HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹728.85 last close on 16 Oct 2026 +0.28%
Research updated
Aptus Value Housing Finance India Ltd.
NSE: APTUSFinancial ServicesMortgage Finance
- Last close
- ₹222.50
- Day change
- −₹1.71 (−0.76%)vs
- Market cap
- ₹11,143 crIndian rupees
- Research updated
- 1 report
About Aptus Value Housing Finance India
Aptus Value Housing Finance India Ltd. is a prominent non-banking financial institution (NBFC) focused on providing home loans to the underserved and economically weaker segments in India. Specializing primarily in the southern regions of the country, the company plays a crucial role in promoting financial inclusion by addressing the housing finance needs of low and middle-income individuals. Aptus combines robust risk management frameworks with an in-depth understanding of local markets to cater to self-employed individuals and small business owners who typically struggle to access formal credit channels. In addition to home loans, Aptus offers mortgage loans, advancing its mission to facilitate home ownership and improve living conditions. Established with the intent of bridging the gap in housing finance for economically challenged segments, Aptus has steadily increased its market presence through a vast network of branches and dedicated customer service. Its strategic focus on technology adoption aids in managing credit underwriting efficiently, contributing to its growing portfolio and making it a key player in India's housing finance sector aimed at fostering wider economic well-being.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: APTUS
- Employees
- 3,807
- Headquarters
- Chennai, India
- ISIN
- INE852O01025
- Website
- aptusindia.com
Public research · Report of
Business model & financial foundation
Aptus (NSE: APTUS), Housing finance company (affordable housing and small-business loans): revenue of ₹2,192 crore in FY26 (+25.2% on FY25) and net profit of ₹942.9 crore.
- Revenue, FY26 (₹ crore)
- 2,192
- consolidated
- Revenue growth, FY26
- +25.2%
- on FY25
- Net profit, FY26 (₹ crore)
- 942.9
- to owners
- Return on equity, FY26
- 20.1%
- on average equity
- Market capitalisation (₹ crore)
- 12,015
- at the close of 17 Oct 2026
Company profile
Aptus is a Chennai-based housing finance company lending to low- and middle-income self-employed borrowers in rural and semi-urban South India (Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha), with average tickets near INR 10 lakh and LTV about 40%. Its products are home loans, loans against property and small-business loans, the latter partly through its wholly owned NBFC subsidiary. AUM was INR 13,648 cr at June 2026, funded mostly by bank term loans, NHB refinance and NCDs, with equity of INR 5,060 cr at March 2026.
| Item | Value |
|---|---|
| Legal name | Aptus Value Housing Finance India Limited |
| Exchange and ticker | NSE: APTUS; BSE: 543335 |
| ISIN | INE852O01025 |
| CIN | L65922TN2009PLC073881 |
| Sector | Financial Services |
| Industry | Housing finance company (affordable housing and small-business loans) |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Sundaram & Srinivasan (FRN 004207S) (since 2024) |
| Market capitalisation | ₹12,015 crore (17 Oct 2026) |
| Shares outstanding | 50.07 crore shares (FY26) |
| Price | ₹222.5 (close, 17 Oct 2026) |
| 52-week range | ₹193.0 - ₹322.8 (to 17 Oct 2026) |
| Website | https://www.aptusindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Aptus Finance India Private Limited | 100% | NBFC lending against property to small businesses |
Promoter M Anandan holds 19.20% personally; promoter group 23.86% at Sep-2026 after WestBridge sold out in Sep-2025 and was reclassified public.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 23.87% | 23.87% | 23.86% | 23.86% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 33.20% | 30.34% | 29.95% | 30.54% |
| Domestic institutions | 27.29% | 29.44% | 29.91% | 27.82% |
| of which mutual funds | 22.30% | 24.23% | 24.50% | 22.39% |
| Retail | 9.93% | 10.72% | 11.36% | 11.72% |
| Other | 5.72% | 5.63% | 4.91% | 6.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Aptus lends to low/middle-income self-employed households (80% self-employed at Mar2026) in rural/semi-urban South India. Home loans and LAP are in the HFC; the100%-owned Aptus Finance NBFC serves small businesses (FY26 AUM3801cr vs group13107cr). Andhra Pradesh and Tamil Nadu dominate. Tickets near INR9-10lakh and LTV40% provide collateral coverage, not immunity to income shocks. Consolidated scope matters: NBFC FY26 PAT275.3449cr, assets3793.8960cr, equity942.6859cr. The company runs bank/NHB/NCD funding, securitisation borrowing and derecognised direct assignments; these are not interchangeable.
