JM Financial maintains Buy on Aadhar Housing Finance, target price unchanged at Rs 525

JM Financial maintains a Buy call on Aadhar Housing Finance with a target price of Rs 525, citing its pan-India presence and scalable technology. The brokerage anticipates a 20% AUM CAGR during FY25-27E and values the company at 2.6x FY27E BV. Aadhar reported a consolidated total income of Rs 833.84 crore for the quarter ended March 2025.