New Research Reports

Bajaj Housing Finance (BHFL) is the fastest-growing and the second-largest HFC in India, with a five-year AUM CAGR of ~29% over FY20-FY25. It had an AUM of INR1.2t as of Jun’25.

Targeting India's Growing Middle-Class Housing Needs

LICHF's financial performance in Q1FY26 was stable. Despite the quarter being relatively subdued, the company is optimistic that discernible signs of progress have emerged, paving the way for an anticipated pickup in growth from Q2 onwards, consistent with its historical pattern. The company is confident about its asset quality and has adequate provisions in place. It has no major concerns on the NPA front and is upbeat about its future performance. However, competition in the industry is expected to increase, particularly from public sector banks, which may lead to pressure on margins due to a rate war. Additionally, the company may need to consider further cut rates to remain...

Net profit slightly beat estimates by 1.4% (up by 12.1% y-o-y and down by 4.3%) to Rs. 224 crore driven by AUM and NII growth, however partially offset by higher credit cost.

AAVAS saw a weak quarter as disbursal growth fell by 43% QoQ (usually Q1 sees a 25-30% QoQ dip) and overall stress increased. Disbursals were ~17% lower to PLe since the company transitioned to a realization-based model for disbursal recognition to adopt a more conservative approach, also aligning with regulatory expectations. Credit flow for Jul'25 has normalized to Rs5.56.0bn vs avg. Rs3.8bn in Q1'26. While AAVAS has guided for an AuM growth for FY26E of 18-20%, we have factored an AuM CAGR of 17% due to the Q1'26...

Aavas reported decline in disbursements post change in recognition process; disbursements de-grew by 5% YoY. Thus, AUM growth slowed down to 16% YoY vs 18% YoY (Q4FY25). Management revised guidance downwards to 18-20% vs 20-25% AUM growth for FY26. Asset quality deteriorated with GNPA at 1.22% vs 1.08% QoQ; further reported rise in 1+ dpd to 4.15% vs 3.39% led by seasonality. Spreads improved by 22bps QoQ to 5.11% due to decline in cost of funds. NII grew by 14% YoY led by improvement in NIMs; PPoP grew by 12% YoY led by higher operating expenses (up 21% YoY). PAT grew by 10% YoY led by higher...

Repco Home Finance's AUM growth remain stable at 7% YoY vs 7% YoY (FY25) backed by 22%YoY growth in disbursements. Further, management guided for AUM of Rs.16bn by FY26, and aspires to touch loan book of Rs.250bn by FY28. Disbursements is expected to be Rs.40bn in FY26, with the non-Tamil Nadu states equally contributing to the overall numbers. NIMs remain stable at 5.2% led by decline in cost of funds. Asset quality remain stable during the quarter with GNPA at 3.3% vs 3.3% QoQ backed by higher write offs. NII grew by 10% YoY led by improvement in NIMs. PAT grew by 2% YoY led by lower non-interest income. Thus,...

The cost-to-income ratio in Q1FY26 inched up mainly due to a one-time actuarial PAT grew modestly by 12.1% YoY to Rs. 224 cr in Q1FY26, despite an uptick in Asset quality experienced slight deterioration, with GNPA/NNPA rising to 0.98%/0.54% from 0.91%/0.49% in Q1FY25. The Provision Coverage Ratio (PCR)...

Repco Home Finance’s (Repco) 1QFY26 PAT grew 2% YoY to INR1.1b (6% beat). NII in 1QFY26 grew ~8% YoY to ~INR1.8b (in line).

India Shelter reported >17% RoE in Q1FY26, sustaining eight straight quarters of steady performance; RoA climbed from 5.5% to 6% despite leverage (asset/equity) worsening from 2.6x to 2.9x in Q1FY26.

PNB Housing (PNBHF), on 31st Jul’25, announced that its MD and CEO, Mr. Girish Kousgi, has decided to step down from his role effective 28th Oct’25 to pursue external career opportunities.

LIC Housing Finance (LIC HF) continues to feel the heat from increasing competition, as reflected in AUM growth remaining subdued at 7% YoY / 1% QoQ and asset yield reducing 20bps YoY / QoQ to 9.6% in Q1FY26.

LIC Housing Finance’s (LICHF) 1QFY26 PAT grew ~5% YoY to ~INR13.6b (in line). NII in 1QFY26 rose ~4% YoY to ~INR20.7b (in line). Fee and other income grew 170% YoY to INR1.2b.

stage-3 saw a 15bps QoQ blip leading to higher provisions at 25bps (PLe 18bps). Disbursal growth was muted due to slower pass thru of rate cuts compared to banks and lower demand post repo cuts. While company maintained its double digit AuM growth guidance for FY26, we are cautious and factoring 7.2% AuM CAGR over FY25-27E since (1) competition from banks...

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.

HomeFirst’s 1QFY26 PAT grew 35% YoY to INR1.2b (in line). NII grew ~33% YoY to INR1.9b (in line). Other income jumped 60% YoY to INR609m (est. INR395m), aided by higher assignment income of INR247m (PY: ~INR195), higher fee income from insurance commissions, and higher investment income from the proceeds of the equity raise in Apr’25.

Aadhar Housing Finance (Aadhar) has successfully sustained >20% YoY (4% QoQ) AUM growth as disbursements grew 32% YoY in Q1FY26.

CANF saw a stable quarter as disbursals were in-line leading to AUM growth of 9.0% YoY, while NII was a beat at 3.7% due to lower cost of funds. Despite repo cut of 100bps, company expects NIM of 3.5% in FY26 (3.6% in FY25) as (1) certain portions of bank and NHB borrowings would be repriced lower due to their floating nature and (2) only 5% loans shifted from annual to quarterly reset (67% still at annual reset). Hence, we raise FY26E NIM by 9bps to 3.46%. While both Karnataka and Telangana are stabilizing in business terms, recovery has been slower due to state-specific issues. Disbursal and loan...

We maintain our BUY recommendation on the stock

Can Fin Homes’ (CANF) PAT for 1QFY26 grew ~12% YoY to ~INR2.24b (in line). NII grew 13% YoY to ~INR3.6b (in line). Fees and other income stood at ~INR93m (PY: INR70m) for the quarter.