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Localized stress in eastern Madhya Pradesh
View Risks →Aavas Financiers Limited — Q2 FY26
Aavas Financiers reported a strong Q2 FY26 with PAT of ₹164 crore, up 11% YoY, driven by robust NII growth of 18% YoY and improved spreads.
bullish
high
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Aavas Financiers reported a strong Q2 FY26 with PAT of ₹164 crore, up 11% YoY, driven by robust NII growth of 18% YoY and improved spreads. Disbursements grew 36% QoQ and 21% YoY to ₹15.6 billion, recovering from Q1's recognition framework transition. AUM reached ₹213.6 billion, up 16% YoY, with full-year guidance raised to ~18% growth. Asset quality improved with 1+ DPD at 3.99% (down 16 bps QoQ) and GNPA stable at 1.24%. Management guided for 20%+ AUM CAGR over five years, supported by geographic expansion into Tamil Nadu, Andhra Pradesh, and Telangana, and productivity gains. Key risk: localized stress in eastern Madhya Pradesh and potential spillover from MFI disruptions in Karnataka, though portfolio impact remains limited.
आवास फाइनेंसर्स ने दूसरी तिमाही में 164 करोड़ रुपये का शुद्ध लाभ कमाया, जो पिछले साल से 11% ज्यादा है। इसकी वजह ब्याज आय में 18% की बढ़ोतरी और बेहतर ब्याज दर अंतर है। कर्ज देने की रकम 1,560 करोड़ रुपये रही, जो पिछली तिमाही से 36% और सालाना 21% ज्यादा है। कुल कर्ज 21,360 करोड़ रुपये हो गया, जो 16% बढ़ा है। कंपनी ने इस साल 18% वृद्धि का अनुमान लगाया है। कर्ज वसूली में सुधार हुआ है - 1 दिन से ज्यादा बकाया कर्ज घटकर 3.99% रह गया। कंपनी अगले पांच साल में 20% सालाना वृद्धि का लक्ष्य रखती है, जिसके लिए वह तमिलनाडु, आंध्र प्रदेश और तेलंगाना में विस्तार करेगी। हालांकि, मध्य प्रदेश के पूर्वी हिस्से में कुछ जोखिम है, लेकिन इसका असर सीमित रहेगा।
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Read Transcript →Quarter Snapshot
Disbursements
₹15.6B
+36% QoQ, +21% YoY
Disbursements recovered strongly after Q1 transition, with monthly run rate above ₹500 crore.
AUM
₹213.6B
+16% YoY
AUM crossed ₹200 billion milestone; full-year growth guidance raised to ~18%.
1+ DPD
3.99%
-16 bps QoQ
Early delinquency improved sequentially, reflecting strong underwriting and portfolio quality.
NIM (as % of total assets)
8.04%
+26 bps YoY
Net interest margin expanded due to improved spread and lower cost of funds.
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Guidance and risk preview
Management raised AUM growth guidance to around 18% for FY26, up from earlier expectations, driven by strong disbursement momentum.
Management identified stress in the eastern belt of MP and tightened underwriting; though contained, further deterioration could impact asset quality.
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