ICICI Securities's research report on Aptus Value Housing Finance
Aptus’ favourable AUM mix (only AHFC with a separate NBFC) with a high-yielding (~18–20%) non-HL portfolio – constitutes ~40% – alongside steady ~30% AUM growth during the past 8–12 quarters and tight control on asset quality has helped it become the first AHFC (under our coverage) to deliver >20% RoE in Q1FY26. This is an outcome of its niche in the small-ticket secured loan segment and successful execution of business strategies.
Outlook
Aptus aspires to further RoE to ~22%, as it expects the earnings uptrend to sustain in the near-term driven by spread expansion and credit cost remaining within the guided range of 30–40bps. Retain BUY with an unchanged TP of INR 400, valuing Aptus at ~4x Sep’26E BVPS.
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