Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 22 Sep - ICRA upgraded Aadhar Housing's NCDs, bank facilities and subordinated debt to AA+ Stable; reaffirmed CP; withdrew redeemed NCD ratings.
Source: Bse
Aadhar Housing Finance Limited (AADHARHFC)
Large CapFinancial Services stocks · Large cap · NSE
Aadhar Housing Finance Limited is an HFC focused on the low-income housing segment in India, with an average ticket size of US$12K. It maintains a 100% secured retail loan book, primarily serving salaried customers. The company operates through 626 branches across 22 states and UTs, managing an AUM of $3,218 Mn and serving c.336k live accounts.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result31 Jul, 09:26 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -4.6% / mo · MACD + · near 52W low
Stock trend: 26
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AADHARHFCD candles · FIT view-8.4%Latest close ₹447.10 on 2026-10-19
Bar
+0.5%
RSI
45
MACD hist
1.40
52W pos
15%
2026-10-19O ₹445.00H ₹449.75L ₹436.50C ₹447.10Vol 1.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AADHARHFCNifty Financial ServicesNifty 500
- AADHARHFC
- -12.4%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -6.9 pp
Chart stats
19 Oct 2026- From 52W high
- -20.6%
- 52W range position
- 15%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.42x
- Avg traded value
- ₹10.4 Cr
- 20D price channel
- ₹427.3 - ₹470.3
₹563
₹427.3 - ₹563
₹12.2
Latest completed session
20-session average
20.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average50
Revenue +17.1% · PAT +19.0% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model+33.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence52
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 50/100Rev +17% YoY · PAT +19% YoY
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹993 Cr | +17.1% | +0.8% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹282 Cr | +19.0% | -9.3% |
| PAT margin | 28.4% | +45 bps | -317 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.80
- P/B
- 2.55
- EV/EBITDA
- 1121.21
- Market Cap
- 19377.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 11.40%
- ROA
- 4.16%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 27.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 2.49
- Interest Coverage
- —
- Altman Z
- 1.05
- Book Value
- 173.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -2808.00 Cr
- EPS TTM
- 26.23
Shareholding
- Promoter Hold
- 64.66%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 993+0.8% vs prev
Net Profit
₹ CrLatest: 282-9.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.8% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
41
RS percentile
Stage 4 Downtrend
1M return
-3.2%
3M return
-12.4%
6M return
-8.7%
1Y return
-12.7%
RS 1D
+4
RS 20D
+10
Sector rank
#9
Industry rank
#20
Stage evidence
- Price is 7.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 90.01+1.06%
RS vs Nifty 50090
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation10/30
Growth19/25
Quality9/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 33.1%.
- Growth contributes 19/25 to the score.
- Quality contributes 9/20 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
16.8
PB
2.5
EV/EBITDA
1121.2
ROE
15.9%
ROCE
11.4%
FCF Yield
—
Debt/Equity
2.5
MoS
+33.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+33.1%
Previous: +33.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
39
39
39
39
39
40
40
40
40
40
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹319.53
-39.9% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹668.87
+33.1% MoS
PEG
0.64
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HOMEFIRST
Large
Home First Finance Company India Limited
NBFC
match 172
35
20.0
15.7%
+26%
WATCHLIST
APTUS
Small
Aptus Value Housing Finance India Limited
NBFC
match 165
50
11.3
20.1%
+57%
FAIR VALUE
INDIASHLTR
Micro
India Shelter Finance Corporation Limited
NBFC
match 163
49
13.6
17.0%
+48%
FAIR VALUE
AAVAS
Large
Aavas Financiers Limited
NBFC
match 162
28
19.6
13.9%
+26%
OVERVALUED
CANFINHOME
Large
Can Fin Homes Limited
NBFC
match 162
53
8.5
19.7%
+67%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T20:38:26.948Z
Management commentary snapshot
Aadhar Housing Finance reported strong FY26 performance with AUM up 20% YoY to $3,218 Mn, PAT (ex-exceptional items) up 22% YoY to $116.7 Mn, and disbursements growing 17% YoY to $1,006 Mn. Spreads improved by 13 bps to 5.8%, while GNPA remained stable at 1.08%.
The company delivered robust FY26 results, demonstrating strong growth in AUM and disbursements, coupled with stable asset quality and improved profitability. The focus on low-income housing, diversified funding, and digital transformation supports continued performance, despite inherent asset quality risks in the target segment.
Current business mix
AUM Distribution by State (March 31, 2026)
Latest issuer-disclosed distribution across 10 reported categories.
Maharashtra14.0%
Rajasthan13.0%
Uttar Pradesh12.0%
Gujarat11.0%
Madhya Pradesh9.0%
Tamil Nadu9.0%
Telangana7.0%
Andhra Pradesh5.0%
Karnataka4.0%
Others16.0%
Growth engines
Low-Income Housing Segment Focus
Company is focused on the low-income housing segment with average ticket size of US$12K, addressing a large underserved market.
