Current/ Expected Orderbook/ Pending Orders?

The transcript does not explicitly mention the current or expected orderbook or pending orders for Bajaj Housing Finance Limited. Discussions primarily focus on project numbers related to financed projects: Atul Jain corrected Shreepal Doshi that the number of projects financed is 798, not 758. No specific figures on orderbooks or pending orders were provided. The conversation centers around enquiry to conversion rates, sales slowdowns, inventory ratios, and financing costs, but not orderbook data. Hence, detailed or quantified current or expected orderbook or pending orders information is not

Any current/future new fundraising through debt or equity?

No plan to raise new capital (equity) in FY26 as leverage is at 5.1-5.2, and it is not advisable to raise money below 7.5 leverage. No primary equity issuance expected for the next 1.5-2 years. Possibility of a secondary offering from Bajaj Finance shareholders could be considered later, but no direct primary fundraise planned. On debt side, the company actively manages ALM and liabilities but specific new debt fund raising plans are not mentioned explicitly in the text. The company raised variable and fixed rate NCDs last year; the borrowing mix is well diversified with instruments like mon

Any current/future capex/capital investment/strategic investment?

No plans to raise new capital in FY26 as leverage is 5.1-5.2, and raising money below 7.5 leverage is not advisable for a mortgage company. No primary capital raising expected for the next 1.5 to 2 years. Potential consideration for secondary offerings by Bajaj Finance shareholders at the appropriate time. Continued investment in management team and expansion efforts, particularly in the Near Prime and Affordable Housing SBU and non-top six markets. Incremental investments are focused on organic growth rather than acquisitions in the affordable/near prime segment. Strategy includes building pu

Future growth expectations in sales/revenue/volumes?

The company expects sustained growth with a 26% AUM growth as of March 31, 2025. Home Loans grew by 22%, Loan Against Property (LAP) by 28%, Lease Rental Discounting (LRD) by 24%, and Developer Finance by 49% in the recent quarter. Disbursements increased by 25% YoY for the quarter. Near Prime and Affordable Housing segment (SBU) is growing steadily and aligned with future business goals, focusing on organic growth. The developer finance portfolio shows no structural decline in conversion rates despite fewer launches. Management plans to invest in expanding the SBU and non-top six markets for

Future growth expectations in earnings/operating earnings/profits/EPS?

Net Total Income grew by 23% in FY25; Pre-provisioning Operating Profit up 28% YoY; PAT grew 25% for the year. Management expects some moderation in quarterly growth rates as the company scales, reflecting natural normalization post high growth phase. Focus on organic growth in affordable and near prime segments with limited reliance (10-12%) on balance transfers to build a strong purchase transaction mix. Continued investment in management and new business units (Near Prime, Affordable Housing, and non-top six markets) to support future growth. Anticipates 10-15 bps NIM compression ne

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Bajaj Housing Finance LtdQ1 FY25Finance

Bajaj Housing Finance Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹87.5P/E: 28.3Market Cap: ₹72.6K CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

N/A

Capex

0 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→The company expects sustained growth with a 26% AUM growth as of March 31, 2025.
→Home Loans grew by 22%, Loan Against Property (LAP) by 28%, Lease Rental Discounting (LRD) by 24%, and Developer Finance by 49% in the recent quarter.
→Disbursements increased by 25% YoY for the quarter.
→Near Prime and Affordable Housing segment (SBU) is growing steadily and aligned with future business goals, focusing on organic growth.
→The developer finance portfolio shows no structural decline in conversion rates despite fewer launches.
→Management plans to invest in expanding the SBU and non-top six markets for future growth.
→Cost efficiencies are improving with OPEX to NTI reducing from 27.1% to 21.7% in Q4 FY25.
→They anticipate a 10-15 bps compression in net interest margin due to cost and yield dynamics but expect profitability to be maintained through portfolio mix benefits.

Margin guidance

Category 3

→Net Total Income grew by 23% in FY25; Pre-provisioning Operating Profit up 28% YoY; PAT grew 25% for the year.
→Management expects some moderation in quarterly growth rates as the company scales, reflecting natural normalization post high growth phase.
→Focus on organic growth in affordable and near prime segments with limited reliance (10-12%) on balance transfers to build a strong purchase transaction mix.
→Continued investment in management and new business units (Near Prime, Affordable Housing, and non-top six markets) to support future growth.
→Anticipates 10-15 bps NIM compression next year due to market dynamics but plans to mitigate through asset mix changes and higher developer finance share.
→OPEX to NTI improved to 21.7% in Q4 FY25; cautious spending on strategic areas to sustain growth and quality.
→The company maintains medium-term guidance without changes, indicating steady growth trajectory.

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Fundraise plans

→No plan to raise new capital (equity) in FY26 as leverage is at 5.1-5.2, and it is not advisable to raise money below 7.5 leverage.
→No primary equity issuance expected for the next 1.5-2 years.
→Possibility of a secondary offering from Bajaj Finance shareholders could be considered later, but no direct primary fundraise planned.
→On debt side, the company actively manages ALM and liabilities but specific new debt fund raising plans are not mentioned explicitly in the text.
→The company raised variable and fixed rate NCDs last year; the borrowing mix is well diversified with instruments like money market, bank borrowings, and NHB refinance.
→Any future debt raising will be decided based on interest rate views and calibrated cost-benefit analysis.

Order book

→The transcript does not explicitly mention the current or expected orderbook or pending orders for Bajaj Housing Finance Limited.
→Discussions primarily focus on project numbers related to financed projects: Atul Jain corrected Shreepal Doshi that the number of projects financed is 798, not 758.
→No specific figures on orderbooks or pending orders were provided.
→The conversation centers around enquiry to conversion rates, sales slowdowns, inventory ratios, and financing costs, but not orderbook data.
→Hence, detailed or quantified current or expected orderbook or pending orders information is not disclosed in the provided transcript.

Capex plans

→No plans to raise new capital in FY26 as leverage is 5.1-5.2, and raising money below 7.5 leverage is not advisable for a mortgage company.
→No primary capital raising expected for the next 1.5 to 2 years.
→Potential consideration for secondary offerings by Bajaj Finance shareholders at the appropriate time.
→Continued investment in management team and expansion efforts, particularly in the Near Prime and Affordable Housing SBU and non-top six markets.
→Incremental investments are focused on organic growth rather than acquisitions in the affordable/near prime segment.
→Strategy includes building purchase transaction mix over riskier balance transfers.
→Investment activities also include opportunistic portfolio purchases for margin expansion.

How does Bajaj Housing Finance Ltd rank vs peers in Finance?

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