Bajaj Housing Finance Limited has successfully concluded its postal ballot process with shareholders overwhelmingly approving the appointment of Shri Ajay Kumar Choudhary as an Independent Director. The voting process concluded on 11 April 2026, with the company announcing the results on 13 April 2026.

Appointment Details and Resolution

The shareholders approved the appointment of Shri Ajay Kumar Choudhary (DIN: 09498080) as an Independent Director for a term of five consecutive years with effect from 1 March 2026. This was passed as a Special Resolution through the postal ballot mechanism, demonstrating strong shareholder confidence in the appointment.

Voting Results and Participation

The postal ballot witnessed significant participation from shareholders across different categories. The detailed voting results demonstrate the overwhelming support for the resolution:

Additionally, 88 shareholders representing 1,69,264 votes abstained from voting, while no invalid votes were recorded during the process.

Category-wise Voting Breakdown

The voting pattern across different shareholder categories revealed strong support from all segments:

E-voting Process and Timeline

The remote e-voting facility was provided through KFin Technologies Private Limited's electronic platform. The voting period remained open from 9.00 A.M. (IST) on Friday, 13 March 2026 to 5.00 P.M. (IST) on Saturday, 11 April 2026. The cut-off date for determining eligible shareholders was Friday, 6 March 2026.

Regulatory Compliance and Documentation

The postal ballot process was conducted in compliance with Sections 108 and 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations, 2015. CS Sachin Bhagwat, Practicing Company Secretary, served as the Scrutinizer for the voting process and submitted his report on 12 April 2026. The company published advertisements in Financial Express (English) and Kesari (Marathi) newspapers on 13 March 2026, informing shareholders about the postal ballot process.

The resolution was deemed passed on 11 April 2026, the last date of e-voting, and was formally declared by Chairman Sanjiv Bajaj on 13 April 2026. This appointment strengthens the company's board composition with independent oversight as it continues its growth trajectory in the housing finance sector.

Bajaj Housing Finance faces headwinds according to JPMorgan's latest research coverage, with the global investment bank initiating an Underweight rating on the housing finance company. The brokerage has set a target price of ₹70, reflecting concerns about the company's current market positioning and valuation metrics.

Key Rating Concerns

JPMorgan's bearish stance stems from multiple operational and market factors affecting the housing finance sector. The investment bank highlighted slowing mortgage growth as a primary concern, indicating potential challenges in the company's core business expansion. Additionally, intense competition from PSU banks is creating pressure on market share and pricing dynamics in the housing finance space.

Valuation and Strategic Positioning

The research note emphasized that Bajaj Housing Finance is trading at what JPMorgan considers unsustainably rich valuations. Despite the significant premium valuations, the company's profitability metrics remain similar to peers, raising questions about the sustainability of current market pricing.

Strategic Shift and Market Dynamics

Bajaj Housing Finance is reportedly shifting towards higher-yield segments, which could indicate an attempt to improve margins amid competitive pressures. However, this strategic pivot comes at a time when the broader mortgage market is experiencing growth challenges.

Sector Preferences

JPMorgan's coverage extends beyond Bajaj Housing Finance, with the investment bank expressing different views on sector peers:

• PNB Housing Finance: JPMorgan shows preference for the turnaround potential at PNB Housing Finance
• LIC Housing Finance: The brokerage noted limited downside risks for LIC Housing Finance

This differential approach suggests JPMorgan sees varying risk-reward profiles across housing finance companies, with Bajaj Housing Finance facing the most challenging outlook among the covered entities.

Market Implications

The Underweight rating reflects JPMorgan's view that the stock may underperform relative to the broader market or sector indices. The ₹70 target price provides a specific benchmark for the investment bank's expectations regarding the company's near-term performance potential.