Bajaj HousingQ1 FY27
Bajaj Housing Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹84P/E: 26.2Market Cap: ₹70.7K CrSector: Finance
Management growth scorecard
Revenue
Category 3
Margin
Category 4
Fundraise
N/A
Order
N/A
Capex
N/A
0 of 2 growth signals are positive — mixed outlook.
Full analysisRevenue guidance
Category 3- →Industry growth for home loans was 9.4% in FY26; expected to stay in the 9%-10.5% range for FY27, slightly muted compared to historical 11%-12% growth.
- →Demand dynamics are stabilized or slightly muted due to real estate price stabilization, reducing pre-ponement of demand seen in previous years.
- →Portfolio disbursements have sharply increased, with Sambhav Housing's monthly disbursement rising from INR410-425 crores in Q4 to INR450-465 crores in Q1, targeting over INR600 crores in next 9 months.
- →Growth driven partly by widening and deepening in prime home loans with commercial businesses performing well.
- →Company growth is modest relative to overall market size; gains come from capturing a slightly larger share of expanding market rather than taking share from competitors.
- →Aggregate AUM for Q1 FY27 stands near INR1.5 lakh crores; highest ever quarterly growth at INR8,918 crores.
- →Overall sales/revenue growth expected to be steady but cautious due to stable interest rates and competitive pricing.
Margin guidance
Category 4- →**Loan Growth**: Expected to be similar or slightly muted around 9-10.5% industry growth, reflecting stabilized demand after previous preponement due to price hikes.
- →**NIM Guidance**: Projected moderation by 20-25 basis points in FY27 due to yield compression in a stable interest rate regime.
- →**Cost Efficiency**: Operating efficiency expected to improve slightly, with opex-to-NTI remaining sideways around 19-20%.
- →**Credit Costs**: Expected to be in the normal range of 10-15 bps for FY27.
- →**Asset Quality**: GNPA expected to remain healthy at 30-35 bps.
- →**Profitability**: ROA targeted at 2.1-2.3%, with ROE in the range of 12.5-13% for FY27.
- →**EPS/Profit Growth**: PAT grew 23% YoY in Q1; positive growth momentum expected driven by stable asset quality and efficiency gains.
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Fundraise plans
The transcript does not explicitly mention any current or future new fundraising plans through debt or equity for Bajaj Housing Finance Limited. However, some relevant points on borrowings and cost of funds are:
- Borrowing mix is well diversified across instruments and 18 banks.
- NCD mix improved sequentially by 2.6%, ICD by 10 bps, with offsetting moderation in bank borrowings by 2.5%.
- NHB refinance contribution reduced by 20 bps.
- Cost of funds moderated by 7 bps sequentially, with expectation of sideways to slightly downward trend in Q2.
No direct commentary on fresh debt or equity issuance or fundraising plans was referenced in the provided content.
Order book
The transcript provided does not contain specific information or data regarding the current or expected orderbook or pending orders for Bajaj Housing Finance Limited. The discussion primarily focuses on topics such as loan portfolio mix, disbursement figures, credit costs, market dynamics, margins, yield, and attrition rates, but does not mention orderbook or pending orders. Therefore, there is no available information in this transcript about orderbooks or pending orders.
Capex plans
The transcript on page 18 of the Bajaj Housing Finance Limited document dated July 29, 2026, does not explicitly mention any current or future capex, capital investments, or strategic investments. However, there are references to ongoing technological and digital initiatives including:
- Deployment of AI initiatives to improve internal controllership and efficiencies.
- Enhancements in customer experience and seamless mortgage journey through technology.
- Implementation of voice agents for lead generation, credit personal discussion call intelligence, collateral assessment intelligence, geo-analytics, AI customer assist platform, training platform, and AI interview agent for frontline hiring.
These technology investments aim to improve conversion rates, underwriting evidence, reduce collateral risk, and enhance capability building, indicating strategic investment in tech infrastructure rather than physical or large-scale capital expenditure mentioned explicitly.
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