Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
Pending
verification pending
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bajaj Housing Finance reported a steady Q4 FY26 with AUM crossing ₹1,40,000 crore (up 23% YoY) and PAT of ₹669 crore (+14% YoY; +20% excluding one-time tax benefit). Asset quality remained healthy with GNPA at 27 bps (stable sequentially) and NNPA at 11 bps. Net interest margin compressed 12 bps sequentially to 3.88% due to lower acquisition pricing and portfolio mix shift, partially offset by a 4 bps decline in cost of funds. Opex-to-NTI improved to 19.2% from 21.8% a year ago. Management guided for FY27 ROA towards the upper end of the 2.0-2.2% medium-term range, expecting further margin compression of ~10 bps offset by opex efficiencies and lower credit costs. Key risk: elevated money market rates and competitive intensity could pressure spreads more than anticipated if policy rates remain unchanged.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects ROA to be at the upper end of the medium-term guidance, with margin compression offset by opex efficiencies and lower credit costs.
- Sambhav housing loans are on track to achieve monthly disbursements of ₹600 crore or more over the next 12 months.
- Net interest margin in Q1 FY27 is expected to be broadly stable vs Q4 FY26, but full-year compression of ~10 bps is anticipated due to portfolio repricing.
Risks flagged
- 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.
- 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.
- 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.
Key quotes
- We estimate the quarter four was an exception because normally as per normal process it should have gone stabilized by February, March... But quarter four, February, March, we saw significant high intensity competitive activity in the market on the pricing side from both public sector banks as well as the private sector banks.
- We should be in the medium-term range with a bias towards hitting the upper end of the medium range in the ROA.
- Irrational competitive activity as a feature not as a novelty so we prepare for that scenario.
Research modules