India Housing Finance: This quarter is all about growth; upgrading Bajaj HF to Neutral and placing on Positive Catalyst Watch

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India Housing Finance: This quarter is all about growth; upgrading Bajaj HF to Neutral and placing on Positive Catalyst Watch

J P M O R G A N Asia Pacific Equity Research

03 July 2026

India Housing Finance

This quarter is all about growth; upgrading Bajaj HF to

Neutral and placing on Positive Catalyst Watch

We expect loan growth to be the key stock price driver in the upcoming 1Q27 India Financials and Property

ACresults. Our discussions point to easing balance transfer-out/refinancing trends, Gaurav Khandelwal, CFA

helped by expectations of mortgage rates bottoming and, in part, 1Q seasonality. (91-22) 6157-3575

NIMs are likely to contract q/q across the board, while AQ should remain benign. gaurav.khandelwal@jpmorgan.com

We upgrade Bajaj HF to N (from UW) and place it on Positive Catalyst Watch, as J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

we expect loan growth guidance to beat expectations (FY27E Street/JPM: 22/25%; Registration: INH000001873, (91-22) 6157-3000.

1QFY27A 24% y/y) alongside prudent CoF management this quarter. We believe Harsh Wardhan Modi

the franchise is best-in-class and warrants a premium, which we see as adequately (65) 6882-2450

reflected in 21x/2.55x FY28E PE/PB. PNB HF remains our top pick, while we are harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

Neutral on LIC HF. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

• It's all about Growth: Disbursements, BT-out trends and the competitive Anuj Singla

landscape should continue to dominate discussions, in our view. System (91-22) 6157-3590

mortgage data shows 10% y/y loan growth at HFCs in April-26 vs. 6-7% avg anuj.singla@jpmchase.com

in last 6M (Table 4), with market share holding steady.