Aptus profit rose despite a 9.12-point operating-margin slide
Costs grew far faster than revenue, while a lower tax rate and reduced interest outgo supported net profit; the stock's initial gain was larger than usual.
Filed 06 May 2026, 20:55 IST · after market close · Aptus Value Housing Finance India Ltd (APTUS)
Key takeaways
- Standalone net profit rose 4.03% YoY even as operating profit fell 4.24%, helped by a 5.53-percentage-point lower tax rate.
- Operating margin narrowed 9.12 percentage points YoY as expenses grew 99.01% against 6.63% revenue growth.
- The stock gained 2.86% in the first session after results, above its 1.72% median absolute post-results move across eight instances.
Price around the results
Revenue growth did not translate into operating profit
On a standalone basis, revenue grew 6.63% YoY, but operating profit declined 4.24% as expenses rose 99.01%. Net profit still increased 4.03%, helped by a 5.53-percentage-point reduction in the tax rate and a 3.28% decline in interest expense. Other income contributed 8.9% of pre-tax profit, so reported earnings also included a meaningful non-operating component.
Margin pressure continued for a second straight quarter
Sequentially, revenue grew 2.04% while expenses increased 3.66%, causing operating margin to narrow by 0.31 percentage points. The margin has now declined for two consecutive quarters, from 87.90% in Q2FY26 to 80.67% in Q3FY26 and 80.36% in Q4FY26. Even after the decline, Aptus's margin was 21.00 percentage points above the 59.36% median for 53 Financial Services peers that had reported.
Disbursements rebounded as Aptus expanded its network
Management said Q4FY26 delivered its highest-ever quarterly disbursements of Rs 1,242 crore, after discontinuing sanctions below Rs 1 lakh had moderated disbursements in Q1 and Q2. The company said it expanded into Maharashtra and Odisha and reached 339 branches. Management said it was confident of delivering 22%-24% AUM growth in FY27, while also attributing the increase in NPA primarily to a slight rise in NBFC NPA.
The initial market response was larger than Aptus's usual move
The stock rose 2.86% in the first session after the results and was up 5.76% by the next session, compared with a 1.72% median absolute move after its previous eight results. Its historical reaction has been evenly split between four rises and four falls, so the early gain was larger than usual but not part of a consistent one-way pattern. The return was 0.90% after five sessions, -2.66% after 15 sessions and 0.88% after 30 sessions.
Q4FY26 at a glance
Standalone figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹378 cr | ₹370 cr | +2.04% | +6.63% |
| Other income | ₹19 cr | ₹15 cr | +25.28% | +22.53% |
| Expenses | ₹74 cr | ₹72 cr | +3.66% | +99.01% |
| Operating profit | ₹304 cr | ₹299 cr | +1.66% | -4.24% |
| Operating margin (%) | 80.36% | 80.67% | — | — |
| Interest | ₹106 cr | ₹110 cr | -3.18% | -3.28% |
| Depreciation | ₹3 cr | ₹3 cr | +6.58% | +1.80% |
| Profit before tax | ₹213 cr | ₹201 cr | +5.99% | -2.92% |
| Tax | ₹37 cr | ₹41 cr | -11.18% | -26.51% |
| Net profit | ₹176 cr | ₹160 cr | +10.42% | +4.03% |
| EPS (₹) | ₹3.53 | ₹3.19 | +10.66% | +3.82% |
Operating margin of 80.36% compares with a Financial Services sector median of 59.36% across 53 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +2.86% | +2.88% |
| Next session | +5.76% | — |
| 5 sessions | +0.90% | +3.53% |
| 15 sessions | -2.66% | — |
| 30 sessions | +0.88% | — |
Volume on the results session was 9.36× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Q4 FY26 recorded the highest-ever quarterly disbursements of ₹1,242 crore.
- Collections efficiency improved in the quarter, reducing GNPA and 30+ DPD.
Guidance & outlook
- The company is confident of delivering 22–24% AUM growth in FY27.
Expansion
- The company expanded into Maharashtra and Odisha and reached a branch network of 339.
Problems & risks
- Discontinuing sanctions below ₹7 lakh temporarily moderated disbursements in Q1 and Q2.
- The company said the increase in NPA was primarily due to a slight increase in NBFC NPA.
- The operating expense ratio increased marginally by 8 basis points year over year in FY26.
What to watch
- Whether operating margin holds above 80.36% after its second consecutive quarterly decline.
- Whether expense growth moderates from 99.01% YoY.
- Progress against management's stated 22%-24% FY27 AUM growth expectation and the 339-branch network.