Aptus Value Housing Finance India Ltd Q1 FY27 Results Analysis: PAT Surges, Credit Costs Double

Aptus Value Housing Finance India Ltd's Q1 FY27 numbers came in mixed, with revenue of Rs. 600.29 Cr (+15.38% YoY) and PAT growth of +19.01% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Aptus delivered strong revenue and PAT growth in Q1FY27, driven by NIM expansion and strong loan assignment gains. However, rising credit costs (impairment doubled YoY) and a sequential uptick in GNPA to 1.42% are concerns. Standalone performance was notably better, but the subsidiary drag warrants attention.

Key Investment Insights

Key Positives

• Consolidated revenue grew 15.38% YoY to Rs.600.29 cr, with NII expanding 16.30% YoY.
• PAT grew 19.01% YoY to Rs.260.94 cr, outpacing revenue growth.
• Standalone PAT grew 24.56% YoY to Rs.192.72 cr, with impairment declining 38.38% YoY.
• Cost-to-income ratio improved sequentially to 20.50% from 20.60%.
• Net gain on loan assignment surged 55.22% YoY to Rs.49.00 cr, supplementing revenue.
• Debt-equity ratio of 1.26x provides significant leverage headroom for future growth.

Risk Factors

• Consolidated impairment more than doubled YoY to Rs.21.49 cr, indicating rising credit costs.
• GNPA rose to 1.42% from 1.29% in Q4FY26, signaling asset quality deterioration.
• Employee costs grew 26.91% YoY, outpacing revenue growth and pressuring margins.
• Subsidiary PAT grew only 5.73% YoY, lagging the standalone entity's 24.56% growth.