Bajaj Housing Finance Ltd. · NSE:BAJAJHFL
Bajaj Housing Finance — Investor Day (December 2025)
42 slides from Bajaj Housing Finance's investor day presentation, Dec 5, 2025
Slide 1: Investor Day Presentation
INVESTOR DAY PRESENTATION Atul Jain Managing Director 05 December 2025
Slide 2: Table of Contents
Table of Contents Industry Landscape 1 Industry Landscape Company Overview 2 Company Overview Half Year Gone By 3 Half Year Gone By Strategic Priorities 4 Strategic Priorities 2 2
Slide 3: Home Loans industry witnessed 13.7% CAGR from FY20 to FY25
Home Loans industry witnessed 13.7% CAGR from FY20 to FY25 which is expected to grow in the range of 14-16% till FY28 (₹ in Tn) 13.7% CAGR 14-16% CAGR 60.0-63.0 40.6 35.9 31.9 27.0 23.6 21.4 FY20 FY21 FY22 FY23 FY24 FY25 FY28P 3 3 Note: P- projected, Source: CRIF Highmark, Crisil Intelligence
Slide 4: Home Loans industry growth drivers and outlook to FY28
Home Loans industry witnessed 13.7% CAGR from FY20 to FY25 which is expected to grow in the range of 14-16% till FY28 (₹ in Tn) 13.7% CAGR 14-16% CAGR 60.0-63.0 • Housing finance sector remained resilient owing to Government impetus of “Housing for All”, rising per capita income, demand for larger h
Slide 5: Lender wise home loan market share skewed towards banks
Lender wise home loan market share remained skewed towards banks with moderation in HFC share from FY21-FY25 CAGR CAGR (FY23- (FY20- 3.5% 3.7% 3.8% FY25) FY25) 4.0% 4.5% 4.8% 1.5% 1.8% 1.9% 2.1% 2.4% 3.2% 22.8% 21.1% 38.3% 32.7% 21.3% 20.3% 19.4% 19.7% 18.4% 18.3% 8.8% 10.3% 34.3% 35.0% 36.4% 35.9%
Slide 6: Lender wise home loan market share: HFC share moderation
Lender wise home loan market share remained skewed towards banks with moderation in HFC share from FY21-FY25 CAGR CAGR (FY23- (FY20- 3.5% 3.7% 3.8% FY25) FY25) 4.0% 4.5% 4.8% 1.5% 1.8% 1.9% 2.1% 2.4% 3.2% 22.8% 21.1% 38.3% 32.7% 21.3% 20.3% 19.4% 19.7% 18.4% • Home loans market share continues to re
Slide 7: Table of Contents
Table of Contents Industry Landscape 1 Industry Landscape Company Overview 2 Company Overview Half Year Gone By 3 Half Year Gone By Strategic Priorities 4 Strategic Priorities 7 7
Slide 8: Consistent AUM growth trajectory over 8 years of operational journey
Consistent AUM growth trajectory over 8 years of operational journey 74.6% 63.1% Improved Opex to NTI 32.9% 27.7% 29.2% 25.7% from 74.6% to 20.3% 24.0% 20.8% 20.3% Healthy ROA 0.6% 1.1% 1.9% 1.5% 1.8% 2.3% 2.4% 2.4% 2.3% Lowest GNPA amongst 0.00% 0.05% 0.08% 0.35% 0.31% 0.22% 0.27% 0.29% 0.26% large
Slide 9: Strategic construct: Scalable balance sheet
Strategic construct for building sustainable business model CONSTRUCT Scalable Low Risk Deliver Full Mortgage Diversified Balance Sheet Business Model Reasonable Product Suite Borrowing Mix Return Our ambition is to become a large mortgage player Particulars FY25 AUM CAGR (FY20- hence scale is first
Slide 10: Strategic construct: Low risk business model
Strategic construct for building sustainable business model CONSTRUCT Scalable Low Risk Deliver Full Mortgage Diversified Balance Sheet Business Model Reasonable Product Suite Borrowing Mix Return Second important strategic construct is low risk orientation for the Company as we believe scale and ri
Slide 11: Strategic construct: Deliver reasonable return
Strategic construct for building sustainable business model CONSTRUCT Scalable Low Risk Deliver Full Mortgage Diversified Balance Sheet Business Model Reasonable Product Suite Borrowing Mix Return BHFL aims to deliver reasonable return, through an optimized mix of products which are scale builders a
Slide 12: Strategic construct: Full mortgage product suite
Strategic construct for building sustainable business model CONSTRUCT Scalable Low Risk Deliver Full Mortgage Diversified Balance Sheet Business Model Reasonable Product Suite Borrowing Mix Return BHFL operates in all segments and sub segments of mortgages to deliver scale, low risk and reasonable r
Slide 13: Strategic construct: Diversified borrowing mix
Strategic construct for building sustainable business model CONSTRUCT Scalable Low Risk Deliver Full Mortgage Diversified Balance Sheet Business Model Reasonable Product Suite Borrowing Mix Return NCD 48.3% Mortgage is a long-term asset business which requires Bank 36.6% long-term liabilities to avo
Slide 14: Company Overview - 2nd largest HFC offering full suite of mortgage products
