Bajaj Housing Finance has released the transcript of its Q3 FY26 earnings conference call, held on February 2, 2026. The company reported a 23% YOY growth in AUM, reaching ₹1.33 lakh crore. PAT increased by 21%, with annualized ROA at 2.3% and ROE at 12.3%. The transcript provides detailed insights into the company’s financial performance, strategic decisions, and future outlook as discussed by management during the call.
AUM and Profitability
In Q3 FY26, Bajaj Housing Finance reported strong growth in both AUM and profitability. The company’s AUM reached ₹1.33 lakh crore, a 23% increase YOY, driven by continued momentum in disbursements. PAT grew by 21%, resulting in an annualized ROA of 2.3% and an ROE of 12.3%.
Asset Quality and Operating Efficiency
The company maintained healthy asset quality during the quarter. GNPA stood at 27 bps, and NNPA improved to 11 bps. Annualized credit cost was 19 bps. Operating efficiency also improved, with OPEX to NTI at 19%, excluding a one-time exception item.
AUM Growth and Product Performance
Overall AUM addition for Q3 FY26 was ₹6,664 crores. Growth across different product segments was as follows: Home Loans grew by 18%, LAP by 32%, LRD by 39%, and developer financing by 18%. Disbursements for the quarter increased by 32% YOY, reaching ₹16,545 crores.
Cost of Funds and Net Interest Margin
Cost of funds improved by 50 bps YOY, decreasing from 7.9% in Q3 FY25 to 7.3% in Q3 FY26. However, on a sequential basis, cost of funds increased by 5 bps. Net interest margin remained stable at 4%.
Sambhav Loans SBU
The Sambhav loans SBU, focused on near-prime and affordable housing, has reached a monthly disbursal run rate of ₹325-350 crores. The company aims to increase this to over ₹600 crore in the next 12-15 months. This SBU operates in 73 urban locations and 72 tier 4/rural locations.
Borrowing Mix
The company maintains a well-diversified borrowing mix, enabled by relationships with 18 banks and a AAA/stable credit rating. Bank borrowing mix increased by 2.8% sequentially, while NCD mix decreased.
Source: BSE
