Disbursements Q4
₹1,242 Cr
+17% YoY
Highest quarterly disbursements ever, driven by higher ticket sizes and new geographies.
APTUSVALUEHOUSINGFINANCE
Financial Services
06 May 2026
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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2-Min Summary
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.
Key Numbers
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.
Management Guidance
AUM growth of 22-24% in FY27
Management expects sustainable AUM growth driven by new branches, higher ticket sizes, and connector channel.
growthROE above 20% sustainable
Management confident of maintaining ROE above 20% despite slight yield compression, supported by productivity gains.
marginsCredit cost guidance of 0.5% ±0.1%
Credit cost expected to remain in the range of 40-60 bps, consistent with FY26.
marginsOpex 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.
marginsKey Risks
Intense competition in Tamil Nadu
Competitors poaching staff and high attrition could impact growth and collection efficiency in Tamil Nadu.
medium · analyst_questionYield compression from rate cuts
Calibrated lending rate reductions for incremental housing loans may reduce spreads by 15-20bps, impacting profitability.
medium · management_commentaryRising 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.
medium · data_observationPotential increase in borrowing costs
Management noted incremental cost of funds may rise slightly, which could offset some spread benefits.
low · management_commentaryNotable Quotes
We are very confident of maintaining a consistent growth of over 20 plus percentage and best-in-class ROE of 20% plus.
Our spread improved to 9% driven by decline in cost of funds to 8.1%.
We have discontinued sanctions below seven lakhs. While this decision led to temporary moderation in disbursements in Q1 and Q2, we rebounded strongly in Q4.