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Aadhar Housing Finance Limited (AADHARHFC)

₹447.00 -1.12% last close, 16 Oct

📊 NSE: AADHARHFC 🏢 Finance - Housing 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Aadhar Housing's net interest income was ₹616 Cr (+44.0% year on year, -4.0% on the previous quarter), and net profit ₹282 Cr (+19.0% year on year).

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Net interest income	₹616	+44.0%	-4.0%
Operating profit	₹364	+9.6%	—
Net profit	₹282	+19.0%	-9.2%
EPS (₹)	6.47	+17.6%	-9.4%

Full quarterly financials → Results calendar →

AADHARHFC delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 44.23% of the AADHARHFC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.13%. That is lower than usual for this stock. Volume was 0.3 times its average, well below normal.

44.23%Delivery, 16 Oct

56.13%Own 20-session average

0.3×Volume vs its average

₹447.00NSE close · -1.12%

Delivery in the last 5 sessions: 43.6% · 44.2% · 50.3% · 73.4% · 44.2%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Aadhar Housing Finance Announces Demise of Non-Executive Chairperson Raj Vikash Verma

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 16 Oct 2026, 05:50 PM

Aadhar Housing Finance has informed the exchanges of the untimely demise of Mr. Raj Vikash Verma, Independent Director and Non-Executive Chairperson, on October 16, 2026. Mr. Verma had been serving as an Independent Director on the board since May 6, 2025. The company operates in affordable housing finance with a market cap of ₹19,423 Cr and TTM revenue of ₹3,833 Cr. A succession process for the Chairperson role is expected to follow under regulatory guidelines.

Cessation of Mr. Raj Vikash Verma effective October 16, 2026
Mr. Verma had been on the Board of Directors since May 6, 2025
Time of occurrence recorded as October 16, 2026 at 2:00 P.M.
Company reported under Regulation 30 and 51 of SEBI LODR Regulations

💡 Watch for upcoming board meeting disclosures regarding the appointment of a new Non-Executive Chairperson and independent director reconstitution.

ICRA Upgrades Aadhar Housing Finance Long-Term Debt to AA+ (Stable) Across Rs 3,641.63 Cr

🟢 POSITIVE ⭐ 9/10

OTHER 📅 22 Sep 2026, 03:25 PM

ICRA has upgraded the credit ratings of Aadhar Housing Finance's long-term instruments to '[ICRA]AA+' from '[ICRA]AA', with the outlook revised to Stable from Positive. The upgrade covers Rs 2,231.63 crore of Non-Convertible Debentures (NCDs), Rs 1,350.00 crore of long-term bank facilities, and Rs 60.00 crore of subordinated debt. In addition, ICRA reaffirmed the short-term rating of '[ICRA]A1+' on commercial paper worth Rs 600.00 crore. Ratings on Rs 504.40 crore of NCDs were withdrawn following their successful redemption.

Long-term rating upgraded to [ICRA]AA+ with Stable outlook across Rs 3,641.63 crore of instruments
Commercial paper worth Rs 600.00 crore reaffirmed at top-tier [ICRA]A1+
Ratings on Rs 504.40 crore of NCDs withdrawn following redemption
Enhanced long-term bank facilities cover includes Rs 100.00 crore enhancement to Rs 1,350.00 crore

💡 Track whether the rating upgrade leads to lower incremental borrowing costs and margin expansion in upcoming quarterly updates.

Aadhar Housing Finance Approves Nikhil Goyal as Non-Executive Nominee Director with 99.94% Majority

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 21 Sep 2026, 07:25 PM

Aadhar Housing Finance shareholders have approved the ordinary resolution to appoint Mr. Nikhil Goyal as Non-Executive (Nominee) Director via postal ballot. A total of 38,39,00,724 votes were polled, representing 87.781% of outstanding shares. The resolution passed overwhelmingly with 99.943% of polled votes in favor (38,36,80,818 votes) and 0.057% against (2,19,906 votes). The voting was concluded on September 19, 2026, based on the record date of August 14, 2026.

Resolution to appoint Nikhil Goyal as Non-Executive Nominee Director passed with 99.943% votes in favor
Overall voter turnout stood at 87.781% of total eligible outstanding shares (38,39,00,724 votes polled)
Promoter group voted 100% in favor (28,27,88,827 votes polled)
Public institutional turnout was 81.979% with 99.614% votes in favor

💡 Track subsequent corporate governance filings and board composition changes; routine shareholder approval requires no operational adjustments.

