Aavas Financiers Ltd.

“Aavas Financiers is a best-in-class affordable housing finance company with a genuine process moat, pristine asset quality, and a decade-long reinvestment runway in a sub-1% penetrated market — but at 2.2x P/BV and 13-14% ROE, the stock is fairly valued with no margin of safety, offering median ~13% annual compounding rather than exceptional returns; the right move is to track for a correction toward 1.5-1.7x P/BV or evidence of ROE expansion before initiating a position.”