Bajaj Housing Finance (BAJAJHFL) Q4 25/26 earnings summary

Executive summary

• Achieved 23% YoY AUM growth to ₹1,40,706 crore, with stable asset quality and improved operating efficiency; 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; FY26 disbursements up 27% to ₹64,616 crore.

• Operating efficiency improved, with OpEx to NTI at 19.2% in Q4 and 19.7% for FY26, down from 21.8% and 20.9% respectively.

• Asset quality remained robust with GNPA at 0.27% and NNPA at 0.11%; annualized ROA at 2.3% and ROE at 12.1%-12.2% for FY26.

• Audited financial results for Q4 FY26 and FY26 approved with unmodified audit opinion; AGM scheduled for 29 July 2026.

Financial highlights

• Net interest income grew 15% YoY in Q4 FY26 to ₹945 crore and 25% for FY26 to ₹3,752 crore; net total income up 20% YoY in Q4 and 23% for the year.

• 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 12 bps sequentially and from 4.0% YoY.

• Credit cost for the year was 17-19 bps annualized; provisioning coverage ratio on stage 3 assets at 60%.

Outlook and guidance

• Margin compression in FY27 expected due to lower-yielding new acquisitions and competitive intensity, partially offset by OpEx efficiency and lower loan losses.

• ROA expected to remain within 2%-2.2% medium-term guidance, with a bias toward the upper end.

• Assignment and fee income to be managed based on home loan growth and market conditions.

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

• No deviation in use of proceeds from non-convertible securities; all funds deployed as disclosed.