Aptus Value Housing Q4 FY26: PAT up 26%, AUM 21%

What the Q4 FY26 update was about

Aptus Value Housing Finance India discussed its Q4 FY26 and full-year FY26 performance in an earnings call dated May 7, 2026, alongside audited financial disclosures. The company reported faster growth in disbursements in the March quarter after it stopped sanctioning loans below Rs 7 lakh earlier in the year. Management said the decision was aimed at improving borrower quality and reducing exposure to microfinance-type customer risk. The quarter also included board actions on dividends and fundraising, which are relevant for investors tracking capital allocation and funding plans. The stock price reaction reflected the market’s focus on profit growth and FY27 guidance.

Q4 FY26 headline numbers: profit, revenue and growth

For Q4 FY26, Aptus reported consolidated net profit (PAT) of Rs 260.95 crore, up 26.05% year-on-year. Revenue from operations in the quarter rose 18.66% year-on-year to Rs 574.33 crore. Profit before tax (PBT) increased 20.89% year-on-year to Rs 327.56 crore for the quarter ended March 31, 2026. In a separate consolidated results table, total revenue for the quarter was reported at Rs 593.12 crore, with operating profit of Rs 472.86 crore and EPS (adjusted) of Rs 5.21. The company also highlighted that it delivered its “highest quarterly disbursements” during the quarter.

Disbursement momentum and AUM expansion

Aptus said Q4 FY26 disbursements increased 17% year-on-year to Rs 1,242 crore. Asset under management (AUM) rose 21% year-on-year to Rs 13,107 crore. Management linked the stronger Q4 to process improvements and technology enhancements, along with tighter customer selection after discontinuing sanctions below Rs 7 lakh. The managing director noted that disbursement momentum continued into April 2026 as well. The company also pointed to levers such as channel augmentation, higher average ticket size, calibrated lending rates on incremental loans, and productivity improvements.

Portfolio quality: collections and NPAs

Management reported a collection efficiency of 100.5% in Q4 FY26 versus 99.1% in the previous quarter. It also said 30+ (days past due) stood at 6.21% compared with 6.48% in the last quarter. Gross NPA was reported at 1.52% at the end of FY26, up from 1.19% in FY25, with management attributing the increase to a marginal rise in NPA of an identified book. Net NPA stood at 1.15% versus 0.89% in FY25. Credit cost for FY26 remained at 50 basis points, which management said was within guidance.

Margins, cost of funds and returns

On spreads and funding, management said spread improved to 9%, driven by a decline in cost of funds to 8.1%. Operating expenses (opex) as a percentage were stated at 2.8%. The company reported Q4 FY26 ROA of 8.2% and ROE of 21.2%. For the full year, management indicated ROA of 7.9% and ROE of 20.1% in the combined summary material.

Dividend, record date, and funding plans

The board declared a second interim dividend of Rs 2.50 per equity share (face value Rs 2) for FY 2025-26. The record date was fixed as Friday, May 15, 2026, and the company said the dividend would be paid within 30 days from the date of declaration. Management also stated that the dividend declared for the year was Rs 4.50 per share, including the Rs 2.50 interim dividend declared at the May 6, 2026 board meeting.

Separately, the board approved an offer to issue and allot non-convertible debentures (NCDs) of up to Rs 3,000 crore through private placement in one or more tranches. On liquidity, management said it had Rs 257 crore as of March 2026, including Rs 155 crore of undrawn bank sanctions, and described this as providing headroom to support growth.

Expansion, branches and digital push

In the executive summary shared with the call, Aptus said it expanded its branch network to 339 and entered Maharashtra and Odisha. The same summary noted plans to add 50-60 new branches in FY27. The company also highlighted operating digitisation, stating that over 92% of agreements were digital and 94% of collections were digital. Management presented these as part of process improvements supporting scale and execution consistency.

FY27 outlook and management commentary

Management said it expected further improvement in the growth trajectory, supported by expansion into new states, deeper penetration in existing markets, and higher productivity. It also stated confidence in maintaining consistent growth “over 20%” and ROE of “20% plus” over time. In the market update accompanying the results, Aptus indicated it was confident of delivering 22-24% AUM growth in FY27. The company also reiterated that it had delivered on key operating guidance levers across growth, spreads, costs, and credit quality.

Market reaction: stock jumps after results

Following the Q4 FY26 announcement, Aptus Value Housing Finance shares rallied 8.26% to Rs 289, as reported in the market update included in the material. The move came alongside the reported 26% rise in quarterly PAT and the disclosed FY27 AUM growth guidance. The stock reaction also coincided with the board’s dividend declaration and the NCD fundraising approval.

Key facts table

Why this quarter matters for investors

The Q4 update matters because it shows how Aptus recalibrated sourcing by stopping sanctions below Rs 7 lakh, then returned to higher disbursement momentum by the March quarter. The company’s reported spread improvement and reduction in cost of funds to 8.1% were positioned as key profitability supports, alongside controlled opex at 2.8%. At the same time, the FY26 increase in GNPA and NNPA provides an important check on how asset quality evolves as growth accelerates. The dividend actions and the planned NCD issuance also frame how Aptus intends to balance shareholder payouts with funding needs for FY27 expansion.

Conclusion

Aptus Value Housing Finance closed Q4 FY26 with higher disbursements, 21% AUM growth to Rs 13,107 crore, and a 26% rise in quarterly profit to Rs 260.95 crore. Management reiterated its focus on borrower quality, process improvements, and branch expansion, while guiding for 22-24% AUM growth in FY27. Investors will track execution against this guidance, updates on asset quality metrics, and any further details on NCD issuances and branch additions through FY27.