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Bajaj Housing Finance reported a solid Q3 FY26 with PAT of INR 665 crore, up 21% YoY, driven by 23% AUM growth to INR 133,000 crore and healthy asset quality (GNPA 27 bps). Disbursements surged 32% YoY to INR 16,545 crore, though higher attrition (BT out ~20%) partially offset AUM gains. The new Sambhav loan SBU (near prime & affordable) reached a monthly run rate of INR 325-350 crore, with a target to double to INR 600 crore+ in 12-15 months. NIM held at 4%, but gross spreads compressed 12 bps sequentially to 1.8% due to portfolio yield decline. Cost of funds improved 50 bps YoY to 7.3%. Management guided for 8-10 bps NTI compression for FY26 vs FY25. Key risk: elevated competitive intensity and balance transfer attrition could pressure growth and margins if interest rates remain volatile.
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Guidance to track
- Net total income margin expected to compress 8-10 basis points for the full year, revised from earlier 15-20 bps guidance due to higher assignment income in Q3.
- Management targets doubling the current monthly run rate of INR 325-350 crore to over INR 600 crore within 12-15 months through strategic investments.
- Management reiterated medium-term AUM growth of 24-26% over 3-4 years, contingent on industry growth of 12-14% and stabilization of attrition.
- Management expects cost of funds to reduce by 20-25 bps in FY27 due to repricing of existing borrowings and lower incremental borrowing costs.
Risks flagged
- BT out reached ~20% of portfolio, driven by aggressive rate cuts by PSU banks. Management expects normalization as rate cycle stabilizes, but near-term pressure persists.
- Tier 1 capital dropped sharply due to conservative provisioning for undisbursed tranches of under-construction loans after RBI consolidated guidelines. Clarity awaited.
- Pricing competition from banks remains intense, especially in prime/super-prime, pressuring spreads. Management views this as a permanent feature, not transient.
- The affordable/near-prime book is still young (18 months); early indicators are positive, but delinquencies may emerge as the portfolio matures beyond 24 months.
Key quotes
- We feel the competitive intensity is a feature, not a novelty in the market.
- Our anchor product remains always a low-risk which is a prime housing as well as a Lease Rental Discounting.
- We are hoping for that our home loan teams will disburse far more than what they are disbursing.
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