Aptus Value Housing Finance Forecasts Rs 1,984 Crore Liquidity

Aptus Value Housing Finance forecasts consolidated closing liquidity of Rs 1,984 crore by March 2027, up from Rs 1,759 crore at 30 September 2026. The forecast assumes Rs 2,095 crore of loan repayments and operating surplus across Q3 and Q4 FY27, exceeding Rs 1,870 crore of scheduled debt repayments and other outflows.

How much liquidity does Aptus expect by March 2027?

Aptus expects closing liquidity of Rs 1,984 crore in Q4 FY27, which management describes as surplus available for business up to March 2027. Consolidated liquidity stood at Rs 1,759 crore on 30 September 2026, consisting of Rs 731 crore of cash and cash equivalents and Rs 1,028 crore of unavailed sanctions from banks.

The forecast indicates a Rs 56 crore rise in liquidity in Q3 FY27 and a further Rs 169 crore increase in Q4 FY27. Q3 FY27 is projected to begin with Rs 1,759 crore, receive Rs 1,044 crore from loan repayments and surplus from operations, and incur Rs 988 crore of debt repayments and other outflows. Q4 FY27 begins with projected liquidity of Rs 1,815 crore and is expected to close at Rs 1,984 crore after Rs 1,051 crore of inflows and Rs 882 crore of outflows.

Does Aptus have short-term loan or commercial-paper exposure?

Aptus reports no exposure to short-term loans, including commercial paper, and its average borrowing tenure was 80.0 months in H1 FY27. The presentation does not disclose a separate rupee balance for short-term borrowings because it states that this exposure is absent.

The 80.0-month average tenure in H1 FY27 was broadly unchanged from 80.1 months in FY26, 80.2 months in FY25 and 80.1 months in FY24. The figure is disclosed on a consolidated basis and shows that average tenure moved by no more than 0.2 months across the four reported periods.

Aptus's funding mix was led by term loans at 63.7% of sources of funds, followed by securitization and direct assignment at 18.1%, non-convertible debentures at 11.0%, and National Housing Bank funding at 7.2%. Within the 18.1% securitization and direct-assignment category, pass-through certificates accounted for 8.3% and direct assignment accounted for 9.8%.

How do Aptus's asset and liability maturities compare?

Aptus reported inflows exceeding outflows in every disclosed maturity bucket as of 30 September 2026. The narrowest surplus was Rs 41 crore in the three-to-six-month bucket, where Rs 924 crore of inflows exceeded Rs 883 crore of outflows.

In the period below three months, Aptus recorded Rs 1,940 crore of inflows against Rs 1,406 crore of outflows, leaving a Rs 533 crore surplus. The six-month-to-one-year bucket also recorded a positive Rs 65 crore surplus, based on inflows of Rs 1,735 crore and outflows of Rs 1,670 crore.

The largest disclosed surplus was Rs 3,482 crore in the five-to-seven-year bucket, with Rs 4,599 crore of inflows against Rs 1,117 crore of outflows. The three-to-five-year bucket followed with a Rs 3,167 crore surplus, while the one-to-three-year bucket had a Rs 1,190 crore surplus on Rs 6,290 crore of inflows and Rs 5,100 crore of outflows.

For longer-dated maturities, the seven-to-10-year bucket showed a Rs 2,341 crore surplus and maturities beyond 10 years showed a Rs 291 crore surplus. Those results compare with the Rs 65 crore surplus in the six-month-to-one-year bucket, indicating that the reported excess of inflows over outflows was larger in the longer maturity bands.

What do Aptus's borrowings, net worth and capital figures show?

Aptus reported consolidated borrowings of Rs 8,386 crore at 30 September 2026, compared with Rs 7,284 crore a year earlier. Over the same period, loan assets increased to Rs 12,768 crore from Rs 11,243 crore, while net worth rose to Rs 5,467 crore from Rs 4,657 crore.

Liquid assets, described in the consolidated balance sheet as bank fixed deposits, mutual funds and similar assets, were Rs 731 crore at 30 September 2026, versus Rs 563 crore a year earlier. Total assets rose to Rs 13,957 crore from Rs 12,023 crore, and total liabilities and equity increased by the same Rs 1,934 crore over the year.

Aptus reported capital adequacy of 69.2% at 30 September 2026 for its standalone housing-finance company. This measure differs in basis from the Rs 1,759 crore liquidity figure and the maturity schedule, both of which the presentation identifies as consolidated.

The presentation lists AA Stable credit ratings from ICRA and CARE. Its named funding relationships include National Housing Bank and LIC Housing Finance under refinance, 12 private-sector banks and eight public-sector banks, alongside mutual funds and insurance companies; these relationships are presented alongside Rs 1,028 crore of unavailed bank sanctions at 30 September 2026.

Conclusion

Aptus's disclosed position combines Rs 1,759 crore of consolidated liquidity at 30 September 2026 with a forecast of Rs 1,984 crore by March 2027. The projection depends on Q3 and Q4 FY27 inflows exceeding outflows by a combined Rs 225 crore, while the maturity schedule shows positive surpluses in all eight disclosed time buckets and the funding mix is led by term loans at 63.7%.

The next disclosed checkpoints are projected closing liquidity of Rs 1,815 crore in Q3 FY27 and Rs 1,984 crore in Q4 FY27. Management's forecast assumes Rs 1,044 crore of loan repayments and operating surplus in Q3 FY27 and Rs 1,051 crore in Q4 FY27, against Rs 988 crore and Rs 882 crore, respectively, of debt repayments and other outflows.