Synopsis: PNB Housing Finance and Aptus Value both saw investor reactions after the Q2 FY26 results were declared. However, PNB Housing’s balanced growth and asset quality were strong, and Aptus Valued delivered a strong topline and bottomline growth; however, asset quality deteriorated.
The affordable housing finance sector has attracted significant investor interest as credit demand among lower-income borrowers keeps growing. In this article, we will dive into two of the leading affordable loans providers.
Revenue and Profitability
PNB Housing Finance reported a revenue of Rs 2,128 crore in Q2 FY26, representing a 13 percent growth from Rs 1,879 crore in Q2 FY25. However, it recorded a slight growth of 2.5 percent from its previous quarter figure of Rs 2,076 crore.
Coming to its profitability front, PNB Housing reported a net profit growth of 24 percent to Rs 582 crore in Q2 FY26 as compared to Rs 470 crore in Q2 FY25. Additionally, on a quarterly basis, it recorded a growth of 9 percent from Rs 534 crore.
On the other hand, Aptus Value Housing Finance reported a revenue of Rs 544 crore in Q2 FY26, representing a 29 percent growth from Rs 421 crore in Q2 FY25. However, it recorded a slight growth of 5 percent from its previous quarter figure of Rs 520 crore.
Coming to its profitability front, Aptus Value reported a net profit growth of 25 percent to Rs 227 crore in Q2 FY26 as compared to Rs 182 crore in Q2 FY25. However, on a quarterly basis, it recorded a slight growth of 4 percent from Rs 219 crore.
Disbursements and Other Highlights
PNB Housing reported a total disbursement of Rs 5,995 crore in Q2 FY26, a growth of 12 percent as compared to Rs 5,342 crore in Q2 FY25. Also, it grew by 20 percent on a QoQ basis from Rs 4,980 crore. Its total portfolio consists of 60.4 percent catering to Individual housing loans, and the remaining 39.6 percent is catered toward non-housing loans.
Regarding its total Assets Under Management (AUM), it reported a total AUM of Rs 83,879 crore in Q2 FY26, a growth of 12 percent as compared on a YoY basis and a growth of 2 percent on a QoQ basis.
Aptus Value reported a total disbursement of Rs 963 crore in Q2 FY26, a growth of 3 percent as compared to Rs 935 crore in Q2 FY25. Also, it grew by a staggering 24 percent on a QoQ basis from Rs 775 crore.
Regarding its total Assets Under Management (AUM), it reported a total AUM of Rs 11,767 crore in Q2 FY26, a growth of 22 percent as compared to Rs 9,679 crore in Q2 FY25. Also, it grew by 4 percent on a QoQ basis from Rs 11,267 crore. Out of this total portfolio, 61 percent of its AUM is sourced from Home loans, followed by 18 percent with small business loans, 15 percent with Quasi Home Loans, and 3 percent is contributed each by insurance and top-up loans.
Asset Quality and Other Ratios
PNB Housing Bank’s asset quality strengthened during the period. GNPA declined by 20 bps to 1.04 percent as compared to 1.24 percent in Q2 FY25. Also, NNPA declined by 15 bps and currently stands at 0.69 percent as compared to 0.84 percent in Q2 FY25.
Cost of borrowing during the quarter declined by 15 bps to 7.69 percent in Q2 FY26 as compared to 7.84 percent in Q2 FY25. Also, it declined by 7 bps from 7.76 percent (QoQ). Additionally, Spread margins also increased by 5 bps to 2.26 percent in Q2 FY26.
On the other hand, Aptus Value asset quality worsened during the period. GNPA increased by 30 bps to 1.55 percent as compared to 1.25 percent in Q2 FY25. Also, NNPA increased by 23 bps and currently stands at 1.17 percent as compared to 0.94 percent in Q2 FY25.
Cost of borrowing during the quarter declined by 30 bps to 8.4 percent in Q2 FY26 as compared to 8.7 percent in Q2 FY25. Also, it declined by 20 bps from 8.6 percent (QoQ). Additionally, Spread margins also increased by 20 bps to 8.9 percent in Q2 FY26.
Between these two, PNB Housing Finance was able to record more impressive results compared to Aptus Value Housing Finance in the second quarter of the financial year 2026. PNB Housing showcased a balanced performance on a significantly larger base, kept a very good asset quality with GNPA at only 1.04%, and also widened the spreads, which is indicative of good cost management.
Whereas Aptus demonstrated a higher top-line growth (29% YoY) and faster AUM increase (22% YoY) and asset quality deteriorated. Though both companies gave a good result, one should do their own due diligence before investing.
Written by Satyajeet Mukherjee
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