Aadhar Housing Finance Ltd(AADHARHFC)

NSE: AADHARHFCBSE: 544176

₹ 439.4-4.05%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 19,263 crWebsite: www.aadharhousing.comUpdated: 24 Oct 2026

About

Aadhar Housing Finance Ltd is a housing finance company focused on the affordable segment, offering home loans and loans against property to economically weaker section and low-income group customers across India. As of June 30, 2026, its AUM stood at ₹31,364 crores, growing 18% YoY, with 628 branches across 22 states. The company holds an estimated 18% share in the low-income housing finance company peer group as of FY26.^[1]

Loan book mix

Home loans accounted for 73% and non-home loans (LAP and commercial property) 27% of gross AUM as of March 31, 2026.^[2]
EWS/LIG customers make up 63% of the portfolio mix as of FY26.^[2]
Average ticket size of AUM was ₹10.9 lakh with an average loan-to-value of 60% as of March 31, 2026.^[2]
Non-home loan disbursement share was pulled back to 24% in Q1 FY27 from a typical ~30%, a management decision given West Asia geopolitical risks.^[1]
AUM by state as of FY26: Maharashtra 14%, Rajasthan 13%, Uttar Pradesh 12%, Gujarat 11%, Tamil Nadu 9%, Madhya Pradesh 9%, Telangana 7%, Andhra Pradesh 5%, Karnataka 4%, others 16%.^[2]

Products and services

Offers loans for residential property purchase and construction, home improvement and extension, commercial property construction and acquisition, and loans against property.^[2]
Has built more than 40 software platforms and digital tools in-house, including over 15 fintech modules and a 100% paperless Digital Vendor Onboarding Portal.^[2]
Five proprietary AI platforms (LEKHA, DHVANI, SAMVIT, SAARTHI, GATI) are being built to span origination, underwriting, surveillance, collections and retention.^[1]

Branch network and distribution

Network of 638 offices across 22 states as of FY26; 46 new branches were added in FY26.^[2]
626 branches across 552 districts in 22 states and union territories, covering 12,300+ pin codes, as of FY26.^[2]
Cumulative network of 20,692 Aadhar Mitras, Mahila Aadhar Mitras and Technical Aadhar Mitras as of March 2026; 2,709 empanelled during FY26.^[2]
Distribution partnerships include India Post Payments Bank, JK Cement Ltd. and Common Services Centres for lead generation.^[2]

Key operating metrics

AUM reached ₹31,364 crores in Q1 FY27, up 18% YoY; exit spread held at 5.8% despite a 15 bps RPLR cut effective February 2026.^[1]
AUM grew 20% to ₹30,571 crore in FY26 and disbursements grew 17% to ₹9,556 crore.^[2]
Like-for-like disbursements grew 19% YoY to ₹2,359 crores in Q1 FY27.^[1]
Exit cost of funds was 7.7% in Q1 FY27 vs 8.0% a year before; exit portfolio yield was 13.5% in Q1 FY27.^[1]
Balance transfer-out rate was 5% in Q1 FY27, 20 bps better than Q1 FY26.^[1]
Collection efficiency was 101% in March 2026, with 97% NACH penetration and 100% digital onboarding.^[2]

Asset quality and capital

GNPA was 1.31% in Q1 FY27, 3 bps better YoY; Stage 2 assets were 3.3% of the portfolio, down 40 bps YoY.^[1]
GNPA was 1.08% at FY26 end vs 1.05% at FY25 end; liquidity of ₹1,425 crore at FY26 end.^[2]
Tier 1 capital adequacy was 42.9% in Q1 FY27; CRAR was 42.49% as of March 31, 2026, against a regulatory minimum of 15%.^[1]

Funding and credit ratings

Borrowings as of FY26: 51% bank loans, 22% NHB, 19% NCDs, 5% ECB and 4% other, across 42 lender relationships; ECB of USD 100 mn fully hedged.^[2]
Seeking approval to issue up to ₹9,000 crore of NCDs; board borrowing limit is ₹30,000 crore (FY26).^[2]
CARE upgraded the company to AA+ (Stable) from AA (Stable) in FY26; ICRA and India Ratings outlooks moved to positive.^[3][2]
ICRA upgraded the company's NCDs and reaffirmed AA+ for long-term bank facilities and subordinated debt, announced September 22, 2026.^[4]

Ownership changes

BCP Asia II Holdco VII acquired the stake held by BCP Topco VII at ₹425 per share and was classified as promoter from February 26, 2026; it held 64.90% at FY26 end.^[2]
AXDI acquired 10.13% of the company in FY26 and is classified as a public shareholder.^[2]
ESOP 2025 grant of 1.27 crore options at ₹425 in FY26.^[2]

Expansion plans

Management targets ~20% AUM growth for FY27 and AUM of ₹50,000 crores by FY29 from the FY26 base of ₹30,571 crores.^[3]
45 - 50 branch openings targeted for FY27, mostly in Q2 and Q3; ~30 in tier 4/5 towns and ~20 in urban and emerging locations.^[1]
Non-home loan disbursement share is expected to return to ~30% by Q3 FY27.^[1]
ROE target of ~17% over 2 - 3 years as leverage builds toward 3x debt-to-equity and ROA stabilises at 4.3 - 4.4%.^[1]

Market Cap

₹19,263 Cr

High / Low

₹563 / 425

Stock P/E

16.8

Price / Book

2.5

Book Value

₹173

EPS

₹25.1

No. of Shares

43.57 Cr

ROE

15.8%

Debt / Equity

2.49

Sales

₹3,673 Cr

Net Profit

₹1,096 Cr

Promoter holding

64.5%

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