Aadhar Housing Finance Limited's Board of Directors, at its meeting held on May 5, 2026, approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, as reviewed and recommended by the Audit Committee. The results were audited by joint statutory auditors M/s. S.R. Batliboi & Associates LLP and M/s. Kirtane & Pandit LLP, both of whom issued unmodified audit opinions on the standalone and consolidated financial statements. The company delivered strong performance for the year, marked by record growth in Assets Under Management (AUM), stable asset quality, and consistent profitability.

Key Performance Highlights

The company crossed the ₹30,000 crore AUM milestone during the year, with total loan accounts exceeding 3,36,000 as of March 31, 2026. The following table presents the key operational and financial metrics for FY26 and Q4 FY26:

* Excluding impact of new labour code pertaining to past period service cost of ₹16 Crs (Net of tax ₹12 Crs).

** Includes lower base effect of primary infusion of ₹1,000 Crs in May 2024.

Disbursements for Q4 FY26 stood at ₹3,087 crore, reflecting a growth of 20% YoY, marking the highest-ever quarterly disbursements by the company. Return on assets (ROA) stood at 4.4% and return on equity (ROE) stood at 15.9% for FY26. Gross NPA as of March 31, 2026, stood at 1.08%, reflecting stable asset quality.

Standalone Financial Performance

On a standalone basis, total income grew to Rs 3,68,654 lakhs from Rs 3,10,862 lakhs in the previous year, driven primarily by interest income which rose to Rs 3,24,390 lakhs from Rs 2,71,899 lakhs. The following table summarises key standalone income statement metrics:

Total expenses for FY26 stood at Rs 2,26,488 lakhs compared to Rs 1,93,481 lakhs in FY25, with finance costs accounting for Rs 1,36,439 lakhs and employee benefits expense at Rs 49,977 lakhs. An exceptional item of Rs 1,592 lakhs was recorded during the year, pertaining to the estimated financial implication of the Government of India's notification of four Labour Codes on November 21, 2025, which resulted in an increase in liability towards gratuity and compensated absences arising out of past service cost (net of tax Rs 1,240 lakhs).

Earnings Per Share and Key Ratios

Standalone basic earnings per share for FY26 stood at Rs 25.31 and diluted EPS at Rs 24.76. For the quarter ended March 31, 2026, basic EPS was Rs 7.15 and diluted EPS was Rs 7.01. Key financial and asset quality ratios as at and for the year ended March 31, 2026 are presented below:

Consolidated Financial Performance

On a consolidated basis, which includes the subsidiary Aadhar Sales and Services Private Limited, the group reported total income of Rs 3,68,688 lakhs for FY26 against Rs 3,10,891 lakhs in FY25. Consolidated profit after tax for FY26 was Rs 1,09,588 lakhs compared to Rs 91,183 lakhs in the prior year. Total comprehensive income on a consolidated basis stood at Rs 1,10,211 lakhs for FY26 versus Rs 90,803 lakhs in FY25. The subsidiary contributed total revenues of Rs 5,545 lakhs and net profit after tax of Rs 39 lakhs for the year ended March 31, 2026.

Balance Sheet and Loan Portfolio

Standalone total assets grew to Rs 27,38,990 lakhs as at March 31, 2026 from Rs 23,21,627 lakhs as at March 31, 2025. Housing and other loans, the primary asset, expanded to Rs 24,83,959 lakhs from Rs 20,48,410 lakhs. The following table presents key standalone balance sheet items:

On the liabilities side, borrowings (other than debt securities) increased to Rs 15,06,423 lakhs from Rs 12,87,329 lakhs, while debt securities stood at Rs 3,61,917 lakhs. Total equity on a standalone basis rose to Rs 7,53,460 lakhs from Rs 6,36,796 lakhs.

