ICRA Upgrades Aadhar Housing Finance Rating to AA+ With Stable Outlook
Mumbai, September 24, 2026: Credit rating agency ICRA has upgraded the ratings on debt instruments and bank facilities of Aadhar Housing Finance Limited to ‘ICRA AA+’ with a stable outlook, up from ‘ICRA AA/Positive’. Following recent rating revisions by CARE and India Ratings, the company became the sole housing finance company focused on the low-income segment to secure a standalone AA+ rating from all three major agencies, Aadhar Housing Finance said in a press release.
Pursuant to the redemption of non-convertible debentures, ICRA simultaneously withdrew ratings for NCDs totaling Rs 504.40 crore. The rating agency cited the company’s established track record in affordable housing, strong capitalization, healthy earnings profile, and asset quality as key drivers behind the upgrade. The evaluation also highlighted the firm’s geographically diversified presence, structured underwriting framework, and portfolio management practices.
Rishi Anand, Managing Director and CEO of Aadhar Housing Finance Limited, said, “An ICRA AA+ rating is a reflection of the trust our customers and stakeholders place in Aadhar Housing Finance. For us, financial strength is meaningful when it enables us to serve more families with greater confidence, accessibility and consistency. As we deepen our presence across underserved markets, we remain committed to making the journey to homeownership simpler, more transparent and more accessible for every customer we serve. This also opens the way for additional funding avenues with receiving AA+ rating from all three agencies.”
As of June 30, 2026, the housing finance institution maintained assets under management of approximately Rs 31,400 crore, supported by a branch network exceeding 630 locations across 22 states and union territories. The company reported a capital adequacy ratio of 43.4% and a return on assets of 4.0% for the first quarter of FY27. Operations continue to draw funding from diversified avenues, including commercial banks, the National Housing Bank, external commercial borrowings, commercial paper, and direct assignments.
