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
Governance at a glance
FY 2024-25 annual report, against the HFCs that report each oneBoard sizeBoard sizeDirectors on its board at the annual report.Neither better nor worse in itself. The typical HFC is the middle of the 18 that report this: half are above it, half below.7directors7th smallest of 18LowerTypical HFC 8Higher
Independent directorsIndependent directorsDirectors with no ties to the company or its owners, as a share of the board.They check management on behalf of all shareholders. The typical HFC is the middle of the 18 that report this: half are above it, half below.Higher is better57.1%of the board7th highest of 18WeakerTypical HFC 57.1%Stronger
Owned by the promoterOwned by the promoterShares held by the founding group.A large owner usually backs the company, but leaves fewer shares for others. The typical HFC is the middle of the 16 that report this: half are above it, half below.88.75%Bajaj Finance2nd highest of 16LowerTypical HFC 40.70%Higher
Owned by institutionsOwned by institutionsShares held by mutual funds, insurers and foreign funds.Shows how much professional investors back it. The typical HFC is the middle of the 16 that report this: half are above it, half below.1.57%of shares4th lowest of 16LowerTypical HFC 31.52%Higher
Board of directors
FY 2024-25 annual report and later changesIndependent4Non-executive2Executive1Average time on the board4.4 yrs
InitialsDirectorTypeOn the board
Sanjiv BajajSanjiv BajajSanjiv Bajaj is the Chairman of Bajaj Housing Finance Limited, Bajaj Finance Limited, and the Chairman and Managing Director of Bajaj Finserv Limited.ChairmanNon-executive7.2 yrsSince Jan 2018
Rajeev JainVice Chairman, has since leftNon-executive10.4 yrsSince Nov 2014
Atul JainAtul JainAtul Jain is the Managing Director with over 34 years of experience in retail finance. He previously handled Risk, Debt management, and Rural businesses in Bajaj Finance Limited.Managing DirectorExecutive2.9 yrsSince May 2022
Anami N RoyIndependent Director, has since leftIndependent4.9 yrsSince May 2020
Dr. Arindam BhattacharyaDr. Arindam BhattacharyaDr. Arindam Kumar Bhattacharya is an Independent Director, investor, and Senior Advisor to BCG, where he previously served as Senior Partner and Managing Director.Independent DirectorIndependent2.9 yrsSince May 2022
Jasmine ChaneyJasmine ChaneyMs. Jasmine Chaney possesses almost three decades of work experience with CRISIL Limited, working in management roles.Independent DirectorIndependent2.0 yrsSince Apr 2023
S M N SwamyS M N SwamyS M Narasimha Swamy is an Independent Director who holds a bachelor’s degree and a master’s degree in commerce from Sri Venkateswara University.Independent DirectorIndependent0.7 yrsSince Aug 2024
Ajay Kumar ChoudharyAjay Kumar ChoudharyAjay Kumar Choudhary is a distinguished central banker with a career spanning over three decades at the Reserve Bank of India, concluding his service as Executive Director.Independent Director, joined sinceIndependentNewAfter the annual report
Changes after the annual report are from the company website.
Shareholding
31 Mar 2025Promoter, Bajaj Finance88.75%Public and others9.68%Foreign investors (FII)1.12%Indian institutions (DII)0.45%
Sources differ: the Q2 FY25 shareholding filing, pending review, puts institutions at 8.88% against 1.57% in the annual report.
Governance checks
- Majority independent boardIndependent directors outnumber the rest of the board.
- Auditors rotated in FY25Mukund M. Chitale & Co. and Singhi & Co. took over from G. D. Apte & Co. and Khandelwal Jain & Co. after the Q1 FY25 results.
- No promoter shares pledgedNone of the Bajaj Finance stake was pledged at 30 Sep 2025, per the shareholding filing.
Senior management
17 at the annual report, 2 joined sinceBusiness lines
Jasminder Singh ChahalJasminder Singh ChahalWith over 23 years of experience in the financial services sector, Jasminder oversees Home Loan operations at Bajaj Housing Finance.President, Home Loan
Pawan BhansaliPawan BhansaliPawan Bhansali heads the company’s Near Prime and Affordable Business and oversees the Rural and Emerging Markets.Senior Executive Vice President, Near Prime and Affordable
Amit SinhaExecutive Vice President, Home Loans, B2CHas since left
Vipin AroraVipin AroraVipin Arora is a seasoned mortgage professional with more than 18 years of experience in Sales and Underwriting.Executive Vice President, CRE & LAPNow SEVP, CRE
Dushyant PoddarDushyant PoddarDushyant heads the Developer Finance function of the Company and previously worked with Citibank, N.A.Executive Vice President, Developer Finance
Biswaranjan BastiaBiswaranjan BastiaBiswaranjan heads the Company’s Insurance Services vertical and has prior experience in organisations such as SREI Equipment Finance.Senior Head, Insurance Services
Risk, credit and collections
Kumar Gaurav PruthiKumar Gaurav PruthiA professional with over 13 years of experience in the Bajaj Group, Gaurav is responsible for debt management services.Executive Vice President, Debt Management Services
Niraj AdianiNiraj AdianiWith 17+ years of experience in the Bajaj Group, Niraj Adiani is responsible for Home Loans functions in the Company.Executive Vice President, RiskNow EVP, Home Loans
Gagandeep MalhotraGagandeep MalhotraGagandeep Malhotra leads the company’s overall risk management function.Executive Vice President, Credit & OperationsNow EVP, Risk (CRO)
Amit MaheshwariAmit MaheshwariHe is responsible for the Operations function of the Company and has over 27 years of diverse professional experience.Chief, Operations and ServiceJoined since
Finance and secretarial
Gaurav KalaniGaurav KalaniGaurav Kalani has been with the Bajaj Group since 2003 and is responsible for finance and accounts functions.Chief Financial Officer
Atul PatniAtul PatniAtul Patni is responsible for the Secretarial function of the Company and has over 14 years of experience in the financial sector.Company Secretary
Vijay Vikram Singh SolankiVijay Vikram Singh SolankiVijay heads the Treasury function in the company and previously worked with JM Morgan Stanley Fixed Income Securities and Khandwala Finances.Treasurer
Control and compliance
Amit Kumar YadavAmit Kumar YadavAmit Kumar Yadav heads the Compliance vertical as the Chief Compliance Officer.Chief Compliance Officer
Naman AgarwalNaman AgarwalNaman heads the Company’s internal audit function.Senior Head, Corporate Audit Services
Rajendra Pandurang DafRajendra Pandurang DafResponsible for the company’s Information Security function, previously associated with KPMG Assurance and Consulting Services LLP.Chief Information Security Officer
Hari Dasan EVKHari Dasan EVKHe is responsible for the Legal function of the Company, with over 27 years of extensive experience in the banking and financial services industry.Senior Head, LegalJoined since
People and technology
Sayantani DuttaSayantani DuttaAn HR professional with prior experience in Kotak Mahindra Bank Limited, holding an MBA in HR from XIMB.Chief, Human Resources and Administration
Anurag JainAnurag JainAnurag Jain oversees all information technology functions in the Company and is an IIM Calcutta alumnus.Chief, Information TechnologyNow EVP, Information Technology