HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Bajaj Housing Finance Limited
NSE: BAJAJHFLFinancial ServicesMortgage Finance
- Last close
- ₹77.45
- Day change
- −₹3.57 (−4.41%)vs
- Market cap
- ₹64,508 crIndian rupees
- Research updated
- 4 reports
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About Bajaj Housing Finance
Bajaj Housing Finance Limited is a prominent financial services company that specializes in providing a wide range of housing finance solutions. As a subsidiary of the Bajaj Finserv Ltd, it plays a vital role in the Indian financial market by offering home loans, loan against property, construction finance, and land purchase finance options. Its primary function is to cater to the housing and real estate financing needs of individual consumers and businesses, facilitating homeownership and property investments. Bajaj Housing Finance Limited is known for its competitive interest rates, flexible repayment tenures, and customer-centric approach, which make it an attractive choice for borrowers. The company operates within the broader financial services and real estate sectors, significantly impacting the housing market by enhancing the accessibility of financial resources for home buyers and developers alike. Its significance in the market is also reflected in its robust credit policies and risk management frameworks, aimed at ensuring stability and sustainable growth. By providing tailored housing finance solutions, Bajaj Housing Finance Limited supports economic development and meets the growing demand for residential and commercial real estate in India.
- Sector
- Financial Services
- Industry
- Mortgage Finance
- Listing
- NSE: BAJAJHFL
- Employees
- 1,977
- Headquarters
- Pune, India
- ISIN
- INE377Y01014
- Website
- bajajhousingfinance.in
Public research · Report of
Business model & financial foundation
Bajaj Housing Finance (NSE: BAJAJHFL), Housing finance company (RBI-regulated HFC, Upper Layer): revenue of ₹11,147 crore in FY26 (+16.7% on FY25) and net profit of ₹2,560 crore.
- Revenue, FY26 (₹ crore)
- 11,147
- standalone
- Revenue growth, FY26
- +16.7%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,560
- to owners
- Return on equity, FY26
- 12.1%
- on average equity
- Market capitalisation (₹ crore)
- 69,428
- at the close of 23 Oct 2026
Company profile
Bajaj Housing Finance is the housing finance subsidiary of Bajaj Finance and India's largest non-deposit-taking HFC by AUM growth, with AUM of Rs 1,49,624 cr at 30 Jun 2026. It lends home loans (54%), lease rental discounting to commercial real estate (23%), developer finance (11%) and loans against property (10%), funded by AAA-rated NCDs, bank loans and NHB refinance. It is classified in the RBI Upper Layer and must reach 25% public shareholding by Sep 2029.
| Item | Value |
|---|---|
| Legal name | Bajaj Housing Finance Limited |
| Exchange and ticker | NSE: BAJAJHFL; BSE: 544252 |
| ISIN | INE377Y01014 |
| CIN | L65910PN2008PLC132228 |
| Sector | Financial Services |
| Industry | Housing finance company (RBI-regulated HFC, Upper Layer) |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Mukund M. Chitale & Co. and Singhi & Co. (joint statutory auditors) (since FY25) |
| Market capitalisation | ₹69,428 crore (23 Oct 2026) |
| Shares outstanding | 832.87 crore shares (FY26) |
| Price | ₹81.02 (close, 23 Oct 2026) |
| 52-week range | ₹72.65 - ₹112.4 (to 23 Oct 2026) |
| Website | https://www.bajajhousingfinance.in/ |
Corporate structure and shareholding
Parent: Bajaj Finance Limited (86.70% at 30 Jun 2026); ultimate holding company Bajaj Finserv Limited.
No subsidiary is recorded.
No subsidiaries, associates or JVs. Committed Rs 2,500 cr line of credit from Bajaj Finance. Listed 16 Sep 2024 (IPO).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 86.70% | 86.70% | 86.70% | 86.70% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 0.94% | 0.98% | 0.90% | 0.90% |
| Domestic institutions | 1.39% | 1.18% | 1.01% | 1.09% |
| of which mutual funds | 0.63% | 0.35% | 0.28% | 0.40% |
| Retail | 8.76% | 8.84% | 8.95% | 10.10% |
| Other | 2.21% | 2.30% | 2.44% | 0.81% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
BHFL is an RBI Upper Layer, non-deposit-taking HFC and standalone entity, 86.70% owned by Bajaj Finance at 30 Sep 2026. It earns a lending spread, assignment and fee income. Q2 FY27 AUM was Rs1,58,205cr: home loans Rs85,224cr, LRD Rs37,988cr, developer finance Rs16,904cr and LAP Rs16,382cr.
