Bajaj Housing Finance Share Price Target 2026, 2027, 2028, 2029, 2030

Bajaj Housing Finance share price today

Bajaj Housing Finance is a non-deposit-taking housing finance company backed by Bajaj Finance. It lends for homes, commercial property, loan-against-property, lease-rental discounting and developer finance. That mix gives it more growth than a plain mortgage lender, but also more risk than the word “housing” suggests.

The operating record is strong. Assets under management reached ₹1,33,412 crore in December 2025, up 23% year on year, while gross and net NPA were only 0.27% and 0.11%. The difficult part is valuation: at roughly 3.2 times book, the share already assumes years of above-industry growth and clean underwriting.

The advantage is funding plus distribution

Housing finance is a spread business. A lender borrows, lends at a higher rate, pays operating and credit costs, and retains the difference. Bajaj Housing has three advantages: a recognised parent, access to the Bajaj customer ecosystem, and a high credit rating that helps funding access.

Those advantages matter because a small change in funding cost can consume a large part of a mortgage lender’s return. They do not remove the cycle. Loans against property and developer finance can deteriorate quickly when property cash flows weaken. The best evidence is therefore not rapid disbursement but stable NPA after each new cohort has seasoned.

Latest quarterly results

₹ crore	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	2,616	2,755	2,884	2,903	3,063
Financing profit	765	844	890	878	942
Financing margin	29%	31%	31%	30%	31%
Net profit	583	643	665	669	715
Gross NPA	0.30%	0.26%	0.27%	0.27%	—
Net NPA	0.13%	0.12%	0.11%	0.11%	—

Revenue and profit moved steadily rather than spectacularly. That is healthy for a lender. June financing margin recovered to 31% and profit rose 7% sequentially, while funding cost and loan mix remain important watch-items for FY27.

Seven years of scale, but the public-market history is short

₹ crore	FY22	FY23	FY24	FY25	FY26
Revenue	3,767	5,665	7,617	9,554	11,150
Financing profit	986	1,733	2,201	2,814	3,381
Net profit	710	1,258	1,731	2,163	2,560
EPS	₹1.45	₹1.87	₹2.58	₹2.60	₹3.07

Profit compounded at about 38% from FY22 to FY26, but per-share growth slowed after the IPO enlarged the equity base. This is why headline profit CAGR and shareholder return are not interchangeable.

The balance sheet is expanding faster than equity

₹ crore	FY23	FY24	FY25	FY26
Equity capital + reserves	10,503	12,233	19,947	22,523
Borrowings	53,745	69,129	82,072	1,03,704
Total assets	64,654	81,827	1,02,809	1,27,147

Borrowings grew 26% in FY26, faster than reported revenue and profit. That is normal while an HFC scales, but it increases the importance of asset-liability matching. A mortgage may run for 15–25 years while much of a lender’s wholesale funding resets earlier. Liquidity buffers, fixed-versus-floating mix and access to long-term bonds therefore matter alongside the headline cost of funds.

Screener shows negative operating cash flow because new loans are classified as operating assets. That is not comparable with negative cash flow at a manufacturer. The correct questions are whether incremental loans remain secured, whether delinquencies stay low and whether the spread after credit cost compensates the extra leverage.

Ownership and valuation

The promoter held 86.70% in June 2026, down from 88.75% at listing-related quarters, while public ownership rose to 11.34%. A high promoter stake aligns the subsidiary with Bajaj Finance, but the market must also price related-party funding and business allocation transparently.

Metric	Screener snapshot
Market capitalisation	₹70,900 Cr
P/E · price/book	26.2 · 3.16
Book value per share	₹27.0
ROE · ROCE	12.1% · 8.85%
Dividend yield	0.00%
52-week range	₹72.6 – ₹123

For a lender, price-to-book is more useful than EV/EBITDA. A 3.2× multiple can work if book value compounds near 18–20%, ROE rises and credit cost stays low. If growth settles closer to the sector, the multiple can compress even while profit grows.

How the target model works

We start with FY26 book value and compound it under three AUM, credit-cost and ROE paths. We then apply a price-to-book range rather than a P/E because the loan book and equity base are both changing quickly. The bear case never assumes failure; it assumes a viable lender that loses its premium valuation as growth normalises. That distinction matters because a good company can still produce a poor return when bought too expensively.

The base path needs annual book-value growth in the high teens and mid-teen ROE by the end of the period. The bull case requires Bajaj Housing to retain top-tier asset quality while scaling. If gross NPA rises materially, both book growth and the multiple should fall together—which is why the downside is nonlinear.

Bajaj Housing Finance share price target 2026 to 2030

Our bear case assumes slower AUM growth and a derating toward 2.5–2.8× book. The base case assumes high-teens book growth with gross NPA below 0.7%. The bull case requires 20%+ AUM growth, improving ROE and continued premium funding access.

What would change our mind

Asset quality: gross NPA above 0.8% or a sharp rise in restructuring would invalidate the clean-book assumption.

Funding spread: financing margin falling below 27% for several quarters would show that growth is being purchased too aggressively.

Return on equity: a premium valuation needs ROE to move into the mid-teens, not remain near 12% indefinitely.

Developer exposure: growth should not come from concentrating the book in projects that look safe only while property prices are rising.

Should you buy at the current price?

This is a high-quality growth lender at a price that leaves limited room for an ordinary outcome. The signed-in panel shows our current accumulation range and rating. A patient entry matters more here than chasing one strong quarter.

FAQ

What is the Bajaj Housing Finance target for 2030? The signed-in table gives bear, base and bull scenarios. They are valuation outcomes, not assured prices.

Is Bajaj Housing Finance profitable? Yes. FY26 net profit was ₹2,560 crore, up from ₹2,163 crore in FY25.

Is asset quality good? Reported March 2026 gross and net NPA were 0.27% and 0.11%. The real test is whether those numbers remain low as the newer book ages.

Why is there no dividend? The company is retaining capital to fund growth. That is sensible only if retained earnings earn an attractive future ROE.

Source: Screener company financials, checked 10 August 2026, and company filings linked there.

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This article is research and education, not personalised investment advice. We are not SEBI-registered advisers. Price targets are scenario arithmetic, not promises. Do your own research and consult a registered adviser before acting.