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What the record says.
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.
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Guidance to track
- Management expects sustainable AUM growth driven by new branches, higher ticket sizes, and connector channel.
- Management confident of maintaining ROE above 20% despite slight yield compression, supported by productivity gains.
- Credit cost expected to remain in the range of 40-60 bps, consistent with FY26.
- Operating expenses as a percentage of AUM to be maintained within this range, with investments in technology.
Risks flagged
- Competitors poaching staff and high attrition could impact growth and collection efficiency in Tamil Nadu.
- Calibrated lending rate reductions for incremental housing loans may reduce spreads by 15-20bps, impacting profitability.
- GNPA increased to 1.52% due to higher stress in NBFC segment (20-30bps higher than housing), requiring stronger collection efforts.
- Management noted incremental cost of funds may rise slightly, which could offset some spread benefits.
Key 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.
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