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INVESTOR PRESENTATION Q3 FY26 02 Feb 2026
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2 Executive Summary Executive Summary Overview of Bajaj Housing Finance Overview of Bajaj Housing Finance Financial Performance Financial Performance Treasury Update Treasury Update Business Wise Update Business Wise Update Asset Quality Asset Quality Table of Contents 2Click on the respective section to view 1 2 5 3 4 6
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3 3 EXECUTIVE SUMMARY Quarterly Synopsis Profitability Sustainability Scalability 0.27% | 0.11% GNPA | NNPA 1,17,305 Cr | 1,33,412 Cr AR | AUM 23% AUM YoY Growth 20 States/UTs | 221 Branches | 178 Locations Geographical Coverage 865 Cr | 665 Cr PBT | PAT 2.3%* | 12.3%* RoA | RoE 19.0%^ Opex to NTI 0.19%* Credit Cost 23.15% | 61.37% CRAR | PBC *Annualized ^excl. exceptional item Good quarter with AUM growth of 23% driven by good momentum in disbursements amidst higher portfolio attrition. Profit after tax (PAT) grew by 21% during Q3 FY26, annualized ROA at 2.3% and annualized ROE at 12.3%. Healthy asset quality during the quarter with GNPA at 0.27%, NNPA at 0.11% and annualized credit cost of 0.19%. Improvement in operating efficiency during the quarter leading to Opex to NTI ratio at 19.0%^ in Q3 FY26 as against 19.8% in Q3 FY25. PBC stood at 61.37% in Q3 FY26 as against regulatory requirement of 60.00%. Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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4 4 Quarterly Financial Indicators EXECUTIVE SUMMARY ↑ 23% AUM Growth ₹ 1,33.412 Cr | Q3 FY26 ₹ 1,08,314 Cr | Q3 FY25 Home Loans ↑ 18% Loan Against Property ↑ 32% Developer Finance ↑ 18% 54.5% 10.7% 21.9% 11.6% 1.3% Portfolio Composition by AUM HOME LOANS LOANS AGAINST PROPERTY LEASE RENTAL DISCOUNTING DEVELOPER FINANCE OTHERS ₹ 16,545 Cr | Q3 FY26 ₹ 12,571 Cr | Q3 FY25 BUSINESS METRICS ✓ AUM for the Q3 FY26 grew ₹ 6,664 Cr; compared to ₹ 5,745 Cr for Q3 FY25 (₹ 6,329 Cr in Q2 FY26) ✓ Portfolio composition remained well diversified with home loans at 54.5% ✓ Disbursement grew 32% on YoY basis from ₹12,571 Cr during Q3 FY25 to ₹ 16,545 Cr in Q3 FY26 (₹ 15,914 Cr in Q2 FY26); reflecting continued disbursement momentum ↑ 32% Disbursement Growth Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality HIGHLIGHTS Lease Rental Discounting ↑ 39%
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5 5 Quarterly Financial Indicators EXECUTIVE SUMMARY COST OF FUNDS & LIQUIDITY 7.3% COF Q3 FY26 7.4% | Q2 FY26 7.9% | Q3 FY25 BORROWING MIX BANK : 39% MONEY MARKET: 52% 9% NHB OPERATING EFFICIENCIES ↑ 19% NET INTEREST INCOME ₹ 963 Cr | Q3 FY26 ₹ 806 Cr | Q3 FY25 4.0% NET INTEREST MARGIN Q3 FY26 4.0% | Q2 FY26 4.0% | Q3 FY25 ↑ 24% NET TOTAL INCOME ₹ 1,153 Cr | Q3 FY26 ₹ 933 Cr | Q3 FY25 1.8% GROSS SPREAD Q3 FY26 1.9% | Q2 FY26 1.9% | Q3 FY25 ✓ In Q3 FY26, Opex to NTI stood at 19.0% (excl. exceptional item) as against 19.8% in Q3 FY25 ✓ Gross spread moderated by 12 bps during the quarter with portfolio yield reduction by 17 bps post 25 bps policy rate reduction transmission which got partially offset by 5 bps pass through benefit in COF. Spreads in Q2 FY26 had expanded to 1.9% from 1.8% in Q1 FY26 & Q4 FY25 due to higher transmission in CoF as against deferred impact on the portfolio in Q3 FY26 ✓ Full time employee headcount stood at 2,079 as of 31 Dec 2025 ✓ Overall impact of ₹ 13 Cr includes impact of gratuity due to changes in the Labour codes ✓ COF moderated by 5 bps on sequential basis resulting from policy rate transmission on existing borrowings and incremental borrowings at lower rate ✓ Liquidity buffer stood at ₹ 2,730 Cr as of 31 Dec 2025 and liquidity coverage ratio (LCR) for the quarter at 146% as against regulatory requirement of 100% Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality HIGHLIGHTS
