Bajaj Housing Finance Ltd(BAJAJHFL)

NSE: BAJAJHFLBSE: 544252

₹ 77.46-4.38%refreshed 23 Oct, 03:57 pm ISTMarket cap: ₹ 64,542 crWebsite: www.bajajhousingfinance.inUpdated: 24 Oct 2026

About

Bajaj Housing Finance Limited (BHFL) is a non-deposit taking housing finance company registered with the National Housing Bank since September 2015, offering home loans, loans against property, lease rental discounting, and developer financing. It is India's second largest HFC and the largest non-deposit taking HFC by AUM. AUM reached ₹1,58,205 Cr in Q2 FY27, up 25% YoY. BHFL is a listed subsidiary of Bajaj Finance Limited, which is majority-owned by Bajaj Finserv Limited.^[1]

Loan book mix

Home loans were 53.9% of the AUM mix in Q2 FY27.^[2]
Home loan book split 84% salaried, 16% non-salaried (Sambhav/non-prime) as of FY26; target is 80:20 prime-to-Sambhav by end of FY27.^[1]
LAP customer mix is 79% self-employed; approximately 70% of LAP portfolio backed by self-occupied residential properties as of FY26.^[1]
LRD portfolio has 67% marquee customers including REITs, sovereign wealth funds, large corporates and large commercial developers as of FY26.^[1]

Key operating metrics

AUM was ₹1,58,205 Cr in Q2 FY27, up 25% YoY; quarterly AUM addition of ₹8,580 Cr vs ₹6,329 Cr in Q2 FY26 and ₹8,918 Cr in Q1 FY27.^[2]
Disbursements were ₹19,935 Cr in Q2 FY27, up 25% from ₹15,914 Cr in Q2 FY26 (₹19,509 Cr in Q1 FY27).^[2]
NIM was 3.7% in Q2 FY27 vs 3.9% in Q2 FY26; cost of funds fell 17 bps QoQ to 7.0% (7.4% in Q2 FY26); gross spread 1.8%.^[2]
GNPA was 0.29% and NNPA 0.12% in Q2 FY27, vs 0.26% and 0.12% in Q2 FY26; credit cost 0.10%; Stage-3 PCR 59.80%.^[2]
CRAR was 21.24% in Q2 FY27 vs 22.46% at FY26; ROA was 2.2% vs 2.3% in Q2 FY26.^[2]

Segment growth rates

In Q2 FY27, home loan AUM grew 22% (20% in Q1), LRD 39% (41% in Q1), LAP 26% and developer finance 13% YoY.^[2]
Home loan annualised attrition rate rose to 21 - 22% in Q2 FY26 from 15 - 16% a year earlier, predominantly driven by balance transfers to PSU banks.^[3]

Branch network and reach

BHFL operates across 226 branches with overall disbursement showing 27% YoY growth in FY26.^[1]
LRD is offered across 17 locations with an average loan value of ₹126 crore; LAP across 74 locations with average loan value of ₹88 lakh as of FY26.^[1]
Developer finance construction book spans 885 projects across 601 developers with average loan value of ₹54 crore across 15 locations as of FY26.^[1]

Sambhav SBU - near-prime and affordable

Sambhav operates across 73 urban and 72 tier-4/rural locations as of FY26; near-prime targets ticket size ₹40 - 60 lakh at 9 - 11% yield; affordable ₹15 - 35 lakh at 11 - 13% yield.^[1]
Sambhav monthly disbursements reached ₹500-515 Cr in Q2 FY27, up from ₹450-465 Cr in Q1; Sambhav was 16% of home loan originations in Q2 FY27.^[2]
Management targets a Sambhav run rate of ₹600 Cr+ per month within the next 6 months (stated Q2 FY27).^[2]
Medium-term target: 5% home loan origination market share, with Sambhav loans contributing 20% (FY26 annual report).^[1]

Funding and borrowings

Borrowing mix as of 31 March 2026: NCDs 43.9%, bank borrowings 40.8%, NHB refinance 10.0%, commercial paper 5.3%.^[1]
Liquidity buffer was ₹2,662 crore as of 31 March 2026; liquidity coverage ratio was 152.52% against a regulatory requirement of 100%.^[1]
BHFL holds AAA/stable rating for long-term debt and A1+ for short-term debt from CRISIL and India Ratings.^[1]

Operating efficiency and technology

Opex to NTI was 19.1% in Q2 FY27, down 57 bps from 19.7% in Q2 FY26 and below 19.6% in Q1 FY27; fee income grew 81% YoY.^[2]
Medium-term Opex to NTI target is 14 - 15%, expected over a 3 - 4 year horizon through operating leverage and digitalisation.^[4]
In Sep'26, sales-call intelligence was linked to ~₹56 Cr of disbursals and the voice agent to ~₹11 Cr; 21% of service requests were handled via smart SR intelligence.^[2]
FY27 guidance: AUM growth 21 - 23%; NIM compression 20 - 25 bps for full year; GNPA 30 - 35 bps; annualised credit cost 10 - 15 bps; ROA 2.1 - 2.3%; ROE 12 - 13%.^[5]

Recent developments

On 23 Oct 2026, the company disclosed that Gaurav Kalani resigned as Chief Financial Officer, Chief Sustainability Officer and Key Managerial Personnel, effective January 22, 2027, citing personal reasons and opportunities outside the company.^[6]

Market Cap

₹64,542 Cr

High / Low

₹112 / 73

Stock P/E

23.0

Price / Book

2.7

Book Value

₹27

EPS

₹3.1

No. of Shares

833.23 Cr

ROE

12.1%

Debt / Equity

4.60

Sales

₹11,147 Cr

Net Profit

₹2,560 Cr

Promoter holding

86.7%

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