Transcript of earnings conference call held in respect of the financial results for the quarter ended 30 September 2026

24 October 2026 To, To, The Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1 Block G Dalal Street Bandra - Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 051 BSE Code: 544252 NSE Code: BAJAJHFL - EQ Dear Sir/Madam, Sub: Transcript of earnings conference call held in respect of the financial results for the quarter ended 30 September 2026 Ref: Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘SEBI Listing Regulations’) r/w Clause 15 of Part A of Schedule III to the SEBI Listing Regulations In furtherance of our letter dated 12 October 2026, informing the Exchanges regarding earnings conference call in respect of the financial results of the Company for the quarter ended 30 September 2026, the transcript of Q2 FY2027 earnings conference call held on 16 October 2026 at 5:30 p.m. (IST) has been uploaded on the website of the Company and is available under the dropdown ‘Quarterly Earning Conference Call Transcript’ at https://www.bajajhousingfinance.in/investor-presentation. Also, enclosed is the transcript (pdf) as attachment for ease of reference. We request you to kindly take the same on record. Thanking you, Yours Faithfully, For Bajaj Housing Finance Limited Atul Patni Company Secretary Email id:- bhflinvestor.service@bajajhousing.co.in “Bajaj Housing Finance Limited Q2 FY27 Earnings Conference Call” October 16, 2026 MANAGEMENT: MR. ATUL JAIN – MANAGING DIRECTOR – BAJAJ HOUSING FINANCE LIMITED MR. GAURAV KALANI – CHIEF FINANCIAL OFFICER – BAJAJ HOUSING FINANCE LIMITED MODERATOR: MR. AJIT KUMAR – JM FINANCIAL INSTITUTIONAL SECURITIES LIMITED Page 1 of 22 Bajaj Housing Finance Limited October 16, 2026 Disclaimer: This transcript is edited for factual errors and does not purport to be a verbatim record of the proceedings. The reader is also requested to refer to audio recording of the call uploaded on the company website on 16th Oct 2026. In case of discrepancy, the audio recordings will prevail. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Bajaj Housing Finance Limited. Moderator: Ladies and gentlemen, good day, and welcome to Bajaj Housing Finance Limited Q2 FY27 Earnings Conference Call hosted by JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ajit Kumar from JM Financial Institutional Securities Limited. Thank you, and over to you, Mr. Kumar. Ajit Kumar: Thank you, Neerav. Good evening, everyone, and welcome to the Q2 FY27 Earnings Conference Call of Bajaj Housing Finance. I would like to thank the management of Bajaj Housing Finance for giving us this opportunity to host the call. From the management team today, we have Mr. Atul Jain, Managing Director; Mr. Gaurav Kalani, Chief Financial Officer; and the entire senior management team. We will have opening comments from the management team, post which we will open the floor for Q&A. With that, I'll now hand over the call to Mr. Atul Jain for his opening remarks. Over to you, sir. Atul Jain: Thank you, Ajit and JM team for hosting us. A very good evening and welcome to the BHFL Q2 Earnings Call. I have the entire senior management team members with me. We have uploaded investor presentation on our website and stock exchanges. Hope you got a chance to go through the same. I'll focus on key updates from the same presentation for the quarter, which should take around 10 to 12 minutes, and then we'll open the forum for the Q&A. I'm on Panel Number 3 on the presentation. Last quarter witnessed two significant milestones for the company. We crossed landmark INR1.5 lakh crores AUM driven by strong and diversified growth. Along with that, Sambhav loans crossed monthly disbursement run rate of INR500 crores during the quarter. Overall good quarter across growth, asset quality, and profitability. Disbursements increased by 25% on a Y-o-Y basis, and AUM growth also was 25% on a Y-o-Y basis. PAT growth was 18% Y-o-Y to INR980 crores in Q2, while ROA was 2.2%, and ROE improved to 12.7%. Operating efficiency continues to improve with opex to NTI ratio at 19.1% as against 19.7%, which was in Q2 last year. Asset quality remains stable with GNPA of 29 bps and NNPA of 12 bps, same in line with last quarter, and operational network today 223 branches across 182 locations. Capital adequacy was Page 2 of 22 Bajaj Housing Finance Limited October 16, 2026 21.24%, and principal business criteria stood at 60.49% as of 30th September '26 against the 60% regulatory criteria. I'm moving to the next Panel, which are quarterly financial indicators. Total AUM stood at INR1.58 lakh crores as of 30th September, and a quarterly AUM addition was close to INR8,580 crores this quarter against INR6,329 crores in Q2 of last year. Product growth across anchor products was good. Home loans AUM improved to 22% growth in Q2 against 20% in last quarter, while LRD growth was also strong at 39% against 41% growth in Q1. LAP grew 26%, and DF grew 13% on Y-o- Y basis. AUM mix remained well-diversified with a higher home loan composition at 53.9%. Disbursement momentum was good during the last quarter with 25% growth, moving from INR15,900 crores to INR19,900 crores in Q2 FY27. I'm moving to Panel Number 5. The cost of funds reduced by 17 bps on sequential basis from 7.2% in Q1 to close to 7% in Q2 FY27. It was mainly due to conversion of fixed-rate NCDs to floating-rate instrument. We always used to follow this strategy, and we had accelerated that strategy in Q2. Borrowing mix continue to have a higher money market mix at 56%, followed by bank lines at 35%, and NHB at 9%. Total gross spreads improved by 7 bps driven largely by COF moderation of 17 bps, thereby it was able to offset 10 bps portfolio yield reduction and NIM moderated slightly by 2 bps sequentially to 3.7% in Q2 FY27 and opex to NTI, as already called out, improved 57 bps from 19.7% in Q2 FY26 to 19.1% in Q2 FY27. Moving to the next panel. Asset quality was stable during the quarter with GNPA flat on sequential basis at 29 bps and NNPA at 12 bps. Credit cost overall moderated by 6 bps on Y-o- Y basis to 10 bps in Q2 FY27 against 16 bps in Q2 FY26. Thereby, PAT increased by 18% Y-o-Y to INR757 crores from INR643 crores in the same quarter last year. Annualized ROA, 2.2% in the current quarter, it was 2.3% in the last year Y- o-Y in Q2 FY26, while ROE improved from 12.2% in last year to 12.7% in the current year Q2. Now I will go to Panel Number 21. Most of the metrics in this panel have already been covered on the previous panels. Net NTI growth was 15%, if I have to just call out separately what has not been called out, on Y-o-Y basis from INR1,090 crores to INR1,254 crores, and PBT at 18%, INR980 crores. Coming to half-yearly performance, NTI grew 16% to INR2,429 crores in H1, while opex growth was 10% on Y-o-Y basis to INR470 crores. Both PBT and PAT growth was 20% to INR1,908 crores and INR1,472 crores, respectively, for first half of the year and opex to NTI improved from 20.4% in H1 FY26 to 19.3% in H1 FY27, and credit cost was 8 bps in H1 FY27. ROA for the half year also stood at 2.2%, and ROE at 12.6% in H1 FY27. I will move to Panel Number 23. As already called out, portfolio yield moderated by 10 bps sequentially from 8.9% in Q1 to 8.8% in Q2, while cost of funds dropped from 7.2% to 7% in Page 3 of 22 Bajaj Housing Finance Limited October 16, 2026 Q2. Overall gross spread inched up by 7 bps on sequential basis t [Showing first 8,000 characters — download PDF for full document]