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6 6 Quarterly Financial Indicators EXECUTIVE SUMMARY ASSET QUALITY PROFITABILITY & CAPITAL ↑ 21% PROFIT BEFORE TAX ₹ 865 Cr | Q3 FY26 ₹ 713 Cr | Q3 FY25 ₹ 665 Cr | Q3 FY26 ₹ 548 Cr | Q3 FY25 ↑ 21% PROFIT AFTER TAX 0.27% GNPA Q3 FY26 0.26% | Q2 FY26 0.29% | Q3 FY25 0.11% NNPA Q3 FY26 0.12% | Q2 FY26 0.13% | Q3 FY25 2.3% ROA Q3 FY26 2.3% | Q2 FY26 2.4% | Q3 FY25 12.3% ROE Q3 FY26 12.2% | Q2 FY26 11.5% | Q3 FY25 Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality HIGHLIGHTS ✓ Normalized credit cost for Q3 FY25 was 0.20%, excluding overlay release of 10 Cr ✓ Stage 2 assets stood at ₹ 437 Cr (0.37%) in Q3 FY26 as against ₹ 354 Cr (0.37%) in Q3 FY25 ✓ Stage-3 PCR stood at 58.76% as of 31 December 2025 ✓ Net worth stood at ₹ 21,838 Cr as of 31 December 2025 ✓ Capital adequacy ratio stood at 23.15% as of 31 December 2025 as against regulatory requirement of 15.00%, of which Tier-1 capital was 22.69% ✓ As of 31 December 2025, leverage ratio stood at 5.5 times and debt-to-equity ratio at 4.5 times ✓ ROE for Q3 FY26 at 12.3% as against 11.5% in Q3 FY25. LOAN LOSSES & PROVISIONS ₹ 56 Cr | Q3 FY26 ₹ 35 Cr | Q3 FY25 CREDIT COST 0.19% | Q3 FY26 0.15% | Q3 FY25
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7 7 Part of Bajaj Group Note: Shareholding as of 08th January 2026 OVERVIEW OF BAJAJ HOUSING FINANCE 1. 54.70% holding via promoter holding & promoter group 2. 97% holding via promoter holding & promoter group 3. Bajaj Finserv Mutual Fund Trustee Ltd is a wholly owned subsidiary of Bajaj Finserv Limited, acts as Trustee to the Asset Management Company. 4. Newly formed Company, business yet to commence. Regulatory approvals in process Bajaj Finserv Health Limited Bajaj General Insurance Limited Bajaj Life Insurance Limited Bajaj Finserv Direct Limited Bajaj Finserv Asset Management Limited Bajaj Finance Limited (Listed) 51.32%1 75.01%2 75.01%2 80.1% 100% 100%3 Bajaj Finserv Limited (Listed) Bajaj Housing Finance Limited (Listed) Bajaj Financial Securities Limited 86.70% 100% Bajaj Finserv Ventures Limited 100% Bajaj Alternate Investment Management Limited 100%4 Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality Vidal Healthcare Services Pvt. Ltd. 100%19.9%
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8 8 Journey at a glance OVERVIEW OF BAJAJ HOUSING FINANCE ▪ Started lending operations ▪ Focus on salaried home loans including those from developer counter ▪ Crossed AUM milestone of 15,000 Cr ▪ Adopted hub-based model for salaried credit underwriting ▪ Raised 2,000 Cr through two rounds of capital ▪ Crossed AUM milestone of 30,000 Cr ▪ Raised capital of 1,500 Cr ▪ Introduced offering of “Repo rate linked home loans” ▪ Started intermediary sourcing for retail products ▪ Developed mobility app for digital sourcing ▪ Crossed AUM milestone of 50,000 Cr ▪ Introduced “e-Home Loan sanction” functionality ▪ Classified as “Upper Layer NBFC” by the RBI ▪ Introduced e- agreement functionality eliminating multiple wet signatures ▪ Gained traction and added marquee clients ▪ Crossed AUM milestone of 91,000 Cr ▪ Launched online customer onboarding journey (DIY home loan journey) ▪ Started focus on self- employed home loan ▪ Crossed AUM milestone of 100,000 Cr ▪ Raised 2,000 Cr through rights issue in Apr’24 ▪ Equity capital market listing in Sep’24 with fresh issue of 3,560 Cr ▪ Launched SBU for home loans offering to near prime and affordable customer segment FY19 FY18 FY20 FY21 FY22 FY23 FY24 FY25 17,562 Cr3,570 Cr 32,705 Cr 38,871 Cr 53,322 Cr 69,228 Cr 91,370 Cr 1,14,684 Cr 110 Cr 421 Cr 453 Cr 710 Cr 1,258 Cr 1,731 Cr 2,163 Cr10 Cr AUM PAT 64% CAGR 116% CAGR Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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9 9 Consistent Financial Performance: 8-year Financial Snapshot Financials Snapshot FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR (8 yrs.) AUM 3,570 17,562 32,705 38,871 53,322 69,228 91,370 1,14,684 64% Interest income 74 998 2,303 2,877 3,482 5,269 7,202 8,986 99% Fees