Q4 FY2026 Quarterly Result Highlights of Kotak Mahindra Bank, Home First Finance, AAVAS Financiers, Aptus Value Housing, Aadhar Housing Finance & India Shelter Finance

Kotak Mahindra Bank Q4 FY2026 Result: Net profit rises 13% YoY and Asset quality improves

• Kotak Mahindra Bank reported a steady March quarter performance, with net profit rising 13.36% year-on-year to ₹4,026.5 crore, compared with ₹3,552 crore in the same period last year.
• Bank’s net interest income (NII) grew 8.1% YoY to ₹7,876 crore from ₹7,284 crore, reflecting stable core lending growth during the quarter.
• The company’s asset quality improved sequentially, with gross non-performing assets (NPA) easing to 1.20% from 1.30% in the previous quarter, while net NPA declined to 0.25% from 0.31% QoQ, according to its exchange filing.
• However, margins remained under pressure. Net interest margin (NIM) stood at 4.67% in Q4, lower than 4.97% a year ago, though higher than 4.54% in the December quarter. For the full year FY26, NIM came in at 4.60%, compared with 4.96% in FY25.
• Funding costs moderated during the period, with cost of funds declining to 4.45% from 5.09% YoY and 4.54% QoQ. On a full-year basis, cost of funds stood at 4.67% in FY26, down from 5.10% in FY25.

• Provisioning also saw a sharp decline, coming in at ₹516.4 crore for the quarter, compared with ₹809.6 crore in Q3 and ₹909.4 crore in the year-ago period, supporting the bank’s bottom line.
• On asset quality, Q4 trends at Kotak Mahindra Bank were encouraging, with gross NPAs improving to 1.20%. CEO Ashok Vaswani said the worst of the credit cycle is likely behind, adding that the Sonata–BSS merger integration is progressing well, with visible stress reduction in the microfinance portfolio.
• Looking ahead to FY27, the bank plans to focus on microfinance and credit cards, while gradually rebuilding its unsecured retail book, currently at 8.9% of advances, towards pre-COVID levels.
• On margins, some NIM compression is expected as deposit competition intensifies and rate cuts transmit through the system. The bank is not looking to sharply reduce its credit-to-deposit ratio, instead aiming for balanced growth in both deposits and advances.
• Stock Verdict: Neutral
• Brokerage Target Price of Kotak Mahindra Bank post Q4 FY2026:
• Average Target Price = 480
• May 2026 Axis Direct =500,
• Prabhudas Lilladhar=480,
• ICICI Direct=475
• ICICI Sec=480
• Motilal=470

Home First Finance Q4 FY2026 Result: Profit Surges 43%

• Home First Finance’ Q4 Result’s Net Profit rises 42.7% at Rs 149 crore versus Rs 105 crore.
• Total income rises 21.3% at Rs 505 crore versus Rs 416 crore.
• AUM: Reached ₹15,878 crore, a 24.9% growth YoY.
• Disbursements: ₹1,572 crore (up 23.5% YoY).
• Return on Assets (ROA): 4.1% in Q4 FY26 (462 bps YoY improvement).
• Gross NPA: Improved to 1.8% from previous levels.
• Growth Driver: Strong demand in affordable housing, with a 25% AUM expansion targeted for FY27.
•  To pay dividend of Rs 5.20 per share. 
• Approves issuance of NCDs worth up to Rs 1,000 crore.
• Stock Verdict: Positive
• Brokerage Target Price of Home First Finance post Q4 FY2026:
• Average Target Price = 1408
• 8 May 2026 ICICI Securities Limited Target 1450
• 7 May 2026 Motilal Oswal Target 1425
• 7 May 2026 Prabhudas 1350

