Aadhar Housing Finance Ltd.

AADHARHFCNSEFinanceFinance - HousingSmall Cap

₹515.1

▲ 5.89%

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Composite

Aadhar Housing Finance (Aadhar) is one of the largest low-income housing finance companies in India servicing the home financing needs of the low income sections of the society. The company endeavours to empower underserved millions to own their first homes.

www.aadharhousing.comSector: FinanceIndustry: Finance - Housing

Q-DITS fundamental score

52Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹22.5K Cr

TTM PE

20.6x

Industry PE

22.6x

TTM EPS

₹25.06

Book Value

₹172.46

Face Value

₹10

Div Yield

PEG

0.82x

2.9x

ROE

16.9%

ROCE

11.5%

EBITDA mgn

76.3%

D/E

2.56

Int. Cover

Curr. Ratio

0.77x

EPS

₹21.14

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	18.2%	21.6%	—	—
EBITDA	18.3%	22.2%	—	—
Net Profit	21.6%	25.2%	—	—

Score snapshot

Piotroski

7/9

Altman Z

0.72

Quality

42.9

Growth

64.6

Valuation

Earn. Qual

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 8 years

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Metric	2018	2019	2020	2021	2022	2023	2024	2025
›RevenueCr	815	1,264	1,388	1,575	1,728	2,043	2,587	3,108
›EBITDACr	628	971	1,036	1,260	1,342	1,512	1,967	2,372
›EBITDA margin	77%	78%	74.7%	80%	77.6%	75.2%	76.1%	76.3%
›Net profitCr	115	162	189	340	445	545	750	912
›PAT margin	14.1%	12.8%	13.6%	21.6%	25.7%	26.7%	29%	29.3%
›EPS₹	₹4.56	₹6.46	₹4.8	₹8.62	₹11.27	₹13.8	₹18.99	₹21.14
›Revenue growth	0%	55.1%	9.8%	13.5%	9.7%	18.2%	26.6%	20.1%
›PAT growth	0%	41.5%	16.6%	79.6%	30.8%	22.5%	37.6%	21.6%
›ROE	16%	20.6%	11.8%	13.5%	15.3%	16%	18.5%	16.9%
›ROCE	8.8%	11.9%	9.7%	10%	9.9%	10.1%	11.4%	11.5%
›ROA	1.5%	1.9%	1.7%	2.6%	3.2%	3.5%	4.2%	4.3%
›P/E	0x	0x	0x	0x	0x	0x	0x	20.1x
›P/B	0x	0x	0x	0x	0x	0x	0x	2.9x
›D/E	8.9	9.6	4.1	3.9	3.4	3.3	3.1	2.6
›Current ratio	0.5x	3.7x	9.6x	5.4x	3.5x	2.9x	0.6x	0.8x
›Interest cover	1.3x	1.3x	1.3x	1.5x	1.7x	1.9x	2x	2x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	673	692	713	764	798	833	848	897	943	985
›Rev growth YoY	—	24.6%	20.2%	21.6%	18.5%	20.4%	18.9%	17.4%	18.2%	18.2%
›EBITDACr	517	526	540	584	611	636	641	689	729	744
›EBITDA margin	76.8%	76.1%	75.8%	76.4%	76.6%	76.4%	75.6%	76.9%	77.3%	75.6%
›Net profitCr	204	202	200	228	239	245	237	266	281	311
›PAT growth YoY	—	43.4%	36.8%	15.3%	17.2%	21.4%	18.6%	17.1%	17.5%	27%
›EPS₹	₹5.17	₹5.11	₹4.69	₹5.29	₹5.56	₹5.68	₹5.49	₹6.15	₹6.48	₹7.14

Balance sheet — last 9 years (₹ Cr)

