Aadhar Housing Finance (AADHARHFC) Q3 25/26 earnings summary

Executive summary

• AUM reached INR 28,790 crore (INR 287,899.6 million) as of December 31, 2025, up 20% YoY, with disbursements for nine months at INR 6,469 crore, a 15% YoY increase.

• PAT for nine months stood at INR 797 crore (INR 7,973.6mn), up 20% YoY, reflecting steady lending momentum and strong portfolio quality.

• Asset quality improved, with gross NPA at 1.38%-1.4% and collection efficiency above 99%.

• Branch network expanded to 621 branches across 22 states, serving over 3.2 lakh customers.

• Focused on low-income housing, with 100% secured retail book and 62% of AUM to EWS/LIG customers.

Financial highlights

• Total income for 9M FY26 rose 18% YoY to INR 26,943.7mn; borrowings increased 16% YoY to INR 17,500 crore.

• Portfolio yield at quarter-end was 13.71%-13.84%, with an exit spread of 5.97%-6.0%.

• Cost-to-income ratio improved to 34.1%-35.4% for nine months FY26, down 48-50 bps YoY.

• ROA and ROE for Q3 FY26 were 4.4%-4.6% and 15.37%-16.5%, respectively.

• Capital adequacy ratio at 44.1% as of Dec 31, 2025.

Outlook and guidance

• Confident of sustaining 20%+ AUM growth and 16-17% disbursement growth for FY26 and similar trends for FY27.

• Expect GNPA to end FY26 between 1.1%-1.4%, with credit costs at 25-26 bps.

• Guidance for stable margins, continued improvement in cost-to-income ratio, and robust growth prospects in affordable housing.