NSE: AADHARHFC · BSE: 544176
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Home loans (73%), Loan against property (LAP) (27%). Asset-heavy, spread-driven affordable housing finance company with a fully secured retail book.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 2,587 | 3,108 | 3,673 |
| EBITDA (ex other income) | 1,967 | 2,371 | 2,788 |
| margin % | 76.0 | 76.3 | 75.9 |
| Owners' profit | 0 | 0 | 1,096 |
| EPS, as reported (₹) | 18.99 | 21.43 | 25.31 |
| ROE % · ROCE % | 16.8 · — | 14.3 · — | 14.5 · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | (2,429) | (3,027) | (2,808) |
| Capex | (15) | (15) | (19) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 764 | 798 | 833 | 848 | 897 | 943 | 985 | 993 |
| Profit before tax | 292 | 308 | 316 | 305 | 343 | 360 | 398 | 364 |
| Net profit | 228 | 239 | 245 | 237 | 266 | 281 | 311 | 282 |
| EPS (₹) | 5.31 | 5.56 | 5.68 | 5.50 | 6.16 | 6.49 | 7.16 | 6.47 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ HOUSING FINANCE LTD | 64,956 | 32.1 | 2.88 | — | 11.4 | — | — | 92.4 |
| PNB HOUSING FIN LTD. | 28,144 | 12.2 | 1.46 | — | 11.9 | — | 2.3 | 91.6 |
| LIC HOUSING FINANCE LTD | 28,070 | 4.9 | 0.68 | — | 13.5 | — | 7.7 | 97.1 |
| AADHAR HOUSING FINANCE L ◆ | 19,096 | 16.6 | 2.53 | — | 14.5 | — | — | 75.4 |
| SAMMAAN CAPITAL LIMITED | 13,314 | — | 0.70 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 10,662 | 18.2 | 2.45 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 10,141 | 10.3 | 2.00 | — | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 9,701 | 8.6 | 1.62 | — | 18.2 | — | — | 91.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.6 | 10.3 | 12 of 17 | 31% |
| P/B | 2.5 | 1.0 | 16 of 17 | 6% |
| ROE | 14.5 | 11.8 | 4 of 17 | 81% |
| EBITDA margin | 75.5 | 74.7 | 9 of 19 | 56% |
| Revenue growth | 17.1 | 9.0 | 8 of 19 | 61% |
| Profit growth | 19.0 | 19.3 | 12 of 20 | 42% |
| Market cap | 19096 | 4631 | 4 of 20 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Executive Vice Chairman retires, appointed as Interim Non-Executive Chairperson | management changes | high | — | — |
| 21 Oct 2026 · Timely interest payment on NCDs confirmed | compliance | minimal | — | — |
| 17 Oct 2026 · Aadhar Housing Finance makes timely NCD interest payment and full principal redemption | compliance | minimal | — | — |
| 16 Oct 2026 · Demise of Independent Director and Chairperson Raj Vikash Verma | management changes | high | — | — |
| 9 Oct 2026 · Quarterly Asset Liability Management Statement filed with BSE | regulatory legal | medium | — | — |
| 9 Oct 2026 · Timely repayment of principal and interest on three NCDs upon maturity | compliance | minimal | — | — |
| 8 Oct 2026 · Half-yearly NCD statement for half year ended Sep 30, 2026 | compliance | low | — | — |
| 7 Oct 2026 · Compliance certificate for Q2 FY27 filed with BSE and NSE | compliance | minimal | — | — |
| 5 Oct 2026 · CFO certifies proper use of Commercial Paper proceeds for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Aadhar Housing Finance makes timely NCD interest payment of Rs 6.74 lakh | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.