AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Oct - Intimation of Conference Call in respect of financial results for the quarter ended 30 September 2026
Source: Bse
Bajaj Housing Finance Limited (BAJAJHFL)
Large CapFinancial Services stocks · Large cap · NSE
Bajaj Housing Finance Limited (BHFL) is an Indian housing finance company offering a full suite of mortgage products including home loans, lease rental discounting (LRD), loans against property (LAP), and developer financing (DF). It aims to be a large mortgage player with a focus on scale, low risk, and reasonable returns.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result16 Oct, 03:53 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
37Bearishfull bear SMA stack · SMA20 -1.4% / mo · MACD +
Stock trend: 32
Sector RS: 45
Sector 3M: -5.7% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BAJAJHFLD candles · FIT view-10.9%Latest close ₹81.17 on 2026-10-21
Bar
-1.9%
RSI
42
MACD hist
0.02
52W pos
21%
2026-10-21O ₹82.71H ₹82.71L ₹80.70C ₹81.17Vol 32.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BAJAJHFLNifty Financial ServicesNifty 500
- BAJAJHFL
- -5.8%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- +0.7 pp
Chart stats
21 Oct 2026- From 52W high
- -27.8%
- 52W range position
- 21%
- ATR (14)
- 2.3%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹30.1 Cr
- 20D price channel
- ₹80.7 - ₹86.3
₹112.4
₹72.7 - ₹112.4
₹1.9
Latest completed session
20-session average
19.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good60
Revenue +18.0% · PAT +17.7% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+5.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 60/100Rev +18% YoY · PAT +18% YoY · +6% QoQ
Filed 16 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,250.6 Cr | +18.0% | +6.1% |
| EBITDA | ₹2,989.2 Cr | NDF | +5.6% |
| Operating margin | 92.0% | NDF | -43 bps |
| PAT | ₹757 Cr | +17.7% | +5.8% |
| PAT margin | 23.3% | -5 bps | -6 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.74
- P/B
- 3.13
- EV/EBITDA
- 3554.35
- Market Cap
- 69430.54Cr
Profitability
- ROE
- 12.10%
- ROCE
- 8.85%
- ROA
- 2.12%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 41.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 4.60
- Interest Coverage
- —
- Altman Z
- 0.62
- Book Value
- 27.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -19895.00 Cr
- EPS TTM
- 3.37
Shareholding
- Promoter Hold
- 86.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 30%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 3,251+6.1% vs prev
Net Profit
₹ CrLatest: 757+5.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 42.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.4% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
30
RS percentile
Stage 1 Base / Transition
1M return
-3.3%
3M return
-5.8%
6M return
-9.9%
1Y return
-26.6%
RS 1D
0
RS 20D
+6
Sector rank
#10
Industry rank
#20
Stage evidence
- Price is within 4.2% of the 30-week proxy.
- The 30-week proxy changed -0.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 75.73-0.94%
RS vs Nifty 50076
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth22/25
Quality2/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 22/25 to the score.
- Quality contributes 2/20 to the score.
- Valuation contributes 2/30 to the score.
Main drags
- Altman Z is 0.6, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
24.7
PB
3.1
EV/EBITDA
3554.3
ROE
12.1%
ROCE
8.8%
FCF Yield
—
Debt/Equity
4.6
MoS
+5.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
+5.5%
Previous: +5.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
24
24
22
22
22
22
22
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹45.25
-79.4% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹85.94
+5.5% MoS
PEG
0.70
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AADHARHFC
Large
Aadhar Housing Finance Limited
NBFC
match 168
40
16.8
15.9%
+32%
WATCHLIST
HOMEFIRST
Large
Home First Finance Company India Limited
NBFC
match 167
36
20.0
15.7%
+27%
WATCHLIST
GICHSGFIN
Small
GIC Housing Finance Limited
NBFC
match 160
30
4.5
7.6%
+25%
OVERVALUED
APTUS
Small
Aptus Value Housing Finance India Limited
NBFC
match 160
51
11.3
20.1%
+59%
FAIR VALUE
AAVAS
Large
Aavas Financiers Limited
NBFC
match 159
28
19.6
13.9%
+25%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:26:23.696Z
Management commentary snapshot
BHFL reported strong AUM and NII growth of 23% and 25% YoY respectively for FY26, with improved operating efficiency (Opex to NTI at 19.7%) and better-than-target asset quality (GNPA 0.27%). However, credit costs rose significantly, and ROA/ROE saw slight moderation.
The company largely met or exceeded its FY26 financial targets, demonstrating robust AUM growth and operational efficiency. While asset quality remained strong, the notable increase in loan loss provisions warrants close monitoring for future periods, as ROA and ROE saw slight declines.
Current business mix
Portfolio Mix as of 31st Mar’26
Latest issuer-disclosed distribution across 5 reported categories.
Home Loans54.1%
Lease Rental Discounting (LRD)22.4%
Developer Financing (DF)11.5%
Loans Against Property (LAP)10.8%
Others1.2%
Growth engines
Home Loans Penetration
Aim to increase market share to 5% in incremental home loan originations from current ~2.5-2.7%.
Growing All Products
Focus on growing all products (HL, LRD, DF, LAP) across Prime and Sambhav customer segments.
Digitalization & Operating Efficiencies
Building operating efficiencies and digitalizing processes to reduce Opex to NTI to 14-15%.
