Bajaj Housing Finance Q2 Disbursements Touch ₹19,930 Crore; AUM Grows 25% to ₹1,58,190 Crore

Market snapshot: Bajaj Housing Finance Limited has released its provisional business update for the second quarter ended September 30, 2026 (Q2 FY27), showcasing robust growth across key operational metrics. Gross quarterly disbursements grew significantly over the corresponding period of the previous financial year, accompanied by a double-digit expansion of assets under management. These provisional parameters underscore healthy business momentum and resilient demand in the housing credit segment.

Data Snapshot

• Gross quarterly disbursements stood at ₹19,930 crore in Q2 FY27 compared to ₹15,914 crore in Q2 FY26.
• Assets under management (AUM) grew 25% year-on-year to ₹1,58,190 crore as of September 30, 2026, up from ₹1,26,749 crore as of September 30, 2025.
• The sequential growth of AUM stood at ₹8,566 crore during Q2 FY27.
• Loan assets rose to ₹1,39,850 crore as of September 30, 2026, compared to ₹1,13,059 crore as of September 30, 2025.

What's Changed

• Gross disbursements grew ≈25.24% YoY (derived: ₹19,930 crore in Q2 FY27 vs ₹15,914 crore in Q2 FY26).
• Assets Under Management expanded ≈24.81% YoY (derived: ₹1,58,190 crore vs ₹1,26,749 crore as of September 30, 2025).
• Loan assets grew ≈23.7% YoY (derived: ₹1,39,850 crore vs ₹1,13,059 crore as of September 30, 2025).

Key Takeaways

• Gross quarterly disbursements rose over 25% YoY, showcasing steady loan origination efficiency.
• The loan assets portfolio added ₹26,791 crore in absolute terms over the last twelve months.
• Sequential addition of ₹8,566 crore to the company's AUM signals strong execution capability.
• Business momentum remains robust following the company's public listing.

SAHI Perspective

Bajaj Housing Finance's Q2 FY27 business update indicates a strong performance post-listing. The 25% YoY growth in assets under management reflects the company's deep penetration in prime housing segments. While mortgage players face heightened pricing competition from traditional commercial banks, Bajaj Housing Finance continues to scale its credit book aggressively. Sustaining high disbursement levels is crucial for offseting potential net interest margin pressure.

Market Implications

The robust business update will reinforce positive sentiment for the stock. Analysts will monitor the upcoming full financial release to assess whether the volume growth translates into stable profitability metrics and low credit costs. The double-digit growth in both AUM and loan assets reinforces the firm's position as a premium housing finance player.

Trading Signals

Market Bias: Bullish

The provisional Q2 FY27 performance demonstrates strong credit expansion with 25% YoY AUM growth to ₹1,58,190 crore and a 25.2% jump in disbursements to ₹19,930 crore, showing healthy business momentum.

Overweight: Housing Finance, NBFCs

Trigger Factors:

• Auditor review and formal release of detailed Q2 FY27 financial results
• Net interest margin trajectory and cost of funds development
• Asset quality indicators, particularly Gross and Net NPA ratios

Time Horizon: Near-term (0-3 months)

Industry Context

The domestic housing finance sector is experiencing stable demand, particularly in mid-and-premium residential segments. Large upper-layer HFCs benefit from deep distribution and parental group synergies. Although high cost of funds remains an industry-wide challenge, players with strong credit ratings maintain a structural advantage in securing low-cost wholesale capital.

Key Risks to Watch

• Potential compression of net interest margins due to competitive pricing pressure.
• Systemic increases in borrowing costs affecting retail HFCs.
• Any future regulatory changes on risk weightages or liquidity requirements for NBFCs.

Recent Developments

During the first quarter of FY27, Bajaj Housing Finance reported a 23% YoY increase in net profit to ₹715 crore, while its capital adequacy ratio stood strong at 21.59% as of June 30, 2026. On August 4, 2026, the company allotted secured redeemable NCDs aggregating to ₹1,885.0945 crore on a private placement basis. Additionally, on August 10, 2026, CRISIL ESG Ratings independently assigned a 'Crisil ESG 69' rating, classifying the company's ESG performance under the 'Strong' category.

Closing Insight

With strong scale-up capabilities and robust backing, Bajaj Housing Finance's robust operational update sets a positive tone for its forthcoming earnings scorecard.

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