Bajaj Housing Finance Ltd – Q4 FY26 Results Analysis

key financial highlights

• Revenue from Operations:
  • Total Income (Q4 FY26): ₹2,902.61 Cr
    • QoQ Change: +0.65%
    • YoY Change: +15.91%
  • Previous Quarter (Q3 FY26): ₹2,883.72 Cr
  • Previous Year (Q4 FY25): ₹2,504.05 Cr
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹669.19 Cr
    • QoQ Change: +0.65%
    • YoY Change: +14.07%
  • Previous Quarter (Q3 FY26): ₹664.89 Cr
  • Previous Year (Q4 FY25): ₹586.68 Cr
• QoQ Performance
  • Revenue Trend: Flat to Slightly Positive
  • Profit Trend: Stable

Margin Analysis

Key Drivers:

• Rising finance costs (₹1,761.96 Cr, major expense driver)
• Increase in impairment on financial instruments
• Stable operating income growth offsetting cost pressure

Key Signal: Margins are under pressure, indicating cost of funds is rising faster than yield expansion

Earning quality check

Drivers:

• Strong growth in interest income (₹2,707 Cr)
• Increase in loan book (₹1.23 lakh Cr)
• Rising impairment charges

Interpretation:

• Earnings are core-operating driven, but rising credit cost and finance cost indicate moderate quality pressure

balance sheet Analysis

• Total Assets: ₹1,27,147 Cr
• Total Liabilities: ₹1,04,624 Cr

Insight:

• Strong loan book expansion (~24% YoY)
• Borrowings increased significantly → indicates aggressive growth strategy
• Liquidity improved (cash ₹161.8 Cr vs ₹61.6 Cr YoY)

key risks

• Rising interest rates impacting margins
• Increasing credit cost / impairments
• Heavy dependence on borrowed funds
• NBFC sector liquidity sensitivity

management strategy signals

Focus Area:

• Aggressive loan book expansion
• Focus on interest income growth
• Strengthening capital base & liquidity

Financial Metrics

Quarterly Performance Context