AADHAR HOUSING FINANCE L

Lends primarily for affordable housing and loan against property (LAP) to retail customers, with on-book AUM of ₹31,364 crore as of Q1 FY27, up 18% year-on-year. The portfolio is split 73% home loans and 27% LAP, with an average ticket size of ₹10.9 lakhs and average loan-to-value around 60%, targeting salaried (around 55-56% of AUM) and self-employed borrowers in tier-2/tier-3 markets. Distribution runs through 628 branches across 22 states, serving 3.4 lakh+ loan accounts, including a newly launched urban-vs-emerging branch strategy targeting ~750 branches by FY28 at 50-60 additions per year. Earnings come from the spread between lending rates and cost of funds: total borrowings of ₹18,744 crore (Q4 FY26) were sourced from banks (51%), NHB (22%), NCDs (19%), ECBs (5%) and others (4%), at an exit cost of funds of 7.71%, producing a spread of 5.82%. Operating costs are dominated by employee expenses (15.1% of FY26 revenue) and other opex (6.7%), with cost-to-income at 34.1% in Q1 FY27. Asset quality is tight (GNPA 1.31%, collection efficiency above 99.8%) and the book is 100% secured and retail, with ROA of 4.0%, ROE of 14.7% and CRAR of 43.39% in Q1 FY27.