APTUS VALUE HSG FIN I LTD

Lends against homes and small businesses to lower- and middle-income borrowers, primarily in southern India. The core housing finance book funds home loans, loan-against-property (LAP) and SME loans, while a wholly-owned NBFC subsidiary (Aptus Finance India Private Limited) extends small-business loans and is being evaluated for new product lines. Revenue comes mainly from interest on this loan book: in Q1 FY27, assets under management (AUM) stood at Rs 13,648 cr, up 21% year-on-year, with quarterly disbursements of Rs 1,663 cr, up 36% year-on-year. The funding stack is roughly 60% bank borrowings, 10% corporate debt, 10% securitisation and the balance from the National Housing Bank, against which Rs 1,932 cr of total liquidity (including Rs 1,257 cr of undrawn bank lines) was on hand. Distribution runs through 372 branches spread across six states and one union territory as of Q1 FY27 (32 added in the quarter against an FY27 target of 60-70), a 'connector' partner channel that contributed 8% of Q1 disbursements, and about 3,807 employees. Asset quality showed mild slippage, with 30+ days past due at 6.87% and gross/net NPAs of 1.72%/1.29%, partly attributed to a June-end NBFC collection weakness that management said recovered partly in July. The operating cost base is dominated by employee expense at 10.3% of revenue and other opex at 3.6%, while management guides to OpEx/AUM of 2.6-2.8% for FY27.