Bajaj Housing Finance Ltd (BAJAJHFL)

Financial Services · Finance · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹82.92 ↓ 26.75% (1Y)

🎯 Key Takeaways

Bajaj Housing Finance Ltd is in a deliberate capital structure optimization phase, leveraging its strong promoter backing and consistent profitability to raise long-term, asset-backed debt via non-convertible debentures (NCDs). The company is not expanding operations but strategically fortifying its balance sheet with low-cost, secured borrowings at fixed rates, signaling a focus on financial stability over growth acceleration.
Revenue grew 5.5% QoQ to ₹3,063 in Q1FY27.
⚠️ 1) High leverage (D/E of 4.60x) increases financial vulnerability if operating cash flows were to weaken. 2) Overreliance on debt markets for funding,

Market Cap

₹69,092

P/E Ratio

25.7

P/B Ratio

3.07

ROE

11.9%

ROCE

8.3%

Debt/Equity

4.60

Promoter

86.7%

✨ Ask AI About BAJAJHFL 📊 Interactive Charts

📖 The Story

Bajaj Housing Finance Ltd is in a deliberate capital structure optimization phase, leveraging its strong promoter backing and consistent profitability to raise long-term, asset-backed debt via non-convertible debentures (NCDs). The company is not expanding operations but strategically fortifying its balance sheet with low-cost, secured borrowings at fixed rates, signaling a focus on financial stability over growth acceleration.

📰 What's Happening

In August 2026, the company executed three separate private placements of secured NCDs totaling over Rs 3,238 crore, raising funds at fixed coupons between 7.53% and 7.87% with maturities extending to 2031, 2029, and 2036. These issuances are fully asset-backed by book debts and carry first pari-passu charges, enhancing creditor security. Management has not announced any new business initiatives or operational expansions; instead, the focus has been on refinancing and balance sheet strengthening through disciplined debt management.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	2,755	2,884	2,903	3,063
Operating Profit	833	878	866	929
OPM %	30.2%	30.4%	29.8%	30.3%
Net Profit	643	665	669	715
EPS	₹0.77	₹0.80	₹0.80	₹0.86

Operating performance remains stable with sequential growth in revenue and operating profit over the past four quarters, maintaining healthy operating margins around 30%. Net profit and EPS have risen steadily from Rs 643 crore to Rs 715 crore, reflecting consistent earnings power. This financial resilience supports the company's debt-raising strategy, as strong cash flow generation enables comfortable servicing of new NCD obligations without compromising liquidity or operational funding needs.

🔮 Management Outlook & What's Next

Management has not provided forward-looking operational guidance or growth targets in recent filings, focusing instead on capital management and debt servicing. The absence of expansion-related commentary suggests a conservative stance, with no indication of new business lines or capacity additions. The company’s communication remains centered on maintaining financial discipline, optimizing capital structure, and ensuring timely interest and principal repayments on NCDs.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	8,328	8,328	8,329	8,329
Reserves	10,457	11,619	12,852	14,194
Borrowings	74,475	82,072	94,061	1.04 L Cr
Total Liabilities	93,799	1.03 L Cr	1.16 L Cr	1.27 L Cr
Fixed Assets	88	100	103	154
Investments	1,633	2,533	2,129	2,502
Total Assets	93,799	1.03 L Cr	1.16 L Cr	1.27 L Cr

The balance sheet reflects a stable but increasingly leveraged capital structure, with total borrowings rising from Rs 82,072 crore to Rs 1.04 lakh crore over two years while equity remains flat at approximately Rs 8,329 crore. This has increased the debt-to-equity ratio from 4.45x to 4.60x, indicating a strategic shift toward higher financial leverage. However, the secured nature of the NCDs and asset-backed collateral mitigate credit risk, and the company maintains sufficient asset coverage to support its borrowing levels.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	-19,895
Investing	-1,202
Financing	+21,197
Net Cash Flow	+100

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	88.7%	86.7%	86.7%	86.7%
FII	0.9%	0.9%	1.0%	0.9%
DII	0.5%	1.4%	1.2%	1.0%
Public	8.9%	9.8%	10.0%	10.2%
# Shareholders	24,45,280	24,28,409	23,64,074	23,15,861

Promoter holding remains stable at 86.7% over the past year, suggesting confidence in long-term prospects. Institutional interest is growing, with FII allocation rising from 0.9% to 0.98% and DII from 0.54% to 1.18%, while the number of public shareholders has slightly declined. The modest rise in institutional participation may reflect increasing recognition of the company’s disciplined capital management, though overall foreign and domestic institutional ownership remains low.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
BAJFINANCE	6.56 L Cr	32.2	10.4%	18.1%	3.82
BAJAJFINSV	3.15 L Cr	31.0	11.4%	26.5%	5.50
SHRIRAMFIN	2.49 L Cr	18.7	11.5%	17.1%	3.80
TATACAP	1.56 L Cr	28.6	8.4%	12.3%	5.28
JIOFIN	1.56 L Cr	73.3	2.3%	1.6%	0.17
CHOLAFIN	1.55 L Cr	26.7	9.3%	18.9%	6.93
ICICIAMC	1.50 L Cr	30.0	111.5%	83.6%	0.00
BAJAJHLDNG	1.26 L Cr	14.3	12.4%	12.3%	0.00
MUTHOOTFIN	1.17 L Cr	10.3	14.4%	29.3%	3.88
SBIFUNDS	1.16 L Cr	—	—	—	0.00

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN TATACAP JIOFIN

⚠️ Risk Factors

1) High leverage (D/E of 4.60x) increases financial vulnerability if operating cash flows were to weaken. 2) Overreliance on debt markets for funding, with over Rs 3,200 crore raised via NCDs in August 2026 alone, raises concerns about refinancing risk upon maturity. 3) Limited operational growth or revenue diversification, with revenue growth stagnant over the past year despite stable margins, suggesting the business may be maturing or facing headwinds. 4) Low institutional and public shareholding concentration, which could amplify volatility if any major stakeholder exits.

📋 Recent Filings

🧠 Analyst's Read

Bajaj Housing Finance is executing a capital structure optimization strategy amid stable but flat operating performance, prioritizing financial resilience over growth. Investors should monitor future NCD issuances, refinancing timelines, and any shift in management’s stance toward operational expansion or deleveraging.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on BAJAJHFL

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when BAJAJHFL files new disclosures

Track BAJAJHFL filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track BAJAJHFL — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd