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Aptus Value Housing Finance reported a steady Q3 FY26 with PAT growing 26% YoY to ₹239 crore, driven by stable spreads and controlled costs. AUM grew 21% YoY to ₹12,330 crore, though disbursement growth moderated to 11% YoY due to a conscious pullback from sub-₹7 lakh loans. Asset quality remained largely stable with GNPA at 1.56%, but 30+ dpd ticked up to 6.48% on seasonal volatility and slight stress in MSME loans. Management guided for AUM growth of 22-24% and reiterated credit cost of 0.5%. Key growth drivers include branch expansion (60-70 new branches next year), higher average ticket size, and a 50-75 bps rate cut on incremental home loans. The ₹25,000 crore AUM target by FY29 may be delayed by 1-2 quarters. Risk: MSME asset quality deterioration may persist if collection efforts falter.
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Guidance to track
- Management expects sustainable AUM growth of 22-24% driven by branch expansion, higher ticket size, and calibrated pricing.
- For the next financial year, the company plans to accelerate branch expansion to 60-70 branches, focusing on new states and high-growth markets.
- Management reiterated credit cost guidance of 0.5% despite aggressive write-off policy.
- Reduced interest rates on incremental home loans by 50-75 bps, with minimal impact on overall yield (less than 10 bps).
Risks flagged
- 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.
- Heightened competition in Tamil Nadu from other HFCs and NBFCs, leading to slower growth and pressure on HR resources.
- 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.
- Provisions related to the new labor code impacted P&L by ₹3.85 crore (₹3 crore net of tax), indicating potential recurring cost increases.
Key quotes
- For me maintaining the quality of book is much more important than maintaining a guided range of 28% or 25%.
- The competition is more in the housing segment. That is why we are calibrating the interest rates on the housing loans for the incremental customers which will aid growth in the housing loans.
- If the market is believing some other thing I don't know how much to convince the market I can only communicate it like this to you all.
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