Aadhar Housing Finance (AADA.NS)：暂时性放贷中断，指引保持不变

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31 Jul 2026 14:26:43 ET │ 16 pages

Aadhar Housing Finance (AADA.NS)

Transient Disbursements Disruption, Guidance Intact

CITI'S TAKE

Core performance was in line, with stable spreads. GS3/GS2 edged up

23bps/30bps to 1.31%/3.3%, reflecting seasonal trends, while credit costs

remained elevated at >40bps. Mgmt. remains confident of normalizing GS3

to 1.1% by year-end, underpinned by robust CE of 99%. Employee costs

surged 27% YoY/5% QoQ, driven by ESOP charges (Rs140mn) and annual

increments, partially cushioned by disciplined overhead control (+5% YoY /

-27% QoQ). Disbursements faced a transient headwind from cheque

realization delays (~Rs3.2bn), tempering AUM growth to 18.2% YoY / 2.6%

QoQ. Management reaffirmed its guidance of 18–20% disbursement

growth, 20%+ AUM expansion, spreads sustaining above 5.5%, and credit

costs contained at 23–25bps. Factoring in a marginally softer revenue

trajectory, we trim FY27E/FY28E earnings by ~2% (introducing FY29E), with

RoA/RoE expected at ~4.5–4.6% / 16–17%. Retain TP; maintain Buy.

Cheque realization disbursement recognition; retains growth guidance — AUM

grew 18% YoY/2.6% QoQ, with HL rising 17% YoY/2.8% QoQ and Mortgage Loans up

21% YoY/2.1% QoQ. it transitioned disbursement reporting to cheque realization;

disbursements were Rs20.4bn (+3% YoY), while on cheque handover basis were

Rs23.6bn (+19% YoY). LAP growth remains deliberately moderated. Maharashtra,

Rajasthan, UP, Gujarat and MP continue to anchor the book, collectively accounting

for ~60% of AUM. Mgmt reiterated its guidance of 18-20%/>20%

disbursement/AUM growth. We model AUM growth of 21% over FY27E/FY28E.

n

Buy

Price (31 Jul 26 15:30)

Rs496.70

Target price

Rs650.00

Expected share price return

30.9%

Expected dividend yield

0.0%

Expected total return

30.9%

Market Cap

Rs217,225M

US$2,270M

Price Performance

(RIC: AADA.NS, BB: AADHARHF IN)

Seasonal deterioration; expects to pull back GS3 through the fiscal — GS3/GS2

rose 23bps/30bps to 1.31%/3.3% following seasonality with coverage moderating

to 34.7%/13.3% (vs 32.4%/13.4% qoq). Credit cost was elevated at >40bps. Mgmt.

expressed confidence to pull-back GS3 to 1.1% by FY27 backed by a strong CE of

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