Bajaj Housing Finance, one of India's largest mortgage lenders, heads into its Q2 FY 2026-2027 print with provisional AUM of about Rs. 1,58,190 Cr and disbursements of about Rs. 19,930 Cr already on the table. The key tensions for this quarter are the pace of NIM compression against management's guided 20-25 bps FY27 moderation, and whether the sequential rise in LAP and Developer Finance GNPA continued.
| Results date | October 16, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 19,509 Cr (Q1 FY27 disbursements) |
| Previous quarter PAT | Rs. 715 Cr (Q1 FY27, up 23% YoY) |
| Previous quarter NII | Rs. 968 Cr (Q1 FY27, up 9% YoY) |
| Market cap | Rs. 67,916.86 Cr |
| CMP | Rs. 81.51 |
The board is scheduled to meet on 16 October to consider unaudited standalone results for the quarter and half year ended 30 September 2026. The trading window remained closed from 1-18 October.
The Q2 print will test whether Bajaj Housing Finance's growth momentum can hold while margins compress, with the provisional 3 October update reporting AUM of about Rs. 1,58,190 Cr and gross disbursements of about Rs. 19,930 Cr, both stated as provisional and subject to statutory auditor review. Disbursements grew about 25% YoY against Rs. 15,914 Cr in Q2 FY26, tracking the upper half of management's 21-23% FY27 AUM growth assessment, which itself sits below the medium-term 24-26% range. The margin picture is the central tension: Q1 NIM fell 10 bps sequentially to 3.7% from 3.8%, and the company raised Rs. 9,116.68 Cr through seven secured NCD tranches between 4 August and 7 October 2026 at coupons of 7.53-7.87% p.a., above its Q1 blended cost of funds of 7.2%, pointing to sequential upward pressure on borrowing costs. Asset quality remains the second watch area, with headline GNPA at 0.29% inside the guided 30-35 bps band, but LAP GNPA rising from 0.46% to 0.62% and Developer Finance GNPA from 0.03% to 0.12% between March and June 2026. Management has also flagged money-market rate volatility, competitive pricing on new acquisitions and portfolio attrition as constraints, and the call is likely to cover the NIM bridge, the LAP cohorts question left unanswered at Q1, and Sambhav's progress toward its Rs. 600 Cr-plus monthly run-rate target.
Q2 FY27 reported numbers vs the provisional update: The 3 October provisional update set the bar for the audited print.
FY27 guidance tracking: NIM, opex, asset quality and returns
LAP and Developer Finance GNPA trajectory
Funding costs, NCD issuance and Sambhav run rate
Management has said LRD competition is higher than home-loan competition because customers have access to large lenders. Developer-finance decisions, by contrast, were described as risk-driven rather than competition- or pricing-driven.
At the Q4 FY26 call, the managing director said an ROA differential of about 10 bps could occur under NIM compression, subject to policy-rate and pass-through conditions. Q1 FY27 annualized ROA stood at 2.3%.
Management noted continuing competition from public- and private-sector banks in Q4 FY26, but the Q4 call summary records management expecting a potential decline in BT-out rates starting from May.
Management has assessed FY27 AUM growth at 21-23%, citing home-loan industry growth of 9-10.5%. The provisional Q2 update reported AUM of about Rs. 1,58,190 Cr against Rs. 1,26,749 Cr a year earlier, with Q1 FY27 AUM growth reported at 24% YoY.