ICICI Securities's research report on Aadhar Housing Finance
Aadhar Housing Finance (Aadhar), with 21% YoY/5% QoQ AUM growth in Q3FY25, 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 AHFCs with an AUM of ~INR 240bn, as on Dec’24. A diversified presence (no single state accounting for >14% of its AUM)
Outlook
with one of the largest distribution networks of >550 (34 added in 9MFY25) physical branches are key enablers for its steady and sustainable AUM growth of 20–22%. We maintain BUY with an unchanged TP of INR 550, valuing the stock at ~3x FY26E BVPS.
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