New Research Reports

AAVAS Financiers (AAVAS)’s 2QFY26 PAT grew 11% YoY to ~INR1.6b (~8% beat). PAT in 1HFY26 grew ~11% YoY, and we expect PAT to grow ~19% YoY in 2H. NII in 2QFY26 grew 19% YoY to ~INR2.9b (in line).

Q2FY26 performance: Aadhar Housing Finance delivered strong Q2FY26 results, with AUM rising to ~27,553 crore, up 21% YoY. Non-housing loans grew faster, forming 27% of AUM. Disbursements stood at 2110 crore, a growth of 3.6% YoY. PAT rose 17% YoY (up 12% QoQ) to 266 crore, supported by 16% YoY growth in NII at 557 crore. Credit cost remained contained at 13.2 crore, reflecting disciplined underwriting. The company reported GNPA at 1.47% and NNPA steady...

Aadhar Housing Finance’s (Aadhar) credit discipline, robust risk management and geographically diversified AUM (no state has <15% of AUM) helped it in delivering one of the best asset quality performances in ]Q2FY26 despite challenges.

BUY with a target price of Rs 957, implying an upside of 10% from the current market price (CMP)

Bajaj Housing Finance (BHFL)’s success story is shaped by its ability to outpace industry growth (better leverage) – highlighted by BHFL’s >25% credit growth since its foray into the mortgage business in FY17, complemented by pristine asset quality.

Home First Finance’s (HOMEFIRS) 2QFY26 PAT grew 43% YoY to INR1.32b (in line). PAT in 1HFY26 grew ~39% YoY, and we expect PAT in 2HFY26 to grow 48% YoY. NII grew ~32% YoY to INR2.1b (in line).

India Shelter (ISFC)’s Q2FY26 financial performance is testament to its business resiliency and niche in the AHFC space. The company has sustained its 17% RoE and flat credit cost QoQ at 50bps (within guided range of 40–50bps in FY26).

We maintain our BUY recommendation on the stock.

Asset quality experienced slight improvement, with GNPA/NNPA declining to 0.94%/0.48% from 0.98%/0.54% in Q2FY26. The company's credit cost remained very low, with provisioning largely limited to new growth, highlighting effective...

LIC Housing Finance’s (LICHF) 2QFY26 PAT grew ~2% YoY to ~INR13.5b (in line). NII in 2QFY26 rose ~3% YoY to ~INR20.4b (in line). Fee and other income grew 74% YoY to INR1.4b.

AUM growth continues to be subdued (6% YoY / 1% QoQ in Q2FY26) for LIC Housing Finance (LIC HF) since past many quarters.

After successfully strengthening its retail asset franchise during FY24–25, PNB Housing Finance (PNB HF) has shifted its focus towards enhancing profitability going ahead, and its highest quarterly (since FY21) RoE at >13% during Q2FY26 is a reflection of sustained improvement across financial parameters despite management transition.

PNB Housing (PNBHF) delivered a broadly in-line performance in 2QFY26, marked by healthy retail loan growth of ~17% YoY, NIM compression of 7bp QoQ to 3.67%, following a ~10bp PLR cut taken by the company and lower investment yields in the quarter.

We maintain our BUY recommendation on the stock

Can Fin Homes’ (CANF) PAT for 2QFY26 grew ~19% YoY to ~INR2.5b (~5% beat). PAT grew 16% YoY in 1HFY26 and is expected to rise ~20% YoY in 2HFY26.

Average ticket size is 25 lakh for housing, 14 lakh for non-housing loans Q2FY26 performance: Canfin Homes reported healthy performance in Q2FY26. Steady disbursement at 2545 crore (6.9%), was offset by pre-payment resulting in AUM growth being broadly steady at 8.4% YoY/ 2.3% QoQ to 39,657 crore. NII grew 19.1% YoY to 405 crore (up 11.5% QoQ), driven by 27 bps YoY/ 38 bps QoQ in margin to ~4%, on the back of reduction in cost of borrowing. Opex remained elevated, keeping CI ratio at 18.55%, however, healthy top-line resulted in 18.9% YoY growth in earnings at 251 crore with RoA at 2.46%. Asset quality remained...

We hosted Aadhar Housing Finance (Aadhar) in Singapore for an investor roadshow.

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...