Synopsis: In Q3 FY26, Citi highlighted that BHFL’s gross disbursements rose 32% YoY to Rs. 16,535 crore, AUM grew 23% YoY to Rs. 1,33,400 crore, and loan assets reached Rs. 1,17,290 crore, with strong asset quality (GNPA 0.3%) and stable returns.
This well-diversified NBFC in the Indian market, that offers finance to individuals as well as corporate entities for the purchase and renovation of homes or commercial spaces, is now in the spotlight after the Q3 business update, where gross disbursements grew by 32%.
With a market capitalisation of Rs. 80,856 cr, the shares of Bajaj Housing Finance Ltd are currently trading at Rs. 97 per share, rising nearly 2% in today’s market session, making a high of Rs. 98.15, up from its previous close of Rs. 96.60 per share.
Q3 Update
In Q3 FY26, the company recorded gross disbursements of approximately Rs. 16,535 crore, up from Rs. 12,571 crore in Q3 FY25, reflecting strong lending momentum. Its Assets Under Management (AUM) increased by 23% to around Rs. 1,33,400 crore as of 31 December 2025, compared to Rs. 1,08,314 crore a year earlier, marking a quarterly AUM growth of approximately Rs. 6,652 crore.
Additionally, the company’s loan assets stood at approximately Rs. 1,17,290 crore as of 31 December 2025, up from Rs. 95,570 crore as of 31 December 2024, demonstrating robust growth in its lending portfolio.
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Citi on Bajaj Housing Finance
Citi highlighted that Bajaj Housing Finance has maintained strong momentum in disbursements, with a 32% YoY and 4% QoQ growth. The company’s Assets Under Management (AUM) have also performed well, growing 23.2% YoY and 5.3% QoQ, which is above the upper end of its guidance. This reflects robust demand and steady portfolio expansion.
Risk metrics across product portfolios are expected to remain stable, with Gross Non-Performing Assets (GNPA) at 0.3% and credit costs at 15–20 bps, which are better than medium-term guidance.
However, Citi highlights that a reduction in investment income could create pressure on Net Interest Margin (NIM). Despite this, Return on Assets (RoA) and Return on Equity (RoE) are expected to stay range-bound, similar to the performance in the previous two quarters, indicating steady overall financial health.
Overall, Citi sees Bajaj Housing Finance as continuing on a stable growth trajectory with controlled risks and strong asset quality, though potential NIM pressures from lower investment income are noted.
Bajaj Housing Finance Limited (BHFL), a subsidiary of Bajaj Finance Limited, is an RBI-classified Upper-Layer NBFC headquartered in Pune. It provides housing and commercial finance solutions to individuals, corporates, and developers, including home loans, property loans, working capital, and lease rental discounting.
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