Cash Flow Summary

For the year ended March 31, 2026, net cash used in operating activities stood at Rs (2,80,972) lakhs on a standalone basis, reflecting significant disbursements of Rs (9,55,568) lakhs towards housing and other property loans, partially offset by loan repayments received of Rs 3,44,984 lakhs and interest received on loans of Rs 3,08,732 lakhs. Net cash generated from investing activities was Rs 31,037 lakhs, while net cash generated from financing activities amounted to Rs 2,33,552 lakhs, driven by proceeds from bank and institution loans of Rs 4,74,787 lakhs and National Housing Bank loans of Rs 1,30,400 lakhs. Cash and cash equivalents at the end of the year stood at Rs 71,299 lakhs compared to Rs 87,682 lakhs at the beginning of the year.

IPO Proceeds Utilisation

The company confirmed that IPO proceeds of Rs 1,00,000 lakhs raised via fresh issue in May 2024 have been fully utilised as at March 31, 2026, with no deviation or variation reported. The utilisation is summarised below:

Loan Assignment and Co-lending Disclosures

For the year ended March 31, 2026, the company assigned 16,145 loan accounts amounting to Rs 1,58,048 lakhs and co-lent 1,286 loan accounts amounting to Rs 15,464 lakhs, all in respect of loans not in default. The weighted average maturity for assigned loans was 153 months with a weighted average holding period of 16 months, and a minimum retention requirement (MRR) of 10%. For co-lent loans, the weighted average maturity was 213 months with a weighted average holding period of 3 months and an MRR of 20%.

Promoter Change and Other Disclosures

During the period, a significant change in shareholding and control occurred. BCP Asia II Holdco VII Pte. Ltd. ("Acquirer") acquired 28,20,52,121 equity shares at Rs 425 per equity share, representing 64.14% of the Expanded Voting Share Capital, from the erstwhile promoter BCP Topco VII Pte. Ltd., pursuant to a Share Purchase Agreement dated July 25, 2025. Following a mandatory open offer to public shareholders — pursuant to which 7,36,706 equity shares were tendered and settled in cash on February 18, 2026 at an offer price of Rs 469.97 and applicable interest of Rs 2.71 per equity share — and the subsequent transfer of shares on February 25, 2026, the Acquirer held 64.90% of the equity share capital as on March 31, 2026. Additionally, AXDI LDII SPV 1 LTD acquired 44,139,236 equity shares at Rs 425 per equity share on February 26, 2026 and was classified as a public shareholder. The Acquirer was classified as the Promoter of the company with effect from February 26, 2026.

During the quarter ended March 31, 2026, the company allotted 19,07,398 equity shares of Rs 10 each pursuant to the exercise of employee stock options. The company also granted stock options under Employee Stock Options Plan 2025 on January 01, 2026, with employee benefits expense including a charge of Rs 1,346 lakhs for the quarter and year ended March 31, 2026 for options granted under this plan.

Management Commentary

Commenting on the performance, Mr. Rishi Anand, MD & CEO of Aadhar Housing Finance Ltd, said: "Aadhar Housing Finance has delivered strong performance in FY2026, marked by consistent growth and stable asset quality, while crossing the ₹30,000 crore AUM milestone and achieving its highest-ever quarterly disbursements in Q4 FY26. AUM stood at Rs 30,571 crore as of March 31, 2026, registering a year-on-year growth of 20%, while Profit after Tax for FY2026 grew by 22% YoY to Rs 1,108 crore. Our strategic 'Urban and Emerging' branch model continues to deliver strong outcomes, with the network expanding to over 626 branches, deepening our reach across underserved and high-potential markets. Demand remains largely end-user driven, led by first-time homebuyers in emerging markets, while witnessing encouraging traction in urban markets, reinforcing our balanced and diversified growth strategy. Government initiatives such as PMAY 1.0 and PMAY 2.0 continue to support affordability for these customers, and we expect this to remain an important driver of demand going forward. During the year, we also made focused investments in AI capabilities, which are beginning to reflect in improved turnaround times, stronger underwriting, and enhanced collections efficiency. We have started leveraging AI-led tools in select parts of the loan lifecycle and see this as an important area of development as we continue to scale. Asset quality trends remain stable, supported by strong collection efficiency and disciplined underwriting, reflecting healthy borrower behaviour. Our focus remains on expanding our presence in underserved markets, improving productivity, and leveraging technology to enhance efficiency across the loan lifecycle. Looking ahead, we remain confident in the medium-term outlook for the affordable housing segment. With strong structural drivers, improving operating leverage, and our continued focus on execution, we are well positioned to sustain growth while maintaining portfolio quality and delivering consistent returns."

