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.
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.
75%Questions answered1Evaded / deflected12Questions audited
Partial answer
High priority
What drove the revival in Tamil Nadu growth?
Asked by Sajir Mata, Yes Security
Management cited structural changes but gave no specific metrics on productivity or team stability.
no specific macro factors citedno quantification of productivity improvement
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Question
did anything change in terms of macro factor in terms of demand competition and internally what changed in terms of team stability team productivity which drove good comeback growth in Tamil Nadu in this quarter.
Management (unidentified)
the year-on-year loan book growth is around 14%. we have made structural changes in employing correct people and retaining people... we are able to achieve this performance and going forward we are confident.
Partial answer
Medium priority
What are incremental ticket sizes and lending rates?
Asked by Sajir Mata, Yes Security
Management gave a general target but did not disclose current incremental ticket size or lending rate.
no specific current ticket size or rate given
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Question
what is the incremental ticket sizes in home loans and quasi home loans that we are now onboarding and what is the incremental lending rate?
Management (unidentified)
every year we want to increase this by one lakh. This is partly driven by inflation and also it helps us onboard higher quality customers.
Evasive
Medium priority
How many branches have connector networks and how to engage better?
Asked by Sajir Mata, Yes Security
Management described the process but did not quantify how many branches have connectors.
no number of branches with connectors given
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Question
where are we in setting the connection of branches in terms of number how many branches will have connectors network to go for sourcing and how do we better engage with the connectors?
Management (unidentified)
every branch manager has been assigned the responsibility to recruit connectors... we launched this sometime in January and the traction is very good.
Answered
High priority
Why is collection efficiency lower than past Q4s? Any regional or profile issues?
Asked by Konal Sha, City Group
Management acknowledged regional issues (Karnataka) and product-wise differences (NBFC vs HL).
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Question
we have crossed 100 but still lower than past couple of years in Q4. So is it like there is still maybe obviously we have put in a lot of efforts on the collection but in any of the regions or profile are we seeing a relatively slower recoveries?
Management (unidentified)
there are small issues in collection which we are trying to sort out through strengthening the collection system... Karnataka is an area where the collection percentage is slightly lower.
Answered
High priority
Will off-balance sheet proportion increase further beyond 6-8%?
Asked by Konal Sha, City Group
Management gave a clear range (10% of AUM) and current level (~5%).
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Question
last time you indicated to get to 6 to 8 we have already crossed that so will we take the off balance sheet proportion further up rather than pure on book?
Management (unidentified)
we did around 170 180 crores in this quarter and this absolute value will be maintained every quarter... we might not want to go beyond 10% of the total AUM at any point in time.
Answered
High priority
Is there any further re-pricing benefit left on funding cost?
Asked by Konal Sha, City Group
Management clearly stated no further benefit and potential increase.
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Question
on spreads we saw 10 basis points increase that's particularly the funding cost advantage. Do we see any further re-pricing benefit still left or it's largely done?
Management (unidentified)
incremental cost of funds in housing finance is around 7.8 or 7.9%. I'm not seeing any reduction from these rates in the coming quarters and there is a likelihood that it can result in slight increase as well.
Answered
High priority
How are disbursement yields trending after exiting sub-7 lakh tickets?
Asked by Danish, ICIC Securities Limited
Management quantified the yield impact and explained no effect from exiting sub-7 lakh tickets.
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Question
how the disbursement yields are trending let's say over last two three quarters especially post exiting below 7 lakh ticket sizes.
Management (unidentified)
in Q4 the disbursement yield dropped by around 0.1%. in the coming year the likely impact on the disbursement yield is likely to be at around 0.15%.
Answered
High priority
What is sustainable ROE over next 2-3 years?
Asked by Danish, ICIC Securities Limited
Management gave a clear ROE guidance of 20%+ sustainable.
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Question
Q4 ROE looks very strong at 21%. what kind of sustainable ROE do you expect over next two to three years?
Management (unidentified)
even if assuming that opex is likely to be at 2.7 and credit cost even if you are taking from 0.5 to 0.6%... ROE will be much above 20%.
Answered
Medium priority
Why did NHB borrowing share drop to 9% from 58%?
Asked by Danish, ICIC Securities Limited
Management explained the reason and future plans.
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Question
we saw NHB borrowing coming down all the way to 9% versus 58% previously. Is there any particular reason why there is a lower NHB draw down?
Management (unidentified)
we didn't borrow from NHB because we were able to get better cost funds as compared to NHB... we have already filed an application for a 500 cr refinance facility from NHB.
Answered
Medium priority
How many of 60 new branches will be in new geographies?
Asked by May, Antique Stock Broking Limited
Management quantified 30 branches in Maharashtra and the rest in other states.
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Question
you said you will be expanding 60 branches and largely coming in from new geographies. Can you quantify how much could be from new geographies?
Management (unidentified)
30 branches will come in Maharashtra and the balance will come in... if everything goes well, maybe we might open one or two branches in the other state as well.
Partial answer
Medium priority
Is high competition in Tamil Nadu due to high penetration?
Asked by Pawan Kumar, Wise
Management attributed competition to poaching rather than penetration, but did not directly answer the penetration question.
did not confirm or deny high penetration
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Question
Is this because of very high penetration in terms of affordable housing finance or lap and the field staff finding it tough to meet the targets?
Management (unidentified)
the market still a long way to go... demand is not the issue it's only because we are known to be leader in affordable housing space... any new competitor wants to look at our staff.
Partial answer
High priority
Will 22-24% AUM growth come mainly from ticket size increase?
Asked by Pawan Kumar, Wise
Management listed multiple growth drivers but did not directly answer whether customer addition will remain flat.
did not confirm whether customer addition remains same
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Question
you said ticket sizes will increase by one lakh. Is that the main growth the ticket size growth but the customer addition is going to remain same as what we have seen so far?
Management (unidentified)
there will be customer growth as given in the presentation... growth will come out of new states, new branches, channel comprising customer app and connector channel.