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Research updated
Aadhar Housing Finance Ltd.
NSE: AADHARHFCFinancial ServicesMortgage Finance
- Last close
- ₹440.10
- Day change
- −₹19.20 (−4.18%)vs
- Market cap
- ₹19,596 crIndian rupees
- Research updated
- 1 report
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About Aadhar Housing Finance
Aadhar Housing Finance Ltd. is a notable player in the Indian financial sector, specializing in providing housing finance solutions to underserved and low-income segments. Dedicated to facilitating affordable home ownership, the company primarily focuses on offering loans for residential housing, ensuring that financial barriers are minimized for economically weaker and low-to-middle income segments. As it chiefly addresses the housing needs of a significant section of the Indian population, Aadhar Housing Finance Ltd. plays a crucial role in furthering the nation's agenda of housing for all. The company significantly impacts the real estate and housing sectors, contributing to urban development and infrastructure growth. Its operations are aimed at achieving financial inclusion and social upliftment across diverse geographies. By serving traditionally underpenetrated markets, Aadhar Housing Finance Ltd. stands as a pivotal institution in empowering individuals to achieve dreams of home ownership, thus enhancing economic performance and stability in the housing finance domain.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: AADHARHFC
- Chief executive
- Mr. Rishi Anand
- Employees
- 5,430
- Headquarters
- Mumbai, India
- ISIN
- INE883F01010
- Website
- aadharhousing.com
Public research · Report of
Business model & financial foundation
Aadhar Housing Finance (NSE: AADHARHFC), Housing finance: revenue of ₹3,673 crore in FY26 (+18.2% on FY25) and net profit of ₹1,096 crore.
- Revenue, FY26 (₹ crore)
- 3,673
- consolidated
- Revenue growth, FY26
- +18.2%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,096
- to owners
- Return on equity, FY26
- 15.8%
- on average equity
- Market capitalisation (₹ crore)
- 20,567
- at the close of 16 Oct 2026
Company profile
Affordable housing lender serving low-income salaried and assessed-income self-employed borrowers across India through local branches. Revenue combines loan interest, fees and assignment gains; wholesale funding, collections and underwriting determine returns. The listed parent and wholly owned sales subsidiary form the consolidated group.
| Item | Value |
|---|---|
| Legal name | Aadhar Housing Finance Limited (formerly DHFL Vysya Housing Finance Limited, Vysya Bank Housing Finance Limited) |
| Exchange and ticker | NSE: AADHARHFC; BSE: 544176 |
| ISIN | INE883F01010 |
| CIN | L66010KA1990PLC011409 |
| Sector | Financials |
| Industry | Housing finance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Associates LLP and N. M. Raiji & Co. (since FY27 joint team) |
| Market capitalisation | ₹20,567 crore (16 Oct 2026) |
| Shares outstanding | 43.57 crore shares (FY26) |
| Price | ₹452.0 (close, 16 Oct 2026) |
| 52-week range | ₹427.3 - ₹563.0 (to 16 Oct 2026) |
| Website | https://aadharhousing.com/ |
Corporate structure and shareholding
Parent: BCP Asia II Holdco VII Pte. Ltd..
| Entity | Holding | Business |
|---|---|---|
| Aadhar Sales and Services Private Limited | 100% | Sales and services subsidiary; consolidated with intercompany elimination. |
BCP AsiaII became promoter26Feb2026 and held64.90%31Mar2026; BCP Topco ceased promoter. AXDI LDII SPV1 acquired10.13% as public. Only one subsidiary; no associate/JV significant influence per AOC1. Parent takeover did not expand operating consolidation scope.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.19% | 64.90% | 64.66% | 64.51% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 6.18% | 6.13% | 5.79% | 4.11% |
| Domestic institutions | 8.45% | 9.15% | 9.93% | 11.50% |
| of which mutual funds | 5.29% | 5.53% | 6.70% | 8.21% |
| Retail | 3.65% | 3.46% | 3.17% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Aadhar Housing Finance lends to low-income households: home purchase and construction loans plus loans against property (LAP). The book is retail and secured. The company says about 55% of AUM is salaried and 63% of gross AUM is EWS/LIG customers. Income comes from interest on loans, fees and upfront gains on assignment and co-lending. Costs are wholesale funding (banks 51%, NHB 22%, NCDs 19%, ECB 5% at Mar-26), branch staff, ESOP charges and credit losses. The company controls its underwriting, branches and collections. It does not control the rate cycle, bank and NHB funding appetite, or PMAY-U2 subsidy flows. The consolidated basis covers the parent and its wholly owned sales subsidiary. There is one reportable segment.
