Overview

Detailed Summary

Aavas Financiers Ltd. is a NHB-registered housing finance company focused on affordable housing and MSME loans, operating a branch-led model across 15 states with 404 branches, predominantly in Tier-3+ towns and an average ticket size around ₹1.0 million, serving mainly self-employed retail borrowers with emphasis on EWS/LIG segments.
Financially, Aavas reported AUM of ₹222.04 billion (+15% YoY), 9MFY26 disbursements of ₹44.3 billion, PAT of ₹4,739 million (9M) and robust profitability metrics with NIM at 7.82% and ROE ~14.29%, supported by a strong capital base (net worth ~₹48.6 billion) and CRAR of 46.4%.
Asset quality remains best-in-class with GNPA/NNPA at 1.19%/0.79% and 1+ DPD at 3.80%; lifetime write-offs remain negligible, and total ECL provisioning stands at ₹1.27 billion, reinforcing a credit-first strategy that the management emphasizes as core to sustainable scaling.
Aavas has completed a major technology transformation (Salesforce LOS, Oracle FLEXCUBE LMS, Oracle Fusion ERP) with AI-enabled KYC and collections, yielding faster login-to-sanction TAT (~54% reduction) and digital-led business growth (~2.9x), which management cites as a core enabler for improving productivity and lowering opex-to-asset ratio.
Liquidity and liabilities are diversified: borrowings ₹193 billion with 33+ lenders, long average tenor, AA/Positive ratings from CARE and AA/Stable from ICRA, and a documented liquidity buffer of ~₹44 billion, enabling confident near-term funding for the branch expansion and product growth initiatives.

Sector: Finance
Industry: Housing Finance Company
Market Cap: 10,079 Cr
Volatility: Low Risk
P/E Ratio: 20.5
Industry P/E: 17.8
PEG Ratio: 0.8
P/B Ratio: 2.7
52W High: 2,152.00
52W Low: 1,050.25

Sales CAGR

1Y: 25.43%
3Y: 21.76%
5Y: 21.15%
10Y: 31.74%

Profit CAGR

1Y: 14.21%
3Y: 17.18%
5Y: 18.17%
10Y: 37.79%

ROE

TTM: 13.00%
3Y: 13.11%
5Y: 12.89%
10Y: 12.21%

ROCE

TTM: 8.96%
3Y: 9.06%
5Y: 9.01%
10Y: 9.04%

Technicals

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Peers

Financial Services Financial Services Finance Housing Finance Company

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APTUS		265.75	13,287 Cr	14.09	2.63	1.70	18.64	14.34	7.23
HOMEFIRST		1081.00	11,288 Cr	20.89	2.59	0.48	12.40	10.03	3.56
CANFINHOME		809.85	10,755 Cr	9.91	1.80	1.86	18.16	8.74	2.45
AAVAS		1293.40	10,290 Cr	20.97	2.73	0.00	13.00	8.96	2.97
INDIASHLTR		751.80	8,242 Cr	16.38	2.58	1.32	15.73	11.59	5.23
REPCOHOME		367.55	2,305 Cr	4.85	0.57	0.00	11.77	9.64	2.73
GICHSGFIN		149.40	807 Cr	5.22	0.38	3.00	7.35	7.53	1.37
Median: 7 Co.	—	751.80	10,290 Cr	14.09	2.58	1.32	13.00	9.64	2.97

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Revenue	343	365	353	395	411	450	467	497	508	546
Expenses	97	89	98	110	117	118	132	129	134	139
Interest	125	124	135	141	150	165	187	204	217	222
Financing Profit	121	153	121	144	144	167	148	164	157	186
Financing Margin %	35.18	41.86	34.17	36.51	35.00	37.05	31.71	33.05	30.96	34.01
Other Income	0.29	0.22	0.09	0.33	0.71	0.71	0.04	0.78	1.19	0.78
Depreciation	5.74	7.25	6.23	6.92	6.90	8.68	7.28	7.63	8.65	9.10
Profit Before Tax	115	146	114	138	138	159	141	157	150	177
Tax %	22.86	20.81	22.19	22.47	22.24	20.07	22.02	22.69	22.09	19.67
Net Profit	89	115	89	107	107	127	110	122	117	142
EPS in Rs	11.14	14.51	11.19	13.42	13.48	15.96	13.84	15.34	14.70	17.95
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	1.00	0.00	0.00	0.94
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.73	0.00	0.00	0.67

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Revenue	494	710	903	1,103	1,304	1,609	2,018	2,018
Expenses	162	188	226	274	352	442	534	534
Interest	193	255	356	458	478	591	828	828
Financing Profit	139	267	321	371	475	575	655	655
Financing Margin %	28.16	37.54	35.53	33.62	36.43	35.76	32.47	32.47
Other Income	0.91	1.00	0.80	2.16	1.20	1.84	2.80	2.79
Depreciation	5.63	9.72	20	21	24	29	33	33
Profit Before Tax	134	258	302	353	453	548	625	625
Tax %	30.70	31.73	17.52	18.05	21.54	21.66	21.54	21.54
Net Profit	93	176	249	289	355	430	491	491
EPS in Rs	—	22.80	31.19	36.22	44.58	54.05	61.83	61.83
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	69	78	78	79	79	79	79
Reserves	1,121	1,759	2,020	2,322	2,727	3,191	3,694
Borrowings	2,738	3,653	5,352	6,345	7,972	9,841	12,336
Other Liabilities	113	137	207	213	239	299	410
Total Liabilities	4,040	5,627	7,657	8,959	11,017	13,410	16,519
Fixed Assets	18	23	60	58	66	78	116
CWIP	0.03	0.09	0.71	0.41	2.10	20	11
Investments	0.00	0.00	0.00	0.00	53	111	182
Other Assets	4,022	5,604	7,596	8,901	10,897	13,200	16,210
Total Assets	4,040	5,627	7,657	8,959	11,017	13,410	16,519

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity	-933	-1,276	-1,172	-1,071	-1,135	-1,924	-1,987
Cash from Investing Activity	-218	-327	-342	-265	-463	196	-648
Cash from Financing Activity	1,240	1,404	1,705	1,008	1,623	1,858	2,477
Net Cash Flow	90	-199	191	-328	26	130	-157

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	39.13%	39.11%	39.10%	26.47%	26.47%	26.47%	26.47%	26.47%	48.96%	48.96%	48.95%	48.88%
FIIs	34.96%	35.50%	32.32%	34.79%	35.88%	35.50%	33.97%	29.67%	29.77%	25.88%	24.72%	16.74%
DIIs	14.40%	14.15%	15.30%	24.00%	24.40%	25.56%	25.69%	10.75%	11.51%	14.14%	14.29%	22.14%
Public	11.50%	11.24%	13.27%	14.74%	13.25%	12.47%	13.87%	33.11%	9.75%	11.02%	12.04%	12.24%
Total Shareholders	94,788	1,07,718	1,32,644	1,51,680	1,44,395	1,44,452	1,47,894	1,32,792	1,21,862	1,22,052	1,20,695	1,17,980

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