Aadhar Housing Finance Awaits Blackstone Fund Transition Approval

Aadhar Housing Finance expects the shift of ownership within Blackstone’s funds to be completed soon, subject to regulatory approvals, Managing Director and CEO Rishi Anand said.

Blackstone, which acquired Aadhar in 2019, is transferring its stake from one fund — now at the end of its life cycle — to another, in a move that Anand described as “purely internal”, and not affecting the company’s management or strategy.

According to Anand, once all the regulatory approvals are received, Blackstone’s holding will reduce from 75% to 65%, with 10% moving to UAE-based Lunate Group. “We are expecting regulatory approvals coming soon. Post approvals, as indicated, there is no plan to make any change in the business model and management teams. Everything remains as it is,” Anand said.

On business trends, Anand said Aadhar, present in 22 states, continues to see a healthy traction across most markets. In the first half of FY26, disbursements grew 16% to Rs 4,089 crore. Strong consumption trends, improved spending during the festive season, and supportive GDP numbers reflect the lagged impact of earlier policy measures and point to a continued momentum in the housing segment, he said. In most of the states, demand indicators remain firm.

The asset quality remains stable, with Aadhar maintaining gross NPAs at around 1.1% for the past three years — one of the best in the industry, according to Anand. He attributed quarter-on-quarter fluctuations to seasonality tied to property possession timelines and resolutions, noting that numbers typically improve between December and March. Early-warning indicators such as bounce rates have also remained steady for the past four-five quarters, signalling no underlying stress in the portfolio.

Delinquencies are broadly spread across states, with slightly higher levels in the eastern part – West Bengal, Bihar, Jharkhand, and Odisha — and in Kerala. Large markets such as Andhra Pradesh, Telangana, Maharashtra, Uttar Pradesh, and Rajasthan continue to perform well. “Rajasthan is the best portfolio we have,” Anand said.

Aadhar expects to close FY26 with assets under management of around Rs 30,000 crore, up from Rs 27,554 crore in September. The company is targeting a 20–22% growth in AUM for at least the next three years. With strong capital buffers, the company does not anticipate any fundraising need in the medium term.