External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Aptus Value Housing Finance India / Equity Bottom-Up

Aptus Value Housing Finance India (APTUS IN)

<ul>
<li>Multiple Growth Levers Strengthen Confidence in FY27 Guidance: Aptus’ management remains confident of achieving its FY27 AUM growth guidance of 22-24%, supported by broad-based growth momentum across geographies, branch additions in newer geographies and deepening presence in existing geographies, improving productivty of maturing branches, higher average ticket sizes (ATS), calibrated pricing actions on select buckets in the housing loan (HL) portfolio and improving traction from alternate sourcing channels (connectors).</li>
<li>Management indicated that Jul’26 disbursements remained healthy at ~25% YoY growth, reinforcing confidence that the strong momentum (25-30% YoY disbursement growth) is sustainable through FY27.</li>
<li>Over the medium term, Aptus is likely to deliver a strong 23% AUM CAGR growth led by geographic expansion, productivity improvements, digital initiatives and gradual product diversification (plans to expand NBFC offerings).</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Multiple Growth Levers Strengthen Confidence in FY27 Guidance: Aptus’ management remains confident of achieving its FY27 AUM growth guidance of 22-24%, supported by broad-based growth momentum across geographies, branch additions in newer geographies and deepening presence in existing geographies, improving productivty of maturing branches, higher average ticket sizes (ATS), calibrated pricing actions on select buckets in the housing loan (HL) portfolio and improving traction from alternate sourcing channels (connectors).
Management indicated that Jul’26 disbursements remained healthy at ~25% YoY growth, reinforcing confidence that the strong momentum (25-30% YoY disbursement growth) is sustainable through FY27.
Over the medium term, Aptus is likely to deliver a strong 23% AUM CAGR growth led by geographic expansion, productivity improvements, digital initiatives and gradual product diversification (plans to expand NBFC offerings).

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aptus Value Housing Finance: Looking Through the Temporary AQ Weakness; Best-In-Class RoA Intact

<ul><li>Operational Performance: Aptus’ disbursement momentum improved QoQ and grew by 11/7% YoY/QoQ.</li><li>AUM growth was at 21/5% YoY/QoQ, with growth primarily driven by SBL (+34/7% YoY/QoQ).</li><li>In the housing finance book, the share of housing loans stood at 69% vs 70% QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Operational Performance: Aptus’ disbursement momentum improved QoQ and grew by 11/7% YoY/QoQ.AUM growth was at 21/5% YoY/QoQ, with growth primarily driven by SBL (+34/7% YoY/QoQ).In the housing finance book, the share of housing loans stood at 69% vs 70% QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aptus Value Housing Finance India Ltd. - Navigating Near-Term Headwinds..

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>APTUS remains focused on the core customer segment - LIG, self-employed and rural-based customers, constituting &gt;70% of AUM to scale up its portfolio to INR 250bn by FY29</li><li>The company’s superior profitability (~7.5% RoA, ~19-20% RoE) stems from strong risk-adjusted yields (~17%), superior operating efficiency (CI at 20%, opex to assets at 2.7%) and low leverage (D/E at 1.6x)</li><li>However, APTUS’s scalability outside core markets and core products has been protracted over the last few years</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APTUS remains focused on the core customer segment - LIG, self-employed and rural-based customers, constituting &gt;70% of AUM to scale up its portfolio to INR 250bn by FY29The company’s superior profitability (~7.5% RoA, ~19-20% RoE) stems from strong risk-adjusted yields (~17%), superior operating efficiency (CI at 20%, opex to assets at 2.7%) and low leverage (D/E at 1.6x)However, APTUS’s scalability outside core markets and core products has been protracted over the last few yearsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD

<ul><li>Near-term Impact on Growth Due to Policy Change: The disbursements in Q2 (+3/24% YoY/QoQ) were impacted by rain-related disruptions, alongside the company cautiously discontinuing disbursements in the sub-Rs 7 Lc segment from Jul’25 onwards.</li><li>This decision reflects its strategic focus of moving up the customer pyramid and steering clear of the MFI-like customer segment and is not based on any asset quality challenges in the segment.</li><li>While this decision has had an impact on disbursements in Q2, it enables Aptus to enhance borrower quality and strengthen long-term portfolio resilience.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Near-term Impact on Growth Due to Policy Change: The disbursements in Q2 (+3/24% YoY/QoQ) were impacted by rain-related disruptions, alongside the company cautiously discontinuing disbursements in the sub-Rs 7 Lc segment from Jul’25 onwards.This decision reflects its strategic focus of moving up the customer pyramid and steering clear of the MFI-like customer segment and is not based on any asset quality challenges in the segment.While this decision has had an impact on disbursements in Q2, it enables Aptus to enhance borrower quality and strengthen long-term portfolio resilience.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aptus Value Housing Finance India Ltd. - Growth to Accelerate After a Near-Term Hiccup

Thematic (Sector/Industry)

<ul><li>Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a balanced LDR, improving trends in corporate credit, MSME lending and strong growth in certain retail segments (gold, auto).</li><li>Provisional updates underscore this trend, and we expect our coverage universe banks to deliver ~17/2% YoY/QoQ credit growth, with SFBs leading the growth momentum.</li><li>Within our coverage, we expect SFBs/Mid-Pvt Banks/PSBs/Larger Pvt Banks to grow at ~27/20/17/16% YoY, respectively. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a balanced LDR, improving trends in corporate credit, MSME lending and strong growth in certain retail segments (gold, auto).Provisional updates underscore this trend, and we expect our coverage universe banks to deliver ~17/2% YoY/QoQ credit growth, with SFBs leading the growth momentum.Within our coverage, we expect SFBs/Mid-Pvt Banks/PSBs/Larger Pvt Banks to grow at ~27/20/17/16% YoY, respectively. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking, Financial Services and Insurance (BFSI) - Q1FY27 Result Preview

India

Aptus Value Housing Finance India Limited is a specialized retail housing finance company that provides long-term housing loans and small business loans. It focuses on self-employed, low, and middle-income customer segments in Tier 2, 3, and 4 cities, who are often underserved by traditional banking institutions. The company's core products include loans for home construction, purchase, renovation, and extension, as well as loans against property for business needs. Headquartered in Chennai, Tamil Nadu, India, the company was founded in 2009.

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Aptus Value Housing Finance India (APTUS IN)

Aptus Value Housing Finance: Looking Through the Temporary AQ Weakness; Best-In-Class RoA Intact

We reiterate our BUY recommendation on the stock. The stock currently trades at 1.9x FY28E ABV, and we value Aptus at 2.4x FY28E ABV.

Axis Direct

Aptus Value Housing Finance India Ltd. - Navigating Near-Term Headwinds..

Aptus’ disbursement momentum improved QoQ and grew by 11/7% YoY/QoQ. AUM growth was at 21/5% YoY/QoQ, with growth primarily driven by SBL (+34/7%...

Axis Direct

Aptus Value Housing Finance India: Value Emerging, Upgrade to ADD

APTUS remains focused on the core customer segment - LIG, self-employed and rural-based customers, constituting >70% of AUM to scale up its...

HDFC Securities

Aptus Value Housing Finance India Ltd. - Growth to Accelerate After a Near-Term Hiccup

Near-term Impact on Growth Due to Policy Change: The disbursements in Q2 (+3/24% YoY/QoQ) were impacted by rain-related disruptions...

Axis Direct

Banking, Financial Services and Insurance (BFSI) - Q1FY27 Result Preview

Systemic credit growth has seen further acceleration to ~17.7% YoY as of mid-Jun’26, led by banks shifting focus away purely from maintaining a...

Axis Direct

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