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Aavas Financiers Ltd.
NSE: AAVASFinancial ServicesMortgage Finance
- Last close
- ₹1,062.90
- Day change
- −₹48.70 (−4.38%)vs
- Market cap
- ₹8,930 crIndian rupees
- Research updated
- 3 reports
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About Aavas Financiers
Aavas Financiers Ltd. is a non-banking financial company specializing in the Affordable Housing Finance sector in India. Its primary purpose is to provide housing loans to underserved and low-income individuals, focusing on promoting financial inclusion. The company offers an array of products, including home loans for self-construction, purchase of flats, and home improvement. It also caters to small business loans, which further bolster the rural economy. Aavas Financiers is equipped with a robust risk management framework and utilizes a customer-centric approach, ensuring personalized financial solutions tailored to customer needs. By extending credit to grassroots borrowers and those without formal income documentation, the firm plays a crucial role in enhancing housing affordability and supporting urbanization efforts. Recognized for its sustainable business model, Aavas Financiers not only influences the housing finance domain but also significantly contributes to the socio-economic development of the regions it serves. Its commitment to financial inclusion and community welfare reflects its strategic significance in India’s growing economy.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: AAVAS
- Chief executive
- Mr. Manu Yeshpal Singh
- Employees
- 7,649
- Headquarters
- Jaipur, India
- ISIN
- INE216P01012
- Website
- aavas.in
Public research · Report of
Business model & financial foundation
Aavas Financiers (NSE: AAVAS), Affordable housing finance: revenue of ₹2,683 crore in FY26 (+14.0% on FY25) and net profit of ₹654.9 crore.
- Revenue, FY26 (₹ crore)
- 2,683
- standalone
- Revenue growth, FY26
- +14.0%
- on FY25
- Net profit, FY26 (₹ crore)
- 654.9
- to owners
- Return on equity, FY26
- 13.9%
- on average equity
- Market capitalisation (₹ crore)
- 8,930
- at the close of 26 Oct 2026
Company profile
Aavas originates small-ticket secured housing and nonhousing loans to salaried and self-employed customers in India, with a branch-led underwriting model. Earnings come from lending spreads, fees and upfront gains on loan assignment; assets under management include off-book pools and must not be treated as funded on-book loans. It funds growth through bank and market borrowings, NHB refinance and assignments.
| Item | Value |
|---|---|
| Legal name | Aavas Financiers Limited |
| Exchange and ticker | NSE: AAVAS; BSE: 541988 |
| ISIN | INE216P01012 |
| CIN | L65922RJ2011PLC034297 |
| Sector | Financial services |
| Industry | Affordable housing finance |
| Headquarters | Jaipur, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | M S K A & Associates LLP and Borkar & Muzumdar (joint) (since 2024-08-07) |
| Market capitalisation | ₹8,930 crore (26 Oct 2026) |
| Shares outstanding | 7.93 crore shares (FY26) |
| Price | ₹1,126 (close, 26 Oct 2026) |
| 52-week range | ₹1,060 - ₹1,772 (to 26 Oct 2026) |
| Website | https://www.aavas.in |
Corporate structure and shareholding
Parent: Aquilo House Pte. Ltd..
No subsidiary is recorded.
CVC-controlled Aquilo acquired promoter control in June 2025. No consolidated subsidiary at FY26.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 48.95% | 48.88% | 48.88% | 48.88% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 24.72% | 16.74% | 16.27% | 15.20% |
| Domestic institutions | 14.29% | 22.14% | 22.15% | 22.40% |
| of which mutual funds | 9.74% | 17.24% | 17.15% | 17.85% |
| Retail | 7.98% | 8.15% | 8.43% | 9.08% |
| Other | 4.06% | 4.09% | 4.26% | 4.45% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Aavas is a standalone secured housing-finance company focused on small-ticket salaried and self-employed borrowers. It originates through branches and funds with bank/FI borrowings, NHB refinance, NCDs and assignments.
