Aadhar Housing Finance Ltd · NSE:AADHARHFC
Aadhar Housing Finance — 9M FY26 Earnings Presentation
44 slides from Aadhar Housing Finance's earnings presentation, Jan 30, 2026
Slide 1: Cover letter to stock exchanges
Date: 30th January, 2026 To, To, BSE Limited National Stock Exchange of India Limited Listing Dept. / Dept. of Corporate Services, Listing Dept., Exchange Plaza, 5th Floor, Plot No. Phiroze Jeejeebhoy Towers, Dalal Street, C/1, G. Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001. Mumbai - 4
Slide 2: Aadhar Housing Finance Limited Investor Presentation 9M FY26
Aadhar Housing Finance Limited Investor Presentation 9M FY26
Slide 3: Disclaimer
DISCLAIMER This presentation and the accompanying slides (the “Presentation”), have been prepared by Aadhar Housing Finance Limited (“Aadhar” or the “Company”), without any specific objectives and solely for information and reference purposes, and do not constitute directly or indirectly any adverti
Slide 4: Performance Snapshot
PERFORMANCE SNAPSHOT Investor Presentation 2
Slide 5: 9M FY26 Key Highlights (YoY Change)
Aadhar Housing Finance 9M FY26 Key Highlights (YoY Change) AUM Disbursements ₹ 287,900 Mn +20% ₹ 64,691 Mn +15% PAT ROA ₹ 7,974* Mn +20% 4.4%* +4bps GNPA Spread 1.4% +2bps 6.0% +16bps *Excluding impact of new labour code arising out of past service cost of ₹159 Mn ( Net of tax ₹124 Mn ) . Investor P
Slide 6: Aadhar Housing Finance Key Highlights
Aadhar Housing Finance Key Highlights Scale INR288bn INR 8.0 bn 9M FY26 PAT 324k Dec-25 AUM (100% Secured Retail Book) INR 72 bn Net worth Live accounts Asset quality HFC focused on 1.4% c.60% c.55% low-income GNPA (Dec-25) LTV1 (Dec -25) AUM to salaried customers (Dec-25) housing segment in India,
Slide 7: Financial Performance
FINANCIAL PERFORMANCE Investor Presentation 5
Slide 8: Strong Growth in AUM and Disbursements
Strong Growth in AUM and Disbursements AUM – By Product (INR Mn) : Growth of 20% in 9M FY26 YoY Disbursement – By Product (INR Mn) : Growth of 15% in 9M FY26 YoY 15% growth YoY 287,900 64,691 255,307 56,258 211,209 78,862 49,041 19,958 172,228 67,126 39,454 16,024 53,258 13,686 37,635 11,523 188,181
Slide 9: Stable Yields and Spreads
Stable Yields and Spreads Yields, Cost of Borrowings and Spreads (%)* 13.9% 13.9% 13.7% 13.9% 13.9% 13.8% 13.8% 13.7% 13.0% 13.4% 8.0% 8.2% 8.1% 8.2% 8.0% 7.9% 7.6% 7.7% 7.7% 7.0% 6.0% 5.8% 5.9% 5.7% 6.0% 5.8% 5.7% 5.8% 5.9% 6.0% FY22 FY23 FY24 FY25 9M FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Po
Slide 10: Stable Asset Quality and Consistent Improvement in Efficiency
Stable Asset Quality and Consistent Improvement in Efficiency Asset Quality Metrics Cost to Income – Improved by 48bps in 9M FY26 on YoY basis 1.1% 0.8% 0.7% 0.7% 38.1% 37.5% 36.4% 35.9% 35.4% 1.5%* 1.2%* 1.1% 1.1% FY22 FY23 FY24 FY25 FY23 FY24 FY25 9M FY25 9M FY26 1.3 % 1.0% 0.9% 1.0% 1.8%* 37.9% 3
Slide 11: Strong Profitability and Returns
Strong Profitability and Returns Profit after Tax Increased by 20% in 9M FY26 on YoY basis Consistent Increase in Return Ratios 36 42 61 72 3.6% 4.2% 4.3% 4.3% 4.4%* 20% Growth 7,974* 6,670 18.4% 5,479 16.5% 16.9% 16.8% 15.6%* 4,041 9M FY23 9M FY24 9M FY25 9M FY26 FY23 FY24 FY25 9M FY25 9M FY26 36 4
Slide 12: Company Overview
COMPANY OVERVIEW Investor Presentation 10
Slide 13: Introduction to Aadhar Housing Finance
Introduction to Aadhar Housing Finance HFC focused on low-income Pan-India presence with 621 housing segment with ticket Granular portfolio skewed branches covering 552 districts across 100% secured retail loan book towards Salaried customers; size less than INR1.5mn, with 22 states and union territ
Slide 14: Aadhar Housing Finance – Value Proposition
Aadhar Housing Finance – Value Proposition Focused on low-income housing segment1 Diversified and granular portfolio Extensive branch and sales office network Access to diversified funding with geographical penetration across India sources, positive ALM position Robust, analytics driven Scalable tec
Slide 15: Key Milestones
Key Milestones Customer base crossed 1,50,000; Year of Acquired by the Incorporation of Blackstone Branches Pre-merger AHFPL Group1 in June 580 FY11 FY20 2019 Branches FY25 Pre-merger Pre-merger AUM of INR 520+ AHFPL2 opened its AHFPL opened AUM stood at 255 Bn 1st branch FY17 100th branch AUM of IN
Slide 16: Highly Experienced Board of Directors
