Aadhar Housing Finance

“We expect our disbursement momentum to continue and are confident of delivering a 20% plus disbursement growth in the second half of the year.”

“And we're very confident of delivering the guidance numbers on a yearly basis that we've given.”

“Sonal, I don't see any challenge in the If I look at my numbers, disbursement growth in U.P. has been about 23%. Karnataka has been similar, 23%.”

“That was the first state that we started. So, it is a vintage book, and rundown will be slightly faster. I think that is the impact that you are seeing.”

“If you look at the quarter one to quarter two performance, I think the number has moved from a 24% to a 26%. We have opened whatever levers had to be opened.”

“From an average of about INR800, we moved upward to about close to about INR900, so numbers are stacking up good.”

“In our view, we have delivered a strong quarter two, and the initial trends of quarter three look very encouraging.”

“Coming to the industry, demand for affordable housing finance continues to be supported by structural need for home ownership and expansion of formal credit to underserved markets.”

“As we have explained in the past, whenever we see the higher cost of funds coming into our balance sheet, maybe at maximum with a quarter lag, we will take it to the ALCO, and once the ALCO approves as per the RPLR model of the company, we pass it on to the consumer.”

“So, to a great extent, our spreads will not be really impacted because of this interest rate scenario. There could be an impact of maybe a quarter, which is an interim timing effect.”

“Our approach is to protect spreads rather than chase yields.”

“No decision on rate hike as of now. We will have a meeting of the ALCO probably in the third quarter, probably in December or January, and we will take a call at that point of time, depending how about the RBI announcement happening in January.”

“Right now, the RPLR model within the company is not showing a substantial increase to be passed on to the consumer. As and when it happens, post-December, the internal ALCO will meet, and then at that time we will decide on how to pass.”

“During the quarter in question, I am proud to say that our credit profile was further strengthened with India Ratings and ICRA upgrading our long-term rating to AA+ stable.”

“Our overall borrowings on 30th September stood at INR20,400 crores compared to INR17,600 crores on 30th September 2025.”

“The borrowing mix as at end of 30th September 2026 is 53% from banks, NHB share is 22%, NCD share is 15%, ECB is 7%, and others are 3%.”

“Our incremental borrowings for quarter two FY 2027 stood at INR1,550 crores, which has come in at a competitive 7.5%.”

“The exit cost of funds as of September 30, 2026, stood at 7.7%. In terms of fixed and floating nature of our book, broadly 75% of our assets and liabilities are floating in nature.”

“Following this unfortunate event, and in accordance with the applicable regulatory requirements, Shri Deo Shankar Tripathi, previously Executive Vice Chairman of the company, has been appointed as Interim Non-Executive Chairman.”

“I would also like to welcome Shri Nikhil Goyal, Managing Director, Blackstone, who has joined our Board as an Additional Director with effect from 12th of August 2026.”

“Before discussing our performance on Q2, I would want to take a moment and express my deepest condolences on the sad demise of our esteemed Independent Director and Non-Executive Chairperson, Shri Raj Vikash Verma, on the 16th October.”

“Operating expenses includes a charge to the profit and loss of INR28 crores in H1 and INR14 crores in quarter two FY 2027 on account of stock options under the employee stock option scheme, which started in January 2026.”

“On a very theoretical sense, if value of the option is 100, theoretically about 40% of the cost comes in first year, and approximately 30% of the cost comes in the second year.”

“The ESOP which has been given is given in January 2026, and the way the accounting standard places that the cost should be taken, the value of the option should be taken over a period of five years.”

“In terms of GS2, I think it is more of a seasonality sort of a moment. We are not seeing any specific state or any cause of undue worry in terms of this 30 basis points moment on the GS2.”

“We also remain mindful of external factors as we grow business, including geopolitical developments and on the strengthening El Niño conditions that can impact the borrower's cash flow, particularly in the semi-urban markets.”

“Close to 5%-6% of my AUM would be in those districts.”

“As far as you use the word drought, I would want to bring out a point here that out of about 88 high-priority districts under El Niño, we are available only in 30 districts.”

“Even if I would want to cover here that even on bouncing, which is my first line of defence, we are not seeing any undue movement across various states that we cater to today.”

“Our AUM as of 30th September 2026 stood at INR32,643 crores, registering a Y-o-Y growth of 18%.”

“Disbursement for Q2 FY 2027 stood at INR2,577 crores, representing a Y-o-Y growth of 22%.”

“Hence, on a like-to-like basis, disbursement growth in H1 FY 2027 on a Y-o-Y basis is 21% and AUM growth is 20%.”

“Our portfolio continues to remain fully secured and retail in nature, with home loans accounting to 73%, non-home loans accounting to 27% of our AUM.”

“Our average ticket size stood at INR11.3 lakh, with a loan-to-value ratio at comfortable 61%.”