Transcript of Conference Call held on 29 July 2026

4 August 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 June 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 13 July 2026, informing the Exchanges regarding earnings conference call in respect of the financial results of the Company for the quarter ended 30 June 2026, the transcript of Q1 FY2027 earnings conference call held on 29 July 2026 at 6:30 p.m. (IST) has been uploaded on the website of the Company and is available 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 Q1 FY27 Earnings Conference Call” July 29, 2026 MANAGEMENT: MR. ATUL JAIN – MANAGING DIRECTOR – BAJAJ HOUSING FINANCE LIMITED MR. GAURAV KALANI – CHIEF FINANCIAL OFFICER – BAJAJ HOUSING FINANCE LIMITED MODERATOR: MR. RENISH BHUVA – ICICI SECURITIES LIMITED Page 1 of 18 Bajaj Housing Finance Limited July 29, 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 29th Jul 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 Q1 FY27 Earnings Conference Call hosted by ICICI 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Renish Bhuva from ICICI Securities. Thank you and over to Mr. Bhuva. Renish Bhuva: Thank you, Nirav. Hi, good evening everyone and welcome to Bajaj Housing Q1 FY27 Earnings Call. On behalf of ICICI Securities, I would like to thank Bajaj Housing management team for giving us the opportunity to host this call. Today we have with us the entire top management team of Bajaj Housing represented by Mr. Atul Jain, Managing Director; Mr. Gaurav Kalani, CFO; and senior management team. I will now hand over the call to Mr. Atul for his opening remarks and then we will open the floor for Q&A. Over to you, sir. Atul Jain: Thank you, Renish and ICICI Securities team. A very good evening to all the participants and welcome to BHFL Q1 FY27 Earnings Call. I have the entire senior management team with me. I hope you got the chance to go through the investor deck which we have uploaded on our website as well as both stock exchanges. We also just concluded our Annual General Meeting some time back and shareholders' presentation is also now available on the website for you to refer. I will quickly cover key updates of the quarter and management assessment, which should take close to 10-12 minutes and then we will open forum to address questions. On the presentation, I am straight on the Panel 3. Overall strong quarter across metrics with highest ever quarterly AUM growth and quarterly disbursement in last quarter. Disbursements grew 33% and AUM was up 24% during the quarter, with PAT growth of 23% on Y-o-Y basis. On return metrics, annualized ROA was stable at 2.3% and ROE improved to 12.5%. Opex to net income improved from 21.2% in Q1 FY26 to 19.6% in Q1 FY27 and asset quality was also resilient during the quarter. Annualized credit costs were 5 bps for the quarter. GNPA stood at 29 bps and NNPA at 12 bps. For principal business criteria, the total number stood at 61.46% against regulatory requirement of 60% and capital adequacy ratio of the Page 2 of 18 Bajaj Housing Finance Limited July 29, 2026 company stood at 21.59%, both above regulatory limits. The company geographical coverage remains across 224 branches and 182 locations. I am moving to the next panel, which is of quarterly financial indicators. Overall AUM was a tad below INR1.5 lakh crores and stood at INR1.496 lakh crores in Q1 FY27. This was highest ever quarterly AUM growth, which we called out, INR8,918 crores compared to INR5,736 crores for Q1 FY26. Overall AUM as well as product level growth were good during the quarter. While home loans growth improved to 20%, LAP grew 22%, LRD grew 41% and developer finance grew 19% and portfolio composition also remained well diversified with home loan mix at 54.1%, LAP at 10.3%, LRD at 23.1% and developer finance at 11.4%. Disbursement growth, as called out, was strong during the quarter at INR19,509 crores against INR14,651 crores in Q1 FY26. Last quarter growth was highest ever quarterly disbursement, which grew 11% on sequential basis as against 6% quarter-on-quarter in Q4 FY26. I will move to Panel number 5. Cost of funds moderation of 7 bps on sequential basis from 7.3% in Q4 to 7.2% in Q1. Overall borrowing mix was well diversified with higher composition of money market at 52%, followed by bank borrowings at 38% and NHB refinance at 10%. Gross spread was stable at 1.7% in Q1, while NIM dropped by 14 bps from 3.8% to 3.7% in Q1 due to net income moderation. I have talked about operating efficiency improvement on the previous panel, which stood at 19.6% in the last quarter. Moving to the next panel. Healthy asset quality during the quarter with GNPA at 29 bps, NNPA at 12 bps, annualized credit cost at 5 bps against 15 bps in Q1 last year. Profitability, PAT grew 23% Y-o-Y from INR583 crores to INR715 crores. Annualized ROA stable at 2.3% and ROE improved to 12.5% compared to 11.6% in Q1 FY26. I will now go straight to Panel number 17, which is a new panel. We have added this new panel in the deck to share an update on few AI initiatives which have been deployed by the company to improve internal controllership and efficiencies on one side and customer experience on the other. We are largely a tech-enabled company and continue to deploy multiple digital initiatives for seamless mortgage journey for our customers, which are being further enhanced through AI initiatives with core focus on improving customer experience, delivering seamless process and most importantly, improving controllership. We are implementing these initiatives across the loan life cycle, that is for origination, underwriting and collateral assessment and then customer service as well as in our internal customer processes, that is for our employees. Page 3 of 18 Bajaj Housing Finance Limited July 29, 2026 Some of the major initiatives are voice agent for lead generation, credit personal discussion call intelligence, collateral assessment intelligence and geo-analytics, AI customer assist platform, training platform and AI interview agent for frontline hiring. Now all this should improve conversion, evidence-based underwriting, reduce collateral risk and provide round-the-clock self-service support and enhance capability building for the company. I will move to Panel number 22, which is the quarterly performance financial met [Showing first 8,000 characters — download PDF for full document]