AAVAS Financiers Q4 FY26 results: Net Profit up 18%

• AAVAS Financiers reported strong Q4 FY2026 results (ended March 31, 2026), with a 18.2% YoY rise in net profit to ₹181.67 crore and total income of ₹714.83 crore, driven by a 36% QoQ surge in loan disbursements.
• Assets Under Management (AUM) grew 15% YoY to ₹234.5 billion, maintained strong asset quality with GNPA below 1%.
• Key Financial Highlights (Q4 FY2026):
• Net Profit: ₹1,816.68 million ((₹181.67) crore), a 18.2% increase from ₹1,536.79 million in Q4 FY25.
• Revenue: ₹7,148.32 million, up from ₹6,374.88 million in Q4 FY25.
• Net Interest Income (NII): Grew by 18.8% YoY.
• Net Interest Margin (NIM): Stood at 8.45%.
• Disbursements: Robust 36% sequential growth, with disbursements of ₹23.5 billion in Q4.
• Asset Quality: Gross NPA was maintained below 1%.
• Earnings Per Share (EPS): Basic EPS for Q4 FY26 was ₹22.94.
• Key Corporate & Strategic Developments:
• Promoter Change: CVC Capital Partners became the new promoter, acquiring a 26.47% stake.
• Leadership Changes: Mr. Manu Singh was appointed Managing Director & CEO, and Mr. Ripudaman Bandral as Chief Business Officer.
• Branch Expansion: Added 31 new branches in Q4, reaching a total of 435 branches nationwide.
• Liquidity: The company maintained a solid liquidity position with a 147.71% coverage ratio.
• Fundraising: Secured a commitment of ₹9.75 billion (USD 108 million) from a multilateral financial institution, the largest NCD placement in its history.
• Lending Rate Adjustment: Announced a 10 bps reduction in its AFL Prime Lending Rate (PLR), effective June 5, 2026.For full fiscal year 2026, the company reported a net profit of ₹6,548.81 million, up from ₹5,741.08 million in FY2025.
• Share Movement : Neutral
• 06 May 2026 Prabhudas Lilladhar Target = 1585.00 Accumulate
  
  06 May 2026 IDBI Capital Target = 1676.00 Buy
  
  06 May 2026 ICICI Securities Limited Target =1725.00 Buy
  
  05 May 2026 Motilal Oswal Target = 1565.00
  

Aptus Value Housing Finance Q4FY26: AUM Rises 21% & PAT Up 26% YoY

• Aptus Value Housing Finance India Limited reported strong Q4FY26 and FY26 results with AUM growing 21% to ₹13,107 Cr and consolidated PAT rising 26% YoY to ₹943 Cr for FY26.
• Profit Before Tax (PBT): Increased 23.73% YoY to ₹303.79 crore.
• Net Profit: Increased by 23.98% YoY to ₹236.19 crore, up from ₹226.55 crore in Q3 FY2026 and significantly higher than the previous year’s comparative quarter. The company experienced a 23.01% YoY revenue growth, reaching ₹553.60 crore for the quarter.
• Revenue: Recorded ₹553.60 crore, a 23.01% YoY increase from ₹450 crore.
• Operating Profit: Stood at ₹471.63 crore, reflecting a 20.93% YoY increase.
• Net Profit Margin: Remained strong, reflecting robust operational efficiency.Growth: The company maintained solid growth momentum compared to the previous quarter (Q3 FY2026), showing a QoQ net profit increase of 4.26%.
• The board approved NCD issuance of up to Rs. 3,000 crores, and disclosed related party transactions totalling Rs. 18,705.67 lakhs, alongside detailed loan transfer and subsidiary performance disclosures.
• Commenting on the results, Mr. P. Balaji, Managing Director, said, “Q4FY26 saw a further strengthening of our growth momentum, aided by technology enhancements and ongoing process improvements, alongside continued focus on credit quality. AUM grew 21% to ₹13,107 Cr in Q4 FY26, driven by highest ever quarterly disbursements of ₹1,242 Cr, reflecting growth of 21% QoQ and 17% YoY.”
• Mr. Balaji further noted that the company discontinued sanctions below ₹7 lakh during the year to onboard higher-quality customers, which led to temporary moderation in disbursements in Q1 and Q2 before a strong rebound in Q4. He added that digitisation remains strong, with over 92% of agreements executed digitally and 94% of collections through digital channels.
• On asset quality, he stated that 30+ DPD declined 27 bps sequentially to 6.21%, while GNPA closed the year at 1.52% versus 1.19% in FY25.
• The total income grew 25% YoY to ₹2,246 Cr in FY26, with spreads improving to 8.9% driven by a decline in cost of funds to 8.3%. The credit cost for FY26 remained at 50 bps, within the guided range.
• For the full financial year, the standalone net profit stood at Rs. 69,287.04 lakhs, with basic and diluted EPS of Rs. 13.86 and Rs. 13.85 respectively. The company’s standalone net worth was recorded at Rs. 4,27,411.16 lakhs, with a debt-equity ratio of 1.21, operating margin of 51.91%, and net profit margin of 44.30%.
• Liquidity and Capital Adequacy
• The company maintained a comfortable liquidity position. Cash and cash equivalents stood at ₹556.70 Cr and unavailed sanctions from banks were ₹1,505.00 Cr, resulting in total liquidity of ₹2,061.70 Cr. The Capital Adequacy Ratio (CRAR) as on March 31, 2026 stood at 71.0%. The company holds credit ratings of AA Stable from both ICRA and CARE, supported by 25+ lender relationships.
• Share Movement : Positive

