Bajaj Housing Finance (BAJAJHFL) investor relations material

Executive summary

• AUM grew 23% YoY to ₹1,40,706 crore, with strong asset quality, improved operating efficiency, and robust profitability; PBT rose 20% and PAT increased 14% YoY, with normalized PAT growth at 20% excluding a one-time tax benefit.

• Disbursements grew 23% YoY to ₹17,506 crore in Q4 FY26, with sequential quarterly growth of 6%.

• Asset quality remained stable with GNPA at 0.27% and NNPA at 0.11%; annualized credit cost was 0.19%.

• Operating efficiency improved, with OpEx to NTI at 19.2% in Q4 FY26 and 19.7% for the year.

• Board meeting concluded on 27 April 2026; AGM scheduled for 29 July 2026.

Financial highlights

• Net interest income grew 15% YoY in Q4 FY26 to ₹945 crore and 25% for the full year; net total income up 20% YoY in Q4 and 23% for the year.

• FY26 disbursements up 27% to ₹64,616 crore; loan assets up 24% to ₹1,23,745 crore.

• Profit before tax for Q4 FY26 up 20% YoY to ₹866 crore; FY26 PBT up 20% to ₹3,320 crore.

• Profit after tax for Q4 FY26 up 14% YoY to ₹669 crore; FY26 PAT up 18% to ₹2,560 crore.

• Net interest margin for Q4 FY26 was 3.8%, down from 4.0% YoY.

Outlook and guidance

• Management expects some margin compression in FY 2027 due to lower-yielding new acquisitions and competitive intensity, partially offset by OpEx efficiency and lower credit costs.

• FY26 AUM growth exceeded upper guidance at 23%; margin compression limited to 7 bps, better than initial assessment.

• ROA is expected to remain at the upper end of the 2%-2.2% medium-term guidance.

• Assignment income and fee income will be managed based on home loan growth and BT-out rates.

• Company maintains highest credit ratings (AAA/Stable) for long-term debt and A1+ for short-term debt.