“Aadhar is a large affordable HFC (Rs 211 billion of AUM in FY2024, 7% market share in the affordable segment) with a long track record, well-diversified geographical presence and customer profile. Its multipronged expansion and appraisal strategy will drive 21% AUM CAGR (FY2024-27E) with low credit costs,” said Kotak Equities in its report.
