Bajaj Housing Finance Q2 Review: Strong Growth Despite Competitive Pressure— Motilal Oswal Maintains 'Neutral'

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Motilal Oswal Report

Bajaj Housing Finance Ltd. delivered a strong performance in Q2 FY26 with strong assets under management and disbursement growth across products, despite heightened competition.

The company was successful in maintaining its margins, despite a declining interest rate environment, while maintaining pristine asset quality.

We believe Bajaj Housing Finance is a strong franchise that is well-positioned to navigate rising competition and a declining interest rate environment while sustaining healthy growth and profitability.

Maintain Neutral with a target price of Rs 120 (based on 3.6x Sep’27E book value per share).

Key risks:

1. slowdown in the overall growth and demand environment,

2. inability to drive NIM expansion amid competitive pricing,

3. deterioration in the asset quality while scaling up the non-prime segments.

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