening of HDFC Bank, SBI's selective underwriting, and NBFC HFC margin pressure. The subsequent rebound in FY26 (+6.8% volume, +12.3% value) with improving PAR confirms FY25 was underwriting discipline, not demand drought. Lenders that maintained credit standards in FY25 are now originating into a healthier risk pool — a key differentiation when evaluating portfolio quality across lenders.
FY25 ATS: ₹30.8L · FY26 ATS: ₹32.5L · Quality rebound confirmed