Company Overview - 2nd largest HFC offering full suite of mortgage products RETAIL COMMERCIAL HOME LOANS LEASE RENTAL DISCOUNTING ▪ Salaried Prime Home Loan ▪ Commercial Lease Rental Discounting ▪ Self-employed & Professional Home Loan ▪ Retail Lease Rental Discounting ▪ Near Prime & Affordable Home
Slide 15: Focused metrics across products
Focused metrics across products RETAIL COMMERCIAL HOME LOANS LEASE RENTAL DISCOUNTING AUM 69,845 Cr AUM 27,290 Cr ▪ All home loan transactions ▪ Offering across specialized across all customer segments commercial assets ▪ Micro Market strategy for Locations 176 ▪ Diverse lessee base with focus Locat
Slide 16: Organization structure: Business verticals and horizontal functions
Organization structure: Business verticals having dedicated enabling functions and common horizonal functions 3 Business Verticals Retail Retail Commercial (Prime) (Non-Prime) (LRD and DF) Dedicated Sales teams for both Dedicated Sales teams for near prime Dedicated Sales teams for LRD and Dedicated
Slide 17: Organization structure: Business verticals and horizontal functions
Organization structure: Business verticals having dedicated enabling functions and common horizonal functions 3 Business Verticals Retail Retail Commercial (Prime) (Non-Prime) (LRD and DF) The internal organization structure is aligned basis customer segmentation i.e., Prime Dedicated Sales teams fo
Slide 18: How does BHFL acquire customers and continue to grow?
Housing finance is a matured industry which is dominated by banks with long presence in industry while BHFL is a late entrant in the highly competitive prime segment. This leads to the primary questions: How does BHFL get access and acquire customer?? and How will BHFL continue to grow?? 18 18
Slide 19: How BHFL connects with prospective customer
How BHFL connects with prospective customer Customer Acceptance Brand Strong brand recall and trust of “Bajaj” group Optimized Cost of Highest possible credit rating, consistent financial performance and active Fund treasury management delivering optimized COF to sustain competitive intensity Compet
Slide 20: How BHFL connects with prospective customer
How BHFL connects with prospective customer Customer Acceptance Brand Strong brand recall and trust of “Bajaj” group Doorstep service and faster processing Digital process from Optimized Cost of Highest possible credit rating, consistent financial performance and activeto loan processing onboarding
Slide 21: How will BHFL continue to grow
How will BHFL continue to grow Mortgages is very large industry with home loan portfolio itself having crossed 40 Lakh cr. in FY25 while BHFL’s total portfolio stood at 1.14 Lakh cr. which provides significant headroom of growth over medium term for the Company which will be tapped through: 1) Growi
Slide 22: Growth Across All Products - Guiding Principle for Product Growth
Growth Across All Products - Guiding Principle for Product Growth Though we focus on growing all products, our portfolio mix may have 2-3% movement within products as each product line has its specific role in the overall strategic construct to maintain scale, low risk and reasonable return. Accordi
Slide 23: Product wise Operating Strategy
Product wise Operating Strategy Home Loans (55.8%) LRD (21.8%) DF LAP (11.9%) (10.3%) 23 23
Slide 24: Omnichannel sourcing strategy for Prime and Non-Prime segments
Omnichannel sourcing strategy to cater both Prime and Non-Prime segments Omnichannel Sourcing Strategy Developer Aggregators sites Direct Selling Self- INDIRECT DIRECT Agents sourcing 46% 54% Channel Digital Partners Partners Digital Connectors Ecosystem Acquisition Mix between Prime and Non-Prime E
Slide 25: Distinct expansion strategies for both segments
Distinct expansion strategies for both segments PRIME SEGMENT NON-PRIME SEGMENT ✓ Scale driver ✓ Expansion of Customer segment ✓ Lower risk ✓ Yield Enhancer DEEPEN presence and increase wallet share WIDEN reach and operating segments DISTRIBUTION EXPANSION NON-TOP-6 ✓ Expanding presence beyond top-6
Slide 26: LRD Operating Strategy
LRD Operating Strategy Home Loans (55.8%) LRD (21.8%) DF LAP (11.9%) (10.3%) 26 26
Slide 27: Pristine Asset quality portfolio since inception
