Bajaj Housing Finance Ltd
Bajaj Housing Finance Ltd
Financial ServicesKey Fundamentals
MidcapHousing FinanceFinancial ServicesInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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28 extracted metrics + investor summaries across FY18–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 41.5% CAGR over last 5 years
Weaknesses
5- Stock is trading at 3.14 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of 13.3% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoBajaj Housing Finance Ltd has a market cap of ₹71,133 Cr trading at a P/E of 26.5x and P/B of 3.17x. The company has delivered strong profit growth of 41% CAGR over 5 years and 25% sales CAGR over 3 years, but carries a low ROE of ~13% and pays no dividend despite consistent profitability.
- Strong 5-year compounded profit growth of 41% CAGR demonstrates sustained earnings momentum
- 3-year compounded sales growth of 25% indicates rapid loan book expansion in a large addressable housing finance market
- TTM revenue growth of 16% and profit growth of 19% show continued business traction even on a larger base
- P/E of 26.5x is reasonable relative to the high growth rate, implying a PEG ratio of roughly 1.0x on TTM profit growth
- Backed by the Bajaj Group brand which provides access to low-cost funding and customer trust in housing finance
- India's structural housing credit underpenetration supports a long runway for mortgage growth
- ROE of 12-13% with no dividend payout suggests full reinvestment of profits to fund future growth
- Stock has declined 25% over the past 1 year, reflecting significant price correction from listing highs
- P/B of 3.17x is elevated for a housing finance company with only 13% ROE, implying expensive valuation relative to returns generated
- Low interest coverage ratio raises concerns about debt servicing ability in a rising rate environment
- Potential capitalization of interest costs could be inflating reported asset values and understating true expenses
- 3-year average ROE of 13% is modest for a financial services company trading at over 3x book value
- Zero dividend yield despite repeated profits indicates no near-term shareholder returns via income
- Debt-to-equity ratio is unavailable, limiting visibility into leverage levels for a lending business
- Limited long-term track record with no 10-year data available for sales, profit, or stock CAGR makes assessment of cyclical resilience difficult
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 8h ago- Strong Q1FY27 profit growth Jul 29
Net profit grew 23% YoY to ₹715 crore in Q1FY27, with disbursements surging 33% and GNPA improving to 0.29%.
- AUM crosses ₹1.4 lakh crore Aug 18
FY26 AUM grew 23% to ₹1.4 lakh crore, net profit rose 18% YoY to ₹2,560 crore, and GNPA improved to 27 bps.
- Wholesale credit leadership hire Jul 29
Vivek Adhav appointed Chief Credit – Wholesale Lending from Aug 1, bringing 21 years of experience from Axis Bank.
- AGM approves NCD issuance Jul 29
18th AGM approved NCD issuance, adopted FY26 financials, and re-appointed Rajeev Jain as director.
- ₹3,388 crore NCD fundraise Aug 20
Raised ₹750 crore (7.79%, Aug 2031), ₹753 crore (7.53%, Sep 2029), and ₹1,885 crore (7.87%) via secured NCDs in August through private placements.
- Analyst and investor meetings Aug 19
Scheduled institutional investor meetings on Aug 20, 24, and 26 as part of routine investor relations activities including Bajaj Finserv Leadership Day in Pune.
- ESG ratings received Aug 7
Received independent ESG ratings of 68 (ESG Risk Assessments & Insights) and 77.4 (SES ESG Research), both unsolicited and based on public data.
- Q1 earnings call held Jul 29
Earnings conference call for Q1FY27 (quarter ended June 30, 2026) held on July 29 with audio available on company website.
