AAVAS Financiers Ltd(AAVAS)

NSE: AAVASBSE: 541988

₹ 1,125-3.18%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 8,921 crNext results: 26 Oct 2026Website: www.aavas.inUpdated: 24 Oct 2026

About

Aavas Financiers is an Indian affordable housing finance company. It lends mainly to low- and middle-income customers in semi-urban and rural areas, and most of those customers are self-employed. As of FY26 it managed AUM of ₹23,452 crore through 435 branches in 13 states and 2 UTs, and reported FY26 revenue of 2683.46 crore. Aquilo House, which is linked to its partnership with CVC Capital Partners, became its promoter on June 30, 2025.^[1][2]

Business and products

Housing finance lending is the company's only reportable business segment (FY26).^[1]
Its products are home loans to buy a new home, build a house, or improve or extend a home, plus MSME loans and other mortgage loans (FY26).^[1]
It offers a Small Ticket Size (STS) loan for small financial needs (FY26).^[1]
Home loans made up 64% of AUM in Q1 FY27, compared with 68% of loan assets in FY25.^[3][4]
The company has no subsidiary, associate or joint venture (FY26).^[1]

Loan book and customers

AUM was Rs. 239.3 billion in Q1 FY27, up 15.4% YoY. FY26 AUM was ₹23,452 crore, compared with ₹20,420 crore in FY25.^[3][1][4]
Disbursements were Rs. 16.1 billion in Q1 FY27 (+41% YoY) and Rs. 67.8 billion in FY26 (+11% YoY).^[3]
As of FY26, 54% of the portfolio was with economically weaker and lower-income households and 61% with self-employed customers. 83% had ticket sizes below ₹15 lakh.^[1]
As of March 31, 2026, the company had 2.71 lakh active customers and cumulative disbursements of ₹40,862 crore.^[1]
Its transactional Net Promoter Score was 70 for H2 FY26.^[1]

Branch network and reach

The company had 440 branches across 15 states/UTs as of June 2026, up from 435 at the end of FY26.^[3][1]
More than 80% of its branches are in Tier-3 and smaller towns (FY26).^[1]
It entered Tamil Nadu in FY26 and had 20 branches there that year. It plans to expand into neighbouring southern states, naming Andhra Pradesh and Telangana as targets.^[1][5]
Business through digital channels (CSC and eMitra) grew from about Rs. 1,050 million in 9M FY25 to about Rs. 3,000 million in 9M FY26.^[5]
It had 7,649 permanent employees in FY26.^[1]

Key operating metrics

NIM was 7.70% in Q1 FY27, up 22 bps YoY, after peaking at 8.45% in Q4 FY26. Spread was 5.06% in Q1 FY27.^[3]
Cost of borrowing was 7.64% in Q1 FY27, down 38 bps YoY, and 7.62% for FY26, down 62 bps YoY.^[3]
GNPA was 1.11% in Q1 FY27, compared with 1.19% in Q3 FY26. NNPA was 0.71% in Q1 FY27.^[3]
Credit cost was 24 bps in Q1 FY27 and 17 bps in FY26, against the company's stated ceiling of 25 bps.^[3]
CRAR was 44.66% in Q1 FY27. The company's policy is to keep gearing at 6-8x, against a regulatory limit of 12x.^[3][1]
1+ DPD was 3.76% in Q1 FY27, down 39 bps YoY.^[3]

Operating efficiency

Cost-to-income was 43.7% in Q1 FY27, an improvement of 254 bps YoY. Opex-to-assets was 3.37%, compared with 3.54% in FY26.^[3]
Login-to-decision turnaround time fell from a peak of 13 days to 6 days in Q1 FY27.^[3]
Project Setu made channel onboarding fully paperless and cut its turnaround time by more than 90% (FY26).^[1]
A GenAI voice collections bot works in 5 languages and had converted about 15,000 calls to payments as of Q1 FY27.^[3]

Funding and ratings

In FY26 the company secured about ₹975 crore (US$ 108 million) in NCDs, its largest-ever placement. The funds are earmarked for EWS/LIG lending, women's ownership, green housing and MSME credit.^[1]
In FY26 it issued AAA-rated pass-through certificates for the first time, and both ICRA and CARE upgraded its rating outlook to positive.^[1]
As of Q2 FY26, 61% of borrowings were linked to external benchmarks or sub-3-month MCLR.^[6]

Targets

For FY27, management targets AUM growth of 17-18% and disbursement growth of 22-23%.^[3]
The FY26 annual report expects affordable housing AUM growth to stabilise at around 20% by FY27.^[1]
Management targets an opex-to-assets ratio below 3% over a 2-3 year horizon.^[7]

Recent developments

On June 30, 2025, Aquilo House acquired 48.88% of the company and became its promoter and holding company.^[1]
In September 2026, CARE placed the company's long-term bank facilities and NCDs at CARE AA on Rating Watch with Developing Implications.^[8]
In Q4 FY26 the company implemented a Branch Excellence Program made up of five sub-initiatives: Neev, Nipun, Sampoorn, Setu and RISE.^[5]
Its Salesforce LOS, Oracle Flexcube LMS and Oracle Fusion ERP platforms were fully implemented by H1 FY26.^[6]

Market Cap

₹8,921 Cr

High / Low

₹1,775 / 1,050

Stock P/E

21.2

Price / Book

2.8

Book Value

₹637

EPS

₹82.6

No. of Shares

7.93 Cr

ROE

13.9%

Debt / Equity

3.09

Sales

₹2,683 Cr

Net Profit

₹655 Cr

Promoter holding

48.9%

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