Aadhar Housing Finance Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 1,047.87 Cr (+16.53% YoY) and PAT growth of +15.70% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,047.87 Cr (+16.53% YoY) |
| PAT (Q2) | Rs. 308.31 Cr (+15.70% YoY) |
| EPS (Q2) | Rs. 7.04 (+14.29% YoY) |
Q2 FY27 delivered 16.53% total income growth and 15.70% PAT growth with PPOP margin up 62 bps YoY and credit cost improving to 36.5 bps from 51.0 bps, supported by rating upgrades to AA+/Stable. However, GNPA rose to 1.35% against the ~1.1% guidance and H1 disbursement growth of 12.82% lags the 17-18% FY27 target, requiring 20%+ H2 growth. Execution is mixed against management's own guidance, with profitability on track but origination and asset-quality legs behind plan.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Q2 disbursements | "the first test of the 'upward of or close to about 20%' next-3-quarters commitment" | H1 +12.82% YoY; Q2 implied Rs.2,577.05 Cr — below the ~20% pace on the filing-derivable basis | Contradicted |
| NHL suppressed in Q2 on West Asia escalation | "the NHL pool (26–27% of AUM… ) likely stayed suppressed" | Product mix not disclosed; total disbursement softness consistent — mix | Not observable |
| Spread / cost of funds benign | "cost-of-funds drift down and the guided 8–10 bps FY27 spread contraction remaining intact" | Finance costs +13.89% vs interest income +15.74% (spread itself not disclosed) — proxy supports | Partially |
| Employee-cost inflation | Q1 saw +28.1% YoY incl. ESOP, "outrun 17.1% revenue growth" | +23.59% incl. ESOP; +13.14% ex-ESOP, below revenue growth — on the ESOP-included basis); ex-ESOP normalized | Played out |
| Monsoon skews credit-cost glide | "even if Q2 itself holds near the seasonal path" | 36.5 bps annualised Q2 vs 51.0 bps Q1; GNPA 1.35% vs ~1.1% guide — seasonal glide intact, GNPA above guide | Partially |
| Nothing adverse regulatory in-quarter | "compliance-cost neutral quarter" | No penalty/regulatory-action disclosure in the filing | Played out |
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| What management said | Where | What happened | Verdict |
|---|---|---|---|
| AUM growth 20% (FY27) | Q1 FY27 call, Jul 31, 2026 | AUM not disclosed in the Q2 filing (gross loans +6.86% in H1 is the only proxy) | Too Early |
| PAT growth 20% (FY27) | Q1 FY27 call, Jul 31, 2026 | H1 consol PAT +17.25% YoY (Rs.590.67 Cr); Q2 +15.70% | On Track |
| Disbursement growth 17–18% (FY27) | Q1 FY27 call, Jul 31, 2026 | H1 disbursements Rs.4,613.05 Cr, +12.82% YoY (cash-flow basis) | Stretch |
| Disbursement growth "upward of or close to about 20%" (Q2–Q4 FY27) | Q1 FY27 call, Jul 31, 2026 | Q2 implied disbursements Rs.2,577.05 Cr (H1 less Q1 print); H1 pace +12.8% — first quarter of the window | Missed |
| Credit cost 23–25 bps by FY27-end | Q1 FY27 call, Jul 31, 2026 | 36.5 bps annualised in Q2 on closing loans (vs 51.0 bps in Q1) — improving but above target pace — direction) / Stretch (level | On Track |
| Headline GNPA ~1.1% (FY27) | Q1 FY27 call, Jul 31, 2026 | GNPA 1.35% at Sep-26, up from 1.31% | Missed |
| Cost-to-income −30–40 bps/yr | Q1 FY27 call, Jul 31, 2026 | 36.05% Q2 vs 36.18% Q2 FY26 — flat YoY; ex-ESOP 33.90% vs 34.07% Q1 — no annual reduction yet | Missed |
| Non-employee cost growth 10–11% (FY27) | Q1 FY27 call, Jul 31, 2026 | Other expenses +2.05% YoY | Met |
| "Firm and stick with our medium-term guidance of 20% AUM, 20% profit, 17–18% disbursement growth" | Q1 FY27 call, Jul 31, 2026 | PAT on track (+17.25% H1); disbursement pace (+12.82% H1) lags its leg | Partially Confirmed |
| "Quarter of steady disciplined execution… industry-leading asset quality" | Q1 FY27 press release | PAT +15.70%, GNPA rose 1.31%→1.35% but NNPA steady at 0.89% and PCR held at 34.53% | Partially Confirmed |
| Metric | H1 FY26 | FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|
| AUM (Rs. Cr) | 27,553.7 | 30,571.3 | 31,364.0 | not disclosed in filing |
| Disbursements (Rs. Cr) | 4,089.0 | 9,555.7 | 2,036.0 | 2,577.05 (cash-flow-derived) |
| PAT (Rs. Cr, consol) | 503.8 | 1,108.3 (incl. exceptional) | 282.4 | 308.31 |
| GNPA % | 1.4 | 1.08 | 1.31 | 1.35 |
| NNPA % | — | — | 0.87 | 0.89 |
| Credit cost (annualised, on closing loans, bps) | — | — | 51.0 | 36.5 |
| Cost-to-income % | 36.14 | — | 36.32 | 36.05 |
| CRAR % / LCR % | — | — | 43.39 / 244.96 | 42.11 / 239.76 |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.