The company disbursed about Rs 15,900 crore in Q2 FY26, up 32% from Rs 12,014 crore in the same quarter last year. Its AUM stood at Rs 1,26,740 crore as of September 30, 2025, reflecting a year-on-year growth of 24% compared with Rs 1,02,569 crore a year ago. Sequentially, AUM expanded by around Rs 6,320 crore during the quarter.
Loan assets (advances receivable) were at Rs 1,13,050 crore, up from Rs 89,878 crore last year. The growth highlights Bajaj Housing’s ability to scale its home finance and loan against property book amid steady demand for housing credit.
About the company
Bajaj Housing Finance is currently the fastest-growing and second-largest housing finance company in India, clocking a five-year AUM CAGR of nearly 29% between FY20 and FY25. As of June 2025, its AUM was already at Rs 1.2 lakh crore, reinforcing its strong trajectory.
Analysts note that the company benefits from the Bajaj Group’s backing, a granular and low-risk business model, a diversified loan mix with higher-yielding products, and a tech-driven scalable distribution platform. These factors, they say, give the lender a competitive edge in the fragmented housing finance space.
However, return ratios may remain moderate in the near term. “RoE is expected to remain at around 13–14% due to intense competition and relatively lower yields in the prime home loan segment,” Motilal Oswal said in a coverage note.
Valuations also appear rich, with BHFL trading at 3.6x price-to-book and 29x FY27 estimated earnings. The brokerage has modelled AUM and PAT CAGR of about 22% each over FY25–28, with RoA/RoE of 2.3% and 14.2% respectively in FY28. It has a Neutral rating and a target price of Rs 120.
While competition in home loans could cap yields, Bajaj Housing’s scale, brand strength and distribution are expected to keep growth momentum steady. The company’s ability to sustain its pace of expansion while managing margins will be closely tracked by investors.
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