Bajaj Housing Finance Ltd — Q4 FY26
Bajaj Housing Finance reported a steady Q4 FY26 with AUM crossing ₹1,40,000 crore (up 23% YoY) and PAT of ₹669 crore (+14% YoY; +20% excluding one-time tax benefit).
neutral
medium
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.
88%Questions answered0Evaded / deflected12Questions audited
Answered
High priority
Home loan percentage, prepayment levels, BT-out competitors
Asked by Shabbranch Mishra, Philip Capital
Management provided specific percentages and competitor details.
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Question
what is the uh home loans or the percentage of alien 54%... how do we uh look at the prepayments what are the levels of prepayments... who are the major competitors where it is located.
Atul (name not stated, likely Atul)
IHL we enter 50.45... prepayments in HL quarter 4 had been the same trend as quarter three... BT out would be in the range of 12 10%... largely the banks. Public sector banks are the largest company.
Answered
High priority
Regulatory observation on IHL contraction and portfolio buys
Asked by Shabbranch Mishra, Philip Capital
Management directly addressed regulatory compliance and confirmed portfolio acquisition options.
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Question
it has been contracting despite doing the assignment of the nonls. So uh one are we likely to get some kind of a regulatory observation... can we also do portfolio buys of individual home loans
Atul
regulations is 50 and 60 as long as you are above 50 and 60 there is no ticker... there's no single month till now in our history where we have not maintained the regulatory requirement... portfolio acquisition can be pursued co-lending can be pursued.
Partial answer
High priority
Margin decline drivers and lowest sourcing rate in home loans
Asked by Gorav Khandelwal, JP Morgan
Management explained drivers but did not provide the exact lowest sourcing rate.
no exact number given for lowest sourcing rate
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Question
First on the margin decline by 12 basis points. A lot of this came from assets decline. Can we know which product segments drove this? ... how much was the lowest sourcing rate in home loans in the quarter?
Atul
margin decline of a 12 beeps is largely by lower acquisition price and also 15 beeps of a pass through... home loan the acquisition front the yields have compressed because of a competitive intensity... lowest sourcing is in line with whatever public sector bank lowest sourcing will happen.
Answered
High priority
Yield outlook for Q1 and full year margin trajectory
Asked by Gorav Khandelwal, JP Morgan
Management gave a clear outlook for Q1 and full year margin trajectory.
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Question
is it fair to assume that at least of first quarter the yields should broadly remain stable if not fall down?
Atul
yields in quarter one there would be slight compression... through the year we will see some contraction in the margin which will get partially offset by opex efficiency and partially offset by lower loan losses.
Partial answer
High priority
ROA guidance for FY27 above medium-term range
Asked by Gorav Khandelwal, JP Morgan
Management gave directional view but deferred full guidance.
deferred full guidance to Q1 call
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Question
FY27 could be another year when you are above the medium-term ROA guidance. Is that a fair conclusion?
Atul
we should be in the medium-term range with a bias towards the hitting the upper end of the medium range in the ROA... we'll give a full assessment for the year in along with the quarter one call.
Answered
Medium priority
Duration of money market borrowings
Asked by Gorav Khandelwal, JP Morgan
Management provided specific duration details.
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Question
What is the duration of your money market borrowing?
Atul
We generally borrow between 3 years to 5 years... CP is hardly 2 3% of the book... on average would be around five six months.
Answered
High priority
Segment-wise book yields for FY26
Asked by Ra (Ravi?), Ambit Capital
Management provided specific yield ranges for each segment.
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Question
can you give me the segment on book is for the full year F26... divide between home loan flat developer finance and LRD
Atul
home loans would be around 850 860 corridor... lab would be around 150 basis points above that... LRD around 798% corridor... developer finance would be 11 and a half 1175 forever.
Answered
High priority
Incremental borrowing rate on NCDs and cost of fund outlook
Asked by Ra (Ravi?), Ambit Capital
Management gave specific rates and explained cost of fund trajectory.
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Question
What would be the incremental rate on NCDs if you were to borrow today? ... you expect it to go down further. Now how would that happen?
Atul
we have borrowed a three-ear NCD at the coupon rate is 7.5 7.6... we should see a minor reduction sideways but a minor reduction towards a minor reduction in the cost spend in the quarter one from quarter 4.
Answered
High priority
Incremental yield on book and spread compression
Asked by Ra (Ravi?), Ambit Capital
Management provided incremental yield and quantified ROE impact.
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Question
the incremental yield on the book is how much for you right now?
Atul
incremental will be 8258... spread compression but not resulting equally to ROE completion because partial offsetting through the loan loss... ROE compression of around 10 weeks.
Answered
High priority
Need for further PLR cuts and OS behavior in rate hike
Asked by Viral (Vir?), Capital (likely)
Management directly answered both parts with specific data.
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Question
do you first of all see any need and requirement for say reducing the PLR rates further... how will this behave in say a rate hike scenario and secondly what is the share of floating rate borrowings
Atul
I don't think the scenario of a cut of rate is over... floating rate borrowings are today 63%... if there is a policy rate hike it has never happened that there is no pass through.
Answered
High priority
Stage 2 PCR increase rationale and early delinquency trends
Asked by Viral (Vir?), Capital (likely)
Management explained the rationale and confirmed no stress.
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Question
was that purely just a strengthening measure or are you seeing any trends in terms of say early delinquencies... do you see any of those things in your portfolio
Atul
all the bounce metrics also are showing a downward trend... there is no microlevel stress we are seeing... we just thought that it is better that internal stage two... increase our stage two coverage purely from a prudence point of view.
Partial answer
Medium priority
Size of Sambhav book and mix
Asked by Viral (Vir?), Capital (likely)
Management gave size but deferred mix details.
deferred mix details
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Question
what's the size of the Sambber book now? Last quarter we mentioned around close to 5,000 cr plus... and the mix of it between affordable and near prime.
Atul
close to 9,000 cr is the sambar vium... the mix you asked for... I'll come back to you with that.