| Segment | total income, FY26 (₹ crore) | Share |
|---|---|---|
| Providing loans (single operating segment, Ind AS 108) | 2,685 | 100.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Aadhar Housing Finance (AADHARHFC) | Affordable housing borrower mix and broad branch distribution |
| Home First Finance Company India (HOMEFIRST) | Affordable mortgage technology-led competitor; more salaried borrowers |
| Aptus Value Housing Finance India (APTUS) | Self-employed affordable housing borrower underwriting and high spreads |
| India Shelter Finance Corporation (INDIASHLTR) | Branch-led informal-income housing and nonhousing lending |
| Repco Home Finance (REPCOHOME) | Regional housing lender with self-employed exposure |
| Can Fin Homes (CANFINHOME) | Housing-finance funding and return benchmark; more prime borrower mix |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | n.r. | 1,608 | 2,017 | 2,355 | 2,683 |
| Cost of revenue (vendor classification) * | 680.8 | 859.8 | 1,156 | 1,352 | 1,507 |
| Other operating costs (vendor classification) * | 89.8 | 122.8 | 148.6 | 170.7 | 195.6 |
| EBITDA (vendor classification) * | 372.9 | 431.8 | 490.7 | 571.6 | 632.4 |
| EBIT * | 455.9 | 552.3 | 630.8 | 737.8 | 846.7 |
| Finance costs: all reported interest expense | n.r. | 591.0 | 828.4 | 1,007 | 1,095 |
| Profit before tax | n.r. | 549.0 | 624.4 | 732.6 | 840.4 |
| Total income tax expense in profit or loss | n.r. | 118.9 | 133.8 | 158.5 | 185.6 |
| Standalone profit after tax | n.r. | 430.1 | 490.7 | 574.1 | 654.9 |
| Diluted EPS (₹) | n.r. | 54.32 | 61.93 | 71.97 | 82.14 |
| Total income | 1,610 | 2,020 | 2,358 | 2,685 | |
| Interest income | 1,388 | 1,735 | 2,018 | 2,280 | |
| Fees and commission income | 58.7 | 86.7 | 107.5 | 113.0 | |
| Gain on derecognition of amortised-cost instruments | 151.8 | 179.5 | 207.4 | 267.3 | |
| Net gain on fair value changes | 9.62 | 16.6 | 21.9 | 23.4 | |
| Other income outside operating revenue | 1.84 | 2.80 | 3.91 | 1.38 | |
| Fees and commission expense | 6.21 | 7.55 | 8.32 | 10.3 | |
| Employee benefits expense | 300.6 | 355.9 | 377.8 | 470.4 | |
| Other operating expenses | 122.2 | 146.9 | 168.7 | 192.1 | |
| Depreciation, amortization and impairment | 28.7 | 32.7 | 36.5 | 43.1 | |
| Impairment on financial instruments expense | 12.4 | 24.5 | 27.1 | 33.7 | |
| Current income tax expense | 104.1 | 123.7 | 143.2 | 160.7 | |
| Deferred income tax expense | 14.8 | 10.1 | 15.3 | 24.8 | |
| Net profit for equity EPS, standalone owners | 430.1 | 490.7 | 574.1 | 654.9 | |
| Net interest income, accounting definition | 797.1 | 906.3 | 1,010 | 1,185 | |
| Total non-interest income | 222.0 | 285.6 | 340.7 | 405.1 | |
| Operating cost including D&A and commission expense | 457.7 | 543.0 | 591.2 | 715.8 | |
| Pre-provision operating profit after D&A | 561.4 | 648.9 | 759.7 | 874.2 | |
| Interest income | 2,018 | 2,280 | |||
| Operating expenses (all but finance costs and impairment) | 591.2 | 715.8 | |||
| Impairment on financial instruments | 27.1 | 33.7 | |||
