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).
bullish
high
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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.
100%Questions answered0Evaded / deflected10Questions audited
Answered
High priority
Impact of West Asia war on business and any calibration measures.
Asked by Reanish, ICACI
Management directly addressed the question with specific indicators and reasoning.
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Question
do you foresee or do you see any impact on ground let us say in month of March April and if yes I mean are we intended to calibrate businessment in near term
Rishi (MD)
first line of defense is bounce rate...bounce rates have been stable for the last six quarters...most of our customers actually deal in essential commodities...we hardly have any exposure to NRI consumers.
Answered
High priority
Industry growth, market share, and sustainability of 20%+ AUM growth.
Asked by Reanish, ICACI
Provided market share data and growth guidance with specific numbers.
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Question
can you share just you know your thoughts on the broader industry wise data points...our market share and how that market share has been trending over the last two to three years
Rishi (MD)
low-income housing finance companies...we have been trending around 16 17%...current numbers we are at about 18% market share...we've been delivering AUM growth of upward of close to about 20 22%...next milestone in three years should be 50,000 crores
Answered
Medium priority
Reason for slower LAP growth and whether it is seasonal.
Asked by Kala, City Group
Explained the deliberate slowdown and provided current LAP mix numbers.
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Question
with respect to the lab growth...it is lagging a bit on the home loan side would it be more kind of a seasonal phenomena any particular reason
Rishi (MD)
this was deliberate and it was completely planned...when the tariff issue happened we cautioned our teams to be very careful...we are still incrementally doing about 23 24% loan against property
Answered
Medium priority
Reason for high assignment income and any one-offs.
Asked by Kala, City Group
Provided detailed breakdown of assignment income and one-off items.
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Question
on the fee income side...assignment income is quite high. So was it like equally larger proportion of assignments done during the quarter or it was more in terms of the spreads
Rajes (CFO)
total DA for the whole year was in the range of 17 25 crores...spreads were better in the range of about 80 to 85 bips...some deals got pushed to quarter four...other income had one-offs of about 6 to 7 crores
Answered
High priority
Yield outlook after PLR cut and impact of LAP mix on yield.
Asked by Shria Shivani, Nomura
Provided specific spread guidance and quantified yield benefit from LAP.
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Question
how are we thinking about the yield for the year of FI27? Also...if you increase your lap mix how much boost does that give to our yield
Rajes (CFO) and Rishi (MD)
February rate passed on 15 bps...interest rate cycle has stagnated for at least two three quarters...benefit of doing more NHL versus HL is almost 400 bps...74% of asset side is floating, 73% liability floating
Answered
Medium priority
Reason for increase in 1+ TPD and strong disbursement growth states.
Asked by Arun Anthony, JM Financial
Corrected the question's premise and provided specific states and cost details.
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Question
what has led to the increase in oneplus TPD by approximately 80 bps...disbursement growth has been quite robust...any specific states which has led to this strong momentum?
Rishi (MD) and Rajes (CFO)
actually it has reduced by 80 bps...continuous effort...Maharashtra, Madhya Pradesh, Tamil Nadu, Delhi, Karnataka, Uttarakhand...cost of funds Q3 was 7.45 and Q4 was 7.54 due to bank borrowings
Answered
Low priority
Reason for sequential increase in opex to AUM despite low branch addition.
Asked by Pratil, Investor
Explained seasonal factors and provided cost-to-income ratio improvements.
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Question
opex to aum increased sequentially...branch count has grown by only around four branches. So what has led to this growth?
Rajes (CFO)
quarter 4 phenomenon because we run various competitions and contests...cost to income ratio improved from 37.9 to 37.1 YoY...full year reduced from 36.4 to 35.9
Answered
Medium priority
Granularity on 20% AUM growth by state and ticket size trends.
Asked by Sha Chhatti, Ageless Capital Finance
Provided state-wise growth expectations and ticket size segmentation.
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Question
give a bit more granularity of the 20% AUM growth on the basis of the states...and also on the ticket size...in the EWS and LI space like are you seeing a higher amount of growth in the 2 to five lakh space
Rishi (MD)
Uttar Pradesh will keep contributing the largest chunk...below five lakhs will be close to about 3%...real traction is between five lakhs to 25 lakhs...incremental average ticket size will be about 12 and a half lakhs
Answered
Medium priority
Outlook on cost-to-income ratio and branch productivity.
Asked by Sha Chhatti, Ageless Capital Finance
Provided specific improvement targets and branch productivity timeline.
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Question
where do you see it going forward and like what will contribute to it like what is your branch productivity right now
Rajes (CFO) and Rishi (MD)
dropped almost 150 160 bps over last two years...looking at another 50 bps probably next financial year...majority of branches turn productive within 9 to 15 months
Answered
Medium priority
Movement in incremental ticket sizes over last four quarters.
Asked by Nash Tavate, Kota
Provided specific quarterly ticket size numbers and explained LAP mix impact.
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Question
how your incremental ticket sizes have moved in the last four quarters...how would this be like a year back
Rishi (MD)
13.6 was in quarter 3 FI26, 12.6 last quarter...prior to that was 13.8...lap contribution dropped in quarter 4, only about 24 21% of disbursements in lap
Answered
High priority
Portion of non-banking funds repriced and extent of repricing.
Asked by Rakkesh Kumar, Ventus Advisor
Provided detailed breakdown of funding sources and repricing extent.
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Question
what portion of non-banking funds would have got repriced and to what extent?
Rajes (CFO)
NCDs 22% of borrowings, of which 32% floating, 68% fixed...banking funds 51% floating...NHB 22%, 50% floating...incremental cost of fund fell from 8.4 to 7.6