NSE BAJAJHFLCRISIL AAA, stableIndia Ratings AAA, stableCredit ratingA grade for how safely a company can repay what it borrows. AAA is the highest grade. A stable outlook means the agency does not expect to change it soon.It sets how cheaply the company can borrow, and so how cheaply it can lend.Housing finance companyMid-capMid-capAMFI ranks listed companies by market value twice a year: the 100 largest are large-cap, the next 150 mid-cap. Bajaj Housing Finance was large-cap from February 2025 and moved to mid-cap in the December 2025 review.Mutual funds sort the shares they may buy by this list, so the class shapes which funds can hold it.
A large housing lender from Pune that is growing faster than most rivals. It charges borrowers some of the lowest rates, which leaves it a thinner margin, and it has the fewest bad loans of the 17 HFCs that report them.
AUMAUMAll the loans it manages, as each lender reports it. That can include loans it has sold to other lenders but still collects.The usual way to measure how big a lender is. The typical HFC is the middle of the 19 that report this: half are above it, half below.Loan book₹1,14,684 CrLent ₹50,843 Cr of new loans in the year
AUM growth YoYAUM growth YoYHow much the loan book grew over the year.Fast growth wins customers, but the loans still have to be repaid. The typical HFC is the middle of the 18 that report this: half are above it, half below.Higher is betterLoan book growth26.0%The typical HFC grew 20.0%
7th fastest of 18Where it stands
Where it standsEach mark is one of the 19 HFCs that report AUM for the year, smallest on the left. Filled marks are the lenders it is bigger than; its own mark is dark. Point at a mark to see which HFC it is.Yield on loansYield on loansThe average interest rate it earned on its loans over the year.A low rate is good for borrowers but leaves the lender a thinner margin. The typical HFC is the middle of the 18 that report this: half are above it, half below.Rate it charges3rd lowest of 18
9.84%Borrows at 7.91%, keeps a gap of 1.93%GNPAGNPALoans more than 90 days overdue, or unlikely to be repaid in full, as a share of all loans.The clearest sign of how good its lending is. The typical HFC is the middle of the 17 that report this: half are above it, half below.Lower is betterBad loans, Gross Stage 3Lowest of 17
0.29%The typical HFC: 1.81%#2of 19 HFCs by loan book
Only one HFC is larger
Amounts in
Capital at a glance
FY 2024-25, ranked against the HFCs that report each metricCapital ratioCapital ratioIts own capital as a share of its loans, weighted by risk. RBI requires at least 15%.A cushion that absorbs losses. Higher is safer. The typical HFC is the middle of the 17 that report this: half are above it, half below.Higher is better28.24%of loans, weighted by riskRBI minimum 15%WeakerTypical HFC 34.92%Stronger
Core capital ratioCore capital ratioIts strongest capital, mostly money from shareholders, as a share of risk-weighted loans. RBI requires at least 10%.The first cushion against losses. The typical HFC is the middle of the 17 that report this: half are above it, half below.Higher is better27.72%of loans, weighted by riskRBI minimum 10%WeakerTypical HFC 33.67%Stronger
Debt to equityDebt to equityRupees borrowed for every rupee of its own money.More debt lifts returns in good years and adds risk in bad ones. The typical HFC is the middle of the 18 that report this: half are above it, half below.Lower is better4.70×4th highest of 18WeakerTypical HFC 2.92×Stronger
LiquidityLiquidityCash and easy-to-sell assets held against payments due soon, as the company reports it.Shows it can meet the payments it owes in the near term. The typical HFC is the middle of the 15 that report this: half are above it, half below.Higher is better192.8%7th highest of 15WeakerTypical HFC 170.6%Stronger
How it is funded
31 Mar 2025Borrowings fund 79.8% of assets. Over the year the company leaned more on bonds: NCDs went from 37.6% of borrowings in Q1 to 46.0%.
Borrowings79.8%Net worth19.4%Other liabilities0.8%
Borrowings by source
Q1 FY25
FY 2024-25
Bonds (NCDs)BanksNational Housing Bank refinanceCommercial paperOther
₹ croreQ1 FY25FY 2024-25Change
Bonds (NCDs)27,59637,525+36.0%
Bank loans34,91133,696−3.5%
National Housing Bank refinance8,7998,372−4.8%
Commercial paper1,8392,241+21.9%
Securitised loansn/a319
Total borrowings73,34782,072+11.9%
Quarter by quarter
Capital ratio (CRAR), per cent. Up 4.42 percentage points from Q1 to Q4.
0%
10%
20%
30%
40%
RBI minimum 15%
Bajaj 28.24%
Jun 2024Q1 FY25Sep 2024Q2 FY25Dec 2024Q3 FY25Mar 2025Q4 FY25
Bajaj
Every quarter in FinancialsCapital ratio, every HFC
Best first, 17 HFCs reporting1Locked lender, pending review75.92%
2Locked lender, pending review60.59%
3Locked lender, pending review59.35%
4Locked lender, pending review54.16%
5Locked lender50.55%
6Locked lender47.75%
7Locked lender44.50%
8Locked lender, pending review37.09%
9Locked lender, pending review34.92%
10Locked lender, pending review32.80%
11Locked lender, pending review30.56%
12Locked lender, pending review29.52%
13Locked lender29.38%
14Bajaj Housing Finance28.24%
15Locked lender, pending review25.08%
16Locked lender, pending review23.20%
17Locked lender, pending review16.54%
Typical HFC 34.92%Pending review
Maturity profile
31 Mar 2025What falls due to it within a year roughly matches what it owes in that time. The gap widens to 10.5% by three years and closes by five.
Up to 1 year₹31,327 Cr in, ₹31,491 Cr out−0.5%
1 to 3 years₹36,550 Cr in, ₹44,312 Cr out−10.5%
3 to 5 years₹24,097 Cr in, ₹16,210 Cr out0.0%
Over 5 years₹39,544 Cr in, ₹39,505 Cr out0.0%
- Liquidity buffer
- ₹2,394 Cr
- Next 30 days
- 15% more due in than out
Behaviouralised ALM from the Q4 FY25 investor presentation. The running gap is money due in less money due out so far, as a share of money due out; RBI allows a shortfall of up to 20% over the first 30 days.