Aadhar Housing Finance Assigned ESG Rating of '56.00 - Performer' by Niche99 for FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Sep 2026, 12:59 PM

Aadhar Housing Finance Limited informed the exchanges that Niche Ninety Nine Capability and Certifications (OPC) Private Limited ('Niche99') has assigned an ESG rating of '56.00 - Performer' to the company for FY 2026. The company noted that it did not engage Niche99 for this rating, and the report was prepared independently based on publicly available data for FY 2025-26. The intimation is an unsolicited external rating disclosure without direct financial or operational impact.

Assigned ESG rating of '56.00 - Performer' for FY 2026
Rating issued by Niche Ninety Nine Capability and Certifications (OPC) Private Limited
Assessment conducted independently based on publicly available FY 2025-26 data without company engagement
Intimation received by the company on September 17, 2026 at 06:50 PM

💡 Track subsequent quarterly financial earnings and asset quality trends, as unsolicited third-party ESG ratings have negligible impact on core lending operations.

Aadhar Housing Finance Allots 1.86 Lakh Shares Under ESOP 2020

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 06:35 PM

Aadhar Housing Finance Limited has allotted 1,86,440 equity shares of face value Rs 10 each pursuant to the exercise of options under its Employee Stock Option Plan 2020 on September 17, 2026. Following this allotment, the company's paid-up equity share capital increases to Rs 438.39 crore, comprising 43,83,93,157 equity shares. The newly allotted shares will rank pari passu with the existing shares. The equity dilution represents approximately 0.04% of the total outstanding share base, resulting in negligible impact on per-share metrics.

Allotment of 1,86,440 equity shares of Rs 10 each under ESOP 2020
Paid-up equity capital increased to Rs 4,38,39,31,570 consisting of 43,83,93,157 shares
Dilution impact is minimal at approximately 0.04% of the expanded equity base
Allotted shares rank pari passu with existing equity shares

💡 Track subsequent quarterly filings to monitor cumulative equity dilution from employee option exercises; no operational action required.

Aadhar Housing Finance Cancels Participation in Anand Rathi Investor Meeting on Sept 22

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Sep 2026, 05:28 PM

Aadhar Housing Finance Limited has informed the exchanges regarding the cancellation of its scheduled physical group investor meeting. The meeting was previously scheduled for September 22, 2026, at the Anand Rathi event at Taj, Santacruz. The company cited other exigencies as the reason for withdrawing participation, following its earlier intimation on September 15, 2026. This administrative update has no financial or operational bearing on the company.

Cancellation of group physical investor meeting scheduled for September 22, 2026
Meeting was organized by Anand Rathi at Taj, Santacruz
Company cited 'other exigencies' for the withdrawal
Follows initial disclosure submitted on September 15, 2026

💡 Track future investor presentation uploads and the upcoming Q2 FY27 operational and financial updates for core business performance.

Aadhar Housing Finance Schedules Investor Meetings on Sept 22 and Sept 28, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 03:15 PM

Aadhar Housing Finance Limited has scheduled two group investor meetings in Mumbai under Regulation 30 of SEBI LODR. The first meeting is with Anand Rathi on September 22, 2026, at Taj Santacruz, followed by ICICI Securities' Affordable Housing Day on September 28, 2026, at Sofitel BKC. The discussions will rely on publicly available documents and the investor presentation previously filed on July 31, 2026. No unpublished price sensitive information will be shared.

Meeting with Anand Rathi scheduled on September 22, 2026 (Group, Physical at Taj, Santacruz)
Participation in ICICI Securities - Affordable Housing Day on September 28, 2026 (Group, Physical at Sofitel, BKC)
Presentations will refer to the existing investor deck uploaded on July 31, 2026
Only publicly available information to be discussed

💡 Track if any post-meet transcripts or presentations are uploaded, though no new financial disclosures are anticipated prior to Q2 FY27 earnings.

Aadhar Housing Finance Assigned Independent ESG Rating of 71 by NSE Sustainability for FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 04:12 PM

Aadhar Housing Finance Limited has disclosed that NSE Sustainability Ratings & Analytics Limited has assigned the company an Environmental, Social, and Governance (ESG) rating of '71' for FY 2026. The rating was prepared independently using publicly available company data for FY 2025-26, without formal engagement by the company. This disclosure is a routine compliance filing under SEBI LODR regulations and carries no direct financial or operational impact.

Assigned an ESG score of 71 for FY 2026 by NSE Sustainability Ratings & Analytics Limited
Rating report was prepared independently based on publicly available FY 2025-26 data
Company confirmed it did not formally engage the rating agency for this assessment
Intimation received by the company on September 03, 2026, at 10:41 AM

💡 Track subsequent credit rating actions or core operational metrics (AUM growth, NIMs, asset quality), as unsolicited ESG scores do not alter underlying business performance.

