NSE: BAJAJHFL · BSE: 544252
BAJAJ HOUSING FINANCE LTD
Originating and servicing mortgage and property-backed loans in India, with assets under management in excess of ₹1 lakh crore. The business lends through four primary product lines — home loans, loan against property, lease rental discounting, and construction finance — and runs an affordable-housing vertical that operates across 145 urban/rural locations covering 72 Tier-4 towns, with a current monthly disbursement run-rate of ₹410-425 crore scaling toward a ₹600+ crore target. Income is generated primarily from interest earned on this loan book, with a quarterly net interest margin of 3.7%. The company funds itself by issuing secured non-convertible debentures on private placement and accepting deposits from parent Bajaj Finance, with cost of funds at 7.2%. Operating costs are light — employee costs at 5% of revenue and other operating expenses at 2.2% — supporting an opex-to-net-income ratio of 19-20%. Asset quality is tight with gross NPA at 0.29%, net NPA at 0.12%, and capital adequacy at 21.59%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Home loans, Loan against property (LAP), Lease rental discounting (LRD), Construction finance, Affordable housing (Sambhav). Spread-based, capital-intensive housing finance with light operating costs and tight asset quality.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 9,576 | 11,147 |
| EBITDA (ex other income) | 8,790 | 10,124 |
| margin % | 91.8 | 90.8 |
| Owners' profit | 2,163 | 2,560 |
| EPS, as reported (₹) | 2.67 | 0.00 |
| ROE % · ROCE % | 10.8 · — | 11.4 · — |
| Debt / equity (x) | — | — |
| Cash from operations | (17,075) | (19,895) |
| Capex | (25) | (31) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,410 | 2,449 | 2,508 | 2,616 | 2,755 | 2,886 | 2,903 | 3,063 |
| Profit before tax | 708 | 713 | 720 | 757 | 833 | 865 | 866 | 929 |
| Net profit | 546 | 548 | 587 | 583 | 643 | 665 | 669 | 715 |
| EPS (₹) | 0.69 | 0.66 | 0.70 | 0.70 | 0.77 | 0.80 | 0.00 | 0.86 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ HOUSING FINANCE LTD ◆ | 64,956 | 32.1 | 2.88 | — | 11.4 | — | — | 92.4 |
| PNB HOUSING FIN LTD. | 28,144 | 12.2 | 1.46 | — | 11.9 | — | 2.3 | 91.6 |
| LIC HOUSING FINANCE LTD | 28,070 | 4.9 | 0.68 | — | 13.5 | — | 7.7 | 97.1 |
| AADHAR HOUSING FINANCE L | 19,096 | 16.6 | 2.53 | — | 14.5 | — | — | 75.4 |
| SAMMAAN CAPITAL LIMITED | 13,314 | — | 0.70 | — | (37.6) | — | (3.8) | 101.8 |
| HOME FIRST FIN CO IND LTD | 10,662 | 18.2 | 2.45 | — | 12.4 | — | — | 78.3 |
| APTUS VALUE HSG FIN I LTD | 10,141 | 10.3 | 2.00 | — | 18.6 | — | — | 83.7 |
| CAN FIN HOMES LTD | 9,701 | 8.6 | 1.62 | — | 18.2 | — | — | 91.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.1 | 10.3 | 15 of 17 | 13% |
| P/B | 2.9 | 1.0 | 17 of 17 | 0% |
| ROE | 11.4 | 11.8 | 10 of 17 | 44% |
| EBITDA margin | 92.4 | 74.7 | 3 of 19 | 89% |
| Revenue growth | 17.1 | 9.0 | 7 of 19 | 67% |
| Profit growth | 22.6 | 19.3 | 9 of 20 | 58% |
| Market cap | 64956 | 4631 | 1 of 20 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Q2 growth stays strong; management flags rate and commission margin risks | investor communications | medium | — | — |
| 23 Oct 2026 · CFO Gaurav Kalani resigns, effective 22 January 2027 | management changes | high | — | — |
| 16 Oct 2026 · Update on Q2 FY26 results conference call held on 16 Oct 2026 | investor communications | low | — | — |
| 16 Oct 2026 · Q2 FY27 update: AUM crosses Rs 1.5 lakh crore, PAT up 18% at Rs 757 Cr | investor communications | medium | — | — |
| 16 Oct 2026 · Bajaj Housing Finance Q2 PAT up 18% at Rs 757 cr; AUM crosses Rs 1.58 lakh cr | results | high | — | — |
| 16 Oct 2026 · Bajaj Housing Finance Q2 FY27 PAT up 18% at Rs 757 cr; AUM crosses Rs 1.58 lakh cr | results | high | — | — |
| 12 Oct 2026 · Bajaj Housing Finance Q2FY27 results conference call on 16 Oct 2026 | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Bajaj Housing Finance files quarterly demat certificate under SEBI rules | compliance | minimal | — | — |
| 7 Oct 2026 · Bajaj Housing Finance allots NCDs worth Rs 2,439 cr via private placement | fund raising | high | — | — |
| 5 Oct 2026 · Board meeting on Oct 16 to approve Q2 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.