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 5d agoBajaj Housing Finance Ltd has a market cap of ₹71,900 Cr trading at a P/E of 26.8x and P/B of 3.2x. The company has delivered strong 5-year profit CAGR of 41% and 5-year sales CAGR of 29%, but ROE remains moderate at around 12-13% and the stock has declined 24% over the past year.
- Strong 5-year compounded profit growth of 41% CAGR indicates rapid earnings expansion from a growing housing finance book
- Robust 5-year compounded sales growth of 29% CAGR reflects consistent loan book expansion in a large addressable housing credit market
- 3-year compounded profit growth of 27% shows sustained earnings momentum even in recent years
- TTM revenue growth of 16% demonstrates continued business expansion in the current environment
- TTM profit growth of 19% outpaces revenue growth, suggesting improving operating leverage or cost efficiency
- P/E of 26.8x is reasonable relative to the high-growth housing finance segment where peers often trade at higher multiples
- Backed by the Bajaj Group parentage, which provides brand strength, access to capital, and operational credibility in financial services
- 3-year sales CAGR of 25% indicates the growth trajectory has been consistent rather than lumpy or one-off
- Stock has declined 24% over the past 1 year, indicating significant market re-rating or negative sentiment
- Trading at 3.17x book value despite ROE of only 12-13%, which implies the valuation premium is not justified by return generation
- Low interest coverage ratio raises concerns about the company's ability to service debt comfortably from operating earnings
- 3-year average ROE of only 13% is below the 15-18% typically expected for a housing finance company trading above 3x P/B
- Zero dividend payout despite reporting repeated profits suggests either capital constraints or aggressive reinvestment without demonstrated return improvement
- Potential capitalization of interest costs may be inflating reported profitability and book value, masking true operating performance
- TTM sales growth has decelerated to 16% from 25% 3-year CAGR and 29% 5-year CAGR, indicating a slowing growth trajectory
- Last year ROE of 12% has actually declined from the 3-year average of 13%, showing return on equity is compressing rather than expanding
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago- Strong Q1 profit up 23% YoY Jul 29
Bajaj Housing Finance reported ₹715 crore net profit in Q1FY27, up 23% YoY, with disbursements surging 33% and GNPA improving to 0.29%.
- Wholesale credit leader appointed Jul 29
Vivek Adhav, with 21 years at Axis Bank, joins as Chief Credit – Wholesale Lending effective Aug 1, 2026, signaling expansion in wholesale housing credit.
- AGM approves NCD issuance, FY26 results Jul 29
18th AGM on July 29 approved NCD issuance, adopted FY26 financials, and re-appointed Rajeev Jain as director.
- ₹1,885 crore NCD allotment at 7.87% Aug 4
Allotted 1,88,500 NCDs worth ₹1,885.09 crore on private placement basis carrying a 7.87% p.a. coupon.
- ₹753 crore NCD issue at 7.53% Aug 10
Placed 75,000 secured NCDs aggregating ₹753.28 crore at 7.53% coupon, maturing Sep 28, 2029 (1,145 days tenure), secured by book debts.
- ESG ratings from two agencies Aug 7
Received independent ESG scores 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) was conducted on July 29; audio available on company website.
TL;DR: Bajaj Housing Finance is executing well with 23% profit growth, robust disbursement momentum, and strong asset quality at 0.29% GNPA. Active NCD issuances totaling over ₹2,600 crore indicate healthy funding access at competitive rates. No material headwinds are visible in recent news flow. The trend is clearly positive with growth acceleration and strategic hiring pointing to continued expansion in wholesale lending.
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% | — |
| 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% | — |
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]