Bajaj Housing Finance Limited has informed the Exchange about transcript of earnings conference call held in respect of the financial results for the quarter ended 31 March 2026
BAJAJHFL · price
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Bajaj Housing Finance reported a strong Q4 FY26 with AUM crossing INR 140,000 crores, growing 23% YoY. PAT grew 14% to INR 669 crores (20% excluding one-time tax benefit), while operating efficiency improved with opex-to-NTI at 19.2%. Asset quality remained healthy with GNPA at 27 bps and NNPA at 11 bps. However, NIM compressed 12 bps sequentially to 3.8% due to competitive pricing intensity and portfolio attrition. Management noted that BT-out rates remain elevated at ~10% due to aggressive pricing from PSU banks. Stage 2 provisioning coverage was strengthened from prudence. Full year FY26 performance was in line or better than initial guidance provided in July 2025. The company guided for approximately 10 bps ROA compression in FY27 due to ongoing margin pressure from portfolio mix shift and lower acquisition pricing, expected to be partially offset by opex efficiency and lower credit costs.
The stock faces near-term margin pressure from competitive intensity and portfolio mix shift toward lower-margin products, though strong asset quality and operating efficiency provide comfort. Full-year ROA is expected to moderate toward the upper end of the 2-2.2% medium-term guidance range from current 2.3%.