Bajaj Housing Finance
Bajaj Housing Finance
Financial ServicesKey Fundamentals
MidcapHousing FinanceFinancial ServicesPrice-based figures as of 9 Oct 2026, 3:59 pm IST · EPS basis: Standalone · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 41.5% CAGR over last 5 years
Weaknesses
5- Stock is trading at 3.06 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
As of the 2026-10-01 close, Bajaj Housing Finance Ltd traded at Rs 82.91, giving it a market capitalisation of Rs 69,083.39 crore, a trailing P/E of 25.67 on TTM EPS of Rs 3.23, and a price-to-book of 3.07. Profits have compounded at 41% over 5 years and 27% over 3 years, but growth has slowed to 19% (profit) and 16% (sales) on a TTM basis, and ROE has eased to 11.37%. The stock fell 26% over the past year and sits about 27% below its 52-week high of Rs 113.45 and about 14% above its 52-week low of Rs 72.65.
- Profit has compounded at 41% CAGR over 5 years and 27% over 3 years, so the company has scaled earnings quickly over a sustained period.
- Sales have compounded at 29% over 5 years and 25% over 3 years, which shows steady loan-book-driven revenue growth.
- TTM profit growth of 19% is still ahead of TTM sales growth of 16%, which suggests operating leverage or stable spreads even as growth moderates.
- At Rs 82.91 as of 2026-10-01, the stock is about 27% below its 52-week high of Rs 113.45 after a 26% decline over one year. That pulls the valuation well below where it stood at its peak.
- At a trailing P/E of 25.67 and 19% TTM profit growth, the implied P/E-to-growth ratio is about 1.35, which is moderate for a lender still growing earnings in high double digits.
- ROE has held in the 12-13% range (13% over both 3 and 5 years, 12% last year) despite rapid balance-sheet growth, which indicates fairly consistent profitability.
- A market capitalisation of Rs 69,083.39 crore makes it one of the larger listed housing finance companies, which supports liquidity and institutional relevance.
- A price-to-book of 3.07 as of 2026-10-01 is demanding against a current ROE of 11.37%, which leaves little room for a further dip in returns.
- ROE has declined from 13% (3-year and 5-year averages) to 12% last year and 11.37% currently. ROCE is lower still at 8.44%.
- Growth is slowing: sales CAGR fell from 29% (5 years) to 25% (3 years) to 16% (TTM), and profit growth fell from 41% to 27% to 19% over the same periods.
- A trailing P/E of 25.67 implies an earnings yield of about 3.9%, which leaves the valuation dependent on growth continuing even as TTM growth slows.
- The stock returned -26% over one year and trades near the lower end of its 52-week range (Rs 72.65 to Rs 113.45), which reflects weak price momentum.
- The dividend yield is 0% despite consistent profits (TTM EPS of Rs 3.23), so shareholder returns depend entirely on price appreciation.
- Screens flag low interest coverage and possible interest capitalisation. For a lender, interest cost is the main expense, so these flags may partly reflect the business model, but they still point to how sensitive the company is to funding costs. Debt-to-equity was not available (null) in the data provided.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q2FY27 AUM up 25% YoY Oct 3
AUM grew 25% YoY to ₹1,58,190 crore in Q2FY27. Gross disbursements rose about 25% to ₹19,930 crore from ₹15,914 crore a year ago.
- 9,800+ approved projects for loans Sep 17
The lender has pre-approved more than 9,800 projects after legal and technical checks, which speeds up loan processing for buyers in those projects. It offers tenures of up to 32 years and disbursal within 48 hours for eligible applications.
- ₹1,303 crore raised via NCDs Sep 25
The company allotted ₹807.82 crore of secured NCDs at a 7.79% coupon on Sep 25, after ₹495.53 crore at 7.87% on Sep 18. The Sep 18 issue matures in August 2036. Both were private placements, and the coupons show borrowing costs near 7.8-7.9%.
- Independent ESG rating of 71.44 Sep 18
Niche Ninety Nine assigned an ESG rating of 71.44 on September 17, 2026. The rating used public data only, without input from the company.
- Institutional investor meet on Sep 24 Sep 21
A virtual group meeting with institutional investors was scheduled for September 24, 2026, as required by SEBI disclosure rules.
TL;DR: Bajaj Housing Finance's growth is strong, with AUM and disbursements both up about 25% YoY in Q2FY27 and a large pool of pre-approved projects backing loan origination. It continues to raise long-term debt regularly through about ₹1,303 crore of NCDs at 7.79-7.87% coupons. None of the reported news is negative, but the company relies on wholesale funding, and competition in mortgage lending could squeeze spreads if borrowing costs stay high. The trend is improving, and the full Q2FY27 results on margins, spreads and asset quality will show whether this growth is profitable.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| ROE % | 8% | 14% | 11% | 15% | 15% | 13% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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52 extracted metrics + investor summaries across FY18–FY27.
Documents
Frequently Asked Questions about Bajaj Housing Finance
What does Bajaj Housing Finance Ltd do?
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What is the Return on Equity (ROE) of Bajaj Housing Finance Ltd?
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]
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