| Basic EPS (₹) | 72.54 | 82.72 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total shareholders equity | n.r. | 3,270 | 3,773 | 4,361 | 5,051 |
| Total financial debt excluding lease liabilities | n.r. | 9,841 | 12,350 | 13,850 | 15,592 |
| Cash and cash equivalents | n.r. | 176.7 | 20.6 | 11.3 | 228.6 |
| Trade receivables, separate from loans | 1.22 | 12.2 | 11.4 | 14.9 | |
| Trade payables, MSME plus other creditors | n.r. | 8.60 | 30.9 | 4.88 | 10.6 |
| Net PPE excluding right-of-use assets and intangibles | n.r. | 31.6 | 29.7 | 30.4 | 37.9 |
| Tangible capital work in progress | n.r. | 0.00 | 0.00 | 0.00 | 0.00 |
| Total assets | n.r. | 13,411 | 16,519 | 18,618 | 21,213 |
| On-book loans at net carrying value | 11,476 | 14,004 | 16,230 | 18,373 | |
| Gross on-book loans at amortised cost | 11,548 | 14,089 | 16,337 | 18,502 | |
| Expected credit loss allowance against on-book loans | 71.6 | 84.8 | 107.3 | 129.6 | |
| Borrowings other than debt securities | 8,316 | 10,938 | 12,122 | 13,558 | |
| Debt securities carrying amount | 1,425 | 1,413 | 1,727 | 2,034 | |
| Subordinated liabilities | 99.9 | 0.00 | n.d. | n.d. | |
| Lease liabilities, outside financial debt total | 46.6 | 61.8 | 68.6 | 93.4 | |
| Bank deposits outside cash equivalents | 1,205 | 1,777 | 1,548 | 1,615 | |
| Deposits under lien for securitisation first-loss guarantee | 12.9 | 26.0 | 26.0 | 42.9 | |
| Total investments, net carrying amount | 123.1 | 182.2 | 230.0 | 270.8 | |
| Government securities and Treasury Bills as liquid investments | 110.7 | 182.2 | 230.0 | 270.8 | |
| Net financial debt after unpledged bank deposits and liquid securities | 8,361 | 10,396 | 12,086 | 13,521 | |
| Inventory not applicable to housing finance business | n.a. | n.a. | n.a. | n.a. | |
| Loans (net of impairment allowance) | 16,230 | 18,373 | |||
| Deposits | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | n.r. | -1,920 | -2,001 | -1,660 | -1,386 |
| Free cash flow (vendor definition) * | -1,151 | -1,963 | -2,019 | -1,690 | -1,419 |
| Gross PPE and intangible purchases, positive expenditure | n.r. | 39.0 | 32.7 | 30.1 | 32.8 |
| Proceeds from PPE disposals | 0.51 | 1.64 | 2.01 | 1.37 | |
| Net investing cash flow | 195.9 | -646.5 | 176.2 | -116.5 | |
| Net financing cash flow | 1,858 | 2,491 | 1,475 | 1,720 | |
| Net movement in cash and cash equivalents | 134.4 | -156.1 | -9.25 | 217.3 | |
| Dividends paid (an outflow is negative) | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Exact issued paid-up period-end shares | n.r. | 7.91 | 7.91 | 7.92 | 7.93 |
| Weighted-average diluted equity shares | 7.92 | 7.92 | 7.98 | 7.97 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations | 579.2 | 596.7 | 636.2 | 627.6 | 667.0 | 674.2 | 714.7 | 708.7 |
| Cost of revenue (vendor classification) * | 334.6 | 351.9 | 337.9 | 384.3 | 391.4 | 391.0 | 408.8 | 416.9 |
| Other operating costs (vendor classification) * | 42.0 | 42.3 | 27.3 | 43.9 | 46.1 | 45.4 | 56.7 | 48.2 |
| EBITDA (vendor classification) * | 78.7 | 91.6 | 287.9 | 99.9 | 85.8 | 102.1 | 80.5 | 123.0 |
