The numbers of Gruh are great. Expecting them to be always great is another thing. Extending that to every affordable housing financing company is another thing.
Let me explain. In FY15, their loan book was ~ 9000 crores, out of which ~3000 crores was disbursed in FY15 itself. That means, 1/3rd of the loan book is less than 1 year old. What does that mean?
Despite highly conservative lending in the previous years, any risky lending in the latest year can throw the loan-books on the hot coals.
In summary, looking at past NPAs is not always the right approach.
I have not researched Gruh – and I have not seen any reason to believe there is any negative in the story. Was just making a point about the euphoria that is going on in affordable housing financing stocks 
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