| Peer | Why the dossier compares them |
|---|---|
| Aavas Financiers (AAVAS) | Affordable assessed-income housing underwriting and branches |
| Home First Finance (HOMEFIRST) | Affordable salaried mortgages; technology-led originations |
| Aptus Value Housing Finance (APTUS) | Self-employed affordable lending; southern concentration |
| India Shelter Finance (INDIASHLTR) | Rural and semi-urban secured affordable mortgages |
| Can Fin Homes (CANFINHOME) | Broader formal-income housing finance funding/return benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total revenue from operations | 1,612 | 1,881 | 2,587 | 3,108 | 3,673 |
| Cost of revenue (vendor classification) * | 218.3 | 287.9 | 417.4 | 499.6 | |
| Other operating costs (vendor classification) * | 82.3 | 127.7 | 202.3 | 225.7 | |
| EBITDA (vendor classification) * | 1,251 | 1,408 | 2,225 | 2,649 | |
| PBT plus statutory finance costs (after exceptionals) | 1,306 | 1,479 | 1,946 | 2,347 | 2,770 |
| Finance costs (full statutory line) | 738.2 | 783.6 | 986.7 | 1,174 | 1,364 |
| Profit before tax after exceptional items | 567.4 | 695.8 | 959.6 | 1,173 | 1,406 |
| Total tax expense | 122.5 | 151.1 | 210.0 | 261.4 | 310.0 |
| Consolidated profit for year | 444.9 | 544.8 | 749.6 | 911.8 | 1,096 |
| Diluted earnings per share (₹) | 10.43 | 12.77 | 18.35 | 20.85 | 24.77 |
| Interest income | 2,275 | 2,719 | 3,244 | ||
| Fees and commission income | 168.4 | 199.4 | 210.8 | ||
| Net gain on fair value changes | 22.4 | 22.2 | 16.3 | ||
| Net gain on derecognition of amortised-cost instruments | 120.9 | 167.1 | 201.7 | ||
| Other income | 0.17 | 1.28 | 14.3 | ||
| Impairment on financial instruments | 41.2 | 57.1 | 67.6 | ||
| Employee benefits expense | 403.5 | 464.5 | 553.4 | ||
| Depreciation and amortisation | 21.0 | 25.2 | 32.0 | ||
| Other expenses | 175.0 | 215.1 | 247.6 | ||
| Exceptional expense (positive is expense) | 0.00 | 0.00 | 15.9 | ||
| Profit attributable to equity shareholders | 749.6 | 911.8 | 1,096 | ||
| Basic earnings per share (₹) | 18.99 | 21.43 | 25.31 | ||
| Current tax | 217.5 | 249.3 | 308.2 | ||
| Deferred tax charge/(credit) | -7.56 | 12.2 | 1.86 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,147 | 3,698 | 4,450 | 6,372 | 7,541 |
| Debt securities, other borrowings and subordinated debt | 10,667 | 12,150 | 13,958 | 16,322 | 18,743 |
| Cash and cash equivalents | 574.2 | 405.1 | 356.3 | 878.4 | 714.6 |
| Trade receivables (not lending book) | 5.19 | 7.97 | 19.5 | 25.3 | 27.0 |
| Trade payables | 51.0 | 80.5 | 108.6 | 125.9 | 123.7 |
| Property, plant and equipment (excluding right-of-use assets) | 33.5 | 38.3 | 30.0 | 31.5 | 34.7 |
| Total assets | 14,376 | 16,618 | 19,093 | 23,224 | 27,399 |
| Housing and other loans (net carrying amount) | 16,903 | 20,484 | 24,840 | ||
| Debt securities | 2,739 | 3,389 | 3,619 | ||
| Borrowings other than debt securities | 11,160 | 12,873 | 15,064 | ||
| Subordinated liabilities | 59.6 | 59.8 | 59.9 | ||
| Deposit liabilities | 1.18 | 0.54 | 0.46 | ||
| Bank balances other than cash equivalents | 917.2 | 845.0 | 500.1 | ||
| Investments | 462.0 | 513.2 | 637.5 | ||
| Equity share capital (INR10 face value) | 394.8 | 431.4 | 435.7 | ||
| Right-of-use assets | 48.6 | 57.8 | 101.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow including lending flows | 462.5 | 880.3 | -2,550 | -3,027 | -2,808 |
| Free cash flow (vendor definition) * | -918.6 | -1,166 | -3,041 | -2,827 | |
| PPE and intangible cash purchases (positive outflow) | -11.8 | -10.1 | 15.4 | 14.8 | 18.8 |
| Dividends paid | 0.00 | 0.00 | 0.00 | ||