| Peer | Why the dossier compares them |
|---|---|
| LIC Housing Finance (LICHSGFIN) | |
| PNB Housing Finance (PNBHOUSING) | Large prime/affordable HFC with LAP and corporate book; closest mid-size listed comparable |
| Can Fin Homes (CANFINHOME) | Prime salaried home-loan HFC with bank parentage, analogous parent-backed funding |
| Aadhar Housing Finance (AADHARHFC) | Affordable HFC; comparable to BHFL's Sambhav near-prime push |
| Aavas Financiers (AAVAS) | Affordable HFC with high-ROA franchise; growth comparable |
| Home First Finance (HOMEFIRST) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,688 | 5,481 | 7,617 | 9,554 | 11,147 |
| Cost of revenue (vendor classification) * | 2,472 | 3,613 | 5,118 | 6,475 | 7,273 |
| Other operating costs (vendor classification) * | 82.0 | 127.1 | 162.8 | 233.0 | 224.0 |
| EBITDA (vendor classification) * | 1,109 | 1,738 | 2,116 | 2,599 | 3,490 |
| Finance costs including funding interest | 4,693 | 5,979 | 6,759 | ||
| Profit before tax after exceptional charge | 959.9 | 1,700 | 2,161 | 2,770 | 3,320 |
| Total tax expense | 250.2 | 442.3 | 430.1 | 607.3 | 759.7 |
| Standalone profit after tax | 709.6 | 1,258 | 1,731 | 2,163 | 2,560 |
| Diluted EPS (₹) | 0.85 | 1.51 | 2.58 | 2.67 | 3.07 |
| Interest income | 7,202 | 8,986 | 10,512 | ||
| Fees and commission income | 138.2 | 201.2 | 297.1 | ||
| Other income (outside revenue operations) | 0.40 | 0.35 | 3.09 | ||
| Impairment on financial instruments | 60.9 | 58.5 | 190.7 | ||
| Employee benefits expense | 465.6 | 483.6 | 559.2 | ||
| Depreciation and amortisation | 39.6 | 41.2 | 47.3 | ||
| Other expenses | 186.0 | 209.7 | 247.4 | ||
| Fees and commission expense | 11.7 | 11.9 | 13.1 | ||
| Exceptional charge (deduct from PPOP) | n.d. | 0.00 | 13.1 | ||
| PAT attributable to owners (same as standalone PAT) | 1,731 | 2,163 | 2,560 | ||
| Net interest income (statutory bridge) | 2,510 | 3,007 | 3,752 | ||
| Operating expenses (statutory bridge) | 702.9 | 746.4 | 867.1 | ||
| Pre-provision operating profit (statutory bridge) | 2,222 | 2,829 | 3,524 | ||
| EBIT * | 962.3 | 1,703 | 2,164 | 2,664 | 3,324 |
| Interest income | 8,986 | 10,512 | |||
| Impairment on financial instruments | 80.1 | 190.7 | |||
| Basic EPS (₹) | 2.67 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 6,741 | 10,503 | 12,234 | 19,947 | 22,523 |
| Total debt securities, borrowings and deposits | 41,492 | 53,745 | 69,129 | 82,072 | 1,03,704 |
| Cash and cash equivalents | 406.9 | 93.8 | 63.9 | 61.6 | 161.8 |
| Trade receivables (not loan assets) | 1.87 | 1.59 | 13.4 | 21.9 | 27.8 |
| Trade payables * | 36.4 | 45.9 | 57.6 | 76.5 | 126.1 |
| Reported net property, plant and equipment | 87.5 | 100.3 | 111.0 | ||
| Total assets | 48,527 | 64,654 | 81,827 | 1,02,809 | 1,27,147 |
| Loans (net carrying value; not AUM) | 79,301 | 99,513 | 1,23,745 | ||
| Loans (net of impairment allowance) | 99,513 | 1,23,745 | |||
| Deposits | 37.6 | 47.2 | |||
| Investments | 2,533 | 2,502 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash used in operating activities | -14,600 | -17,075 | -19,895 | ||
| Free cash flow (vendor definition) * | -12,510 | -14,366 | -15,471 | -17,116 | -19,943 |