| Peer | Why the dossier compares them |
|---|---|
| Aavas Financiers (AAVAS) | Affordable housing HFC, self-employed rural/semi-urban borrowers, similar ticket size |
| Home First Finance Company India (HOMEFIRST) | Affordable housing HFC with high growth, similar borrower profile, urban-salaried tilt |
| India Shelter Finance Corporation (INDIASHLTR) | Affordable HFC with high LAP share and high spread closest to Aptus |
| Aadhar Housing Finance (AADHARHFC) | Low-income housing HFC, national footprint |
| Can Fin Homes (CANFINHOME) | Salaried mass-housing HFC; lower-spread, lower-risk comparator |
| Repco Home Finance (REPCOHOME) | South India HFC with self-employed borrowers overlapping Aptus geography |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 631.6 | 857.7 | 1,365 | 1,750 | 2,192 |
| Other operating costs (vendor classification) * | 28.9 | 35.2 | 46.9 | 63.5 | 76.1 |
| Profit before tax | 480.0 | 653.7 | 793.2 | 974.8 | 1,211 |
| Tax expense | 109.9 | 150.7 | 181.3 | 223.6 | 268.2 |
| Profit after tax | 370.1 | 503.0 | 611.9 | 751.2 | 942.9 |
| Diluted EPS (₹) | 7.53 | 10.08 | 12.21 | 15.01 | 18.84 |
| Interest income | 1,320 | 1,670 | 1,944 | ||
| Fees and commission income | 41.1 | 56.9 | 58.6 | ||
| Net gain on fair value changes | 4.17 | 7.67 | 17.4 | ||
| Net gain on derecognition at amortised cost | 0.00 | 16.3 | 172.4 | ||
| Other income | 44.0 | 48.0 | 53.2 | ||
| Finance costs | 387.9 | 540.5 | 648.4 | ||
| Impairment on financial instruments | 21.5 | 28.3 | 61.5 | ||
| Employee benefits expense | 148.9 | 177.1 | 230.5 | ||
| Other expenses | 48.4 | 65.6 | 80.6 | ||
| Depreciation and amortisation | 9.31 | 12.1 | 13.3 | ||
| Current tax expense | 187.0 | 220.3 | 246.3 | ||
| Deferred tax expense / credit | -5.72 | 3.34 | 21.9 | ||
| Total income including other income | 1,409 | 1,798 | 2,245 | ||
| Net interest income | 932.0 | 1,129 | 1,295 | ||
| Pre-provision operating profit after depreciation | 814.7 | 1,003 | 1,273 | ||
| PAT attributable to owners | 611.9 | 751.2 | 942.9 | ||
| Separate exceptional contribution to PBT | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Share of profit or loss of associates | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,916 | 3,339 | 3,768 | 4,317 | 5,060 |
| Debt securities, other borrowings and lease liabilities | 2,728 | 3,796 | 5,200 | 6,873 | 7,904 |
| Cash and cash equivalents only | 444.0 | 457.6 | 336.1 | 302.6 | 563.3 |
| Trade payables * | 7.90 | 8.74 | 3.47 | 3.55 | 19.8 |
| Net property, plant and equipment | 1.37 | 1.37 | 5.05 | 7.53 | 8.07 |
| Capital work in progress | 0.09 | 0.51 | n.d. | n.d. | n.d. |
| Total assets | 9,005 | 11,243 | 13,048 | ||
| Loans at amortised carrying amount | 8,528 | 10,630 | 11,930 | ||
| Investments at reported carrying amount | 51.5 | 52.9 | 240.2 | ||
| Bank balances outside cash equivalents | 14.1 | 121.2 | 27.4 | ||
| Debt securities | 289.5 | 1,292 | 1,350 | ||
| Borrowings other than debt securities | 4,896 | 5,555 | 6,523 | ||
| Lease liabilities | 14.6 | 26.2 | 30.1 | ||
| Debt net of cash, other bank balances and investments | 4,798 | 6,396 | 7,073 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 684.1 | 907.7 | -1,356 | -1,405 | -489.3 |
| PP&E and intangible capital expenditure cash outflow | 0.28 | 0.00 | -4.89 | -6.91 | -6.38 |
| Free cash flow (vendor definition) * | -727.2 | -1,050 | -1,361 | -1,412 | -495.6 |
| Dividends paid cash outflow | -99.6 | -199.4 | -224.7 | -225.1 | |
| Loan movement in operating cash flow (signed) | -1,965 | -2,141 | -1,378 | ||
| CFO excluding loan movement, after interest and tax | 609.3 | 736.1 | 889.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual equity shares outstanding at year end | 48.83 | 49.76 | 49.89 | 49.98 | 50.07 |
| Weighted average diluted equity shares | 50.10 | 50.04 | 50.05 | ||
| Weighted average basic equity shares | 49.86 | 49.94 | 50.04 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 421.4 | 450.0 | 484.0 | 520.3 | 544.0 | 553.6 | 574.3 | 600.3 |
| Other operating costs (vendor classification) * | 17.1 | 23.5 | 22.9 | |||||
| Profit before tax | 236.7 | 245.5 | 271.0 | 285.5 | 294.3 | 303.8 | 327.6 | 329.1 |
| Tax expense | 54.8 | 55.0 | 63.9 | 66.3 | 67.7 | 67.6 | 66.6 | 68.2 |
| Profit after tax | 182.0 | 190.5 | 207.0 | 219.3 | 226.5 | 236.2 | 261.0 | 260.9 |
| Diluted EPS (₹) | 3.63 | 3.81 | 4.14 | 4.38 | 4.51 | 4.72 | 5.21 | 5.21 |
| Interest income | 405.2 | 433.5 | 450.0 | 469.5 | 472.7 | 488.5 | 513.1 | 529.2 |
| Finance costs | 127.9 | 142.9 | 149.8 | 160.4 | 165.0 | 162.5 | 160.5 | 169.7 |
| Other income | 14.2 | 8.94 | 15.2 | 9.88 | 9.65 | 14.9 | 18.8 | 10.4 |
| Employee benefits expense | 43.5 | 43.5 | 46.7 | 50.4 | 53.1 | 64.9 | 62.1 | 64.0 |
| Other expenses | 15.0 | 16.6 | 20.5 | 20.0 | 20.1 | 17.1 | 23.4 | 22.9 |
| Depreciation and amortisation | 2.84 | 3.28 | 3.34 | 3.13 | 3.20 | 3.38 | 3.57 | 3.49 |
| Impairment on financial instruments | 9.51 | 7.22 | 7.94 | 10.6 | 18.1 | 16.9 | 15.9 | 21.5 |
| Net interest income | 277.2 | 290.6 | 300.2 | 309.1 | 307.7 | 326.0 | 352.6 | 359.5 |
| Pre-provision operating profit after depreciation | 246.2 | 252.8 | 278.9 | 296.1 | 312.4 | 320.7 | 343.5 | 350.6 |
| PAT attributable to owners | 182.0 | 190.5 | 207.0 | 219.3 | 226.5 | 236.2 | 261.0 | 260.9 |
| Fees and commission income | 14.6 | 14.9 | 15.2 | 13.5 | 15.1 | 14.9 | 15.1 | 16.5 |
| Net gain on fair value changes | 1.58 | 1.67 | 2.59 | 5.68 | 6.21 | 2.91 | 2.56 | 5.65 |
| Net gain on derecognition at amortised cost | 0.00 | 0.00 | 16.3 | 31.6 | 50.0 | 47.3 | 43.6 | 49.0 |
| Current tax expense | 54.0 | 57.3 | 60.8 | 58.4 | 55.1 | 63.5 | 69.4 | 65.4 |
| Deferred tax expense / credit | 0.73 | -2.28 | 3.16 | 7.86 | 12.6 | 4.14 | -2.75 | 2.79 |
| Total income including other income | 435.5 | 459.0 | 499.2 | 530.1 | 553.7 | 568.5 | 593.1 | 610.7 |
| Separate exceptional contribution to PBT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit or loss of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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 | 39.8% | 35.8% | 59.2% | 28.2% | 25.2% |
| Net margin | 44.8% | 42.9% | 43.0% | ||
| Return on equity | 17.2% | 18.6% | 20.1% | ||
| Return on assets | 6.8% | 7.4% | 7.8% | ||
| Dividend payout | 32.6% | 29.9% | 23.9% | ||
| EPS, diluted (₹) | 7.53 | 10.08 | 12.21 | 15.01 | 18.84 |
| Book value per share (₹) | 59.72 | 67.11 | 75.52 | 86.37 | 101.1 |
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 1, information to 17 Oct 2026); market data at the close of 17 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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Report history
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