and other income 32 158 343 278 285 396 415 590 52% Total income 106 1,156 2,646 3,155 3,767 5,665 7,617 9,576 90% Interest expenses 47 685 1,616 1,966 2,155 3,211 4,692 5,979 100% Net Total Income (NTI) 59 471 1,030 1,189 1,612 2,454 2,925 3,597 80% Operating Expenses 44 297 339 329 471 630 703 747 50% Pre-provisioning operating profit 15 174 691 860 1,141 1,824 2,222 2,850 112% Loan Losses & Provision 4 25 124 247 181 124 61 80 53% Profit before tax 11 149 567 613 960 1,700 2,161 2,770 120% Profit after tax 10 110 421 453 710 1,258 1,731 2,163 116% Key Ratios: FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Opex to NTI 74.6% 63.1% 32.9% 27.7% 29.2% 25.7% 24.0% 20.8% Loan loss to avg. loan assets 0.22% 0.24% 0.55% 0.80% 0.45% 0.23% 0.09% 0.09% Return on average assets 0.6% 1.1% 1.9% 1.5% 1.8% 2.3% 2.4% 2.4% Return on average equity 1.1% 4.2% 9.1% 7.8% 11.1% 14.6% 15.2% 13.4% Gross NPA 0.00% 0.05% 0.08% 0.35% 0.31% 0.22% 0.27% 0.29% Net NPA 0.00% 0.04% 0.05% 0.22% 0.14% 0.08% 0.10% 0.11% Provision coverage ratio - 35% 38% 38% 54% 64% 64% 60% CRAR 45.12% 25.81% 25.15% 21.33% 19.71% 22.97% 21.28% 28.24% Leverage ratio 3.03 5.26 5.62 6.28 7.20 6.16 6.69 5.15 Capital infusion* 1,200 2,000 1,500 - - 2,500 - 5,560 * Capital infusion of ₹ 328 crore prior to FY18 , ₹ 2,000 crore on 3rd April 2024 via rights issue and ₹ 3,560 crore on 16th September 2024 through Fresh issue (IPO) ₹ in Crore OVERVIEW OF BAJAJ HOUSING FINANCE Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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10 10 Company’s internal structure is aligned with customer segments OVERVIEW OF BAJAJ HOUSING FINANCE Dedicated Front End Dedicated Enabling Functions Horizontal Functions Retail (Prime) Retail (Near Prime and Affordable) Commercial (LRD and DF) Dedicated Sales teams for both sourcing channels (Direct and Indirect) Dedicated Sales teams for near prime and affordable segments Dedicated Sales teams for LRD and Developer Financing respectively • Credit (Centralized hubs) • Collateral • Operations (Regional hubs) • Risk Policy • Credit (Centralized/ Regional hubs) • Collateral • Operations (Regional hubs) • Risk Policy • Credit and Collateral • Operations (Centralized) • Debt Management by Relationship Managers • Risk Policy Common functions across company: Debt Management, Treasury, Legal, Horizontal Risk, IT, Finance, HR, Admin, Compliance, Marketing, Audit, Secretarial etc. 3 Business Verticals Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality Enables sharper execution and accelerated growth with improved customer targeting and sourcing productivity Improve underwriting quality, portfolio resilience across verticals strengthening overall risk-adjusted returns and asset quality Drives cost efficiency, operating leverage, strengthens governance and enables scalable multi- vertical growth
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11 11 Largest non-deposit taking HFC offering full suite of mortgage products HOME LOAN OTHERS* LOAN AGAINST PROPERTY DEVELOPER FINANCE LEASE RENTAL DISCOUNTING OVERVIEW OF BAJAJ HOUSING FINANCE » Salaried Prime Home Loans » Self-Employed and Professional Prime Home Loans » Near Prime and Affordable Home Loans » Commercial Lease Rental Discounting » Retail Lease Rental Discounting » Industrial Properties and Warehousing Lease Rental Discounting » Residential Construction Finance » Commercial Construction Finance » Self-Employed and Professionals LAP » Salaried LAP » Near Prime and Affordable LAP * Non-Collateralized loans Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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12 12 Omnichannel sourcing strategy OVERVIEW OF BAJAJ HOUSING FINANCE RETAIL COMMERCIAL HOME LOAN LOAN AGAINST PROPERTY LEASE RENTAL DISCOUNTING DEVELOPER FINANCE INDIRECT DIRECT Developer ecosystem Self-sourcing Relationship led model Relationship led model Self-sourcing Digital partners (existing and new customers) (existing