Highly Experienced Board of Directors Raj Vikash Verma, Sharmila A. Karve, Independent Director & Non- Executive Chairman Independent Director 40 years of work experience across Banking, Finance, Mortgage and Real Previously associated with Price Water House Coopers as a Partner Estate Sector, inclu
Slide 17: Seasoned Management Team
Seasoned Management Team R. Anil Kumar Nair, Chief Operating Officer Anmol Gupta, Chief Treasury Officer ▪ Master’s in Business Administration from Sikkim ▪ Several years of experience in financial operations, Manipal University preparing budgets, financial reports ▪ Previously worked with Onida, IC
Slide 18: Business Overview
BUSINESS OVERVIEW Investor Presentation 16
Slide 19: Pan-India Presence
Pan-India Presence Distribution Network Branch Distribution Top 3 States GJ By State (September 30, 2025) Top 5 States Others 17% 12% Other States with Presence UP States not present in KTK 11% 621 Branches1 6% Dec-25 Uttar Pradesh AP 621 71 Branches 7% MH Branches 11% TL 8% Rajasthan MP TN RJ 56 Br
Slide 20: Distribution Strategy
Distribution Strategy Agile branch network with each location catered to by an appropriate branch size, helping keep Opex in control Deep Ultra Deep Impact Micro Impact Branch Main Branches Small Branches Micro Micro Branch Branch AMs Micro Branches Ultra Ultra-Micro Small Main Small Ultra Micro Mic
Slide 21: Distribution Strategy: Branch Breakup Examples
Distribution Strategy Branch Breakup: Examples APTL (Andhra Pradesh / Telangana) Hyderabad Wanaparth (B) Urban Emerging Kurnool (A) Rajasthan Guduru (C) No of Branches: 150 No of Branches: 471 Rest of Maharashtra Bundi (A) Shrirampur (C) Deoli (C) Aurangabad (A) Pune Bhilwara Kota (B) No of Branches
Slide 22: Comprehensive Credit Assessment Process
Comprehensive Credit Assessment Process Centralized processing at regions –Salaried Customers Decentralized processing – other customers Regional processing units to process applications Branch led processing through credit managers for salaried customers Credit On-ground verification of business an
Slide 23: Diversified Funding Sources
Diversified Funding Sources Increasing focus on diversifying borrowings NHB Continue to increase share of NHB refinancing and rely on long term sources of borrowings Others Others 1% 7% Banks NCD NCD 62% 21% 21% Banks Banks Mar-21 Dec-25 50% NHB 16% NHB 22% 8.4% Mutual Funds 8.0% 8.1% 8.0% 7.5% 7.1%
Slide 24: ALM Position
ALM Position Positive ALM Position Across Buckets Asset Liability Management – INR bn (as on Dec-25) 74% of Gross AUM and 74% of borrowings have floating interest rates 402 298 324 216 227 177 109 87 71 78 22 40 Upto 1 year Upto 3 years Upto 5 years Total Assets 1 Liabilities 2 Gap High-level of Rat
Slide 25: Social Objectives at the Core of the Business
Social Objectives at the Core of the Business Portfolio focused on EWS / LIG segments AUM focused on EWS / LIG Customers 62% 80% 76% 71% 66% 62% Home Gross AUM with Aspirations EWS/LIG customers FY22 FY23 FY24 FY25 9M FY26 Aadhar Mitras / Mahila Aadhar Mitras Overview of various CSR activities Socia
Slide 26: Tech Capabilities
TECH CAPBILITIES Investor Presentation 24
Slide 27: Digital-First Operating Model
Digital-First Operating Model End-to-End TCS-Enabled Core System Digital Acquisition Digital Processing 25-35 mins 100% Door-to-Login Time Paper-less Onboarding Digital Collections Digital Servicing 97% 129,000+ NACH Conversion Customer App Logins 40+ Fintech Integrations Investor Presentation 25
Slide 28: Agile Digital Infrastructure
Agile Digital Infrastructure Scalable Technology Platform Developed by TCS enabling smooth and agile Digital Processes Lending and Securitization Platform 1 Digital Onboarding 2 Loan Origination 3 Loan Servicing 4 Collection Management ■ Digitizing loan life cycle management ■ Enabling credit team t
Slide 29: IT Platform augmented with Digital Capabilities
IT Platform augmented with Digital Capabilities Digital Acquisitions ✓ Digitized Lead Generation – Various 3 Aggregator Sources ✓ Digital Customer Onboarding via Sales Digital Servicing Mobility App ✓ Digital Onboarding of Channel Partners ✓ Customer Service Mobile App ✓ Geo-Tagging for effective ro
Slide 30: IT Platform augmented with Digital Capabilities
IT Platform augmented with Digital Capabilities DIGITAL ACQUISITION DIGITAL PROCESSING DIGITAL SERVICING Digital Welcome Kit Lead Generation Karza → PAN, Aadhaar, EPFO Verifications CRIF → Multi Bureau Verifications Anur Cloud CSC iXsight → Dedupe Engine Novel Pattern → Bank Aggregator & Analyzer IP
