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
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Confidence in sustaining strong disbursement growth in Q4 and FY27.
Asked by Abhishek Kumar Jen, Alpha Accurate
Management gave qualitative confidence but did not commit to a specific growth rate for FY27.
no specific growth rate for FY27refused to compare with peers
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Question
Sir uh you have delivered uh very strong growth in the dispersment ahead of your peers. I just wanted to understand what gives you confidence uh in sustaining it in the fourth quarter and the FY27...
Rishi (Management)
U what gives us confidence is see we I I will not be able to talk about um you know what others are doing but um the way I look at my current numbers even for January they are upward of what we delivered in December.
Answered
Medium priority
Stage 2 asset improvement: broad-based or geography-specific?
Asked by Abhishek Kumar Jen, Alpha Accurate
Management clearly stated improvement is broad-based and not geography-specific.
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Question
Stage two assets where we have seen very good improvement. Uh what future three improvement broad-based or driven by specific geography like uh Surat and the Tamil Nadi?
Rishi (Management)
I think it's a uh answering a question about stage two improvement. It is pretty broad-based. Uh we wouldn't be able to to specifically link it to any particular geography.
Partial answer
Medium priority
Updates on PMAY 2.0 incentives and budget expectations.
Asked by Abhishek Kumar Jen, Alpha Accurate
Management provided some update on PMAY but did not give specific approval timelines or concrete budget expectations.
no specific timeline for approvalsvague on budget expectations
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Question
Can you uh give a few updates on the approval timeline dispersement linkage and uh in the upcoming budget are there any additional pol policy measures or incentives uh housing finance company is scouting for or expecting for.
Rishi (Management)
So uh one is PMA by update I gave in my speech uh and I told uh that we are a company which is leading from the front. We are the highest uh subsidy takers today for our customers. 10,000 plus customers already avail the subsidy.
Answered
High priority
Credit cost guidance for FY26 and GNPA level by year-end.
Asked by Arun, JM Financial
Management gave specific guidance: credit cost within 25 bps for full year, GNPA 1.1-1.15%.
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Question
Credit cost for the quarter have slightly inched up despite uh the overall stage 3 PCR coming down. So against this backdrop uh what would be your guidance for credit cost for the full year FI26 does a change? uh and also uh where do you see your GNK level settling by the end of the year?
Rishi (Management)
So, so basically credit cost if you look at quarter 3 fi 26 is 28% typically uh so we are very because typically as you would be tracking the industry what happens in quarter 4 is we typically see an improvement...
Answered
High priority
State-wise disbursement growth and margin outlook.
Asked by Chinten Sha, ICICI Securities Limited
Management explained growth is broad-based and confirmed confidence in maintaining margins.
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Question
Any uh specific state which has led to some disbbursement uh and uh so given that um we we we think peers we have seen many peers have been struggling on that front. So what is leading it to this disbbursement and secondly on this disbbursement so this is also coming without any dep without any compression on the margins front. So going ahead also do we expect this disbburment trend to continue along with stable margins?
Rishi (Management)
Uh hi Shintan I you know I'm while you're asking the question I'm struggling because all the states have contributed almost equally so I don't want to pick up any particular state which has given me higher growth or lower growth everybody's contributed barring you know the barring one state which I can point out Punjab...
Answered
Medium priority
BT-out ratio for the quarter.
Asked by Chinten Sha, ICICI Securities Limited
Management provided the exact BT-out percentage for the quarter.
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Question
I think on the BT out if you could just share the number I think that was 5.4% for H1. So how is the BT out been in this quarter?
Rishi (Management)
Uh so we are in a similar trend uh Chintan. Uh 5.5% is what we have recorded. um which has a drop from a 6.1% uh yi basis.
Answered
Medium priority
One-plus DPD number and branch expansion plans.
Asked by Prity Raj Patel, Invest
Management gave the one-plus DPD number (6.86%) and detailed branch expansion plans.
