ICICI Securities has issued a buy rating on Aadhar Housing Finance with a target price of ₹625 in its research report dated June 17, 2026. According to the brokerage's analysis, the company is positioned as the largest HFC in low-income housing, which provides a strong competitive advantage in this segment.
As reported by ICICI Securities, Aadhar Housing Finance maintains its dominance in the low-income affordable segment (<₹1.5 million) while competitors focus on prime (>₹3.5 million) and mid-income affordable (₹1.5-3.5 million) housing segments. The company's industry-first market segmentation strategy segregates urban and emerging market operations with dedicated teams to enhance business focus and execution capabilities.
According to ICICI Securities, Aadhar Housing Finance expects to sustain approximately 20% AUM growth in the near term, supported by its strong competitive moat in the low-income housing segment. The company is confident of holding FY27 credit cost at ~25 basis points, which aligns with its guidance and reflects minimal direct exposure to segments potentially affected by temporary disruption.
ICICI Securities has retained its buy rating with the target price unchanged at ₹625, valuing the company at approximately 3x March 2027E book value per share. The brokerage hosted Aadhar Housing Finance in Singapore for an investor roadshow to gather insights for their analysis.
