AUM
₹30,571 Cr
+20% YoY
Crossed ₹30,000 crore milestone; driven by steady demand and branch expansion.
AADHARHOUSINGFINANCE
Financial Services
2026-04-??
Aadhar Housing Finance Ltd — Q4 FY26
Aadhar Housing Finance delivered a strong Q4 FY26, with AUM crossing ₹30,571 crore (up 20% YoY) and disbursements hitting a record ₹3,387 crore (up 20% YoY).
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2-Min Summary
Aadhar Housing Finance delivered a strong Q4 FY26, with AUM crossing ₹30,571 crore (up 20% YoY) and disbursements hitting a record ₹3,387 crore (up 20% YoY). PAT grew 27% YoY to ₹311 crore, driven by stable spreads (5.82%), cost-to-income improvement of 55 bps to 35.9%, and pristine asset quality (GNPA 1.08%, down 30 bps QoQ). The affordable housing segment remains supported by structural demand, PMAY subsidies, and government initiatives. Management guided for 20% AUM growth, 20% PAT growth, and 17-18% disbursement growth in FY27, with a focus on maintaining spreads via LAP mix and emerging market expansion. Key risk: Geopolitical tensions (West Asia) could impact customer sentiment, though early indicators show no stress.
Key Numbers
Disbursements (Q4)
₹3,387 Cr
+20% YoY
Highest ever quarterly disbursement; supported by strong execution across branches.
GNPA
1.08%
-30 bps QoQ
Sequential improvement; asset quality remains pristine with collection efficiency >99.8%.
Cost-to-Income Ratio
35.9%
-55 bps YoY
Improved due to productivity gains and cost discipline; guided for further 50 bps drop.
Management Guidance
20% AUM growth for FY27
Management reiterated medium-term guidance of 20% AUM growth, 20% PAT growth, and 17-18% disbursement growth.
growthCost-to-income ratio to drop ~50 bps in FY27
Targeting further improvement in cost-to-income ratio by about 50 basis points in the next financial year.
marginsLAP mix to be maintained at ~25-26%
Management plans to keep loan against property (LAP) mix around 25-26% of disbursements, with room to increase if needed.
otherSpread contraction of 8-10 bps YoY expected
Spreads are expected to contract by 8-10 bps annually due to incremental yields being lower than book yields, but LAP mix can provide a lever.
marginsKey Risks
Geopolitical tensions (West Asia) impact on customer sentiment
Management acknowledged potential risk but noted no current stress in bounce rates or collections; NRI exposure is minimal.
medium · analyst_questionInterest rate stagnation or reversal
If inflation persists, interest rates may rise, impacting spreads; however, floating book (73% assets, 76% liabilities) provides pass-through ability.
medium · management_commentaryCompetitive intensity in urban segments
Banks remain active in urban housing, but management sees limited impact on their low-income focus segment.
low · management_commentaryLAP growth slowdown due to cautious stance
Deliberate reduction in LAP disbursements (21% in Q4 vs typical 28-29%) could pressure yields if not reversed.
low · data_observationNotable Quotes
We are pleased to close the financial year on a very strong note with consistent execution across growth, asset quality and profitability metrics.
Our first line of defense is always the bounce rate... fortunately, the current month three cycles of bounce rates have not seen any trend whatsoever.
We have always guided that our spreads year on year will probably see some contraction to the extent of about 8 to 10 bips.