Pristine Asset quality portfolio since inception Role in Strategic Construct: ✓ Scale builder ✓ Lower risk portfolio ✓ Reasonable Return Thorough credit assessment of Three critical elements LESSOR LESSEE COLLATERAL ✓ Financial robustness of lessor SPV and ✓ Local real estate market assessment its p
Slide 28: DF Operating Strategy
DF Operating Strategy Home Loans (55.8%) LRD (21.8%) DF LAP (11.9%) (10.3%) 28 28
Slide 29: Differentiated sourcing strategy
Differentiated sourcing strategy Role in Strategic Construct: ✓ Key enabler for funnel expansion of retail home loans ✓ Return enhancer for the Company ✓ Full mortgage product suite coverage Key Differentiators in Sourcing Strategy ✓ Each location is bifurcated into micro markets basis current launc
Slide 30: Overarching Guard rails for minimizing risk
Overarching Guard rails for minimizing risk ✓ Interest repayment from day 1 during initial principal mortarium period as well ✓ ESCROW mechanism for project cash flows tracking with pre-defined sweep structure ✓ Sweep structure ensures principal run-down during moratorium period as well ensuring pea
Slide 31: LAP Operating Strategy
LAP Operating Strategy Home Loans (55.8%) LRD (21.8%) DF LAP (11.9%) (10.3%) 31 31
Slide 32: Enhancing wallet share for return enhancement
Enhancing wallet share for return enhancement Role in Strategic Construct: ✓ Return enhancer for the Company ✓ Full mortgage product suite coverage Key Differentiators ✓ Assessed income backed lending along with assessment of collateral value ✓ Diverse customer base with comfortable LTV levels Expan
Slide 33: Digital Capabilities
Digital Capabilities Mortgage is a process heavy business requiring multiple wet signatures, paperwork and multiple visits, however, with our aim to deliver seamless and consistent customer experience, we continue to introduce various digital initiatives to ease these processes and build operating e
Slide 34: Seamless Digital Journey from Origination to Service
Seamless Digital Journey from Origination --> Service Customer’s Entry into BHFL Ecosystem: Digital Customer Auto CAM having Sales Mobility App Partner Portal Onboarding Journey AA integration Simplified Onboarding Experience Faster Approval (Auto data fetching) and Analysis Developer sites Intermed
Slide 35: Encouraging penetration reflecting adoption of digital initiatives
Encouraging penetration reflecting adoption of BHFL’s digital initiatives Customer Onboarding E-Agreement SOA/ RPS / Interest Journey Penetration Penetration Certificate Downloaded through App ~93% of retail logins^ ~94% of retail agreements^ 42,000+ customers/ month* Loan agreements Sanction letter
Slide 36: Table of Contents
Table of Contents Industry Landscape 1 Industry Landscape Company Overview 2 Company Overview Half Year Gone By 3 Half Year Gone By Strategic Priorities 4 Strategic Priorities 36 36
Slide 37: Financial Snapshot and Current Update on Management Assessment for FY26
Financial Snapshot and Current Update on Management Assessment for FY26 ₹ in Crore Particulars Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY Key Financial FY26 Indicators Estimate Assets under management 1,26,749 1,02,569 24% 1,26,749 1,02,569 24% Loan Assets 1,13,059 89,878 26% 1,13,059 89,878 26% AUM Gr
Slide 38: Table of Contents
Table of Contents Industry Landscape 1 Industry Landscape Company Overview 2 Company Overview Half Year Gone By 3 Half Year Gone By Strategic Priorities 4 Strategic Priorities 38 38
Slide 39: Strategic Priorities
Strategic Priorities Optimize product mix with 2-3% movement in current portfolio mix Balanced while playing out between products and sub-segments basis risk- Product Mix adjusted return Increase Continue to invest in the deepening and widening strategy for 5% Home Loans market share in incremental
Slide 40: Dominant Mortgage Player
DOMINANT MORTGAGE PLAYER BHFL shall strive to continue building heft in the mortgage market through its execution and tech capabilities to garner incremental market share and deliver its medium-term AUM growth guidance with improved operating efficiencies while maintaining its asset quality. 40 40
Slide 41: Thank You
> 4 HOUSING FINANCE BAJAJ THANK YOU
Slide 42: Disclaimer
Disclaimer This presentation has been prepared by and is the sole responsibility of Bajaj Housing Finance Limited (referred to as the “Company” or “Bajaj Housing Finance” ) solely for information purposes, without regard to any specific objectives, financial situations or informational needs of any