| PPE and intangible purchases (outflow negative) | -16.8 | -16.5 | -43.0 | -41.0 | -47.9 |
| Dividends paid (an outflow is negative) | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net shares outstanding (excludes ESOP treasury shares) | 832.81 | 832.81 | 671.22 | 832.81 | 832.87 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,449 | 2,504 | 2,613 | 2,748 | 2,884 | 2,903 | 3,063 | 3,251 |
| Cost of revenue (vendor classification) * | 1,638 | 1,687 | 1,745 | 1,879 | 1,911 | 2,047 | ||
| Other operating costs (vendor classification) * | 52.8 | 60.7 | 64.5 | 61.3 | 58.1 | 58.3 | ||
| EBITDA (vendor classification) * | 711.5 | 728.0 | 771.5 | 989.2 | 975.0 | 928.6 | ||
| Profit before tax after exceptional charge | 713.0 | 719.8 | 756.9 | 832.7 | 864.5 | 865.9 | 928.7 | 979.7 |
| Total tax expense | 165.0 | 133.1 | 173.6 | 189.7 | 199.7 | 196.7 | 213.5 | 222.8 |
| Standalone profit after tax | 548.0 | 586.7 | 583.3 | 643.0 | 664.9 | 669.2 | 715.3 | 757.0 |
| Diluted EPS (not annualised) (₹) | 0.66 | 0.70 | 0.70 | 0.77 | 0.80 | 0.80 | 0.86 | 0.91 |
| Finance costs including funding interest | 1,516 | 1,551 | 1,606 | 1,658 | 1,734 | 1,762 | 1,888 | 1,997 |
| Employee benefits expense | 118.6 | 133.0 | 135.6 | 136.1 | 141.9 | 145.6 | 155.6 | 162.4 |
| Depreciation and amortisation | 10.1 | 11.1 | 11.1 | 11.7 | 12.0 | 12.5 | 12.9 | 13.4 |
| Other expenses | 52.8 | 60.7 | 64.5 | 63.5 | 61.3 | 58.1 | 58.3 | |
| Fees and commission expense | 2.99 | 3.03 | 3.21 | 3.48 | 3.24 | 3.16 | 3.00 | |
| Exceptional charge (deduct from PPOP) | 0.00 | 0.00 | 0.00 | 0.00 | 13.1 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners (same as standalone PAT) | 548.0 | 586.7 | 583.3 | 643.0 | 664.9 | 669.2 | 715.3 | |
| Interest income | 2,322 | 2,374 | 2,493 | 2,614 | 2,697 | 2,707 | 2,856 | |
| Fees and commission income | 48.7 | 51.5 | 58.7 | 67.9 | 77.3 | 93.3 | 105.8 | 124.5 |
| Non-interest income | 0.12 | 0.06 | 2.74 | 0.15 | 0.11 | 0.09 | 0.03 | 199.4 |
| Loan losses and provisions | 35.5 | 25.7 | 38.2 | 42.9 | 54.1 | 55.5 | 16.1 | 34.8 |
| Net interest income | 806.0 | 822.8 | 886.6 | 956.5 | 963.8 | 945.3 | 967.6 | 1,055 |
| Operating expenses | 184.6 | 207.8 | 214.5 | 214.7 | 218.5 | 219.4 | 229.7 | 239.9 |
| Pre-provision operating profit | 748.5 | 745.4 | 795.2 | 875.5 | 931.8 | 921.4 | 944.8 | 1,015 |
| EBIT * | 707.1 | 718.3 | 757.3 | 920.8 | 914.1 | 922.3 | ||
| Interest income | 2,374 | 2,493 | 2,614 | 2,697 | 2,707 | 2,856 | 3,052 | |
| Impairment on financial instruments | 29.6 | 41.1 | 49.7 | 56.4 | 55.5 | 16.1 | 34.8 | |
| Basic EPS (₹) | 0.70 | 0.70 | 0.77 | 0.80 | 0.00 | 0.86 | 0.91 |
Standalone, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 48.6% | 39.0% | 25.4% | 16.7% | |
| Net margin | 22.7% | 22.6% | 23.0% | ||
| Return on equity | 15.2% | 13.4% | 12.1% | ||
| Return on assets | 2.4% | 2.3% | 2.2% | ||
| Dividend payout | 0.0% | 0.0% | |||
| EPS, diluted (₹) | 0.85 | 1.51 | 2.58 | 2.67 | 3.07 |
| Book value per share (₹) | 8.09 | 12.61 | 18.23 | 23.95 | 27.04 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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