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View Claim Ledger →Aptus Value Housing Finance India Ltd — Q4 FY26
Aptus Value Housing Finance delivered a strong Q4 FY26 with disbursements of ₹1,242 crore (highest ever, +17% YoY) and PAT growth of 26% YoY to ₹261 crore.
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Aptus Value Housing Finance delivered a strong Q4 FY26 with disbursements of ₹1,242 crore (highest ever, +17% YoY) and PAT growth of 26% YoY to ₹261 crore. AUM grew 21% YoY to ₹13,117 crore, driven by higher ticket sizes (discontinued sub-₹7 lakh loans) and expansion into Maharashtra and Odisha. Spreads improved 10bps to 9% due to lower cost of funds (8.1%). Collection efficiency rose to 100.5%, though GNPA increased to 1.52% (vs 1.19% in FY25) mainly from NBFC portfolio. Management guided for 22-24% AUM growth in FY27 and sustained ROE above 20%, supported by 60 new branches and connector channel. Risk: rising competition in Tamil Nadu and potential yield compression from calibrated lending rates.
Promises3 met · 0 missedRisks4 trackedTranscriptfull text
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3 promises
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3 delivered, 0 close, 0 missed.
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Risks
4 risks
Risk Intelligence
Intense competition in Tamil Nadu
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Read Transcript →Quarter Snapshot
Disbursements Q4
₹1,242 Cr
+17% YoY
Highest quarterly disbursements ever, driven by higher ticket sizes and new geographies.
AUM
₹13,117 Cr
+21% YoY
AUM growth supported by branch expansion and improved productivity.
Collection Efficiency
100.5%
+140bps QoQ
Improved from 99.1% in Q3, aided by focused collection efforts.
Branch Network
339
+39 branches YoY
Expanded into Maharashtra and Odisha; plan to add 60 branches in FY27.
What Changed vs Last Quarter
NEW
ROE above 20% sustainable
Management confident of maintaining ROE above 20% despite slight yield compression, supported by productivity gains.
NEW
Opex to AUM ratio of 2.6-2.8%
Operating expenses as a percentage of AUM to be maintained within this range, with investments in technology.
UPDATED
AUM growth of 22-24% in FY27
Management expects sustainable AUM growth driven by new branches, higher ticket sizes, and connector channel.
UPDATED
Credit cost guidance of 0.5% ±0.1%
Credit cost expected to remain in the range of 40-60 bps, consistent with FY26.
DROPPED
Branch expansion to 60-70 new branches next fiscal
For the next financial year, the company plans to accelerate branch expansion to 60-70 branches, focusing on new states and high-growth markets.
DROPPED
Home loan rate cut of 50-75 bps on incremental disbursements
Reduced interest rates on incremental home loans by 50-75 bps, with minimal impact on overall yield (less than 10 bps).
NEW RISK
Intense competition in Tamil Nadu
Competitors poaching staff and high attrition could impact growth and collection efficiency in Tamil Nadu.
NEW RISK
Yield compression from rate cuts
Calibrated lending rate reductions for incremental housing loans may reduce spreads by 15-20bps, impacting profitability.
NEW RISK
Rising GNPA in NBFC portfolio
GNPA increased to 1.52% due to higher stress in NBFC segment (20-30bps higher than housing), requiring stronger collection efforts.
NEW RISK
Potential increase in borrowing costs
Management noted incremental cost of funds may rise slightly, which could offset some spread benefits.
RISK GONE
MSME asset quality deterioration
MSME portfolio saw a slight uptick in NPA and drop in collection efficiency due to consumption-related stress. Management expects to control it in Q4, but risk persists.
RISK GONE
Competitive intensity in Tamil Nadu
Heightened competition in Tamil Nadu from other HFCs and NBFCs, leading to slower growth and pressure on HR resources.
RISK GONE
Delayed achievement of ₹25,000 crore AUM target
Management acknowledged that the ₹25,000 crore AUM target by FY29 may be delayed by 1-2 quarters due to pullback from sub-₹7 lakh loans and subdued disbursement growth.
RISK GONE
Impact of new labor code provisions
Provisions related to the new labor code impacted P&L by ₹3.85 crore (₹3 crore net of tax), indicating potential recurring cost increases.
Fast read
Guidance and risk preview
Management expects sustainable AUM growth driven by new branches, higher ticket sizes, and connector channel.
Competitors poaching staff and high attrition could impact growth and collection efficiency in Tamil Nadu.
View Risks →