Bajaj Housing Finance has allotted 95,500 secured redeemable Non-Convertible Debentures (NCDs) aggregating to ₹955.00 crore on a private placement basis, with each NCD issued at a face value of ₹1,00,000. The allotment was approved by the company's Debenture Allotment Committee at its meeting held on 12 May 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

NCD Allotment Details

The key parameters of the NCD allotment are outlined below:

Coupon Payment Schedule

The NCDs carry an annual coupon of 7.90% per annum, with interest payments scheduled annually over the tenure of the instrument. The complete schedule of coupon and principal payments is as follows:

Security and Instrument Overview

Secured redeemable NCDs are debt instruments backed by the issuing company's assets, offering investors a fixed return over the tenure of the instrument. The repayment of these debentures, along with interest and all other related monies, will be secured by a first pari-passu charge on book debts and loan receivables. The security cover is equivalent to 1.00 time the aggregate outstanding value of debentures issued under the General Information Document dated 2 July 2025. No special rights, interests, or privileges are attached to the instrument, and there are no reported delays or defaults in payment obligations.

Bajaj Housing Finance Limited filed its FY26 investor presentation with BSE Limited and the National Stock Exchange of India Limited on 11 May 2026, pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation, prepared for analysts and institutional investors, covers the company's operational journey, strategic construct, financial performance, and digital capabilities. It has also been made available on the company's website under the 'Investor Presentation – FY26' section.

Financial Performance: FY26 and Q4 FY26 Highlights

Bajaj Housing Finance delivered strong financial results for FY26, surpassing several of its own initial assessment targets. The following table summarizes the key financial metrics for FY26 and Q4 FY26:

Key Ratios

The table below presents key operating and asset quality ratios for Q4 FY26 and the full year:

FY26 Initial Assessment vs. Actual Performance

The company's actual FY26 outcomes were measured against its initial assessment targets across key financial indicators. Bajaj Housing Finance met or exceeded its targets on most parameters, as detailed below:

AUM Growth Trajectory and Peer Comparison

Bajaj Housing Finance has recorded a 58% CAGR in AUM since inception, growing from ₹3,570 Cr in FY18 to ₹1,40,706 Cr in FY26. The company's five-year CAGR of 29% compares favorably against peers in the housing finance segment. The presentation also highlights key milestones, including crossing the ₹25,000 Cr, ₹50,000 Cr, and ₹1,00,000 Cr AUM milestones at various stages of its operational journey.

Strategic Construct and Business Model

Bajaj Housing Finance operates as the 2nd largest Housing Finance Company (HFC) offering a full suite of mortgage products, including Home Loans (54.1% of portfolio), Lease Rental Discounting or LRD (10.8%), Developer Financing or DF (22.4%), and Loan Against Property or LAP (11.5%), with 1.2% in others as of 31st Mar'26. The company's strategic framework is built around four pillars:

• Scale: Prime home loans and LRD serve as anchor products, with a target to increase incremental home loan market share from ~2.5–2.7% to 5%.
• Low Risk: Maintaining GNPA in the range of 40–60 bps as portfolios mature, with annualized credit cost of 20–25 bps.
• Reasonable Return: An optimum product mix including ~12% construction finance, ~11% LAP, and Sambhav home loans constituting 12% of home loans, targeting ROA of 2.0–2.2% and ROE of 13–15%.
• Full Mortgage Product Suite: Coverage across all mortgage segments and sub-segments to deliver scale, low risk, and reasonable return.

On the liability side, the borrowing mix comprises NCDs at 43.9%, bank borrowings at 40.8%, NHB at 10.0%, and Commercial Paper at 5.3%, with the company focused on enhancing long-tenor borrowing for ALM management.

Industry Context

The home loans industry recorded a 13.4% CAGR from FY20 to FY26E, with growth expected in the range of 14–16% till FY28, according to CRIF Highmark, Crisil Intelligence, and company estimates. The lender-wise market share has remained skewed towards banks, with moderation in HFC share from FY21 to FY25. The total home loan portfolio is estimated in excess of ₹45 Lakh Cr, against which Bajaj Housing Finance's total portfolio stood at ₹1.41 Lakh Cr, indicating significant headroom for medium-term growth.