ICICI Securities research report on Aadhar Housing Finance
Aadhar Housing Finance (Aadhar) was amongst the first few AHFCs to get HFC licence, way back in 2010, and since then its execution track record under the leadership of Mr. Deo Shankar Tripathi (Executive VC) and Mr. Rishi Anand (MD & CEO) has been superior. It delivered 18% AUM CAGR between FY18–24 with AUM of INR 228bn, as of Sep’24, driven by an early entry into under-penetrated markets of UP, MP, Chhattisgarh and Jharkhand etc., complemented by its focus on diversification (no single state is contributing >15% of AUM) and one of the highest branch networks of 545; these have been key enablers for Aadhar.
Outlook
More importantly, incremental growth came in at higher spread of ~6% vs ~5-5.25% for peers. Maintain BUY with TP of INR 550, valuing the stock at ~3x FY26E BVPS.
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