Aadhar Housing Finance Q4 Results Review: Growth Momentum Sustained At >20% YoY In FY25, 'Buy' Maintained

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ICICI Securities Report

Aadhar Housing Finance Ltd., with 21% YoY/6.5% QoQ AUM growth and disbursement of Rs 25.6 billion (up 23% QoQ) in Q4 FY25, continued to reinforce the view that credit demand in low-income housing is robust and the AHFC space would likely sustain its growth momentum. Aadhar maintains its leadership position among affordable housing finances with an AUM of ~Rs 255 billion, as on Mar’25.

A diversified presence (no single state accounting for >14% of its AUM) with one of the largest distribution networks of >575 (57 added in FY25) physical branches are key enablers for its steady and sustainable AUM growth of 20–22%.

We maintain Buy with a target price of Rs 550, valuing the stock at ~3x Sep’26E book value per share.

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