India Ratings Upgrades Aadhar Housing Finance to 'IND AA+/Stable' for Rs 12,250 Cr Facilities

🟢 POSITIVE ⭐ 9/10

OTHER 📅 28 Aug 2026, 07:22 PM

India Ratings and Research has upgraded Aadhar Housing Finance Limited's credit rating to 'IND AA+' with a Stable outlook from 'IND AA' (Positive outlook). The rating upgrade covers Rs 12,250.00 Cr of debt instruments, comprising Rs 7,250.00 Cr of Non-Convertible Debentures and Rs 5,000.00 Cr of Bank Loan Facilities. This credit upgrade reflects a stronger financial profile and should help optimize borrowing costs for the affordable housing financier.

Credit rating upgraded to 'IND AA+' from 'IND AA', with outlook revised to Stable from Positive
Total rated debt facilities aggregate to Rs 12,250.00 Cr
Non-Convertible Debentures (NCD) facility rated at Rs 7,250.00 Cr (reduced from Rs 10,000.00 Cr)
Bank Loan Facilities upgraded aggregate to Rs 5,000.00 Cr
Rating action confirmed by India Ratings on August 28, 2026

💡 Track the impact of this rating upgrade on the company's cost of incremental borrowings and net interest margin (NIM) in subsequent quarterly results.

Aadhar Housing Finance Allots 4,69,259 Shares via ESOP Exercise

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 10:17 PM

Aadhar Housing Finance Limited has allotted 4,69,259 equity shares of face value Rs. 10 each on August 26, 2026, pursuant to the exercise of options under its Employee Stock Option Plan 2020. Following this allotment, the company's paid-up equity share capital stands increased to Rs. 438.21 crore, comprising 43,82,06,717 shares. The newly allotted shares will rank pari passu with existing equity shares.

Allotted 4,69,259 equity shares of face value Rs. 10 each under ESOP Plan 2020
Paid-up share capital increased to Rs. 4,38,20,67,170 (43,82,06,717 shares)
Dilution represents approximately 0.11% of the post-allotment share base

💡 Track subsequent trading approvals from stock exchanges; no fundamental business impact.

Aadhar Housing Finance Issues Postal Ballot for Nominee Director Appointment

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 20 Aug 2026, 06:15 PM

Aadhar Housing Finance has issued a Postal Ballot Notice seeking shareholder approval for the appointment of Mr. Nikhil Goyal as a Non-Executive Nominee Director. Mr. Goyal, Managing Director at Blackstone Advisors India Private Limited, was appointed as an Additional Director effective August 12, 2026. Remote e-voting commences on August 21, 2026, and concludes on September 19, 2026, with results to be declared on or before September 22, 2026. No remuneration, sitting fees, or commission will be paid to him for this role.

Shareholder approval sought for appointment of Mr. Nikhil Goyal as Non-Executive Nominee Director
Remote e-voting window open from August 21, 2026 (09:00 AM IST) to September 19, 2026 (05:00 PM IST)
Cut-off date for voting eligibility set as August 14, 2026
Voting results to be declared on or before September 22, 2026
Zero remuneration, sitting fees, or commission payable to the nominee director

💡 Eligible shareholders may review the Postal Ballot Notice and participate in the remote e-voting process before September 19, 2026. Watch for voting results expected by September 22, 2026.

Aadhar Housing Finance Schedules Investor Meet at Elara Conference on September 01, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 04:08 PM

Aadhar Housing Finance Limited announced that its management will participate in the Elara investor conference on September 01, 2026. The meeting will be conducted physically in a group format at Grand Hyatt, Santacruz. The company confirmed that discussions will rely on publicly available documents, including the investor presentation filed on July 31, 2026.

Management to attend Elara investor conference on September 01, 2026
Meeting format is physical group interaction at Grand Hyatt, Santacruz
Discussions to refer to existing investor presentation dated July 31, 2026

💡 Watch for any post-meet transcripts or updated presentations uploaded to the stock exchanges.

4,00,341 Equity Shares Allotted Under ESOP Plan 2020

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 04:16 PM

Aadhar Housing Finance Limited has allotted 4,00,341 equity shares of ₹10 each to eligible employees following the exercise of stock options under its 2020 ESOP plan. This allotment has increased the company's total paid-up equity share capital to ₹437.74 crore. The dilution from this specific event is marginal, representing approximately 0.09% of the total post-allotment share capital. The new shares will rank equally with existing equity shares in all respects.