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Metric	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	718	860	2,347	2,693	3,147	3,698	4,450	6,372	7,541
›ReservesCr	693	834	2,307	2,291	2,737	3,282	4,032	5,914	7,105
›Total borrowingsCr	0	0	0	0	0	0	0	0	0
›InvestmentsCr	226	178	77	579	404	525	805	824	0
›Total assetsCr	6,758	9,063	12,000	13,080	13,760	15,869	17,010	20,860	27,399
›Current assetsCr	459	1,354	3,336	2,856	2,095	2,177	1,311	1,830	194
›Current liabilitiesCr	1,010	368	347	533	600	740	2,081	2,362	95
›Trade payablesCr	14	16	29	39	51	81	109	126	124
›Gross blockCr	23	33	58	83	86	90	124	146	35

Cash flow statement (₹ Cr)

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Metric	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	-2,564	-2,557	-1,785	-1,202	-907	-1,156	-2,550	-3,027	-2,808
›Investing CF (CFI)Cr	-11	-49	-1,495	-480	823	-477	723	160	309
›Financing CF (CFF)Cr	2,505	3,360	3,701	701	275	1,463	1,778	3,389	2,336
›Net cash changeCr	-70	754	422	-981	191	-169	-49	522	-164
›Closing cashCr	189	943	1,365	384	574	405	356	878	715

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)42.9

Growth (25%)64.6

Valuation (20%)53

Piotroski (15%)78

Earnings Quality (10%)0

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

7/9

✓ROA positiveROA 4.31%

✗CFO positiveCFO ₹-2807.88 Cr

✓ROA improving4.2% → 4.31%

✗CFO > PAT (low accruals)CFO -2807.88 vs PAT 911.83

✓Leverage decreasedD/E 3.14 → 2.56

✓Liquidity improvedCR 0.63 → 0.77

✓No share dilutionEPS 18.99 → 21.14

✓Margin improvedEBITDA mgn 76.05% → 76.34%

✓Asset turnover upAsset TO 0.14 → 0.15

Altman Z-Scoredistress

0.72

0.004

0.259

0.086

0.275

0.113

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

42.9/100

ROE

16.9%

ROCE

11.5%

Margin

29.3%

Debt

2.6

Int. cover

Growth

64.6/100

Revenue 3Y

21.6%

Profit 3Y

25.2%

EPS

11.3%

Valuation

53/100

20.1x

2.9x

EV/EBITDA

13.9x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

0/100

CFO₹-2,808 Cr

PAT₹912 Cr

Accrual ratio0.136

CFO/PAT-3.08x

PEAD · SURGE

0 / +1

Revenue SUE-0.8

EPS SUE3.16

Latest quarter2026-03

Rev growth YoY18.2%

Shareholding pattern

Promoter64.9%

FII/FPI6.1%

DII9.1%

Public35.1%

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Metric	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	76.5%	75.9%	75.7%	75.6%	75.5%	75.3%	75.2%	64.9%
›FII / FPI	4.2%	4.3%	4.3%	5.3%	5.6%	6.1%	6.2%	6.1%
›DII	8.5%	9.5%	9.3%	8.6%	8.4%	8.3%	8.4%	9.1%
›Public / Retail	23.5%	24.1%	24.3%	24.4%	24.5%	24.7%	24.8%	35.1%
›Promoter pledge	0%	0%	0%	67.5%	0%	0%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Bajaj Housing Finance Ltd.	73,758	11,159	2,560	28.8x	3.3x	13.4	9.6	4.12
Piramal Finance Ltd.	48,812	11,852	1,317	32.4x	1.7x	5.5	7.7	2.85
Housing & Urban Development Corporation Ltd.	41,800	13,150	4,034	10.4x	2x	15.7	9.6	5.97
LIC Housing Finance Ltd.	30,201	28,850	5,601	5.4x	0.7x	16	8.9	7.44
PNB Housing Finance Ltd.	26,131	8,505	2,291	11.4x	1.4x	12.2	9.4	3.71
Sammaan Capital Ltd.	20,333	8,166	-7,145	—	1.1x	-8.8	3.6	1.98
Aptus Value Housing Finance India Ltd.	13,472	2,192	943	14.3x	2.7x	18.6	15.1	1.59