AAVAS Financiers Limited has submitted its quarterly compliance certificate to the National Stock Exchange of India Limited and BSE Limited under SEBI regulations for the quarter ended March 31, 2026. The submission was made on April 08, 2026, as part of the company's regulatory compliance obligations.

Regulatory Compliance Submission

The certificate was submitted in accordance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. Company Secretary and Compliance Officer Saurabh Sharma signed the submission letter, which was digitally authenticated on April 08, 2026.

Certificate Details from Registrar

MUFG Intime India Private Limited, formerly known as Link Intime India Private Limited, issued the compliance certificate on April 07, 2026. The registrar serves as the company's share transfer agent and is responsible for handling dematerialisation processes.

The certificate confirms that securities received from depository participants for dematerialisation during the quarter were processed according to regulatory requirements. It also verifies that security certificates received were properly mutilated and cancelled after due verification, with depositories' names substituted in the register of members within prescribed timelines.

Quarter Activity Summary

A significant aspect of this quarter's report is that no dematerialisation requests were received from shareholders during the period ended March 31, 2026. The certificate was issued specifically at the company's request for compliance purposes, as noted by MUFG Intime India Private Limited.

Vice President-Corporate Registry Ashok Shetty signed the certificate on behalf of MUFG Intime India Private Limited, confirming the company's adherence to SEBI regulations and proper maintenance of shareholder records during the quarter.

Aavas Financiers has received an Equal-weight rating from Morgan Stanley with a target price of ₹1,600, reflecting the brokerage's balanced outlook on the housing finance company's prospects. The rating comes amid strong operational metrics but concerns about future growth momentum.

Strong Disbursement and AUM Performance

The company demonstrated robust business growth with key performance indicators showing positive momentum:

The 16% year-on-year disbursement growth indicates strong customer demand and effective business execution, while the 15% AUM expansion to ₹235bn reflects the company's ability to maintain its lending portfolio growth.

Improved Asset Quality Metrics

Aavas Financiers has shown notable improvement in asset quality parameters, demonstrating effective risk management:

These metrics indicate well-controlled credit risk with Stage-3 assets at 1.07% and early delinquency indicators (1+DPD) at 3.17%, suggesting effective collection processes and borrower quality.

Analyst Outlook and Sector Preferences

Despite the positive operational metrics, Morgan Stanley expects further consensus downgrades due to anticipated slower growth in the coming periods. The brokerage has expressed preference for peer companies in the housing finance sector, specifically mentioning Aptus and Home First as preferred investment options.

The Equal-weight rating with a ₹1,600 target price reflects Morgan Stanley's view that while Aavas Financiers maintains solid fundamentals and improved asset quality, the growth trajectory may face headwinds that could impact future performance relative to sector peers.