Aadhar Housing Finance Ltd lends home and non-home loans to low- and middle-income customers, largely in emerging and Tier 3/4 markets across India. This quarter's print will speak to whether the company holds its guided ~20% disbursement growth commitment on the new cheque-realisation basis, and how the West Asia-driven non-home-loan pullback and a deficit monsoon play into spreads and asset quality.
| Results date | November 05, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 997.08 Cr (standalone total income, Q1 FY27) |
| Previous quarter PAT | Rs. 282.31 Cr (standalone, Q1 FY27) |
| Market cap | Rs. 18,467.31 Cr |
| CMP | Rs. 421.25 |
The board meets on November 5, 2026 to approve the Q2/H1 FY27 audited financial results for the period ended September 30, 2026, per the October 28 board-meeting intimation. The trading window has been shut since October 1, 2026.
The Q2 FY27 earnings call is scheduled for November 5, 2026 at 6:00 PM IST, hosted by Nomura. Speakers are Rishi Anand (MD & CEO), Rajesh Viswanathan (CFO) and Sanjay Moolchandani (Head FP&A & IR).
Q2 FY27 is the first test of management's commitment, restated on July 31, 2026, to disbursement growth of "upward of or close to about 20%" over the next three quarters, after Q1 printed +2.88% on the new cheque-realisation basis versus +19% on the old handover basis.
The demand backdrop stayed supportive — NBFC retail credit growth accelerated to +22.0% YoY in August 2026 with housing loans explicitly flagged as accelerating, and PMAY-U 2.0's interest subsidy of up to Rs. 1.80 lakh remains active — but the West Asia conflict escalated through the quarter, with the Indian crude basket moving from $82.04 in July to $100.75 in September, keeping the non-home-loan book (26-27% of AUM but 35-40% of the profit pool) likely suppressed after the conscious Q1 reduction.
The June-September monsoon ended 12.6% below normal, the weakest in over a decade, which management has directly tied to rural and semi-urban cash flows and collections for this Tier 3/4, ~Rs. 11-lakh-ticket book — making the credit-cost glide from the 40-45 bps Q1 seasonal print toward 23-25 bps by FY27-end and the ~1.1% GNPA guide the key swing factor.
On margins, repo held at 5.25% and MCLR drifted from 8.70% to 8.61%, keeping the funding setup broadly benign for a 78%-floating-borrowings book, with spreads of 5.8% held "upward of 5.5%" against the guided 8-10 bps FY27 contraction. The call will likely cover the disbursement basis bridge, NHL normalisation timing from Q3 FY27, and any succession updates following the October governance changes.
FY27 guidance scorecard and disbursement basis bridge: All FY27 targets were restated on July 31, 2026.
Non-home-loan normalisation and credit cost trajectory
Spread floor and cost-of-funds trajectory
Leadership succession and branch expansion
Q1 FY27 disbursements were Rs. 2,036 Cr on the new cheque-clearance basis versus Rs. 2,359 Cr (+19% YoY) on the old cheque-handover basis. Management said the interest income impact is a minor 2-3 day effect, with interest recognised only on clearance.
Management guided credit cost to settle at 23-25 bps by FY27 year-end, with Q1 seasonally running at 40-45 bps, and headline NPAs to be maintained at 1.1%. GNPA stood at 1.31% in Q1 FY27 versus 1.34% a year earlier.
Management has guided ROE of ~17% "in a couple of years", alongside a slow, steady path of leverage towards 3x from 2.5-2.6x. ROE was 14.7% in Q1 FY27.
AUM stood at Rs. 31,364 Cr in Q1 FY27, up 18% YoY, against the reaffirmed FY27 guidance of 20% AUM growth. Management stated it remains "firm and stick with our medium-term guidance" of 20% AUM, 20% profit and 17-18% disbursement growth.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.