Aptus Value Housing Finance India Limited Q2FY26 Concall Decoded – “Small Loans Out, Big Confidence In”
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.)
