BAJAJHFL / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Bajaj Housing Finance · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ1-FY26 · 2025-07-22Back to quarter ↗

Questions audited

Answered directly

86%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Dhaval Gada · DSP

direct

Confirms revised guidance: AUM growth down 300bps, margin compression 5bps more, ROA ~2.2%.

Broadly correct, Dhaval. 21%-23% against at medium term over 24%-26% is AUM growth trajectory is correct. Margins, we are likely to see a completion of 5 to 10 basis points, which is what is called out.

Dhaval Gada · DSP

direct

When will competitive dynamics normalize and growth return to medium-term trajectory?

Our hope would be that by end of quarter three or so, we should be able to go back to, that's why we have not changed our medium-term guidance.

Raghav Garg · Ambit Capital

partial

What is driving strong LAP growth? Is it expansion into new states or customer profiles?

We see an opportunity which is risk-return metrics being more positive in LAP versus LRD, we will increase that ratio. We are data-dependent and the market competitive activity dependent.

Raghav Garg · Ambit Capital

direct

What is the disbursement yield on LAP vs home loan portfolio?

Approximately on a thumb rule basis, I think it will be higher by 100-120 basis points.

Raghav Garg · Ambit Capital

partial

Why is employee OpEx growing at 30%? When will growth rate come down?

Employee cost has year-on-year grown 20%. From INR 113 crore to INR 135 crore.

Nischint Chawathe · Kotak

direct

Why is home loan growth slowing? Is it competition or demand?

The growth rate in HL has come down due to... three factors. One is a real estate market has been showing some moderation... Second part is the market being slower...

Nischint Chawathe · Kotak

direct

How much of the 45bps PLR cut has been passed on and when will it reflect?

45, 20 is passed on on 1st of July. What we are factoring in for the ROAs for the coming quarters or for the full year is factoring in what we have passed on on 1st of July.

Prithviraj Patil · Investec

partial

What are the incremental yield and disbursement growth for HL and LAP?

In HL, aggregate average yield is 8.76% for the quarter gone by. In terms of yield, it will remain between 9.6, 100-120 basis points higher than what it is in HL.

Abhijit Tibrewal · Motilal Oswal

direct

Why did stage 3 PCR decline QoQ? Is there a change in provisioning policy?

There is no change between the provisioning policy of the company between March to June. It's a function of an outcome of... cases which is as per our policy, we go and provide extra than our ECL model if the risk assess is to be there.

Abhijit Tibrewal · Motilal Oswal

direct

Why has margin compression guidance increased from 10-15bps to 15-20bps?

When we are saying 15-20 basis points... it is largely due to what we are saying elevated from a 10-15 basis points to 15-20 basis points is because of a reduction in other income due to lower investment income...

Viral Shah · IIFL Capital

direct

Is the 5-10bps margin compression incremental to the earlier 10-15bps?

Yes. Yes. Yes.

Shubhranshu Mishra · PhillipCapital

partial

What is the blended yield on the bulk of the HL portfolio?

Overall portfolio, so HL yield is at a portfolio yield is around 9%.