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What the record says.
Bajaj Housing Finance reported a strong Q3 FY25 with AUM growth of 26% YoY to INR 108,314 crore and PAT growth of 25% YoY to INR 548 crore. Asset quality remained robust with GNPA at 0.29% and NNPA at 0.13%. Operating efficiency improved significantly as OPEX to NIM fell to 19.8% from 23.2% a year ago. Management introduced medium-term guidance targeting 24-26% AUM growth, 14-15% OPEX to NIM, and ROE of 13-15%. The new near-prime and affordable housing vertical is expected to contribute meaningfully from FY26. Key risks include potential slowdown in real estate sales and competitive intensity compressing spreads.
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Guidance to track
- Management expects AUM to grow at 24-26% annually over the next three years, driven by home loans and the new affordable vertical.
- Operating expenses as a percentage of net interest income are targeted to fall to 14-15% in the medium term, from 19.8% currently.
- Return on assets is guided at 2-2.2% and return on equity at 13-15% in the medium term, with leverage of 7-8 times.
- Credit costs are expected to stay in the range of 20-25 basis points, with GNPA between 40-60 bps and provisioning coverage of 40-50%.
Risks flagged
- A potential slowdown in residential real estate sales could impact developer finance book growth and asset quality.
- Intense competition in mortgage lending may compress net interest margins and spreads, affecting profitability.
- The new near-prime and affordable housing segment carries higher origination costs and credit risk, which may not materialize as expected.
- Changes in regulatory requirements, such as the 50% individual home loan norm, could constrain business mix or increase compliance costs.
Key quotes
- We estimate in the medium term 24%-26% AUM growth. OPEX to net total income to go down to 14%-15%.
- Our penetration in our projects in terms of would be close to 16%-18% as of today. We would prefer to be having a higher.
- We have work to do to improve our efficiency in capturing the market where we are funding the projects.
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