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Aadhar Housing Finance delivered a strong Q4 FY26, with AUM crossing ₹30,571 crore (up 20% YoY) and disbursements hitting a record ₹3,387 crore (up 20% YoY). PAT grew 27% YoY to ₹311 crore, driven by stable spreads (5.82%), cost-to-income improvement of 55 bps to 35.9%, and pristine asset quality (GNPA 1.08%, down 30 bps QoQ). The affordable housing segment remains supported by structural demand, PMAY subsidies, and government initiatives. Management guided for 20% AUM growth, 20% PAT growth, and 17-18% disbursement growth in FY27, with a focus on maintaining spreads via LAP mix and emerging market expansion. Key risk: Geopolitical tensions (West Asia) could impact customer sentiment, though early indicators show no stress.
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Guidance to track
- Management reiterated medium-term guidance of 20% AUM growth, 20% PAT growth, and 17-18% disbursement growth.
- Targeting further improvement in cost-to-income ratio by about 50 basis points in the next financial year.
- Management plans to keep loan against property (LAP) mix around 25-26% of disbursements, with room to increase if needed.
- Spreads are expected to contract by 8-10 bps annually due to incremental yields being lower than book yields, but LAP mix can provide a lever.
Risks flagged
- Management acknowledged potential risk but noted no current stress in bounce rates or collections; NRI exposure is minimal.
- If inflation persists, interest rates may rise, impacting spreads; however, floating book (73% assets, 76% liabilities) provides pass-through ability.
- Banks remain active in urban housing, but management sees limited impact on their low-income focus segment.
- Deliberate reduction in LAP disbursements (21% in Q4 vs typical 28-29%) could pressure yields if not reversed.
Key quotes
- We are pleased to close the financial year on a very strong note with consistent execution across growth, asset quality and profitability metrics.
- Our first line of defense is always the bounce rate... fortunately, the current month three cycles of bounce rates have not seen any trend whatsoever.
- We have always guided that our spreads year on year will probably see some contraction to the extent of about 8 to 10 bips.
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