Bajaj Housing Finance Limited — Q3 FY26
Bajaj Housing Finance reported a solid Q3 FY26 with AUM growth of 23% YoY to ₹1.33 lakh crore, driven by 32% YoY disbursement growth to ₹16,545 crore.
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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.
92%Questions answered0Evaded / deflected12Questions audited
Answered
High priority
Why Tier 1 declined sharply QoQ?
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 RBI... we have provided capital for the entire chunk of undisbursed loans in both home loans as well as the construction finance loans rather than only up to the next tranche.
Answered
Medium priority
Time frame for cost-to-income ratio target?
Asked by Abhishek, HSBC
Management provided a specific time frame 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
BT in and BT out for home loans?
Asked by Abhishek, HSBC
Management gave specific percentages for both 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 is around 20%.
Answered
Medium priority
Prepayment rate split and monthly banking customers?
Asked by Shubhranshu Mishra, PhillipCapital
Management provided a breakdown of prepayment and the banking customer count.
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Question
What is our prepayment rate, which would include the BT out plus foreclosures, top-ups, rate fights? And how many people do we bank on a monthly basis?
Atul Jain, Managing Director
Total cumulatively 20%. 14%-15% as BT, 4%-5% natural attrition plus part payment. Banking numbers are 330,000.
Answered
High priority
Fixed vs floating borrowings and cost of funds outlook?
Asked by Shubhranshu Mishra, PhillipCapital
Management gave specific percentages and a quantitative outlook on cost of funds.
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Question
What of our borrowings are on floating? And what do we think about the cost of funds going forward in the next year's times?
Atul Jain, Managing Director
Floating is 60% at AUM, around 52% on AR basis. 25-30 bps downward revision from full-year level is the assessment as of today.
Answered
High priority
Has competitive intensity increased in prime and near-prime segments?
Asked by Abhijit Tibrewal, Motilal Oswal
Management clearly distinguished between segments and types of competition.
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Question
Is the competition only pronounced in the prime and super prime segments? Or are you also starting to see this competitive intensity go up in the near prime and affordable segments?
Atul Jain, Managing Director
Competitive intensity from banks on pricing remains on prime and super prime. On near prime or affordable, it is not pricing intensity but number of players increasing.
Answered
Medium priority
PLR changes done and further changes expected?
Asked by Abhijit Tibrewal, Motilal Oswal
Management quantified the pass-through and gave a forward view.
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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
On non-repo linked book, we have passed on 60 basis points from March. January no change. We don't see any further pass-through in next 60 days.
Partial answer
High priority
NIM trend and impact of elevated long-term yields?
Asked by Chirayu Maloo, Kotak Institutional Equities
Management reiterated existing guidance but did not address the impact of elevated yields specifically.
guidance repeated from start of yearno forward view beyond current year
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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 year, we are looking at around 15 basis points, 220 basis points off drop there for the entire year.
Partial answer
Medium priority
Target size for near prime and affordable segment in 3 years?
Asked by Viral Shah, IIFL Capital Services
Management gave a near-term doubling target but no specific 3-year AUM number.
no specific AUM target givenqualitative only
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Question
Do you have any 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. Next 3 years, it will be in investment phase.
Answered
Medium priority
Percentage of affordable segment in Sambhav disbursements?
Asked by Raghav Garg, Ambit Capital
CFO provided the exact percentage split.
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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% of a INR 350-odd crore monthly number comes from affordable segment. Balance comes from the near prime segment.
Answered
High priority
Other income from assigned loans and margin impact?
Asked by Kunal Shah, Citigroup
Management explained the source and provided conditional forward guidance.
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Question
Is it primarily from the assigned loans? Do we see that to continue even in the fourth quarter and the impact on margins may not be so high?
Atul Jain, Managing Director
INR 90 crore for the quarter is largely driven by income of derecognized loans. For Q4, depending on home loan growth vs non-home loan growth, that will determine assignment out strategy.
Answered
High priority
Why medium-term growth guidance is higher than FY26?
Asked by Bobby Jayaraman, Frunze Investments
Management explained the rationale for the difference and the conditions for achieving medium-term growth.
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Question
On slide 17, you have medium term growth as 24%-26%, and FY 2026 as 21%-23%. So what's going to change over the medium term?
Atul Jain, Managing Director
Medium term growth guidance had two factors... as interest rate cycle gets stabilized, attrition pressure will go down. We believe we can go back to medium term guidance.