The document contains the transcript of the Q2 FY2027 earnings conference call held on October 16, 2026, at 5:30 p.m. IST, following the company's financial results for the quarter ended September 30, 2026.
The event was an earnings conference call hosted by JM Financial Institutional Securities Limited, with management presentations followed by a Q&A session. The stated purpose was to discuss quarterly results and business updates.
Management participants included:
Mr. Atul Jain – Managing Director
Mr. Gaurav Kalani – Chief Financial Officer
Entire senior management team (unspecified names)
The moderator was Mr. Ajit Kumar from JM Financial Institutional Securities Limited.
The transcript was uploaded to the company website on October 16, 2026, under the 'Quarterly Earning Conference Call Transcript' dropdown at https://www.bajajhousingfinance.in/investor-presentation. Audio recordings were also made available on the company website.
The company indicated that the transcript was edited for factual errors and that in case of discrepancy, the audio recordings would prevail.
Financial Highlights Discussed:
AUM: Crossed INR1.5 lakh crores milestone, reaching INR1.58 lakh crores as of September 30, 2026, with 25% YoY growth. Quarterly AUM addition was INR8,580 crores vs INR6,329 crores in Q2 FY26.
Profitability: PAT grew 18% YoY to INR980 crores in Q2 FY27. ROA was 2.2% and ROE improved to 12.7% from 12.2% YoY.
Disbursements: Increased 25% YoY to INR19,900 crores in Q2 FY27 from INR15,900 crores.
Product Performance:
Home loans AUM grew 22% YoY
LRD (Loan Against Property) grew 39% YoY
LAP grew 26% YoY
Developer Finance grew 13% YoY
Asset Quality: Remained stable with GNPA at 29 bps and NNPA at 12 bps (same as previous quarter). Provision coverage ratio at 59.8%.
Cost of Funds: Decreased 17 bps sequentially from 7.2% in Q1 to 7.0% in Q2 FY27, mainly due to conversion of fixed-rate NCDs to floating-rate instruments.
NIM: Moderated slightly by 2 bps sequentially to 3.7% in Q2 FY27.
Operating Efficiency: Opex to NTI ratio improved to 19.1% from 19.7% YoY.
Capital Adequacy: Stood at 21.24% with principal business criteria at 60.49% against regulatory requirement of 60%.
Sambhav Loans: Affordable housing segment crossed monthly disbursement run rate of INR500 crores during the quarter, constituting 16% of overall home loan originations. Average ticket size stable at INR28 lakhs.
Half-Yearly Performance (H1 FY27):
NTI grew 16% to INR2,429 crores
PBT and PAT growth was 20% to INR1,908 crores and INR1,472 crores respectively
Credit cost was 8 bps
ROA stood at 2.2% and ROE at 12.6%
Forward-Looking Statements & Strategic Themes:
Management discussed potential impact of recent repo rate hikes on margins and growth trajectory
Stated strategy to grow developer finance business to 15-17% of portfolio
Plans to increase Sambhav affordable housing segment to 20% of home loan mix by year-end and 30% in longer term (3-4 years)
Guidance maintained at 21-23% AUM growth for FY27, with expected NIM compression of ~25 bps for the full year
Addressed potential impact of draft insurance commission guidelines, estimating 6-7% impact on PBT if implemented as drafted
Additional Notes Section
The document was submitted in compliance with Regulation 30 of SEBI Listing Regulations and includes the full transcript as an attachment.
The transcript contains detailed Q&A session with analysts covering topics including: competitive landscape, interest rate environment, margin trajectory, business segment strategies, and regulatory impacts.
The document represents a factual record of the earnings conference call without any financial data beyond what was disclosed in the official results.