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Question
I just wanted to know the oneplus GPD number for the quarter and [clears throat] uh how are geograph are plans to expand it to other geographies and the plan to expansion just give some details on that.
Rishi (Management)
Hi Pritu. Uh thank you for the question. I'll take the second question first. Uh in terms of plan for expansion into new geographies I I would say that we are available in all the possible geographies of the country. We are available in 22 states.
Answered
High priority
Reason for lower HL disbursement growth vs NHL.
Asked by Siraj Khan, Ascendency Capital
Management clarified the mix is by design and gave QoQ growth numbers.
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Question
The bio growth in the NHL uh NHL disjustment is almost 25%. And uh the HL is only 11%. So I mean are we you know focusing more on NHL or uh is there like a rollover effect happening because 11% growth in the HL HL disbursement seems a bit low.
Rishi (Management)
Uh thank you sir for the question. Uh in fact if you look at our quarteronquarter performance our home loan has grown by about 14 14 and a half% and non-housing has grown by 9%. So it's the other way around...
Answered
High priority
Yield trajectory and PLR cut timeline.
Asked by Siraj Khan, Ascendency Capital
Management provided specific PLR cut amount, timing, and impact.
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Question
We have not taken any PLR cuts and with respect to uh an outlook on that because we have held the yields at a good good place for the last four five quarters uh that 125 uh basis that you had mentioned... where does the yield trajectory go and uh what is the timeline that you see with respect to the PLR PLR cut and how much would be trans transmitted by so
Rishi (Management)
In today's Alco uh the uh the Alco has decided uh to drop our rates by 15 bits uh from February uh uh 2026. It could be applied between 10th and 15th of February 2026. A 15 bits drop which will be impacting 75% or benefiting 75% of the customers.
Answered
Medium priority
Perspective on rising competition in the affordable segment.
Asked by Malik Chri, Monach Network Capital Limited
Management gave a detailed segment-wise view and stated no big traction in their segment.
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Question
Just wanted to get your perspective on the competition like uh that is a broader narrative that the competition is rising. So just wanted to know sir know your take on this.
Rishi (Management)
Uh so Malik you know when we talk about competition it's a broad-based word. We will have to look at various segments. For example, you know, there is competition in the prime segment. Then there is affordable segment and then there is low income segment and we operate in the low-inccome segment...
Answered
High priority
Breakdown of 20% AUM growth into components.
Asked by Siraj Khan, Ascendency Capital
Management provided a clear breakdown of growth drivers.
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Question
As you say that you you try to uh maintain 20% growth sustainably over the next uh medium over the medium-term two to three years the 20% growth breakdown would be what I mean how much of it would be ATS how much of it would be say your uh uh branch expansion or something else
Rishi (Management)
I think broadly to look at it is 5 to 6% will be typically linked to inflation. Uh and broadly the balance would be a combination of productivity improvements which will happen with our existing mature branches and five to 6% will be the incremental business which the branches set up in the last 18 months which start providing in the next financial.
Partial answer
Medium priority
Co-lending numbers, NHL book behavior, and attrition rate.
Asked by Sonel, Asian market securities
Management answered co-lending and NHL behavior but missed one question and deferred on attrition comparison.
forgot second questiondid not give attrition rate year back comparison
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Question
One is on the code ending part. So if I look at the numbers uh code ending seems to be a little low this quarter. Uh so if you could just uh you know give us some guidance on how do you see co lending you know piece moving from here on any targets... second is uh if you could just let us know what are the incremental needs um for the for the quarter and uh also if you could give us some sense on how your uh you know nonlook book is behaving... and the fourth one is on the attrition rate.
Rishi (Management)
Yeah. So if you remember the four questions we will answer. We have forgotten the second question but uh uh the coal ending that we did coalending is a small piece for us. We did only 26 crores of coending in the current quarter. Uh previous quarter was approximately 97 crores.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Net impact of securitisation and co-lending on 9M PAT is 28 crores | ₹28 cr | ₹281 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.