Aptus Value Housing Finance India Ltd Q2 FY27 Results Analysis: PAT Jumps 18%, Credit Costs Breach Guidance

Cofacto Research Published November 04, 2026 4 min read

Positive

Aptus Value Housing Finance India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 634.67 Cr (+14.63% YoY) and PAT growth of +18.02% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 04, 2026
Revenue (Q2)	Rs. 634.67 Cr (+14.63% YoY)
PAT (Q2)	Rs. 267.38 Cr (+18.02% YoY)
EPS (Q2)	Rs. 5.34 (+17.62% YoY)

Quarter Snapshot

Consolidated PAT grew 18.02% YoY to Rs.267.38 Cr with net income margin up 19.18% YoY, powered by finance costs rising only 3.91% against 16.51% interest income growth, and ROE of 20.07% is on track against the 20%+ target. The key tension is credit cost: impairment rose 58.19% YoY in H1 with the proxy at 0.74% annualized, above the guided 0.5% ±10 bps band, while opex growth of 29.77% lifted cost-to-income by 138 bps. AUM and disbursement guidance cannot be assessed from the filing, leaving the 22-24% AUM growth target unverified this quarter.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
AUM/disbursements "set to re-enter or press the guided 22–24% band"	direction	AUM/disbursements not disclosed in the filing; loans +4.80% over H1; total income +14.90% YoY H1 — filing basis	Not observable
Spread "flat-to-slightly-compressing"; CoF broadly stable	direction	Spread % not disclosed; finance costs +3.91% vs interest income +16.51%; net income margin +19.18% YoY — better than the compressing case on the computable basis	Partially
Credit cost hinges on NBFC normalization vs 0.5%±10 bps	direction	Impairment +31.98% YoY Q2; proxy 0.74% H1; GNPA flat, PCR up to 25.50% — stock stable, run-rate elevated	Partially
No adverse sector regulation inside the window	direction	Filing shows routine RBI/NHB framework compliance; unmodified review opinion	Played out
First Interim Dividend (record date Nov 13)	declared	Rs.2/share declared; Rs.100.17 Cr; 18.96% of H1 PAT	Played out
Reconcile GNPA 1.70% (presentation) vs 1.42% (Q1 filing)	reconciliation	Q2 filing basis: 1.52% GNPA / 1.14% NNPA / 25.50% PCR — basis gap persists, unexplained in the filing	Partially
NHB Rs.500 Cr refinance drawdown; Q2 branch additions (20–23); opex/AUM vs 2.6–2.8%	status	None addressed in the filing (AUM-basis ratios not computable) — remain open for the call	Not observable

Management Guidance vs Delivery

What management said	What happened	Verdict
AUM growth 22–24% FY27 (~Rs.16,000 Cr)	AUM not disclosed in the filing; loans +4.80% over H1; total income +14.90% YoY H1	Too Early
ROE 20%+	20.07% annualized (2×H1 consol PAT / avg net worth)	On Track
First interim dividend FY27 — to be considered Nov 4	Declared Rs.2/share	Met

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27	Q2 FY27
AUM (Rs. Cr)	11,767	12,330	13,107	13,648	not disclosed
Disb. (Rs. Cr)	963	1,030	1,242	1,053	not disclosed
PAT (Rs. Cr)	226.55	239	261	260.94	267.38
RoA %	7.9	7.9	8.2	7.8	7.82
RoE %	20.0	20.2	21.2	20.4	20.07
Spread %	8.9	8.9	9.0	9.0	not disclosed
CoB %	8.4	8.3	8.1	8.0	not disclosed
Branches	321	335	339	372	not disclosed

Key Investment Insights

Key Positives

Consolidated PAT grew 18.02% YoY to Rs.267.38 Cr in Q2; H1 PAT grew 18.51% YoY to Rs.528.32 Cr
Net income margin grew 19.18% YoY to Rs.463.22 Cr as finance costs rose only 3.91% YoY against 16.51% interest income growth
PPOP grew 16.59% YoY to Rs.364.17 Cr in Q2
GNPA stable at 1.52% with PCR on stage-3 assets improved to 25.50% from 25.0% at Q1; LCR at 196.29%
Loans grew 4.80% in H1 to Rs.12,501.72 Cr while gross D/E improved to 1.53 from 1.56 and liquidity buffer rose 25.02% to Rs.1,038.78 Cr
Annualized consolidated ROE at 20.07%, on track against management's 20%+ target
First interim dividend of Rs.2/share declared (Rs.100.17 Cr, 18.96% of H1 PAT)
Subsidiary Aptus Finance India contributed Rs.66.66 Cr (24.93% of consolidated PAT) vs Rs.24.69 Cr a year ago

Risk Factors

Impairment charges rose 31.98% YoY in Q2 and 58.19% YoY in H1; H1 impairment already equals 73.76% of FY26's full-year charge, with the annualized run-rate ~47% above FY26
Credit-cost proxy of 0.74% H1 annualized (0.76% Q2) runs above the guided 0.5% ±10 bps band
Opex grew 29.77% YoY, lifting cost-to-income to 15.21% in H1 from 13.83% in H1 FY26
Standalone PAT declined 0.56% YoY due to a base effect in other income (Rs.35.09 Cr year-ago vs Rs.11.37 Cr now)
GNPA disclosure basis gap between presentation (1.70% at Q1) and filing (1.42% at Q1) remains unexplained in the filing