NEW DELHI: Aadhar Housing Finance Ltd is targeting more than 20% growth in assets under management (AUM) in FY27 as it advances towards ₹50,000 crore over the next three years, saying West Asia tensions have no material impact on its loan book.
“We are closely monitoring customer behaviour, especially bounce rates across regions, but as of now there is no visible stress,” managing director and chief executive officer Rishi Anand told Mint in an interview.
The company, backed by Blackstone which holds about a 65% stake following a recent fund rollover, primarily lends to low-income borrowers and has minimal exposure to income streams linked to overseas employment. Anand said non-resident Indian borrowers account for less than 1% of the portfolio, limiting direct vulnerability to geopolitical disruptions in the Gulf.
“Even in the event of prolonged disruption, the company expects repayment resilience to hold as its borrowers are largely engaged in essential economic activities,” Anand said.
Aadhar Housing closed fiscal 2026 (FY26) with an AUM of about ₹30,571 crore. It is targeting more than 20% growth in FY27, advancing towards ₹50,000 crore over the next three years. The company also has a longer-term AUM target of ₹1 trillion. Disbursements in the March quarter (Q4FY26) touched a record ₹3,084 crore and are expected to grow 18–19% in FY27.
Anand said the company is seeing rising engagement from state governments on beneficiary-led construction and housing projects for economically weaker sections and low-income groups, which is expected to support incremental demand.
Under the Pradhan Mantri Awas Yojana (PMAY) 2.0, the company has facilitated subsidies for 13,951 beneficiaries, amounting to about ₹45.06 crore.
India’s housing finance market continues to present a large opportunity. Total outstanding housing credit is estimated at about ₹37 trillion as of December 2025, according to Economic Survey FY26, with housing finance companies accounting for roughly one-fifth of the market.
Aadhar Housing Finance has a strong presence in the and focuses on low-income borrowers. Among listed housing finance companies, it is positioned as a growth-oriented player in the segment, while larger peers such as Bajaj Housing Finance, LIC Housing Finance and Can Fin Homes continue to account for a larger share of the broader housing finance market.
Within this, low-income and affordable housing is growing faster than the broader industry, driven by urbanization, policy support and a structural housing shortage, Anand said.
He added that the broader is expected to grow at 15-16% annually, while the affordable housing segment is projected to expand at 18-19%.
On profitability, Anand said margins remain stable despite interest rate fluctuations due to a largely matched floating-rate structure. “Around 74% of its loan assets and 76% of its borrowings are linked to floating rates, allowing changes in interest rates to be passed on both ways.”
The lender’s total borrowings stood at about ₹18,000 crore as of 31 March 2026, with funding diversified across National Housing Bank loans, bank term loans, instruments including commercial papers, and a small share of external commercial borrowings.
Anand said the business ended FY26 with spreads of about 5.8% and does not expect significant compression, though incremental lending may see marginally lower spreads over time.
“Our cost of borrowing stood at around 7.6–7.7% at the end of the year. While there had been some softening earlier, the company believes geopolitical uncertainties, including developments in West Asia, could keep borrowing costs range-bound in the near term, with even a slight upward bias possible,” he added.