| EBIT * | 129.3 | 134.8 | 340.9 | 134.6 | 142.9 | 154.9 | 149.6 | 165.8 |
| Profit before tax | 190.0 | 188.4 | 193.2 | 179.1 | 211.2 | 219.3 | 230.8 | 220.1 |
| Total tax expense | 42.1 | 42.0 | 39.5 | 39.9 | 47.3 | 49.3 | 49.1 | 48.8 |
| Profit for the period | 147.9 | 146.4 | 153.7 | 139.2 | 163.9 | 170.0 | 181.7 | 171.3 |
| Diluted EPS (₹) | 18.67 | 18.45 | 19.26 | 17.45 | 20.55 | 21.32 | 22.78 | 21.51 |
| Interest income (formal statement) | 490.6 | 512.1 | 535.3 | 548.9 | 563.6 | 573.8 | 593.4 | 616.5 |
| Fees and commission income | 24.2 | 26.2 | 31.0 | 23.2 | 27.6 | 28.6 | 33.6 | 25.6 |
| Gain on derecognition of financial instruments (assignment) | 58.5 | 53.2 | 65.2 | 47.5 | 70.1 | 66.9 | 82.8 | 59.5 |
| Net gain on fair value changes | 5.76 | 5.31 | 4.81 | 7.88 | 5.72 | 4.88 | 4.90 | 7.16 |
| Other income | 1.29 | 1.18 | 1.28 | 0.37 | 0.43 | 0.42 | 0.15 | 0.38 |
| Total income | 580.5 | 597.9 | 637.5 | 627.9 | 667.5 | 674.6 | 714.8 | 709.1 |
| Finance costs | 248.9 | 258.7 | 264.7 | 271.3 | 275.5 | 274.5 | 273.5 | 292.6 |
| Fees and commission expense | 2.18 | 2.54 | 2.58 | 2.25 | 2.92 | 2.29 | 2.83 | 2.57 |
| Impairment on financial instruments (credit cost) | 4.83 | 6.07 | 7.64 | 11.3 | 7.96 | 7.85 | 6.65 | 12.8 |
| Employee benefits expense | 83.6 | 90.6 | 112.0 | 110.7 | 112.9 | 114.2 | 132.5 | 121.7 |
| Depreciation, amortisation and impairment | 8.93 | 9.22 | 9.79 | 9.34 | 10.7 | 11.1 | 11.9 | 11.1 |
| Other expenses | 42.0 | 42.3 | 47.6 | 43.9 | 46.1 | 45.4 | 56.7 | 48.2 |
| Total expenses | 390.4 | 409.5 | 444.3 | 448.8 | 456.2 | 455.3 | 484.1 | 489.0 |
| Current tax | 36.6 | 36.2 | 33.0 | 39.1 | 40.6 | 42.1 | 39.1 | 47.4 |
| Deferred tax expense | 5.48 | 5.78 | 6.54 | 0.84 | 6.72 | 7.22 | 10.0 | 1.46 |
| Net interest income (interest income less finance costs) | 241.8 | 253.3 | 270.5 | 277.6 | 288.1 | 299.3 | 319.9 | 323.8 |
| Pre-provision operating profit (PBT plus impairment) | 194.8 | 194.5 | 200.9 | 190.4 | 219.2 | 227.2 | 237.4 | 232.9 |
| Profit attributable to owners | 147.9 | 146.4 | 153.7 | 139.2 | 163.9 | 170.0 | 181.7 | 171.3 |
| Interest income | 535.3 | 548.9 | 563.6 | 573.8 | 593.4 | 616.5 | ||
| Operating expenses (all but finance costs and impairment) | 171.9 | 166.2 | 172.7 | 173.0 | 204.0 | 183.6 | ||
| Impairment on financial instruments | 7.64 | 11.3 | 7.96 | 7.85 | 6.65 | 12.8 | ||
| Basic EPS (₹) | 19.42 | 17.59 | 20.71 | 21.48 | 22.94 | 21.60 |
Standalone, 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 | 25.4% | 16.7% | 14.0% | ||
| Net margin | 26.7% | 24.3% | 24.4% | 24.4% | |
| Return on equity | 13.2% | 13.9% | 14.1% | 13.9% | |
| Return on assets | 3.2% | 3.3% | 3.3% | 3.3% | |
| Dividend payout | 0.0% | 0.0% | |||
| EPS, diluted (₹) | 54.32 | 61.93 | 71.97 | 82.14 | |
| Book value per share (₹) | 413.6 | 476.8 | 550.9 | 637.1 |
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 EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 26 Oct 2026); market data at the close of 26 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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