NSE: AAVAS · BSE: 541988
AAVAS FINANCIERS LIMITED
Provides housing finance to individual borrowers, with earnings coming primarily from interest income on its loan book. Home loans are the lead product (38% YoY growth in Q1 FY27), with loan against property (LAP) and MSME loans also part of the lending mix. Q1 FY27 AUM growth of 15.4% YoY was driven by Rs 16.1 bn of disbursements (+41% YoY), and the quarter's net interest margin stood at 7.70% on a spread of 5.06%. The main input cost is interest expense on borrowings — Q1 FY27 saw Rs 14.74 bn raised at 7.74% and a Rs 200 crore 7.80% 3-year NCD placement in July 2026, with 73% of borrowings re-priceable and cost of borrowing improving 38 bps YoY. Employees (17.5% of FY26 revenue) and other opex (7.2%) make up the non-funding cost base. FY26 total income was Rs 2,683.46 crore and net profit Rs 654.88 crore, with capital adequacy at 44.66% CRAR and debt-to-equity at 3.06. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Home loans, Loan against property (LAP), MSME loans, Other income. Spread-driven, asset-heavy housing finance company; cyclical with interest rate moves and the affordable housing cycle
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 903 | 1,103 | 1,304 | 1,609 | 2,018 |
| EBITDA (ex other income) | 677 | 829 | 953 | 1,166 | 1,484 |
| margin % | 75.0 | 75.2 | 73.0 | 72.5 | 73.5 |
| Owners' profit | 0 | 289 | 0 | 0 | 0 |
| EPS, as reported (₹) | 31.85 | 36.86 | 45.10 | 54.38 | 62.03 |
| ROE % · ROCE % | 11.9 · — | 12.0 · — | 12.7 · — | 13.1 · — | 13.0 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | — | (1,071) | (1,135) | (1,915) | (1,987) |
| Capex | — | (8) | (16) | (39) | (33) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 353 | 395 | 411 | 450 | 467 | 497 | 508 | 546 |
| Profit before tax | 114 | 138 | 138 | 159 | 141 | 157 | 150 | 177 |
| Net profit | 89 | 107 | 107 | 127 | 110 | 122 | 117 | 142 |
| EPS (₹) | 11.28 | 13.51 | 13.56 | 16.05 | 13.89 | 15.38 | 14.75 | 18.00 |
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) | 18.3 | 10.3 | 14 of 17 | 19% |
| P/B | 2.4 | 1.0 | 14 of 17 | 19% |
| ROE | 13.0 | 11.8 | 6 of 17 | 69% |
| EBITDA margin | 74.7 | 74.7 | 10 of 19 | 50% |
| Revenue growth | 21.4 | 9.0 | 5 of 19 | 78% |
| Profit growth | 12.3 | 19.3 | 13 of 20 | 37% |
| Market cap | 8983 | 4631 | 9 of 20 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Aavas Q2 FY27 net profit rises 10.7% to Rs 181.5 crore | compliance | minimal | — | — |
| 26 Oct 2026 · Aavas Financiers posts earnings call audio for September 2026 | investor communications | low | — | — |
| 26 Oct 2026 · IRDAI grants Aavas renewed corporate agent registration | regulatory legal | medium | — | — |
| 26 Oct 2026 · Independent director resigns; board and internal audit successors appointed | management changes | high | — | — |
| 26 Oct 2026 · Independent director resigns; successor proposed and internal audit head replaced | management changes | medium | — | — |
| 26 Oct 2026 · Independent director resigns; replacements appointed | management changes | medium | — | — |
| 26 Oct 2026 · First-half FY27 net profit rises 16.4% as assets under management reach Rs 248 billion | results | high | — | — |
| 26 Oct 2026 · H1FY27: AUM up 16.1%, PAT up 16.4%, asset quality improves | investor communications | medium | — | — |
| 26 Oct 2026 · Aavas September quarter profit rises 10.7% amid negative cash flow | results | medium | — | — |
| 26 Oct 2026 · Aavas grants 132,535 stock options to employees under ESOP-2025 | capital market events | low | — | — |
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.