and new customers) Digital partners Digital ecosystem Digital ecosystem Aggregators & direct selling agents Aggregators & direct selling agents IPC & Wealth Management Companies Channel partners Connectors Connectors Enabled by partnerships, domain expertise, & faster turn-around-time Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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13 13 OVERVIEW OF BAJAJ HOUSING FINANCE UNDERWRITINGDEBT MANAGEMENT RISK MANAGEMENT RETAIL COMMERCIAL » Underwriting through centralized hubs » Dedicated underwriting structures for salaried and self-employed loans supported by system generated credit appraisal memo (CAM) » Tele/ Video PD for all salaried loans » Additional business verification check for all self-employed loans » Collateral assessment across 8 hubs having dedicated teams for legal and technical verification processes » Pre-disbursal centralized hind-sighting process » Dedicated underwriting structure of subject matter experts having relevant domain experience » Detailed credit approval memo assessment of each commercial transaction » LRD transactions: Detailed assessment of customer’s borrowing requirement, financial robustness, marketability, collateral site, credibility of lessee’s, lock-in period etc. » DF transactions: Detailed assessment of developers’ history, project site, project approvals, cash flows, existing projects performance etc. » Monthly portfolio monitoring process to track key indicators including product wise bounce rates, collection efficiency, GNPA and portfolio health » Multivariate analysis to identify emanating areas of concerns along with early warning signals » Centralized specialized team for detailed portfolio oversight, escrow tracking and project visit » Detailed scrutiny of project cash flows, construction, sales and collection milestones, vacancy trends and rental transactions etc. » Annual review process to evaluate the financial health of all commercial clients » Dedicated debt management through in-house debt management team » Backed by a dedicated legal structure focused on SARFAESI, wherever needed » Dedicated teams for resolution of legal cases at different stages » Relationship-driven model wherein relationship manager is entrusted for sourcing and debt management Strong risk management delivering healthy asset quality Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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14 14 Seamless Customer Journey from Origination → Service through Digital Initiatives OVERVIEW OF BAJAJ HOUSING FINANCE Digital Customer Onboarding Journey Sales Mobility App Partner Portal Auto CAM through AA and Gen AI e- Agreement e-Insurance Form e-Mandate e- Sanction Letter Customer App Customer Portal Debt Management App Multiple Digital Payment Options ^For the month of Dec’25 Faster Onboarding and Approval Digital and Paperless Processing Seamless Service and Debt Management Delivering Digital Initiatives Adoption Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality Customer Onboarding Journey Penetration ~93% of retail logins^ E-Agreement Penetration ~94% of retail agreements^ Unique Customer Logging on Customer Portal and App 75,000+ customers/ month^ Enhanced Transparency Customer Convenience Faster Turnaround Self-Service at Fingertip Consistent Experience Simplified Process
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15 15 OVERVIEW OF BAJAJ HOUSING FINANCE Lead Module Loan Origination (LOS) Loan Management (LMS) Debt Management Customer Portal Internal SRM Service CRM Debt Management App HRMS Compliance Portal Finance Systems Website Single Platform for Core Applications Support Systems Encrypted API Layer Fully Digital Customer Onboarding Journey Partner Portal One Collateral Application Customer Mobile Application Document Management System Web Application Firewall ISO 27001-2022 Certification 24*7 Security Ops Centre monitoring 100% Cloud Hosting SASE based Network Zero Trust based Cyber Security Data Analytics, AI & ML Scalable IT architecture – Tech Enabler for enhancing customer experience Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality Secure Access
