Aadhar Housing Finance: Operational changes; in-line outcomes Quick Note

研报英文原文证据摘录

Aadhar Housing Finance: Operational changes; in-line outcomes Quick Note

Global Markets Research

Aadhar Housing Finance AADA.NS AADHARHF IN 31 July 2026

EQUITY: FINANCIALS

RatingOperational changes; in-line outcomes Remains Buy

Target price INR 615 RemainsQuick Note

Closing price INR 497 31 July 20261QFY27 net profit: In line with our estimate but 3% below consensus estimate

• Aadhar Housing Finance (Aadhar) reported 1QFY27 net profit of INR2.8bn (up 19% y-

y), which was in line with our estimate. AUM growth at 18% y-y was slightly below our Research Analysts

estimate of 20% y-y. The key reason for the drag was the change in its disbursal India Financials recognition; disbursals were up just 3% y-y in 1QFY27.

Shreya Shivani - NFASL

• Credit costs missed our estimate with the company reporting 9bp higher credit costs. shreya.shivani@nomura.com

Though 1Q is a seasonally weak quarter, the company has historically reversed the +91 22 403 74804

slippages of 1Q over the remaining quarters of the financial year. Net slippages (as % Ankit Bihani - NFASL

of opening loans) in 1QFY27 were 1%, which was lower vs 1QFY26 and 1QFY25 (at ankit.bihani@nomura.com

1.6% and 1.4% respectively). +91 22 403 74135

Shreyas Pimple - NFASLDisbursals were dragged by revision of timing of recognition; more than 20%

disbursal growth over the next three quarters shreyas.pimple@nomura.com

+91 22 403 74029

• The company has revised recognition of disbursals from “cheque handover” to

“cheque clearance.” The company notes that the cheque clearance model keeps

customer interests at the forefront. Interest income is also recognised at the time of

cheque clearance now.

• Disbursals under the old (cheque handover) model would have been up 19% y-y. As