1. Opening Hook
Post-Diwali, when most folks were counting leftover sweets, Aptus was counting crores. The housing financier decided it’s done with microfinance-sized dreams — no loans under ₹7 lakh, thank you very much. Chairman Anandan’s message was clear: “We’re moving upmarket — because why struggle for pennies when you can mint rupees?” The company wants ₹25,000 crore AUM before your next election cycle — and claims it’s on track. But between policy tweaks, software settling pains, and weather gods intervening, Q2 wasn’t exactly a cakewalk. Still, Aptus insists all’s good, collections are strong, and margins are shiny. Read on — it gets deliciously nerdy later.
2. At a Glance
- Disbursements ₹963 cr, up 24% QoQ:Growth survived both monsoon and management restraint.
- AUM up 22% YoY:Apparently “calibrated” means “we grew anyway.”
- Profit up 24% YoY to ₹227 cr:ROA at 7.9%, ROE at 20% — Aptus flexes in every call.
- Opex/AUM steady at 2.7%:Even auditors must be jealous of that flat line.
- GNPA 1.55%, NNPA 1.17%:A “slight rise,” but management swears it’s under control.
- Borrowing cost down 20 bps QoQ to 8.42%:CFO deserves an extra ladoo.
- Liquidity ₹1,700 cr:Enough to sleep soundly through RBI rate swings.
3. Management’s Key Commentary
“We’ve stopped logging loans below ₹7 lakh.”(Translation: Microfinance who? We’re now in the aspirational housing class.) 😏
“AUM growth is 22% YoY — we aim for 25%+.”(Read: It’s ambitious, but hey, optimism doesn’t cost extra.)
“Credit cost rose to 50 bps due to policy change.”(They rewrote rules to look prudent — and yes, that dent in profit was “planned.”)
“Collections are now owned by the sales guy for 12 EMIs.”(A classic case of: you sell it, you chase it.)
“Our new loan system ZIVA has stabilized.”(After blaming every glitch on it for a quarter, of course it has.)
“Our opex ratio of 2.7% is the best in the industry.”(Said with the smug calm of someone who’s checked everyone else’s numbers.)
“We’re confident of 20%+ ROE — maybe better.”(Translation: Expect this line in every future call until it isn’t true.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q1 FY26 | YoY / QoQ Movement | Commentary |
|---|---|---|---|---|
| Disbursements (₹ cr) | 963 | 777 | +24% QoQ | Despite cutting small loans, growth held up. |
| AUM (₹ cr) | 11,767 | 11,308 | +22% YoY | Marching toward ₹25k cr dream. |
| Total Income (₹ cr) | 554 | 437 | +27% YoY | Money printer go brrr. |
| Operating Profit (₹ cr) | 312 | 246 | +27% YoY | Efficiency doing the heavy lifting. |
| Profit After Tax (₹ cr) | 227 | 183 | +24% YoY | A stable show. |
| GNPA / NNPA | 1.55% / 1.17% | 1.49% / 1.10% | +6 bps | Still among best in peers. |
| Cost of Borrowing | 8.42% | 8.62% | -20 bps QoQ | Banks finally showed mercy. |
| ROA / ROE | 7.9% / 20% | 7.8% / 19.8% | Flat | Elite club maintained. |
Short take: fewer small loans, same big profits — efficiency is the new hero.
5. Analyst Questions
Rajiv (Yes Sec):“Why stop <₹7L loans?”Anandan:“Not because of bad quality — just because we want richer clients.” (Aspirational capitalism at work.)
Kunal (Citi):“Write-offs look high — one-off?”CFO:“Yes, we changed policy from 2 years to 500 days. It’s not pain, it’s discipline.”
Nidhesh (Investec):“Disbursements weak?”Chairman:“Weather and system changes — but October’s good, trust me.” (Classic.)
Shweta (Elara):“How’s productivity?”Anandan:“Each sales officer does 3 loans a month — we want more hustle.”
Kushan (Morgan Stanley):“ROE sustainable?”Anandan:“Not just sustainable — improving!” (Confidence level: sky-high.)
6. Guidance & Outlook
Management is gunning for25%+ AUM growthover the medium term — assuming no floods, tech bugs, or loan meltdowns. New branches
