Shares of Bajaj Housing Finance slipped around 1 per cent in late morning trade on Tuesday, even as the company reported steady growth in its March quarter earnings. The stock fell to ₹89.89 on the NSE at 11.24 am, down from the previous close of ₹91.07 after opening at ₹91.70. During the session, it touched an intraday high of ₹93.

The company posted a profit after tax of ₹669.19 crore for the quarter ended March 2026, up 14 per cent y-o-y from ₹586.68 crore in the same quarter last year. Total revenue from operations rose to ₹2,902.61 crore compared with ₹2,504.05 crore a year ago, reflecting continued business momentum.

For the full financial year FY26, PAT came in at ₹2,560.34 crore, marking an 18.3 per cent increase y-o-y from ₹2,162.90 crore in the previous year.

In a separate stock exchange filing, the company informed about the allotment of NCDs aggregating to ₹1008.3292 crore.

Global brokerage Morgan Stanley highlighted that management commentary remained positive with a strong growth outlook, with the company aiming to grow at nearly twice the industry rate. It noted that net interest margins are expected to remain stable in Q1, with mild compression likely in FY27. The brokerage added that a potential repo rate hike could support margins due to the company’s floating rate loan book.

However, it flagged some near-term pressures, with reported NIM declining 12 basis points q-o-q to 3.8 per cent, impacted by competitive pricing and a shift in loan mix. Borrowing costs stood at around 7.3 per cent, showing a marginal q-o-q decline.

On asset quality, the brokerage said performance remained stable, with gross non-performing assets at 27 basis points and no visible stress across portfolios. It also pointed to improving delinquencies, although an increase in stage 2 provisioning was attributed to a cautious stance amid macro uncertainties. Credit costs stood at 16 basis points and are expected to normalise lower going ahead, though elevated competition from banks in the home loan segment continues to be a key overhang.

Published on April 28, 2026