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Revenue
₹22,26,93,00,000 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
nse xbrl
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bajaj Housing Finance reported a strong Q2 FY25 with AUM crossing ₹1,00,000 crore, growing 26% YoY to ₹1,02,569 crore. PBT grew 23% to ₹708 crore, while PAT rose 21% (impacted by prior-year tax write-back). Asset quality remained pristine with GNPA at 29 bps and NNPA at 12 bps. Credit cost normalized to 14 bps (ex-overlay). The company successfully listed via IPO, raising ₹3,560 crore, boosting capital adequacy to 28.98%. Growth was broad-based: home loans (+24% AUM), lease rental discounting (+28%), and developer finance (+56%). Management highlighted stable spreads (1.9%) and improving opex efficiency (20.5% opex/NIM). Forward guidance was limited due to regulatory silent period, but the company expects retail disbursements to pick up with affordable/near-prime segments gaining traction. Key risk: intense competition in prime home loans could pressure growth and spreads.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects retail disbursement growth to accelerate as the affordable and near-prime verticals start delivering, offsetting the current 7% YoY growth in retail disbursements.
- Normalized credit cost (excluding overlay releases) is expected to stay in the 14-17 bps band, as overlay is nearly exhausted (only ₹10 crore remaining).
- Management stated internal view is to keep construction finance mix below ~15% of AUM, currently at 11.7%.
- Management considers 8x leverage as sustainable and will manage capital deployment to reach that level over time.
Risks flagged
- Competition remains very intense in the prime home loan segment, which could pressure growth and spreads.
- Analyst raised concern about historical patchy asset quality in developer finance during downturns; management defended granular underwriting but acknowledged risk.
- Retail disbursements grew only 7% YoY in Q2, raising concerns about future AUM growth trajectory as base expands.
- Management refrained from providing specific forward-looking guidance due to IPO-related silent period, creating uncertainty for investors.
Key quotes
- We are constructed for scale, and that is where prime housing and lease rental discounting works as a scale builder for the company.
- We remain bullish on lease rental discounting, because in our assessment, this has remained always a very low-risk business and a scale business.
- Our internal view as of today would not to exceed 15 odd% kind of a mix in this business (construction finance), as we even go forward.
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