AAVAS Q2 FY27: Standalone PAT +10.7% YoY to ₹181.5 Cr, growth cools below FY27 guidance

Aavas Financiers' standalone Q2 FY27 statement — its only statement, as the company has no subsidiary or JV and does not prepare consolidated accounts (Note 11) — shows a quarter of steady but decelerating growth. Total income rose to ₹736.77 Cr, up 10.4% YoY and 3.9% QoQ, while standalone PAT came in at ₹181.52 Cr, up 10.7% YoY and 6.0% QoQ, with basic EPS at ₹22.89 against ₹20.71 a year ago and ₹21.60 last quarter. Net profit margin held broadly steady at 24.64% (vs 24.56% YoY, 24.15% QoQ) and PBT margin expanded modestly to 31.98% (from 31.65% YoY, 31.04% QoQ) — profitable growth, but materially slower than the double-digit-to-high-teens pace the company and Street have both been pricing in. The margin resilience came from both sides of the P&L: finance costs grew 10.8% YoY to ₹305.34 Cr, almost exactly tracking the 10.4% revenue growth and keeping the lending spread stable rather than compressing further; employee benefit expense grew just 7.3% YoY and was flat QoQ (₹121.19 Cr vs ₹121.70 Cr) — the first visible sign of the opex discipline the Street has been watching for under new MD Manu Yeshpal Singh, who signs this filing as Managing Director & CEO for the first time, confirming the leadership transition flagged ahead of this result. The one drag was tax: the effective rate rose to 22.95% from 22.19% in Q1 FY27, pulling PAT growth (+10.7% YoY) below PBT growth (+11.5% YoY). Against management's own FY27 guidance of 22-23% disbursement growth and 17-18% AUM growth, this filing does not disclose AUM directly, but on-book loans — the closest proxy available here — grew 15.95% YoY to ₹19,320.66 Cr, tracking a shade below the guided band and consistent with the sub-guidance AUM growth (15.4% YoY) and NIM/spread compression already flagged in Q1 FY27 commentary; management's spread guidance (below 5%, from 5.06%) cannot be verified from this statement, which carries no segment or spread disclosure. Against Street, consensus had modeled FY27 revenue and EPS growth of roughly 17-20%; this quarter's 10.4% revenue and 10.5% EPS YoY growth trail that full-year pace, a miss rather than a beat or inline print. Asset quality stayed steady (GNPA 1.11%, NNPA 0.70%, provision coverage 70.24%, CRAR 43.77% — all unchanged from Q1 FY27), and the ₹1.09 Cr NHB penalty for refinance-scheme violations (Sep 18) is immaterial against ₹181.52 Cr of quarterly PAT. The company has not issued a press release or management commentary alongside this filing, so the framing above rests solely on the numbers in the unaudited statement; the pre-result watch items on capital-raise authorization and ownership shifts are not addressed in this filing. The quarter sets up three checkpoints for Q3: whether AUM growth re-accelerates toward the 17-18% guided band now that the new MD has had a full quarter in charge, whether the opex discipline visible in flat QoQ employee costs persists into disbursement-heavy quarters, and whether the elevated tax rate normalizes back toward the ~22% level seen in Q1 FY27.