Aptus Value Housing Finance India Limited

Financial Services — Mortgage Finance · NSE

₹221.00−₹3.21 (−1.43%)

DalalBaazaar Score

80 / 100

🟢 Strong

Verdict

ATTRACTIVE

Risk

Moderate

Driven by negative free cash flow, small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Aptus Value Housing Finance India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Aptus Value Housing Finance India Limited, together with its subsidiary, Aptus Finance India Private Limited, provides housing finance solutions against immovable properties in India.

IndustryMortgage Finance

SectorFinancial Services

Employees3,807

Annual revenue₹1,597 Cr

How does it make money?

Turns over ₹1,597 Cr a year. Of every ₹100 of sales, about ₹59 reaches shareholders as profit. Each of its 3,807 employees supports ₹42.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹42.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What is the outlook?

16 analysts covering the stock expect revenue to grow about 19.2% and earnings to grow about 19.4% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+19.2%

Est. earnings growth+19.4%

Analysts16

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +86% while net margin moved +1% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+86%

Margin effect+1%

DalalBaazaar Score

80/ 100

Strong

Weighted across six categories. Every point is explained below.

✓ Beta of 0.67 — historically steadier than the index
✗ Small Cap: thinner liquidity and sharper drawdowns are normal
✓ Profits have been consistent from year to year
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

83/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

85/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

11.2x

3Y Median

26.1x

40 monthly readings · mean 24.0x · range 11.7x–37.2x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 57% below its 3y median of 26.1x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 34% below the peer median of 17.0x.

vs. its own history

Cheap

26.1x median over 40 months · -57%

vs. sector peers

Cheap

17.0x median of 4 peers · -34%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

—

PEG

0.48

What's Good / What's Bad

🟢 What's Going Well2

Return on equity is rising
ROE has improved from 15.1% to 18.6%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 57% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 34% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 23.0% CAGR
Latest reported year was 16.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2Return on equity stays above 17%✓ 18.6%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 26.1x✓ 11.2x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

7 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹11,068 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.2x

Cheap

Cheap against the generic band

P/B Ratio

2.19x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹19.65

Profitable

Profitable on a per-share basis

ROE

18.6%

Strong

Strong capital efficiency

ROCE

Not meaningful

N/A for lenders

Banks and NBFCs don't report capital employed the way other businesses do

Debt/Equity

1.56x

High

High leverage

Revenue Growth (YoY)

16.8%

Healthy

Healthy top-line growth

Profit Growth (YoY)

19.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

2.26%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

-₹496 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

8.5x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

78.5%

Good

Healthy core-business profitability

Net Margin

61.8%

Good

Strong bottom-line conversion

Beta (vs Nifty)

0.67

Defensive

Steadier than the market

52W Range Position

22%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

229.7 / 244.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

24.6

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹858 Cr	₹1,021 Cr	₹1,258 Cr	₹1,597 Cr	+23.0%
PAT (Net Profit)	₹503 Cr	₹612 Cr	₹751 Cr	₹943 Cr	+23.3%
EPS	₹10.08	₹12.21	₹15.01	₹18.84	+23.2%
ROE	15.1%	16.2%	17.4%	18.6%	—
Total Debt	₹3,796 Cr	₹5,200 Cr	₹6,873 Cr	₹7,904 Cr	+27.7%
Free Cash Flow	-₹1,050 Cr	-₹1,361 Cr	-₹1,412 Cr	-₹496 Cr	—

🟢 Revenue has grown at 23.0% a year over 3 years.

🟢 PAT (Net Profit) has grown at 23.3% a year over 3 years.

🟢 EPS has grown at 23.2% a year over 3 years.

🟢 ROE has risen from 15.1% to 18.6% over 3 years (+3.6 pts).

🔴 Total Debt has grown at 27.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹13,048 Cr

Total Liabilities

₹7,988 Cr

Cash & Equivalents

₹569 Cr

Operating Cash Flow

-₹489 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

49.5%

Insider Holding

26.6%

Corporate Actions

Dividend Rate

₹5

Ex-Dividend Date

15 May 2026

Analyst Consensus

Recommendations

18 Buy · 0 Hold · 1 Sell

Target Price (Mean)

₹336.33

+52.2% vs CMP

Target Range

₹270 – ₹458

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

2 mixed4 general

Down 24% in 3 months, Choice sees 48% upside in this housing finance stock, initiates with buy - check target, rationale

Livemint, 14 Oct

Aptus Value Housing Finance: Choice Buy, Rs 330 Target

Univest, 14 Oct

Aptus Value Housing Finance India Was Not The Story It First Seemed

Simply Wall Street, 03 Oct

Aptus Value Housing Finance sets Nov 5 date for Q2FY27 earnings call

scanx.trade, 14 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Aptus Value Housing Finance (APTUS.NS) Slips 1.21% to ₹223.65, Holds Above ₹212 Support - Call Wall

https://www.siam.in/, 06 Oct

Earnings call transcript: Aptus Value Housing Finance falls on q1 2027 asset-quality concerns

Investing.com, 01 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability · Valuation

MiddlingRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 3 tripwires holding · see Key things to watch ↑