AMSEC starts coverage of India's affordable housing finance companies

India Shelter Finance

26/03/2025 09:45

** Asian Markets Securities initiates coverage on India's affordable housing finance cos, citing robust growth and returns

AMSEC's top picks
Rating
PT
Upside to current price
Aadhar Housing Finance AADA.NS
'Buy'
570 rupees
41.5%
Aavas Financiers AVAS.NS
'Accumulate'
2,200 rupees
8.6%
Home First Finance HOME.NS
'Add'
1,100 rupees
9.2%
India Shelter Finance IDNI.NS
Keeps 'buy'
1,000 rupees
25.1%

** Says AADA HAS better diversification, with top three states ~40% of AUM vs 59%-67% for other three

** Expects AADA and IDNI to achieve 4%-plus ROA with AUM CAGR at 20% and 32% each over FY24-27

** On the day, AADA down ~1%, AVAS up 2.6%, HOME down 1.44% and IDNI flat

 (Reporting by Ananta Agarwal in Bengaluru)

 ((Ananta.Agarwal@thomsonreuters.com))