Allotment of 4,00,341 equity shares of ₹10 each on August 14, 2026
Total paid-up equity share capital increased to ₹4,37,73,74,580
Total number of fully paid-up equity shares stands at 43,77,37,458
Allotment conducted under the Aadhar Housing Finance Limited – Employee Stock Option Plan 2020

💡 No immediate action required as this is a routine administrative allotment. Investors should track the cumulative dilution from ESOPs over the fiscal year to assess the impact on Earnings Per Share (EPS).

Blackstone MD Nikhil Goyal Appointed as Additional Director to Aadhar Housing Board

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Aug 2026, 05:32 PM

Aadhar Housing Finance has appointed Mr. Nikhil Goyal as an Additional Director effective August 12, 2026. Mr. Goyal is a Managing Director at Blackstone, the company's promoter, and brings over 10 years of experience in financial services and private equity. The board has also approved a postal ballot to seek shareholder approval for his appointment as a Non-Executive Nominee Director. This move ensures continued promoter representation on the board as the company targets a 20-22% growth rate.

Appointment of Mr. Nikhil Goyal as Additional Director effective August 12, 2026
Mr. Goyal brings over 10 years of experience in the financial services and private equity sectors
Promoter holding stands at 64.9% as of March 2026, following a reduction from 75.19% in December 2025
Company maintains a healthy Net Interest Margin (NIM) of 7.31% and AUM of ₹25,531 Cr as of March 2025

💡 Investors should monitor the upcoming postal ballot results for shareholder approval of the appointment. No immediate action is required as this is a standard board composition update for a promoter-backed entity.

Crisil ESG 67 Rating Assigned to Aadhar Housing Finance under 'Strong' Category

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 11:31 AM

Aadhar Housing Finance has been assigned an ESG rating of 'Crisil ESG 67' and a Core ESG rating of 'Crisil Core ESG 75' for FY 2026. The rating, provided by Crisil ESG Ratings & Analytics Ltd, places the company in the 'Strong' ESG category. This was an independent assessment based on public data from FY 2025-26, as the company did not formally engage the agency for this rating. Such ratings are increasingly used by institutional investors to gauge non-financial risk and governance quality.

Assigned an overall ESG rating of 'Crisil ESG 67' by Crisil ESG Ratings & Analytics Ltd.
Received a 'Crisil Core ESG 75' rating specifically for the FY 2026 period.
Categorized under the 'Strong' ESG rating bracket based on independent public data analysis.
Assessment was based on the company's performance and disclosures during FY 2025-26.

💡 Investors should monitor if this 'Strong' ESG profile enables the company to access lower-cost capital through ESG-linked bonds or international funding, which could support its 7.31% NIM.

View All AADHARHFC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income grew by 20% YoY to INR 3,109 Cr in FY25 from INR 2,587 Cr in FY24. The growth is driven by a 21% YoY increase in Assets Under Management (AUM), which reached INR 27,553.7 Cr in H1 FY26. The retail-focused housing segment remains the primary driver, with a 5-year AUM CAGR of 17% (FY20-FY25).

Geographic Revenue Split

The company maintains a diversified presence across 21 states and union territories. Risk is mitigated by low concentration, as no single state contributes more than 14% of the total AUM as of March 31, 2025.

Profitability Margins

Profit After Tax (PAT) increased by 22% YoY to INR 912 Cr in FY25. Net Interest Margins (NIM) improved from 7.22% in FY24 to 7.31% in FY25. Return on Assets (ROA) stood at 4.3% in FY25, up from 4.2% in FY24, while Return on Equity (ROE) was 16.9% following the IPO equity infusion.

EBITDA Margin

Pre-provisioning operating profit (PPOP) increased by 23% YoY to INR 1,231 Cr in FY25 compared to INR 1,000 Cr in FY24. This was supported by a stable cost-to-income ratio of 36.4% and an operating expense to average total assets ratio of 3.33%.

Capital Expenditure

The company is aggressively expanding its physical footprint, having set up approximately 20 new branches in Q2 FY26, bringing the total to 623 branches/offices. While specific INR Cr capex for construction is not disclosed, OPEX grew 16% YoY to INR 201 Cr in Q2 FY26 to support this expansion.

Credit Rating & Borrowing

The company maintains a strengthened capital base with a CRAR of 44.61% as of March 31, 2025. Borrowings stood at INR 17,600 Cr in H1 FY26, with a mix comprising 53% bank loans, 23% NHB refinancing, 21% NCDs, and 3% ECB. Spreads remained stable at 5.9%.

