Transcript of the Earnings Conference Call for the Financial Year ended March 31, 2026
AADHARHFC · price
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Aadhar Housing Finance reported strong FY26 results with AUM crossing INR30,571 crores (20% Y-o-Y growth), highest ever Q4 disbursements of INR3,087 crores, and PAT of INR1,096 crores (20% growth). The company maintained pristine asset quality with GNPA at 1.08%, improved 30 bps sequentially, and collection efficiency above 99.8%. Cost-to-income ratio improved to 35.9% from 36.4%. Management guided for continued 20% AUM growth, 20% profit growth, and 17-18% disbursement growth for the coming year. They also set a medium-term target of INR50,000 crores AUM in 3 years. Management noted deliberate caution on LAP growth due to geopolitical concerns, with home loans now contributing more. Spreads are expected to contract by 8-10 bps annually, but LAP mix and emerging market focus provide levers to protect margins.
The company delivered on all guidance commitments with strong execution across growth, asset quality and profitability. The medium-term AUM target of INR50,000 crores and margin protection strategies through LAP mix and productivity improvements indicate sustained performance. However, spread contraction guidance of 8-10 bps annually will pressure net interest margins going forward.