Slide 31: Technology Architecture
Technology Architecture D D I I Prospects Customers Aadhar Mitra Channel Partner Vendors Sales Users Collections Users Call Centre Users G G Aadhar Customer Fintech Sales On The I I Lead Verification Collections - Website / Service- Partner Go- Mobile CRM Service T T Generation Portal Mobile App Por
Slide 32: Extensive Suite of Applications
Extensive Suite of Applications Robust customer engagement and partner empowerment through mobility apps; Focus on consistently improving employee experience through virtual office Sales Mobility App Employee Super App Customer Service Collections App Faster onboarding of Integrated HR app for all c
Slide 33: Business Transformation through Data Science
Business Transformation Credit Risk Underwriting through Data Science ■ Application scorecards for credit underwriting ■ Automatic rejection of non-creditworthy loan applicants Collections Analysis Asset Quality & Risk Management ■ Predictive analytics to identify high risk customers Strengthening r
Slide 34: Data & Analytics Maturity: The Growth Multiplier
Data & Analytics Maturity: The Growth Multiplier FY25 Aadhar Artificial • Business Coverage Widening Intelligence as a • Product Machine catalyst for • Operations Learning for Business • FP&A Transformatio Transformation Predictive • Treasury nal Insights Analytics for • RCU Integrated Strategic • H
Slide 35: Transforming Data & AI: Built to Scale, Engineered for Trust
Transforming Data & AI: Built to Scale, Engineered for Trust Advanced AI & Related Source AI/ML Stack Initiatives Structured Data Data Warehouse Auto AI/ML ML/Ops Deployment Credit Risk Underwriting LOS (AADM) Platform Platform Scorecards Prebuild Collections Scorecards – Bounces Data-Marts API Deli
Slide 36: Industry Overview
INDUSTRY OVERVIEW Investor Presentation 34
Slide 37: Affordable Housing Finance Market in India: Opportunity Size
Affordable Housing Finance Market in India: Opportunity Size • Urban areas are projected to host 40% of India's population by 2030 from current 36% leading to a rise in Affordable housing in urban areas • An expected shortage of affordable housing units is expected to be 32.3 Mn by 2030 which includ
Slide 38: Key Growth Enablers
Key Growth Enablers Government Initiatives’ Changing Dynamics Market Penetration Focus on Financial Inclusion Impact on Housing Finance Opportunities • Increased allotment for Housing Schemes: The • Urbanization: Migration to cities drives • Low Mortgage-to-GDP Ratio: At Union Budget for 2024–2025 p
Slide 39: Financial Information
FINANCIAL INFORMATION Investor Presentation 37
Slide 40: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Particulars (INR Mn) Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY Interest on loans 8,076.6 6,757.5 7,714.3 23,105.1 19,075.3 Other Interest and Investment Income 291.7 325.5 320.4 946.9 1,043.9 Non-Interest Income 523.4 457.9 517.1 1,579.9 1,450.1 Net g
Slide 41: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars (INRmn) December 31st, 2025 March 31st, 2025 Sources of Funds Share capital 4,338 4,314 Reserves and surplus 67,515 59,409 Borrowings 1,75,068 1,63,224 Trade payables & Other Liabilities 6,617 5,146 Derivative Financial Instruments - 147 Total 2,53,537 2,32,240
Slide 42: ECL Provisions
ECL Provisions Particulars (INR Mn) December 31st, 2025 March 31st, 2025 December 31st, 2024 Gross Stage 1 224,781 196,774 1,84,284 % portfolio in Stage 1 95.3% 94.9% 94.8% ECL Provision Stage 1 681 594 583 ECL Provision % Stage 1 0.3% 0.3% 0.3% Gross Stage 2 7,796 8,269 7,406 % portfolio in Stage 2
Slide 43: Glossary
Glossary Terminology Definition Terminology Definition ALM Asset Liability Management LIH Low Income Housing AM Aadhar Mitra LTV Loan to Value ATS Average Ticket Size NBFC Non-Banking Financial Company AUM Assets Under Company’s Management NCD Non-Convertible Debenture CAGR Compounded Annual Growth
Slide 44: Thank You
For further information, please contact Sanjay Moolchandani – Head of FP&A sanjay.Moolchandani@aadharhousing.com THANK YOU Investor Relations – Aadhar Housing Finance Limited investorrelations@aadharhousing.com Adfactors PR – Investor Relations Snighter Albuquerque / Vanessa Fernandes snighter.a@adf
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