'Buy' Aadhar Housing Finance Shares Maintains ICICI Securities On Strong Growth Outlook

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ICICI Securities Report

We hosted Aadhar Housing Finance Ltd. in Singapore for an investor roadshow. Takeaways:

1. Housing finance market in India is broadly categorised into three segments - prime (>Rs 3.5 million), mid-income (Rs 1.5 million-3.5 million) and low-income affordable (<Rs 1.5 million), and Aadhar is the largest housing finance company in low-income housing in terms of disbursements (~Rs 20 billion in Q1 FY26), profitability (Q1 FY26 PAT of Rs 2.4 billion) and distribution (591 branches as on Jun’25),

2. dedicated urban and emerging vertical to ensure growth and spread going ahead and III) relatively lower exposure to South (~30% of total branches) and loan against property (~27% as on Jun’25) to ensure better asset quality outcome in near term.

Retain Buy.

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