• Stock Verdict: Positive
• Brokers Target of Aptus Value Housing Finance
• 07 May 2026 Aptus Value Housing IDBI Capital = 320

Aadhar Housing Finance Q4 FY2026 results: PAT up 26.7% YoY, AUM up 20%

• Aadhar Housing Finance reported strong Q4 FY2026 results (ended March 31, 2026), with a 26.7% YoY increase in net profit to ₹310.7 crore, driven by a 20% growth in AUM to ₹30,571 crore and record quarterly disbursements of ₹3,087 crore.
• The company, now under BCP Asia II Holdco VII Pte. Ltd. (Blackstone), saw FY26 profit rise 22% to ₹1,108 crore with a stable 1.08% GNPA.
• Key Financial Results (Q4 FY2026):
• Net Profit: Rose 26.7% YoY to ₹310.7 crore, up from ₹245.2 crore in Q4 FY25.
• Total Revenue: Grew to ₹984.5 crore, up from ₹832.5 crore in the same period last year.
• AUM: Grew 20% YoY, surpassing ₹30,000 crore to settle at ₹30,571 crore.
• Disbursements: Increased 20% YoY to a record ₹3,087 crore.
• Net Interest Income: Rose 17.9% YoY to ₹851.5 crore.
• Key Metrics and Performance (FY2026):
• Full Year Profit (PAT): Increased 22% YoY to ₹1,108 crore.
• Asset Quality: Gross NPA was maintained at 1.08%.
• Return Ratios: Return on Assets (ROA) was 4.4% and Return on Equity (ROE) was 15.9%.
• Operational Highlights: The company has over 3.36 lakh active loan accounts and operates over 626 branches across 22 states.
• Stock Verdict: Neutral
• Brokers Target of Aadhar Housing Financepost Q4 FY2026
• ICICI Direct=600
• ICICI Sec=625
• IDBI Capital=602

India Shelter Finance Q4 FY2026 results: Net profit up 27% and Revenue up 24.7%

• India Shelter Finance Corporation reported strong Q4 FY2026 results (ended March 31, 2026), with consolidated net profit rising 27% year-on-year (YoY) to ₹137.58 crore and net sales increasing by 24.7% YoY to ₹408.23 crore.
• The company declared a final dividend of ₹10 per share and achieved a full-year FY26 PAT of ₹503 crore, driven by a 29% growth in Assets Under Management (AUM) to ₹11,044 crore.
• Key Q4 FY2026 Financial Highlights (Consolidated):
• Total Income: ₹408.27 crore, up 24.7% YoY and 4.75% QoQ.
• Net Profit (PAT): ₹137.58 crore, growing 27.24% YoY and 10.9% QoQ.
• Profit Before Tax (PBT): ₹180.03 crore, up 29% YoY.
• Dividend: Final dividend of ₹10 per share (200% of face value).
• AUM: Reached ₹11,044 crore, reflecting a 29% YoY expansion.
• Operational Highlights & Asset Quality:Asset Quality: Gross Non-Performing Assets (GNPA) stood at 1.2%, with Net Stage 3 at 0.9%, indicating robust asset quality.
• Branch Network: Continued expansion in Tier 2 and Tier 3 cities, operating 307 branches.Spread: Stable at 6.6%, with cost of funds easing to 8.2%.
• Future Outlook & Strategy: The company aims for >20% disbursement growth and aims to grow loans by 25-30% over the next three years. Targets include 40-45 new branches annually and an AUM of ₹30,000 crore by 2030.Focus remains on affordable housing loans and loans against property.
• Stock Verdict: Positive
• Brokers Target of India Shelter Finance
• 04 May 2026 IDBI Cap=971
• 04 May 2026 ICICI Sec=1125.00