Aadhar Housing Finance Limited has received an upgrade in its credit rating from ICRA, with the rating agency raising the company’s rating on debt instruments and bank facilities to ‘ICRA AA+/Stable’ from ‘ICRA AA/Positive’. The upgrade makes ICRA the third rating agency to assign an AA+ rating to Aadhar, following CARE Ratings and India Ratings. The company said it is now the only housing finance company to have AA+ ratings from all three agencies on a standalone basis.
ICRA attributed the upgrade to Aadhar’s established position in affordable and low-income housing finance, strong capitalisation, healthy earnings profile and comfortable asset quality. Its geographically diversified portfolio, established underwriting framework and portfolio management practices were also cited as supporting factors.
In Kolkata, the upgrade comes as housing finance demand remains linked to the needs of low- and middle-income households, particularly in affordable housing segments. A stronger credit rating could also support Aadhar’s access to diversified funding as it expands its presence in such markets.
As of June 30, 2026, Aadhar had assets under management of around ₹31,400 crore and more than 630 branches across 22 states and Union Territories. Its capital adequacy ratio stood at 43.4%, while return on assets was 4% in Q1 FY27. ICRA also withdrew ratings on NCDs worth ₹504.40 crore following their redemption.
Managing Director and CEO Rishi Anand said the AA+ rating would open additional funding avenues while supporting the company’s focus on making homeownership more accessible.