Bajaj Housing Finance (BAJAJHFL) Q4 24/25 earnings summary

Executive summary

• AUM grew 26% year-over-year to INR 114,684 crore in Q4 FY25, with PAT up 54% to INR 587 crore and ROA steady at 2.4%.

• Asset quality remained robust: GNPA at 0.29%, NNPA at 0.11%, and credit cost at 0.12% for Q4 FY25.

• Capital adequacy ratio at 28.24%, leverage at 5.2x, and liquidity buffer of INR 2,394 crore with LCR at 191%.

• Expanded to 174 locations with 216 branches, focusing on Near Prime and Affordable Housing segments.

• Audited financials for Q4 FY25 and FY25 approved, with unmodified audit opinion and new Secretarial Auditor appointed for FY26–FY30.

Financial highlights

• Net interest income for FY25 rose 20% to INR 3,007 crore; Q4 FY25 NII up 31% year-over-year.

• Net total income for FY25 increased 23% to INR 3,597 crore; pre-provisioning operating profit up 28%.

• Q4 FY25 PAT up 54% to INR 587 crore; full-year PAT up 25% to INR 2,163 crore.

• Disbursements for Q4 FY25 were INR 14,254 crore, up 25% YoY.

• Opex to NTI improved to 21.7% in Q4 FY25 (20.8% for FY25), down from 27.1% (24.0% for FY24).

Outlook and guidance

• Medium-term guidance: AUM growth of 24–26%, GNPA of 40–60 bps, Opex to NTI at 14–15%, credit cost at 20–25 bps, PCR at 40–50%, ROA at 2.0–2.2%, leverage at 7–8x, and ROE at 13–15%.

• Expect 10–15 basis points NIM compression in FY26, to be mitigated by asset mix changes, especially in Developer Finance and Near Prime.

• ROE expected to remain within guidance range; no primary capital raise planned for FY26.