Bajaj Housing Finance Limited — Q3 FY26
Bajaj Housing Finance reported a solid Q3 FY26 with PAT of INR 665 crore, up 21% YoY, driven by 23% AUM growth to INR 133,000 crore and healthy asset quality (GNPA 27 bps).
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Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
96%Questions answered0Evaded / deflected12Questions audited
Answered
High priority
Why did Tier 1 decline sharply this quarter?
Asked by Abhishek, HSBC
Management explained the regulatory change and its impact on Tier 1 clearly.
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Question
Why has it declined so sharply? Even if I add back the profits, it would be about 70-80 basis points. So the drop at about 3% QOQ is very sharp.
Atul Jain, Managing Director
in November, there had been a consolidation of applicable guidelines by Reserve Bank of India... on a conservative basis, we have provided capital for the entire chunk of undisbursed loans in both home loans as well as the construction finance loans.
Answered
Medium priority
What is the timeframe for cost-to-income ratio target?
Asked by Abhishek, HSBC
Management gave a specific timeframe and target range.
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Question
when you're giving this medium-term outlook on cost to income, what is the time frame?
Atul Jain, Managing Director
The time frame we take a 3-4 year or to 14%-15%.
Answered
Medium priority
Can you share BT in and BT out for home loans?
Asked by Abhishek, HSBC
Management provided specific percentages for BT in and BT out.
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Question
if you can share the BT in and BT out in home loans for the quarter.
Atul Jain, Managing Director
BT in for the last quarter was 16.5% of our total home loan acquisition. BT out on the portfolio is 16.9%. No. BT out is sorry. BT out is around 20%.
Answered
Medium priority
What is the prepayment rate split by category?
Asked by Shubhranshu Mishra, PhillipCapital
Management provided a breakdown of prepayment components.
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Question
what is our prepayment rate, which would include the BT out plus there would be foreclosures... if we can split this into these four broad categories.
Atul Jain, Managing Director
total cumulatively... 20%. 60%-70% of it as a BT and balance be the natural attrition... 14%-15%, you can take as a BT, and 4%-5% would be the natural attrition plus the part payment.
Answered
Medium priority
What percentage of borrowings are floating?
Asked by Shubhranshu Mishra, PhillipCapital
Management gave specific percentages for floating borrowings.
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Question
what of our borrowings are on floating?
Atul Jain, Managing Director
Floating is 60% at AUM, around 52% on AR basis.
Answered
Medium priority
What is the outlook for cost of funds in 2027?
Asked by Shubhranshu Mishra, PhillipCapital
Management provided a specific bps estimate for cost of funds reduction.
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Question
what do we think about the cost of funds going forward in the next year's times?
Atul Jain, Managing Director
25-30 bps kind of a downward revision we are looking at from a full-year level is the assessment as of today.
Answered
High priority
Has competitive intensity increased in prime and near-prime?
Asked by Abhijit Tibrewal, Motilal Oswal
Management directly addressed the level and segments of competition.
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Question
has it got much more pronounced in the last maybe two, three months? And within that... is the competition only pronounced in the prime and super prime segments?
Atul Jain, Managing Director
competitive intensity is a feature, not a novelty... It remains as pronounced as it was... competitive intensity from the banks on the pricing side remains on the prime and super prime side.
Answered
Medium priority
What PLR changes have been made and outlook?
Asked by Abhijit Tibrewal, Motilal Oswal
Management quantified PLR changes and gave near-term outlook.
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Question
what PLR changes have we done? And how are we thinking about any further PLR changes over the next two months?
Atul Jain, Managing Director
we have done a total of 120... 60 bps of a pass-through has happened... we don't see as of now any further pass-through in next 60 days.
Answered
High priority
How will NIMs trend given elevated long-term yields?
Asked by Chirayu Maloo, Kotak Institutional Equities
Management reiterated guidance on NIM compression.
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Question
how your NIMs will trend going forward and what will be the impact on margins assuming that long-term yields will remain elevated?
Atul Jain, Managing Director
For the current year... we are looking at around 15 basis points, 220 basis points off drop there for the entire year.
Partial answer
Medium priority
What is the target size for near-prime and affordable segments?
Asked by Viral Shah, IIFL Capital Services
Management gave a doubling target for disbursement run rate but no absolute AUM target.
no specific AUM target givenqualitative guidance only
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Question
do you have any, say, targets with regards to how big the near prime and the affordable segment could be, say, maybe three years down the line?
Atul Jain, Managing Director
next 12 months to 15 months, we will be looking to nearly double the kind of a disbursement run rate... 36 months from here, it will be in investment phase.
Answered
Medium priority
What percentage of affordable target comes from INR 15-35 lakh ticket?
Asked by Raghav Garg, Ambit Capital
Management provided a specific percentage and approximate amount.
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Question
what percentage of this INR 600 crore target will come from the INR 15 lakh-INR 35 lakh segment?
Gaurav Kalani, CFO
35%-40% comes at an aggregate level between INR 15 lakh-INR 35 lakh... INR 125, INR 130-odd crore comes in that segment.
Answered
High priority
What is the NIM compression guidance for FY26?
Asked by Kunal Shah, Citigroup
Management provided a revised, specific bps compression estimate.
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Question
what exactly is the number? So if you can just highlight nine months NIM compared or maybe the NTI which you indicate in the guidance to FY 2025 numbers.
Gaurav Kalani, CFO
I believe 8-10 basis points of compression would still happen on the NTI level for the full year. I'm talking of FY 2025 versus FY 2026.