⚙️ Operational Drivers

Raw Materials

The primary 'raw material' is capital/debt funding. The borrowing mix consists of Bank Loans (53%), NHB Refinance (23%), Non-Convertible Debentures (21%), and External Commercial Borrowings (3%).

Import Sources

Funding is sourced domestically from Indian banks, the National Housing Bank (NHB), and mutual funds/insurance companies, with 3% sourced internationally via External Commercial Borrowings (ECB).

Key Suppliers

Key financial 'suppliers' include the National Housing Bank (NHB) for refinancing and various commercial banks and institutional investors for NCDs and term loans.

Capacity Expansion

Current distribution capacity stands at 623 branches and offices as of H1 FY26. The company added 20 branches in the most recent quarter and plans to continue deeper penetration through its 'Deeper Impact' and 'Aadhar Gram Unnati' initiatives.

Raw Material Costs

Cost of funds is managed through a diverse borrowing profile. Total borrowings grew 21% YoY to INR 17,600 Cr. The company utilizes Direct Assignment (DA) and Co-Lending to optimize borrowing costs and enhance liquidity.

Manufacturing Efficiency

Operational efficiency is measured by the cost-to-income ratio, which was 36.4% in FY25. The company uses a centralized processing unit (CPU) and automated analytics to improve underwriting speed and accuracy.

Logistics & Distribution

Distribution is handled through a network of Direct Selling Teams (DSTs), Direct Selling Agents (DSAs), and 'Aadhar Mitras' to reach low-income customers in semi-urban areas.

📈 Strategic Growth

Expected Growth Rate

20-22%

Growth Strategy

Growth will be achieved through a 40-60 split between H1 and H2 disbursements, leveraging tailwinds like PMAY subsidies, good harvests, and festive demand. The company is expanding into the outskirts of urban cities and semi-urban areas via its 'Deeper Impact' strategy and increasing its branch count (623 currently).

Products & Services

Small-ticket mortgage loans, home loans for economically weaker sections (EWS), loans against property (LAP), property renovation loans, and financing for commercial property purchase.

Brand Portfolio

Aadhar Housing Finance Limited (AHFL), Aadhar Gram Unnati, Aadhar Mitras.

New Products/Services

Expansion of the Loan Against Property (LAP) portfolio and increased focus on the 'Aadhar Gram Unnati' initiative for rural/semi-urban penetration.

Market Expansion

Targeting deeper reach in 21 existing states, specifically focusing on the outskirts of urban cities and semi-urban regions to capture first-time home buyers.

Market Share & Ranking

Aadhar is a leading player in the affordable housing finance segment with an AUM of INR 25,531 Cr as of March 2025.

Strategic Alliances

Direct Assignment (DA) and Co-Lending agreements with various banks and financial institutions to optimize capital and liquidity.

🌍 External Factors

Industry Trends

The affordable housing sector is growing due to structural tailwinds like urbanization and government support (PMAY). The industry is shifting toward digital-first underwriting and data-backed risk analytics to manage low-income credit profiles.

Competitive Landscape

Competes with other HFCs and small finance banks in the affordable housing space, maintaining an edge through a 100% secured retail portfolio and a low average ticket size of INR 10.3 Lakhs.

Competitive Moat

The moat is built on a deep distribution network (623 branches) and specialized underwriting for the 'informal' income segment. This is sustainable due to the high entry barriers of building a physical semi-urban network and the proprietary data gathered over 14+ years of operations.

Macro Economic Sensitivity

Highly sensitive to rural economic health (harvests/rains) and government schemes; PMAY interest subsidies are a critical driver for demand in the low-income segment.

Consumer Behavior

Shift toward first-time home ownership among low-to-middle-income individuals who previously had limited access to formal credit.

Geopolitical Risks

Limited direct impact as operations are 100% domestic within India, though global interest rate trends may affect ECB costs.

⚖️ Regulatory & Governance

Industry Regulations

Regulated by the National Housing Bank (NHB) and RBI; must comply with Capital Adequacy Ratio (CAR) norms (currently 44.61%) and Income Recognition and Prudential Norms (IRAC).

Environmental Compliance

The company follows a Board-approved ESG framework and CSR policy to support national development goals and inclusive growth.

Legal Contingencies

The company carries an impairment allowance of INR 243.03 Cr as of March 31, 2025, to cover potential credit losses. It also maintains a management overlay provision of INR 58.51 Cr for unforeseen risks.

⚠️ Risk Analysis

Key Uncertainties

Asset quality remains susceptible to stress (GNPA at 1.4%) due to the vulnerability of low-income borrowers to income disruptions during economic downturns.