| Net cash from investing activities | 723.1 | 159.5 | 308.6 | ||
| Net cash from financing activities | 1,778 | 3,389 | 2,336 | ||
| Net increase/(decrease) in cash equivalents | -48.9 | 522.1 | -163.7 | ||
| Cash proceeds from equity shares issued | 0.00 | 1,036 | 46.6 | ||
| Housing/property loans cash disbursed (positive outflow) | 7,072 | 8,192 | 9,556 | ||
| Assignment/co-lending cash proceeds | 1,631 | 1,725 | 1,735 | ||
| Housing/property loan repayments received | 2,348 | 2,845 | 3,450 | ||
| Interest received on loans | 2,188 | 2,586 | 3,087 | ||
| Cash interest paid on borrowings and debt | 982.4 | 1,149 | 1,301 | ||
| Cash tax paid net of refund (positive outflow) | 219.7 | 250.7 | 307.5 | ||
| Debt and deposits repaid (positive outflow; excludes leases) | 3,861 | 3,526 | 4,617 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end issued and paid-up shares | 42.65 | 42.65 | 39.48 | 43.14 | 43.57 |
| Basic EPS weighted average shares | 39.48 | 42.54 | 43.29 | ||
| Diluted EPS weighted average shares | 40.86 | 43.74 | 44.24 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations | 764.3 | 797.6 | 832.6 | 848.2 | 897.1 | 942.7 | 984.6 | 992.9 |
| Cost of revenue (vendor classification) * | 399.4 | 411.8 | -781.5 | 460.3 | 477.6 | 481.5 | 498.4 | 539.6 |
| Other operating costs (vendor classification) * | 52.9 | 53.0 | -21.0 | 52.0 | 58.5 | 62.0 | 75.1 | 53.2 |
| EBITDA (vendor classification) * | 228.6 | 256.2 | 1,514 | 288.0 | 277.8 | 315.8 | 273.2 | 320.1 |
| EBIT * | 257.4 | 278.7 | 1,557 | 291.4 | 305.6 | 333.7 | 326.5 | 335.2 |
| Profit before tax after exceptional expense | 292.4 | 307.7 | 315.9 | 305.2 | 342.7 | 359.8 | 398.3 | 363.6 |
| Tax expense current plus deferred | 64.9 | 68.3 | 71.1 | 67.9 | 76.3 | 78.6 | 87.3 | 81.3 |
| Consolidated profit after tax reported | 227.5 | 239.3 | 244.8 | 237.3 | 266.5 | 281.2 | 310.9 | 282.4 |
| Diluted earnings per share (₹) | 5.16 | 5.42 | 5.55 | 5.37 | 6.03 | 6.36 | 7.01 | 6.36 |
| Finance costs | 285.2 | 296.9 | 314.7 | 331.9 | 341.6 | 347.5 | 343.3 | 376.4 |
| Interest income | 663.3 | 704.2 | 722.4 | 760.1 | 799.4 | 833.0 | 851.5 | 886.6 |
| Fees and commission income | 52.6 | 45.8 | 54.4 | 50.8 | 49.6 | 51.3 | 59.1 | 50.4 |
| Net gain on fair value changes | 5.66 | 4.09 | 6.91 | 4.80 | 4.10 | 3.85 | 3.51 | 5.91 |
| Net gain on derecognition at amortised cost | 42.7 | 43.6 | 48.9 | 32.5 | 44.1 | 54.6 | 70.5 | 49.9 |
| Other income | 0.01 | 0.03 | 1.23 | 3.16 | 2.13 | 1.06 | 7.95 | 4.30 |
| Total income including other income | 764.3 | 797.6 | 833.8 | 851.3 | 899.3 | 943.8 | 992.5 | 997.2 |
| Impairment on financial instruments | 13.3 | 18.7 | 6.39 | 26.7 | 13.2 | 17.5 | 10.2 | 31.7 |
| Employee benefits expense | 114.2 | 114.9 | 124.7 | 128.4 | 136.0 | 134.0 | 155.1 | 163.2 |
| Depreciation and amortisation | 6.20 | 6.48 | 6.45 | 7.12 | 7.25 | 7.05 | 10.6 | 9.11 |
| Other expenses | 52.9 | 53.0 | 65.7 | 52.0 | 58.5 | 62.0 | 75.1 | 53.2 |
| Exceptional expense (positive deduction) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.9 | 0.00 | 0.00 |
| Basic earnings per share (₹) | n.r. | 5.56 | n.r. | 5.50 | 6.16 | 6.49 | 7.16 | 6.47 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 7.3% | 16.7% | 37.5% | 20.1% | 18.2% |
| Net margin | 29.0% | 29.3% | 29.8% | ||
| Return on equity | 18.4% | 16.9% | 15.8% | ||
| Return on assets | 4.2% | 4.3% | 4.3% | ||
| Dividend payout | 0.0% | 0.0% | 0.0% | ||
| EPS, diluted (₹) | 10.43 | 12.77 | 18.35 | 20.85 | 24.77 |
| Book value per share (₹) | 73.78 | 86.69 | 112.7 | 147.7 | 173.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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