About Aadhar Housing Finance

Aadhar Housing Finance Ltd., established in 2010, is one of India's leading low-income housing finance companies dedicated to providing affordable housing solutions to Economically Weaker Section (EWS) and Low Income Group (LIG) customers, particularly in semi-urban and rural areas across India. With an average loan size of Rs. 11 lakhs, Aadhar operates with 626 branches across 22 states and union territories. It offers an array of mortgage-related products, including loans for buying and constructing residential properties, home improvement and extension, and micro loan against property. The company leverages advanced technology and data analytics for efficient underwriting, collections, and asset quality monitoring, and secures financing from diverse sources including term loans, NHB financing, and NCDs.

Source: Company/INE883F01010/e583a59ca04344a8.pdf

Aadhar Housing Finance Limited has filed a Monitoring Agency Report for the quarter ended March 31, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Submitted to BSE Limited and the National Stock Exchange of India Limited on May 5, 2026, the report — issued by ICRA Limited, the appointed Monitoring Agency — confirms that the entire IPO proceeds of Rs. 1000.00 crore have been fully utilized as on March 31, 2026, with no material deviations from the objects of the issue. The filing was signed by Harshada Pathak, Company Secretary and Compliance Officer, and the Monitoring Agency report was signed by Parul Goyal Narang, Vice President & Head- Process Excellence, ICRA Limited.

IPO and Issue Details

The company's equity shares were listed on BSE Limited and the National Stock Exchange of India Limited with effect from May 15, 2024, following an Initial Public Offer. The issue opened on May 8, 2024, and closed on May 10, 2024. The total issue size was INR 3,000.00 crore, of which the fresh issue (excluding OFS portion) amounted to INR 1,000.00 crore. ICRA Limited monitored gross proceeds of INR 1,000.00 crore in Q4FY26. The revised net proceeds stood at INR 955.47 crore (excluding issue-related expenses), reflecting a revision from the original INR 952.33 crore on account of actual offer-related expenditure being lower than estimated by INR 3.14 crore. The key issue parameters are summarized below:

Cost of Objects and Utilization Progress

The original and revised cost allocations for the objects of the issue, along with the progress in utilization during the quarter, are detailed below. The revision in the General Corporate Purpose allocation reflects the lower-than-estimated issue-related expenses of INR 3.14 crore.

The progress in utilization of proceeds during the quarter is presented below:

ICRA Limited noted that the company took reimbursement of INR 2.52 crore for issue-related expenses and INR 3.14 crore for general corporate purposes, both of which had been incurred earlier from internal accruals. There are no unutilized proceeds as on March 31, 2026.

General Corporate Purpose Utilization

The General Corporate Purpose (GCP) amount was utilized entirely towards repayment of indebtedness across two tranches, as detailed below:

Both objects — onward lending and general corporate purposes — were completed on schedule as per the offer document timeline of FY25, with no delays reported.

NCD Status and Confirmation of No Deviations

In accordance with Regulation 52(7) and 52(7A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company also confirmed that proceeds from previously listed NCDs were fully utilized. No new NCDs were issued during the quarter ended March 31, 2026. As a result, the statement of NCD issuance for the quarter was reported as Nil, and the statement of deviation or variation for NCDs was marked as Not Applicable. The debenture trustees for the company are Catalyst Trusteeship Limited and Beacon Trusteeship Limited.

The Monitoring Agency explicitly confirmed no material deviation in the utilization of IPO proceeds, no change in the means of finance for disclosed objects, no major deviation over earlier monitoring agency reports, and no unfavorable events affecting the viability of the objects. The utilization was verified through peer-reviewed CA certificates, bank statements of the proceeds account, and confirmation from the issuer's management. The disclosures were made in the format prescribed by the SEBI Master circular dated July 11, 2025.