Company and Document Details

Executive Summary

Bajaj Housing Finance Limited (BHFL) surpassed the ₹1.5 Lakh crore Assets Under Management (AUM) milestone, reaching ₹1,58,205 Cr in Q2 FY27. Disbursements increased by 25% Year-on-Year (YoY) to ₹19,935 Cr. Profit After Tax (PAT) was ₹757 Cr, showing an 18% YoY growth. Annualized Return on Assets (RoA) stood at 2.2% and Return on Equity (RoE) improved to 12.7%. Operating efficiency improved, with operating expenses to Net Total Income (NTI) ratio at 19.1% compared to 19.7% in Q2 FY26. Asset quality remained stable with Gross Non-Performing Assets (GNPA) at 0.29% and Net Non-Performing Assets (NNPA) at 0.12%. The Principal Business Criteria (PBC) stood at 60.49% as of September 2026.

Financial Performance

Quarterly Snapshot (Q2 FY27 vs Q2 FY26)

  • Assets Under Management (AUM): ₹1,58,205 Cr (25% YoY growth)
  • Loan Assets: ₹1,39,862 Cr (24% YoY growth)
  • Interest Income: ₹3,052 Cr (17% YoY growth)
  • Interest Expenses: ₹1,997 Cr (20% YoY growth)
  • Net Interest Income: ₹1,055 Cr (10% YoY growth)
  • Fees and Commission Income: ₹125 Cr (81% YoY growth)
  • Net Total Income (NTI): ₹1,254 Cr (15% YoY growth)
  • Operating Expenses: ₹239 Cr (12% YoY growth)
  • Pre-Provisioning Operating Profit (PPOP): ₹1,015 Cr (16% YoY growth)
  • Loan Losses & Provision: ₹35 Cr (-19% YoY)
  • Profit Before Tax (PBT): ₹980 Cr (18% YoY growth)
  • Profit After Tax (PAT): ₹757 Cr (18% YoY growth)
  • Earnings Per Share (Basic & Diluted): ₹0.91

Half-Yearly Snapshot (H1 FY27 vs H1 FY26)

  • Net Total Income (NTI): ₹2,429 Cr (16% YoY growth)
  • Profit Before Tax (PBT): ₹1,908 Cr (20% YoY growth)
  • Profit After Tax (PAT): ₹1,472 Cr (20% YoY growth)
  • Earnings Per Share (Basic & Diluted): ₹1.77

Key Ratios

  • Opex to NTI: 19.1% (Q2 FY27) vs 19.7% (Q2 FY26)
  • Loan Loss to Average Loan Assets: 0.10% (Q2 FY27) vs 0.16% (Q2 FY26)
  • Return on Average Assets (RoA): 2.2% (Q2 FY27) vs 2.3% (Q2 FY26)
  • Return on Average Equity (RoE): 12.7% (Q2 FY27) vs 12.2% (Q2 FY26)

Business Wise Update

Product-wise AUM Growth (YoY)

  • Home Loans: 22% growth
  • Loan Against Property (LAP): 26% growth
  • Lease Rental Discounting (LRD): 39% growth
  • Developer Finance (DF): 13% growth

Portfolio Composition by AUM (Q2 FY27)

  • Home Loans: ₹85,224 Cr (53.9% of total AUM)
  • Loan Against Property: ₹16,382 Cr (10.3%)
  • Lease Rental Discounting: ₹37,988 Cr (24.0%)
  • Developer Finance: ₹16,904 Cr (10.3%)
  • Other Loans: ₹1,707 Cr (1.1%)

Sambhav Housing (Near-Prime & Affordable Segment)

  • Achieved a monthly disbursement run rate milestone of over ₹500 Cr.
  • Contributed 16% to overall home loan originations in Q2 FY27.
  • Geographic coverage: 73 urban locations and 72 rural locations.
  • Customer mix: 66% Salaried, 33% Self-Employed, 1% Professional.
  • Target: Achieve a monthly run rate of ₹600+ Cr in the next 6 months.

Asset Quality

  • Gross NPA (GNPA): 0.29% (₹410 Cr) vs 0.26% in Q2 FY26 and 0.29% in Q1 FY27.
  • Net NPA (NNPA): 0.12% (₹165 Cr) vs 0.12% in both Q2 FY26 and Q1 FY27.
  • Provision Coverage Ratio (PCR): 59.80% for Stage-3 assets.
  • Stage 2 Assets: ₹440 Cr (0.31% of AUM), improved sequentially from ₹416 Cr in Q1 FY27.
  • Credit Cost: Moderated by 6 basis points on a YoY basis.

Product-wise Asset Quality (GNPA %)

  • Home Loans: 0.36% (₹294 Cr)
  • Loan Against Property: 0.61% (₹71 Cr)
  • Lease Rental Discounting: 0.02% (₹4 Cr)
  • Developer Finance: 0.12% (₹20 Cr)
  • Other Loans: 1.18% (₹21 Cr)

Capital Structure and Treasury

  • Net Worth: Stood at ₹24,015 Cr as of 30 September 2026.
  • Capital Adequacy Ratio (CRAR): 21.24% (Tier-1: 20.83%) against a regulatory requirement of 15.00%.
  • Leverage Ratio: 6.0 times.
  • The company maintains a diversified borrowing mix supported by a domestic credit rating of '[ICRA] AAA (Stable)' and '[Crisil] AAA/Stable'.

Other Operational Highlights

  • Geographical Coverage: Operations across 20 States/UTs with 223 branches in 182 locations.
  • AI Initiatives: The company is leveraging AI across origination, underwriting, customer service, and people capital, reporting ~₹56 Cr disbursal from sales call intelligence and ~₹11 Cr from AI voice agent in September 2026.
  • Shareholding: Promoter & Promoter Group (Bajaj Finance Limited) holds 86.70% as of the top 20 investor list provided.

Historical Financial Snapshot (9-Year CAGR)

  • AUM: 58% CAGR (FY18: ₹3,570 Cr to FY26: ₹1,40,706 Cr)
  • Total Income: 79% CAGR
  • Profit After Tax: 100% CAGR