Bajaj Housing Finance (BAJAJHFL) Q3 25/26 earnings summary

Executive summary

• AUM reached ₹1,33,412 crore, up 23% year-over-year in Q3 FY26, driven by strong disbursement momentum despite higher attrition.

• PAT grew 21% year-over-year to ₹665 crore, with annualized ROA at 2.3% and ROE at 12.3%.

• Asset quality remained robust: GNPA at 0.27%, NNPA at 0.11%, and annualized credit cost at 0.19%.

• Operating efficiency improved, with Opex to NTI ratio at 19.0% (excluding exceptional item), down from 19.8% in Q3 FY25.

• Unaudited financial results for the quarter and nine months ended 31 December 2025 were approved, showing strong growth in assets and profitability.

Financial highlights

• Net interest income rose 19% year-over-year to ₹963 crore; net total income up 24% to ₹1,153 crore.

• Disbursements grew 32% year-over-year to ₹16,545 crore.

• Pre-provisioning operating profit increased 24% year-over-year; loan losses and provisions for Q3 FY26 were ₹56 crore, up from ₹35 crore in Q3 FY25.

• Capital adequacy ratio at 23.15%, Tier-1 capital at 22.69%.

• Opex to NTI improved to 19% in Q3 FY26, down from 19.8% a year ago.

Outlook and guidance

• Medium-term AUM growth guidance remains at 24%-26%, with FY26 guidance at 21%-23%.

• Opex to NTI expected to reach 14%-15% over the next 3-4 years; for FY26, expected to remain flat at 20–21%.

• NIM compression for FY26 expected at 8-10 bps, less than earlier guidance of 15-20 bps.

• ROA projected to remain in the 2.0–2.2% range; ROE to moderate to 11–12% due to recent capital raises.

• Near prime and affordable segment disbursements targeted to double in the next 12-15 months.