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PLR cut may compress spreads
View Risks →Aadhar Housing Finance Limited — Q3 FY26
Aadhar Housing Finance delivered a strong Q3 FY26 with AUM growing 20% YoY to ₹28,790 crore and PAT rising 23% YoY to ₹294 crore.
bullish
high
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Aadhar Housing Finance delivered a strong Q3 FY26 with AUM growing 20% YoY to ₹28,790 crore and PAT rising 23% YoY to ₹294 crore. Disbursements for 9M FY26 were ₹6,469 crore, up 15% YoY. Asset quality improved with GNPA at 1.38% (down 4 bps QoQ) and Stage 2 assets improving 20 bps. The company maintained a healthy spread of 5.97% and cost-to-income ratio improved 50 bps to 35.4%. Management expressed confidence in meeting FY26 guidance of 20%+ AUM growth and crossing ₹30,000 crore AUM by year-end. Key drivers include supportive RBI rate cuts, PMAY 2.0 traction, and disciplined branch expansion. Risks include potential margin compression from PLR cuts and competition in affordable housing.
आधार हाउसिंग फाइनेंस ने तीसरी तिमाही में शानदार प्रदर्शन किया। कुल कर्ज (AUM) पिछले साल से 20% बढ़कर 28,790 करोड़ रुपये हो गया। मुनाफा (PAT) 23% बढ़कर 294 करोड़ रुपये पहुंच गया। नौ महीने में 6,469 करोड़ रुपये का कर्ज बांटा गया, जो 15% ज्यादा है। खराब कर्ज (GNPA) घटकर 1.38% रह गया, जो पिछली तिमाही से 0.04% कम है। कंपनी का ब्याज अंतर (spread) 5.97% और खर्च-आय अनुपात 35.4% रहा। प्रबंधन को उम्मीद है कि साल के अंत तक कुल कर्ज 30,000 करोड़ रुपये पार कर जाएगा। मददगार होंगे RBI की ब्याज दरों में कटौती, PMAY 2.0 योजना और नई शाखाएं खोलना। जोखिम में ब्याज दरों में कटौती से मुनाफा कम होना और किफायती आवास में प्रतिस्पर्धा शामिल है।
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Read Transcript →Quarter Snapshot
AUM
₹28,790 crore
+20% YoY
Assets under management grew 20% year-on-year, driven by steady disbursement growth.
GNPA
1.38%
-4 bps QoQ
Gross NPA improved sequentially by 4 basis points, reflecting better asset quality.
Spread
5.97%
+4 bps QoQ
Exit spread improved to 5.97% from 5.93% in Q2, driven by stable yields and lower funding costs.
Branch Count
621
+10 branches QoQ
Added 10 new branches in Q3, expanding network to 621 branches across 22 states.
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Guidance and risk preview
Management reiterated guidance of crossing ₹30,000 crore AUM by end of FY26, implying continued growth momentum.
ALCO decided to cut PLR by 15 bps from February 2026, which could reduce spreads by ~12 bps, though management expects exit spread to still be 10-1...
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