Aptus Value Housing Finance India Limited — Q3 FY26
Aptus Value Housing Finance reported a steady Q3 FY26 with PAT growing 26% YoY to ₹239 crore, driven by stable spreads and controlled costs.
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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.
82%Questions answered2Evaded / deflected11Questions audited
Answered
High priority
Quantify impact of discontinuing smaller ticket loans on disbursements and AUM proportion.
Asked by Kunacha, City Group
Management provided specific numbers on disbursement impact and AUM proportion.
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Question
if you can quantify in terms of what has been the impact of discontinuing the uh smaller ticket loans uh maybe for in the 9 month dispersements as well as uh 3Q disbursement and what is the quantum of that loan as a proportion of aum currently.
Management (unidentified)
if you look at the dispersements of this less than seven lakhs in the first uh in Q1 FI25, Q2 FI25 and Q2 FI25, it was around 432 crores and in the first quarter we had done 148 crores. After that we took a decision to stop this less than 7 lakhs.
Answered
Medium priority
Will opex-to-assets rise with branch expansion?
Asked by Kunacha, City Group
Management gave a specific range for expected opex-to-assets.
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Question
on OPEX to asset given that you would accelerate the branch expansion now. So do we see opex per sets rising from the current level of 2.7 odd% or maybe the productivity gains could actually offset that
Management (unidentified)
we believe that this 2.7% may slightly go up to 2.8 date but it might not be substantially very high.
Answered
Medium priority
Why is Andhra Pradesh growth declining? Is it due to lower ticket cuts or other risks?
Asked by Palacharia, KC Securities
Management attributed decline to lower ticket loan discontinuation and high base.
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Question
With regard to the statewise em growth figure. So if you look at Andhra Pradesh we see a sharp decline in growth. Is this largely because of the cut in lower ticket prices or is anything else that you're finding riskier in the state
Management (unidentified)
if you look at the Andhra Pradesh there is a growth of 23%. And uh uh so basically because it is less than seven lakhs loans got uh uh impacted there more and because of that there is an uh there is a uh growth uh slightly coming down there
Evasive
High priority
Walk us through yield impact from product mix shift and lending rate cuts.
Asked by Palacharia, KC Securities
Management did not provide yield impact; instead explained a presentation change.
reframed the questionno number given
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Question
if you look at the mix I think the share of lap and small business loans has increased and home loans has kind of declined on overall book that should have ideally aided the yields offsetting the lending rate cut whatever we've done loans so if you can give a walk as to how much is the impact on yields due to these two factors
Management (unidentified)
I think you are talking about the pie chart which was there in the India in the presentation correct yeah see basically in the earlier presentations what we did was we gave the consolidated uh numbers also based on the end use of loans correct now we have there was some confusion in the numbers
Answered
Medium priority
How will Odisha and Maharashtra contribute to future growth? Why is Tamil Nadu muted?
Asked by Sesh Kinani, Centrum Broking
Management provided specific loan book numbers and growth expectations for each state.
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Question
we have seen uh with business momentum picking up in both Odisa and Maharashtra. uh could you please help us understand how how these states are expected to contribute uh in terms of quantification in terms of future growth how critical these states are and ... Tamil Nadu being our core state is is still reporting muted performance
Management (unidentified)
we have taken some two years from FI24 we started the branches and two years we have been studying the market we we are now confident of growing the book there ... If you look at the loan book in FI25 it is 54 crores. It has gone up to 109 crores
Answered
Low priority
What is the rationale for adding connectors? Which regions?
Asked by Sesh Kinani, Centrum Broking
Management explained the pilot regions and that it's an additional channel.
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Question
one more thing which we have mentioned in our BBT uh uh addition of uh connectors. Uh so can you can you just throw some light on that? Uh what is the rational of that and how we are going to proceed? Uh is it for new states the strategy or the core states?
Management (unidentified)
No actually this is a new concept which we are evolving. ... This pilot is in which region is specific or uh anything chosen right? ... we are trying this in Tamil Nadu and Praise uh I mean it is in a very nasal stage we have just launched it in Jan
Answered
High priority
Is asset quality deterioration only due to seasonality or other reasons?
Asked by Sesh Kinani, Centrum Broking
Management acknowledged MSME stress and said they are acting on it.
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Question
in your opening remarks you mentioned that asset quality has some deterioration due to uh seasonality and holidays. Uh so uh there are no other reasons as such or you would like to highlight anything on the asset quality front?
Management (unidentified)
See uh actually speaking uh asset quality trend our housing loan portfolio has been delivering very well in the third quarter there is a slight uptake in the NPA and also slight drop in the collection efficiency in the MSME portfolio.
Answered
High priority
What is your guidance on credit costs going forward?
Asked by ana, value partners
Management reiterated 0.5% credit cost guidance.
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Question
now that we've discontinued a loan uh under the seven bank segment uh can you give us you know your comments on credit costs going forward so right now we at about 50 bits what do you expect that going forward
Management (unidentified)
we have been guiding a credit cost of 0.5% And that we reiterate that that will be maintained. ... going forward also you can factor in 0.5% credit cost in all the the models which you are developing.
Answered
High priority
Have you seen improvement in MSME bounce rates in January/February?
Asked by Rajie Ma, Yes Security
Management admitted bounce rate hasn't improved yet but expects Q4 improvement.
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Question
So this MSME asset quality issue in which you said that it is brought under control in Q4. So have you already seen improvement in bounce rates in uh January and February or are we seeing similar bounces but you're trying to you know collect it earlier and resol it earlier?
Management (unidentified)
the bounce rate has not I mean uh there was slight increase in the bounce rate as well in the course Q3 and that has not come down but we will have this additional uh efforts for collecting these monies in the MSM segment
Answered
Medium priority
Where do you see most competitive intensity across products and geographies?
Asked by Ahmed Ketan, Labimum Capital
Management identified Tamil Nadu as most competitive and explained product differentiation.
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Question
can you talk a little bit about the competitive landscape if we look at our different products that is home loans, lab, MSM loans, right? Where do you see the most competitive intensity and across which geographies
Management (unidentified)
in certain geographies basically in Tamil Nadu I we are seeing a heightened competition uh but in other states we are not seeing that kind of a competition
Evasive
High priority
What are asset quality markers for the less than 7 lakh segment?
Asked by Anish Dari, Vikaria Change LLP
Management did not provide specific NPA or slippage numbers for that segment.
no number givenreframed the question
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Question
Can you uh articulate this uh less than seven lakh segment uh what are the asset quality markers there either 30 plus DPD or slippage rate in Q3 versus Q2?
Management (unidentified)
if you look at the NTA levels of less than seven lakhs or more than seven lakhs it is not different it is basically the decision I mean at that point in time uh the there were there was some stress in the MFI and also in the uh small lab segment
Answered
Medium priority
Why did standalone impairment jump sequentially while consolidated didn't?
Asked by Chentan Sha, ICAC Securities
Management explained the lead-lag effect due to write-off policy across entities.
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Question
on the standalone uh P&L if I look at the impairment number so that has installed from around uh 4.6 crores to around 13.8 crores on a sequential basis. uh wherein on the consolidated basis uh the sharp the rise has not been that sharp. So just I just wanted to understand how should we uh read.
Management (unidentified)
if you look at the I mean last quarter we reported a policy change of uh right of greater than 500 days. Correct. So if you look at that uh decision the the impact on NBFC was more there because most of the assets went into that 500 days bracket in the NBFC.