Developer Financing Relationships
Leveraging developer financing funded relationships and 9,400+ APF network for customer access.
Tailwinds
Housing Finance Sector Growth
Home loans industry grew 13.4% CAGR (FY20-26E) and is expected to grow 14-16% CAGR till FY28.
Government Impetus
Housing finance sector remained resilient due to Government impetus of 'Housing for All'.
Demographic & Economic Factors
Rising per capita income and demand for larger homes post-Covid support sector growth.
Headwinds
Increased Loan Losses
Loan losses and provisions increased 112% YoY in Q4 FY26 and 229% YoY for FY26, indicating rising credit costs.
Competitive Prime Segment
Housing finance is a matured industry dominated by banks, making the prime segment highly competitive for a late entrant like BHFL.
Moderating HFC Share
HFCs' market share moderated from 21.3% (FY20) to 18.3% (FY25), indicating competitive pressure from banks.
Risk radar
Asset Quality Management
Maintaining low GNPA (target 40-60 bps) is a strategic pillar, but credit cost increased significantly in FY26.
ALM Mismatch
Mortgage is a long-term asset business requiring long-term liabilities to avoid ALM mismatch.
Execution Risk in New Segments
Investment phase in near prime (next 1 year) and affordable (next 2 years) segments carries inherent execution and credit risk.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document primarily presents annual financial results for FY26 compared to FY25, and also provides Q4 FY26 vs Q4 FY25, indicating that year-over-year comparison is most relevant for assessing overall annual performance and growth trends.
Sector KPIs management disclosed
AUM Growth
AUM grew 23% YoY to 140,706 Cr in FY26, meeting the 21-23% assessment.
Net Interest Income (NII)
NII increased 25% YoY to 3,752 Cr in FY26.
Operating Expenses to Net Total Income (Opex to NTI)
Opex to NTI improved to 19.7% in FY26, better than the 20-21% assessment.
Gross NPA (%)
Gross NPA stood at 0.27% in FY26, better than the 35-40 bps assessment and lowest among large players.
Management forward view
Market Share Ambition
Management aims to become a large mortgage player and increase market share to 5% in incremental home loan originations.
Optimized Product Mix
Will optimize product mix with 2-3% movement between products based on risk-adjusted returns.
Digital Transformation
Continue to digitalize processes for ease, enhanced controllership, and Opex to NTI reduction to 14-15%.
Treasury Optimization
Focus on balancing floating and fixed rate liabilities for optimized cost of fund to enable competitive lending.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Incremental Home Loan Market Share | ~2.5-2.7% | Progress towards 5% market share in incremental home loan originations. |
| Opex to NTI | 19.7% (FY26) | Further reduction towards the 14-15% target. |
| GNPA | 0.27% (FY26) | Maintenance within the 40-60 bps target range. |
| Credit Cost | 0.17% (FY26) | Stabilization or reduction, especially given the significant YoY increase. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlooknot yet verifiablequantified
The company expects to see an additional 10 basis points of benefit on its cost of funds during the balance part of the year.
Timeframe: H2 FY2026Direction: upConfidence: medium
margin outlooknot yet verifiablequantified
Full-year margins are expected to remain within the guided range of 15-20 bps compression due to portfolio attrition pressure.
Timeframe: Full Year FY2026Direction: downConfidence: high
operational efficiencynot yet verifiablequantified
The company expects to achieve an opex-to-NTI ratio of 14% to 15% over the next three to four years.
Timeframe: Next 3-4 yearsDirection: downConfidence: high
operational efficiencynot yet verifiablequantified
The company's business model is constructed to target 40 to 60 bps of GNPA and 20 to 25 bps of credit cost in the medium term.
Timeframe: Medium termDirection: stableConfidence: high
regulatory expectationnot yet verifiablequantified
The parent company has until September 2029 to dilute its shareholding to meet the 25% minimum public shareholding requirement.
Timeframe: By September 2029Direction: downConfidence: high
margin outlooknot yet verifiable
Gross spread is expected to normalize going forward, driven by portfolio rate pass-throughs and an expected rate cut in December.
Timeframe: H2 FY2026 / December 2025Direction: stableConfidence: medium
revenue outlookdelivered
The near prime and affordable housing business segment is expected to scale up and grow at a much faster pace next year.
Timeframe: FY2027Direction: upConfidence: high
Outcome check: Revenue YoY averaged 15.9% across 1 later quarter(s).
revenue outlookfailed
The company expects to return to its normalized medium-term AUM growth guidance by next year as attrition pressure stabilizes.
Timeframe: FY2027Direction: upConfidence: high
Outcome check: Revenue YoY averaged 15.9% across 1 later quarter(s).
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 16th percentile of the scored universe and 28th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
51 docs text-extracted · 13 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Financial Services: 28th pctile, median 62 · Large: 9th pctile, median 73
Evidence depth
Financial-only
51 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
50% delivered or partly delivered
2/8 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 86.7%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-19895 Cr.
- ▸Debt/equity is 4.60.
- ▸Altman Z is 0.62.
- ▸Promoter holding fell 2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bajaj Housing Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - Virtual group meet with institutional investors/funds scheduled for 24 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Aug
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 4 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Jun - Newspaper Publication w.r.t. 18th AGM to be held through Video Conferencing/Other Audio-Visual Means
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Issue of Securities 18 May - Allotted 50,000 secured NCDs worth Rs 500 crore at 7.83% for 1,096 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.