TL;DR: Bajaj Housing Finance is delivering strong growth with 23% AUM and profit expansion, excellent asset quality at sub-30 bps GNPA, and active capital raising via NCDs totalling over ₹3,300 crore in August alone. No material headwinds are visible in recent news flow. The company is strengthening its wholesale lending team and maintaining robust investor engagement. The growth trajectory and asset quality trend remain firmly positive heading into FY27.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,763 | 1,911 | 1,946 | 1,996 | 2,209 | 2,410 | 2,449 | 2,504 | 2,616 | 2,755 | 2,884 | 2,903 | 3,063 |
| Expenses | 165 | 176 | 164 | 219 | 170 | 179 | 210 | 222 | 244 | 253 | 261 | 262 | 233 |
| Financing Profit | 536 | 585 | 582 | 498 | 640 | 718 | 723 | 731 | 765 | 844 | 890 | 878 | 942 |
| Fin. Margin % | 30% | 31% | 30% | 25% | 29% | 30% | 30% | 29% | 29% | 31% | 31% | 30% | 31% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | -13 | 0 | 0 |
| Interest | 1,062 | 1,151 | 1,200 | 1,279 | 1,399 | 1,514 | 1,516 | 1,551 | 1,606 | 1,658 | 1,734 | 1,762 | 1,888 |
| Depreciation | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 11 | 11 | 12 | 12 | 13 | 13 |
| PBT | 526 | 575 | 572 | 488 | 630 | 708 | 713 | 720 | 757 | 833 | 865 | 866 | 929 |
| Tax % | 12% | 22% | 24% | 22% | 23% | 23% | 23% | 18% | 23% | 23% | 23% | 23% | 23% |
| Net Profit | 462 | 451 | 437 | 381 | 483 | 546 | 548 | 587 | 583 | 643 | 665 | 669 | 715 |
| EPS in Rs | 0.69 | 0.67 | 0.65 | 0.57 | 0.62 | 0.66 | 0.66 | 0.7 | 0.7 | 0.77 | 0.8 | 0.8 | 0.86 |
| Gross NPA % | 0.23% | 0.24% | 0.25% | 0.27% | 0.28% | 0.29% | 0.29% | 0.29% | 0.3% | 0.26% | 0.27% | 0.27% | 0.29% |
| Net NPA % | 0.08% | 0.09% | 0.1% | 0.1% | 0.11% | 0.12% | 0.13% | 0.11% | 0.13% | 0.12% | 0.11% | 0.11% | 0.12% |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 265 | 3,155 | 3,767 | 5,665 | 7,617 | 9,554 | 11,150 | 11,604 |
| Expenses | 44 | 552 | 624 | 718 | 721 | 759 | 1,007 | 1,009 |
| Financing Profit | 59 | 635 | 986 | 1,733 | 2,201 | 2,814 | 3,381 | 3,554 |
| Fin. Margin % | 22% | 20% | 26% | 31% | 29% | 29% | 30% | 31% |
| Other Income | 0 | 0 | 0 | 0 | 0 | -2 | -14 | -13 |
| Interest | 162 | 1,968 | 2,157 | 3,213 | 4,695 | 5,981 | 6,761 | 7,042 |
| Depreciation | 2 | 22 | 26 | 33 | 40 | 41 | 47 | 49 |
| PBT | 57 | 613 | 960 | 1,700 | 2,161 | 2,770 | 3,320 | 3,492 |
| Tax % | 26% | 26% | 26% | 26% | 20% | 22% | 23% | — |
| Net Profit | 42 | 453 | 710 | 1,258 | 1,731 | 2,163 | 2,560 | 2,692 |
| EPS in Rs | 0.09 | 0.93 | 1.45 | 1.87 | 2.58 | 2.6 | 3.07 | 3.23 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 488 | 4,883 | 4,883 | 6,712 | 6,712 | 8,328 | 8,329 |
| Reserves | 70 | 1,149 | 1,858 | 3,791 | 5,521 | 11,619 | 14,194 |
| Borrowing | 2,560 | 31,601 | 41,492 | 53,745 | 69,129 | 82,072 | 1,03,704 |
| Other Liabilities | 19 | 226 | 293 | 406 | 464 | 790 | 920 |
| Total Liabilities | 3,137 | 37,858 | 48,527 | 64,654 | 81,827 | 1,02,809 | 1,27,147 |
| Fixed Assets | 9 | 79 | 97 | 113 | 123 | 141 | 154 |
| CWIP | 0 | 0 | 1 | 0 | 1 | 1 | 0 |
| Investments | 251 | 3,266 | 1,248 | 2,001 | 1,939 | 2,533 | 2,502 |
| Other Assets | 2,878 | 34,513 | 47,180 | 62,540 | 79,765 | 1,00,134 | 1,24,491 |
| Total Assets | 3,137 | 37,858 | 48,527 | 64,654 | 81,827 | 1,02,809 | 1,27,147 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | -1,024 | -5,076 | -12,481 | -14,332 | -14,600 | -17,075 | -19,895 |
| Investing | -69 | -797 | 2,197 | -611 | -555 | -798 | -1,202 |
| Financing | 1,149 | 5,676 | 10,228 | 14,630 | 15,125 | 17,870 | 21,197 |
| Net Cash Flow | 55 | -197 | -55 | -313 | -30 | -2 | 100 |
| Free Cash Flow | -1,027 | -5,089 | -12,508 | -14,362 | -14,640 | -17,111 | -19,938 |
| CFO/OP | -458 | -188 | -389 | -282 | -204 | -187 | -189 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| ROE % | 8% | 14% | 11% | 15% | 15% | 13% | 12% |
Documents
Frequently Asked Questions about Bajaj Housing Finance Ltd
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Company Information
Founded in 2008, Bajaj Housing Finance is a non-deposit-taking Housing Finance Company (HFC) registered with the National Housing Bank (NHB) since 2015 and has been offering mortgage loans.[1]It is a 100% subsidiary of Bajaj Finance Limited — one of the most diversified NBFCs in the Indian market. BHFL offers finance to individuals as well as corporate entities for the purchase and renovation of homes, or commercial spaces. It also provides loans against property for business or personal needs as well as working capital for business expansion purposes. BHFL also offers finance to developers engaged in the construction of residential and commercial properties as well as lease rental discounting to developers and HNIs.[2]