Photo Credit: Arlawka Aungtun

Target: ₹ 650

CMP: ₹ 538.65

We hosted the MD & Ceo and Cfo of Aadhar Housing for Investor Meetings in Hong Kong. Pivotal, Incrementally Relevant Insights: Strategically Positioning as low-income housing finance (ats of less than ₹ 15 lakh) Reorienting DistributionGy Accrowgya Accrows Front ‘Urban’ and ‘Emerging’ Markets; Urban/Emerging ‘A’ Markets Target Volume/Aum Growth with Better Credit, while ‘B’ & ‘C’ Prioritise Value and Enhanced Risk-EDJUSTED RETURNS for Bottom-Lin Confidently targets 20-22 per cent aum growth over the medium term supported by 17-20 per cent disbursions grow; Realized Funding Cost Benefits will be passed on, Aiming for Stable 5.5 per cent medium-term spores.

Benign Credit Cost Outlook (25-28BPS) supported by Stable Bounce Rates with Proactive Cuity for Mono-Line Export-Linked Customers and Single-Digit Growth in Five States (West Bengal/Kerala/Odisha/Bihar/Jharkhand) With unique state-specific challenges. The Fresher Apprenticeship Program Addresses Field-Level Attrition, and a 4.7 per cent Esop Pool also also Drives Retention.

Trades at 2.6x fy26e book for over 4.4/16 per cent Roa/ROA. We alredy have 90D+ cw open with tp of ₹ 650.

Key Downside Risks: The Build-up of Stress in Lap Over and Above Expectations; And Roll-Back from Elevated GS3 Getting Disrupted Due to Activity Slowdown, also leading to growth Slowdown.

Published on September 18, 2025