Bajaj Housing Finance (BAJAJHFL) Q3 25/26 earnings summary

Executive summary

• AUM reached ₹1,33,412 crore as of December 31, 2025, up 23% year-over-year, driven by strong disbursement momentum despite higher attrition.

• PAT grew 21% year-over-year to ₹665 crore, with annualized ROA at 2.3% and ROE at 12.3%.

• Asset quality remained robust: GNPA at 0.27%, NNPA at 0.11%, and annualized credit cost at 0.19%.

• Operating efficiency improved, with Opex to NTI ratio at 19.0% (excluding exceptional item), down from 19.8% in Q3 FY25.

• PBC stood at 61.37%, above the regulatory requirement of 60%.

Financial highlights

• Net interest income for Q3 FY26 grew 19% to ₹963 crore; net total income up 24% to ₹1,153 crore.

• Disbursements rose 32% year-over-year to ₹16,545 crore in Q3 FY26.

• Pre-provisioning operating profit increased 25% year-over-year to ₹934 crore.

• Loan losses and provisions for Q3 FY26 were ₹56 crore, up from ₹35 crore in Q3 FY25.

• Net worth stood at ₹21,838 crore as of December 31, 2025.

Outlook and guidance

• FY26 AUM growth expected at 21–23%, moderated due to competitive pricing and real estate demand.

• Opex to NTI expected to reach 14%-15% in 3-4 years, with continued investments in Sambhav loans; for FY26, expected to remain flat at 20–21%.

• Management optimistic on volume growth across all segments, especially Near Prime and Affordable, aiming to double run rate in 12-15 months.

• NIMs expected to compress by 8-20 bps for FY26 versus FY25 due to lower investment income and reduced loan assignments.

• ROA projected to remain in the 2.0–2.2% range; ROE to moderate to 11–12% due to recent capital raises.