Synopsis: PNB Housing Finance and Aptus Worth each noticed investor reactions after the Q2 FY26 outcomes had been declared. Nevertheless, PNB Housing’s balanced development and asset high quality had been robust, and Aptus Valued delivered a powerful topline and bottomline development; nonetheless, asset high quality deteriorated.
The reasonably priced housing finance sector has attracted vital investor curiosity as credit score demand amongst lower-income debtors retains rising. On this article, we are going to dive into two of the main reasonably priced loans suppliers.
Income and Profitability
PNB Housing Finance reported a income of Rs 2,128 crore in Q2 FY26, representing a 13 p.c development from Rs 1,879 crore in Q2 FY25. Nevertheless, it recorded a slight development of two.5 p.c from its earlier quarter determine of Rs 2,076 crore.
Coming to its profitability entrance, PNB Housing reported a web revenue development of 24 p.c to Rs 582 crore in Q2 FY26 as in comparison with Rs 470 crore in Q2 FY25. Moreover, on a quarterly foundation, it recorded a development of 9 p.c from Rs 534 crore.
However, Aptus Worth Housing Finance reported a income of Rs 544 crore in Q2 FY26, representing a 29 p.c development from Rs 421 crore in Q2 FY25. Nevertheless, it recorded a slight development of 5 p.c from its earlier quarter determine of Rs 520 crore.
Coming to its profitability entrance, Aptus Worth reported a web revenue development of 25 p.c to Rs 227 crore in Q2 FY26 as in comparison with Rs 182 crore in Q2 FY25. Nevertheless, on a quarterly foundation, it recorded a slight development of 4 p.c from Rs 219 crore.
Disbursements and Different Highlights
PNB Housing reported a complete disbursement of Rs 5,995 crore in Q2 FY26, a development of 12 p.c as in comparison with Rs 5,342 crore in Q2 FY25. Additionally, it grew by 20 p.c on a QoQ foundation from Rs 4,980 crore. Its whole portfolio consists of 60.4 p.c catering to Particular person housing loans, and the remaining 39.6 p.c is catered towards non-housing loans.
Relating to its whole Property Beneath Administration (AUM), it reported a complete AUM of Rs 83,879 crore in Q2 FY26, a development of 12 p.c as in contrast on a YoY foundation and a development of two p.c on a QoQ foundation.
Aptus Worth reported a complete disbursement of Rs 963 crore in Q2 FY26, a development of three p.c as in comparison with Rs 935 crore in Q2 FY25. Additionally, it grew by a staggering 24 p.c on a QoQ foundation from Rs 775 crore.
Relating to its whole Property Beneath Administration (AUM), it reported a complete AUM of Rs 11,767 crore in Q2 FY26, a development of twenty-two p.c as in comparison with Rs 9,679 crore in Q2 FY25. Additionally, it grew by 4 p.c on a QoQ foundation from Rs 11,267 crore. Out of this whole portfolio, 61 p.c of its AUM is sourced from Residence loans, adopted by 18 p.c with small enterprise loans, 15 p.c with Quasi Residence Loans, and three p.c is contributed every by insurance coverage and top-up loans.
Asset High quality and Different Ratios
PNB Housing Financial institution’s asset high quality strengthened in the course of the interval. GNPA declined by 20 bps to 1.04 p.c as in comparison with 1.24 p.c in Q2 FY25. Additionally, NNPA declined by 15 bps and presently stands at 0.69 p.c as in comparison with 0.84 p.c in Q2 FY25.
Price of borrowing in the course of the quarter declined by 15 bps to 7.69 p.c in Q2 FY26 as in comparison with 7.84 p.c in Q2 FY25. Additionally, it declined by 7 bps from 7.76 p.c (QoQ). Moreover, Unfold margins additionally elevated by 5 bps to 2.26 p.c in Q2 FY26.
However, Aptus Worth asset high quality worsened in the course of the interval. GNPA elevated by 30 bps to 1.55 p.c as in comparison with 1.25 p.c in Q2 FY25. Additionally, NNPA elevated by 23 bps and presently stands at 1.17 p.c as in comparison with 0.94 p.c in Q2 FY25.
Price of borrowing in the course of the quarter declined by 30 bps to eight.4 p.c in Q2 FY26 as in comparison with 8.7 p.c in Q2 FY25. Additionally, it declined by 20 bps from 8.6 p.c (QoQ). Moreover, Unfold margins additionally elevated by 20 bps to eight.9 p.c in Q2 FY26.
Between these two, PNB Housing Finance was in a position to document extra spectacular outcomes in comparison with Aptus Worth Housing Finance within the second quarter of the monetary yr 2026. PNB Housing showcased a balanced efficiency on a considerably bigger base, stored an excellent asset high quality with GNPA at only one.04%, and likewise widened the spreads, which is indicative of excellent price administration.
Whereas Aptus demonstrated the next top-line development (29% YoY) and quicker AUM improve (22% YoY) and asset high quality deteriorated. Although each corporations gave end result, one ought to do their very own due diligence earlier than investing.
Written by Satyajeet Mukherjee
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