Pan-India Distribution Network
Extensive presence with 626 branches covering 552 districts across 22 states and union territories, enabling deep market penetration.
Technology-Enabled Business Model
Digital-first operating model with end-to-end TCS-enabled core system and 40+ fintech integrations for efficient operations.
Data Science and AI/ML Integration
Utilizing AI/ML for strengthening risk analytics, optimizing collections, improving operational efficiencies, and enhancing AUM retention.
Capacity and execution
Branch Network Expansion
Increased branch count to 626 as of Mar-26, up from 580 in FY25, expanding physical reach.
Tailwinds
Government Housing Schemes
Union Budget for 2024–2025 increased allocation for PMAY-U by 20.19% to $3,176 Mn, supporting affordable housing.
Urbanization and Demographic Shifts
Urban areas projected to host 40% of India's population by 2030, driving demand for housing and tailored loan products.
Low Mortgage-to-GDP Ratio
India's mortgage-to-GDP ratio of 12.34% (Mar-24) indicates significant growth potential compared to developed markets.
Focus on Financial Inclusion
Growing emphasis on reaching underserved populations with affordable financing options, aligning with the company's core business.
Risk radar
Asset Quality Deterioration
GNPA increased by 3 bps YoY to 1.08% in FY26, indicating potential stress in the loan book.
Loan-to-Value (LTV) Ratio
LTV on Gross AUM was approximately 60% as of Mar-26, which could imply higher risk in case of property value declines.
Concentration in EWS/LIG Segments
63% of Gross AUM is with Economically Weaker Sections (EWS) / Low Income Group (LIG) customers, a segment prone to economic shocks.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual (YoY) comparisons are crucial for assessing overall business growth and profitability trends. Quarterly (QoQ) comparisons are important for tracking sequential momentum in disbursements, asset quality, and operational efficiency in the NBFC sector.
Sector KPIs management disclosed
AUM Growth
AUM grew by 20% YoY to $3,218 Mn in FY26.
Disbursements Growth
Disbursements grew by 17% YoY to $1,006 Mn in FY26.
Spreads
Spreads increased by 13 bps YoY to 5.8% in FY26.
Cost of Borrowings
Cost of borrowings was 7.7% in FY26.
Management forward view
Diversifying Funding Sources
Management is increasing focus on diversifying borrowings to reduce reliance on specific funding channels.
Strengthening Corporate Governance
The company is constantly strengthening corporate governance, including having 3 Independent Directors on the board.
Leveraging Digital Infrastructure
Management aims to leverage containerized cloud-ready infrastructure to streamline, scale, and accelerate analytics projects.
Enhancing Customer and Employee Experience
Focus on robust customer engagement and partner empowerment through mobility apps, and improving employee experience via virtual office.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth | +20% YoY (FY26) | Sustained double-digit AUM growth, particularly in the retail home loan segment, indicating continued market penetration. |
| Asset Quality (GNPA) | 1.08% (Mar-26) | Any significant deterioration in GNPA, especially given the low-income segment focus and potential economic volatility. |
| Spreads | 5.8% (FY26) | Maintenance or improvement in spreads amidst changing interest rate cycles and competitive pressures in the HFC sector. |
| Cost to Income Ratio | 35.9% (FY26) | Continued improvement in cost-to-income ratio through operational efficiencies and successful digital adoption initiatives. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
52Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 10th percentile of the scored universe and 15th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
55 docs text-extracted · 18 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
10th percentile
overall median 67 · Financial Services: 15th pctile, median 62 · Large: 5th pctile, median 73
Evidence depth
Financial-only
55 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 64.7%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 10.7%.
- ▸Operating cash flow is negative at ₹-2808 Cr.
- ▸Debt/equity is 2.49.
- ▸Altman Z is 1.05.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Aadhar Housing Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Sep - Intimation for allotment of equity shares pursuant to exercise of ESOPs.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Management to attend investor meetings on September 22 and 28, 2026 in Mumbai.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 28 Aug - India Ratings upgraded Aadhar Housing Finance debt to IND AA+ Stable on ₹12,250 crore instruments.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug - Newspaper Advertisement regarding dispatch of the Postal Ballot Notice
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 14 Aug - Intimation for allotment of equity shares pursuant to exercise of ESOPs
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 12 Aug - Board approved appointment of Nikhil Goyal as Additional Director and postal ballot for Nominee Director approval.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Newspaper Advertisement regarding dispatch of Notice of the 36th Annual General Meeting of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul - Newspaper publication regarding 36th Annual General Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Jun - Intimation for allotment of equity shares pursuant to exercise of ESOPs
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Jun - Intimation for allotment of equity shares pursuant to exercise of ESOPs
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.