Aptus Q1 FY27: consolidated PAT +19% YoY to ₹261 Cr, EPS ₹5.21; NII drives print as credit costs double

Aptus Value Housing Finance posted a steady, growth-led first quarter. Consolidated net profit rose ~19% YoY to ₹260.94 Cr (from ₹219.25 Cr) on revenue from operations of ₹600.29 Cr, up ~15.4% YoY, with basic EPS at ₹5.21 versus ₹4.39 a year ago. The bottom line was essentially flat sequentially (Q4 FY26: ₹260.95 Cr) — but Q4 is an audited balancing figure, so YoY is the cleaner read: net margin widened to ~43.5% of operating revenue from ~42.1% a year ago as net interest income (interest income ₹529.16 Cr, +12.7% YoY) outpaced a benign funding line (finance costs ₹169.68 Cr, +5.8% YoY). The notable swing under the hood is credit cost: consolidated impairment on financial instruments doubled to ₹21.49 Cr from ₹10.59 Cr a year ago (and up from ₹15.93 Cr in Q4), yet profit still compounded ~19% — the housing-finance book's spread absorbed the higher provisioning. Asset quality held: standalone GNPA 1.42%, NNPA 1.07%, provision coverage 25%. Standalone PAT grew faster at ~24.6% YoY (₹192.72 Cr), so the holding company outpaced the consolidated group this quarter as the 100% subsidiary Aptus Finance India's incremental contribution moderated — a >3% growth divergence worth flagging, though both lines tell the same double-digit-growth story. Against the Street, brokerage previews framed a strong topline (revenue estimates in the ₹650–730 Cr range on differing definitions) and the post-result read was constructive — analysts reiterated 'Buy' and the stock rose on the print. Management gives no formal profit guidance but has publicly targeted 22–24% AUM growth for FY27; this quarter's ~15% revenue and ~19% profit growth are consistent with, though not ahead of, that ambition, and the Aug 1 concall is the checkpoint for AUM and disbursement momentum. The board approved the results on July 31 alongside routine Reg-52 debenture disclosures; the ₹2.50 interim dividend flagged in company events was a prior (FY26) action, not declared with this quarter.