Bajaj Housing Finance Limited — Investor Meet, 12-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Bajaj Housing Finance delivered a stable Q2 FY26. AUM grew 24% YoY to INR1,26,749 Cr, and PAT increased 18% to INR643 Cr, while asset quality remained healthy (GNPA 0.26%, NNPA 0.12%). Management noted intense competition in prime home loans, with annualized attrition at 21-22% largely to PSU banks. Margins are expected to face compression due to market pricing and anticipated rate cuts. The company is actively scaling its near-prime and affordable housing SBU, which is exceeding milestones. Strategic focus remains on a full mortgage product suite, targeting scale, low risk, and reasonable returns, with gearing expected to reach 7-8x in about two years. The outlook balances competitive pressures with strategic growth initiatives.