Aavas Financiers Ltd.

AAVASNSEFinanceFinance - HousingSmall Cap

₹1,471.9

▲ 0.29%

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Composite

The company is a retail, affordable housing finance company, primarily serving low and middle income self-employed customers in semi-urban and rural areas in India. A majority of its customers have limited access to formal banking credit. The company offers customers home loans for the purchase or construction of residential properties, and for the extension and repair of existing housing units.

www.aavas.inSector: FinanceIndustry: Finance - Housing

Q-DITS fundamental score

43Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹11.7K Cr

TTM PE

23.8x

Industry PE

22.6x

TTM EPS

₹61.89

Book Value

—

Face Value

₹10

Div Yield

PEG

1.58x

2.8x

ROE

14.1%

ROCE

10%

EBITDA mgn

73.8%

D/E

3.31

Int. Cover

1.8x

Curr. Ratio

0.57x

EPS

₹62

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	14%	18.6%	19.5%	—
EBITDA	11.5%	19.2%	19%	—
Net Profit	14.1%	15.1%	17.7%	—

Score snapshot

Piotroski

4/9

Altman Z

0.79

Quality

Growth

53.1

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 7 years

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Metric	2018	2019	2020	2021	2022	2023	2024
›RevenueCr	494	710	903	1,103	1,304	1,609	2,018
›EBITDACr	334	524	679	833	955	1,170	1,488
›EBITDA margin	67.6%	73.8%	75.2%	75.5%	73.3%	72.7%	73.8%
›Net profitCr	93	176	249	289	355	430	491
›PAT margin	18.8%	24.8%	27.6%	26.2%	27.2%	26.7%	24.3%
›EPS₹	₹13.45	₹22.54	₹31.8	₹36.8	₹45	₹54.35	₹62
›Revenue growth	0%	43.9%	27.1%	22.2%	18.2%	23.3%	25.4%
›PAT growth	0%	89.2%	41.5%	16%	22.9%	21%	14.2%
›ROE	8%	11.8%	12.7%	12.9%	13.8%	14.3%	14.1%
›ROCE	8.4%	10.9%	10.2%	10%	9.5%	9.6%	10%
›ROA	2.3%	3.6%	3.7%	3.5%	3.6%	3.5%	3.3%
›P/E	0x	51.5x	37.3x	65.7x	57x	29.5x	21.2x
›P/B	0x	5x	4.4x	8x	7.3x	3.9x	2.8x
›D/E	2.4	2	2.6	2.7	2.9	3.1	3.3
›Current ratio	1.1x	0.7x	1.1x	0.6x	0.7x	0.6x	0.6x
›Interest cover	1.7x	2x	1.8x	1.8x	1.9x	1.9x	1.8x

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	508	546	542	579	597	636	628	667	674	715
›Rev growth YoY	23.5%	21.5%	16.2%	16.6%	17.5%	16.5%	15.7%	15.2%	13%	12.3%
›EBITDACr	374	407	404	447	455	466	459	497	505	516
›EBITDA margin	73.6%	74.6%	74.6%	77.1%	76.3%	73.3%	73.2%	74.5%	74.8%	72.2%
›Net profitCr	117	143	126	148	146	154	139	164	170	182
›PAT growth YoY	8.7%	12.5%	14.9%	21.5%	25.5%	7.8%	10.4%	10.8%	16.1%	18.2%
›EPS₹	₹14.74	₹18.02	₹15.93	₹18.69	₹18.5	₹19.42	₹17.59	₹20.71	₹21.48	₹22.91

Balance sheet — last 7 years (₹ Cr)

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Metric	2018	2019	2020	2021	2022	2023	2024
›Shareholders' equityCr	1,190	1,837	2,098	2,401	2,806	3,270	3,773
›ReservesCr	1,088	1,751	2,008	2,304	2,696	3,146	3,643
›Total borrowingsCr	0	0	0	0	0	0	0
›InvestmentsCr	1	5	3	3	56	116	187
›Total assetsCr	3,386	4,419	6,341	6,812	8,533	10,464	12,607
›Current assetsCr	681	864	1,396	1,356	1,816	1,706	2,199
›Current liabilitiesCr	642	1,165	1,284	2,119	2,450	2,897	3,853
›Trade payablesCr	9	10	17	3	4	9	31
›Gross blockCr	30	43	100	118	148	188	254

Cash flow statement (₹ Cr)

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Metric	2018	2019	2020	2021	2022	2023	2024
›Operating CF (CFO)Cr	-933	-1,276	-1,172	-1,071	-1,135	-1,924	-1,987
›Investing CF (CFI)Cr	-218	-327	-342	-265	-463	196	-647
›Financing CF (CFF)Cr	1,240	1,404	1,705	1,008	1,623	1,858	2,477
›Net cash changeCr	90	-198	191	-328	26	130	-156
›Closing cashCr	358	160	351	22	48	178	21

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)39

Growth (25%)53.1

Valuation (20%)53

Piotroski (15%)44

Earnings Quality (10%)0

Momentum (5%)—

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

Piotroski F-Score

4/9

✓ROA positiveROA 3.28%

✗CFO positiveCFO ₹-1986.59 Cr

✗ROA improving3.52% → 3.28%

✗CFO > PAT (low accruals)CFO -1986.59 vs PAT 490.69

✗Leverage decreasedD/E 3.05 → 3.31

✗Liquidity improvedCR 0.59 → 0.57

✓No share dilutionEPS 54.35 → 62.0

✓Margin improvedEBITDA mgn 72.73% → 73.75%

✓Asset turnover upAsset TO 0.13 → 0.13

Altman Z-Scoredistress

0.79

-0.131

0.289

0.115

0.299

0.16

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

Quality

39/100

ROE

14.1%

ROCE

10%

Margin

24.3%

Debt

3.3

Int. cover

1.8x

Growth

53.1/100

Revenue 3Y

18.6%

Profit 3Y

15.1%

EPS

14.1%

Valuation

53/100

21.2x

2.8x

EV/EBITDA

14.1x

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

Earnings quality

0/100

CFO₹-1,987 Cr

PAT₹491 Cr

Accrual ratio0.197

CFO/PAT-4.05x

PEAD · SURGE

0 / 0

Revenue SUE-1.62

EPS SUE2.28

Latest quarter2026-03

Rev growth YoY12.3%

Shareholding pattern

Promoter48.9%

FII/FPI16.7%

DII22.1%

Public51.1%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	26.5%	26.5%	26.5%	26.5%	26.5%	49%	49%	49%	48.9%
›FII / FPI	34.8%	35.9%	35.5%	34%	29.7%	29.8%	25.9%	24.7%	16.7%
›DII	24%	24.4%	25.5%	25%	10.8%	11.5%	14.1%	14.3%	22.1%
›Public / Retail	73.5%	73.5%	73.5%	73.5%	73.5%	51%	51%	51.1%	51.1%
›Promoter pledge	0%	0%	0%	0%	0%	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
Aadhar Housing Finance Ltd.	22,549	3,673	1,096	20.6x	3x	16.9	11.5	2.56
Sammaan Capital Ltd.	20,333	8,166	-7,145	—	1.1x	-8.8	3.6	1.98