Aadhar Housing Finance FY26: PAT +22%, AUM ₹30,571cr

FY26 snapshot: AUM crosses ₹30,000 crore

Aadhar Housing Finance Ltd reported a strong FY26 performance, led by growth in Assets Under Management (AUM), a rise in profitability, and stable asset quality. The company said it crossed the ₹30,000 crore AUM milestone during the year, ending FY26 with AUM of ₹30,571 crore as of March 31, 2026. This marked a 20% year-on-year increase from ₹25,531 crore in FY25.

The update also highlighted record quarterly disbursements in Q4 FY26, alongside continued expansion in its branch network. Aadhar operates in the affordable housing finance segment, focusing on Economically Weaker Section (EWS) and Low Income Group (LIG) customers in semi-urban and rural markets.

Key financials: PAT rises to ₹1,108 crore

Profit after tax (PAT) for FY26 rose 22% year-on-year to ₹1,108 crore, compared with ₹912 crore in FY25. In Q4 FY26, PAT increased 27% year-on-year to ₹311 crore from ₹245 crore in Q4 FY25. Net worth also improved, rising to ₹7,541 crore in FY26 from ₹6,372 crore in FY25, a year-on-year increase of 18%.

The company’s reported operating scale and profitability in FY26 came with stable reported asset quality, supported by a high capital buffer. Management linked performance to steady demand for affordable housing credit and execution through its branch-led distribution model.

Disbursements: record Q4 and annual growth

Disbursements for FY26 were reported at ₹9,556 crore, up 17% year-on-year from ₹8,192 crore in FY25. The company’s Q4 FY26 disbursements were ₹3,087 crore, a 20% year-on-year increase from ₹2,566 crore in Q4 FY25.

Management described Q4 FY26 as the highest-ever quarterly disbursement performance for the company. Disbursement momentum is a key operating indicator for housing finance companies, as it feeds into AUM growth over subsequent quarters.

Total income: standalone income at ₹3,686.54 crore

Aadhar Housing Finance reported standalone total income of ₹3,686.54 crore for FY26 (stated as Rs 3,68,654 lakhs). Separately, for the nine months ended December 31, 2025, it reported total income of ₹2,694 crore (₹26.94 billion), compared with ₹2,275 crore (₹22.75 billion) in the comparable period, reflecting 18% year-on-year growth for that nine-month window.

These figures provide context on revenue trajectory alongside PAT growth. The company also disclosed nine-month net interest margin (NIM) of ₹1,673 crore (₹16.73 billion) versus ₹1,416 crore (₹14.16 billion), also reflecting 18% year-on-year growth.

Asset quality and capital: GNPA stable, CRAR strong

The company reported Gross NPA (GNPA) at 1.08% with stability in asset quality. It also reported a capital-to-risk weighted assets ratio (CRAR) of 42.49%, indicating a high level of capital adequacy.

In other disclosed performance snapshots, GNPA was stated at 1.4% as of December 2025 in the investor presentation context, and 1.42% as of September 30, 2025 in a separate half-year update. The company’s statements across periods consistently pointed to controlled portfolio stress levels.

Customer base and distribution: 626 branches and 3.36 lakh loan accounts

Aadhar said total loan accounts exceeded 3,36,000 as of March 31, 2026. The branch network expanded to over 626 branches, with presence across 22 states and union territories.

The company’s average loan size was stated at around ₹11 lakh, and it offers mortgage-related products including loans for buying and constructing residential properties, home improvement and extension, and micro loan against property.

Management commentary and strategy updates

MD and CEO Rishi Anand said the company delivered consistent growth and stable asset quality while crossing the ₹30,000 crore AUM milestone and recording its highest-ever quarterly disbursements in Q4 FY26. He also pointed to the company’s “Urban and Emerging” branch model as a driver of outcomes, with deeper reach into underserved and high-potential markets.

The company also referenced a decision to drop lending rates by 15 basis points from February 2026, driven by its asset-liability committee (ALCO), framing it as a response to market dynamics and customer benefits.

Guidance and outlook mentioned in disclosures

Across the disclosures shared, management reiterated expectations of sustaining an AUM growth run rate of around 20% to 22% over the next few years. In guidance excerpts, the company indicated FY26 targets including AUM growth of 20% to 21%, disbursement growth of 18% to 19%, and PAT growth of 20% to 21%.

It also stated an expectation that GNPA would remain around 1.00% to 1.05% in the guidance context, while in another update it suggested gross NPAs could stay within 1.10% to 1.15%.

Promoter change: BCP Asia entity acquires 64.90% stake

A key corporate development flagged alongside the performance update was a promoter change. The disclosure stated that BCP Asia II Holdco VII Pte. Ltd. acquired a 64.90% equity stake in Aadhar Housing Finance.

Such changes are closely tracked by investors in financial services companies because ownership transitions can influence board composition, governance processes, funding access, and strategic priorities.

Key reported metrics at a glance

What investors will track next

Investors will likely watch whether Aadhar sustains its growth trajectory while keeping credit costs and asset quality stable, especially as it continues expansion across smaller towns and semi-urban markets. Branch additions and disbursement momentum will remain key indicators of execution, given the company’s distribution-led model.

Future updates on the implications of the promoter change, as well as any additional commentary on funding costs and rate actions after the 15 basis point lending rate cut from February 2026, will also be important markers in subsequent quarters.