Elevated money market rates without policy rate hike
If money market rates remain high and the RBI does not hike policy rates, the company's ability to pass on higher funding costs to customers will be limited, compressing spreads.
BAJAJHOUSINGFINANCE / bear-case history
Track the concerns that keep returning.
Bajaj Housing Finance · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Sustained competitive intensity in home loans
Aggressive pricing by banks, especially PSU banks, kept BT-out rates elevated in Q4 FY26, and if this persists, home loan growth and margins could be pressured.
IHL regulatory compliance risk
The IHL ratio (regulatory definition of home loans as % of total assets) has been contracting and stood at 50.45%, close to the 50% minimum, requiring careful management to avoid regulatory breach.