Bajaj Housing Finance: Beat is all provisions, growth guidance conservative; stay Neutral

研报英文原文证据摘录

Bajaj Housing Finance: Beat is all provisions, growth guidance conservative; stay Neutral

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

30 July 2026

Bajaj Housing Finance Neutral

BAJO.NS, BAJAJHFL IN

Beat is all provisions, growth guidance conservative; Price (29 Jul 26):Rs87.63

stay Neutral Price Target (Sep-27):Rs85.00

Bajaj Housing reported 1QFY27 PAT of Rs7.15bn, up 23% y/y, 7% q/q, and 4/5% India Financials and Property

ACahead of JPMe/Street. The beat was driven entirely by credit costs of 5bps (one-off Gaurav Khandelwal, CFA

included), with PPoP in-line. BHFL announced FY27 AUM growth guidance of (91-22) 6157-3575

21-23% (JPMe 24%; Street ~23%), NIM moderation of 20-25bps y/y (asset-yield gaurav.khandelwal@jpmorgan.com

led), GNPA of 30-35bps and credit cost of 10-15bps, with RoA of 2.1-2.3% and J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

RoE of 12-13%. We expect limited revisions to Street forecasts post-results, Registration: INH000001873, (91-22) 6157-3000.

though we think AUM growth could overshoot the guidance if the incipient easing Harsh Wardhan Modi

in home-loan BT-out sustains. The strong AUM/disbursement growth was (65) 6882-2450

announced on 2nd July (link), and hence we expect muted stock action following harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

today's print. The stock appears fairly valued at 2.86x/24.6x FY27 PE/PB. J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Maintain Neutral. Morgan Broking (Hong Kong) Limited

Anuj Singla

• Growth and Non-II beat, NIM misses: Disbursements grew 33% y/y (+11% (91-22) 6157-3590

q/q), with home-loan AUM growth accelerating to 20% y/y (from 18% in 4Q), anuj.singla@jpmchase.com

the fastest in recent quarters.