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16 16 Focus on building scalable balance sheet with Prime Housing and Lease Rental Discounting as Anchor Products acting as scale builders SCALABLE BALANCE SHEET Deliver low risk complemented by robust underwriting and risk management practices with Prime Housing and Lease Rental Discounting as Anchor Products LOW RISK BUSINESS MODEL Balanced portfolio mix between products, customer category and segmentation delivering reasonable returnDELIVER REASONABLE RETURN Offering all mortgage products to all customer category across all transaction types and segments (Prime and Non- prime) FULL MORTGAGE PRODUCT SUITE Diversified Borrowings mix between Banks : Money market : NHB with focus on longer tenor borrowings to support longer tenor lending DIVERSIFIED BORROWING MIX OVERVIEW OF BAJAJ HOUSING FINANCE Strategic Differentiators Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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17 17 Management Assessment of Key Financial Indicators for FY26 Key Indicators Medium Term FY26 Assessment for FY26 AUM Growth 24-26% 21-23% Assessment for the year is moderated due to heightened competitive pricing on acquisition of new loans, increased portfolio attrition coupled with moderation in real estate demand. Opex to NTI 14-15% 20-21% The Company has been investing in SBU and non-metro markets leading to higher opex coupled with NIM moderation leading to flat Opex to NTI in FY26 as compared to FY25. GNPA 40 – 60 bps 35 – 40 bps ▪ Risk metrics continue to hold well across product portfolios. ▪ GNPA, Credit Cost and PCR are expected to hold within our medium- term guidance. Credit Cost 20 – 25 bps 15 – 20 bps PCR 40 – 50% 50 – 60% Return on Assets 2.0 - 2.2% 2.0 - 2.2% ▪ NII for FY26 is largely expected to be stable and in line with FY25 however, NIM is expected to moderate by 15-20 bps due to reduction in investment income which in FY25 was higher due to two rounds of capital raises and lower income on derecognized loans due to lower assignment planned in FY26. ▪ ROA is expected to remain rangebound in line with previous two quarters. ▪ Moderation in ROE due to equity overhang of capital raises done in FY25. Leverage 7 – 8 times 5.5 – 6 times Return on Equity 13 – 15% 11 – 12% Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality OVERVIEW OF BAJAJ HOUSING FINANCE
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18 18 Shareholding Profile Holding of Top-20 Investors S. No. Name of Shareholder Holding % 1 Bajaj Finance Limited 86.70 2 Catamaran Ventures LLP 0.21 3 ICICI Prudential Life Insurance Company Limited 0.17 4 Vanguard Total International Stock Index Fund 0.16 5 Vanguard Emerging Markets Stock Index Fund, a series of Vanguard International Equity Index Funds 0.15 6 Aditya Birla Sun Life Trustee Private Limited A/c 0.15 7 ICICI Prudential Banking And Financial Services Fund 0.15 8 NPS Trust A/c ICICI Prudential Pension Fund Scheme E - Tier I 0.14 9 NPS Trust A/c SBI Pension Fund Scheme - Central Govt 0.13 10 Government Pension Fund Global 0.13 11 Tata AIG General Insurance Company Limited 0.13 12 BNP Paribas Financial Markets – Odi 0.10 13 Vanguard Fiduciary Trust Company Institutional Total International Stock Market Index Trust II 0.09 14 Serum Institute Of India Pvt Ltd 0.05 15 Motilal Oswal Large Cap Fund 0.04 16 Canada Pension Plan Investment Board 0.04 17 HDFC Life Insurance Company Limited 0.04 18 ICICI Prudential Nifty Next 50 Index Fund 0.04 19 Nippon Life India Trustee Ltd A/c Nippon India ETF - Nifty Next 50 Junior Bees 0.03 20 UTI - Nifty Next 50 Index Fund 0.03 1.32% 10.06% 86.70% 0.94% 0.63% Corporates Promoters & Promoter Group Mutual Funds FII & FPIs Resident & Non-resident Individuals Others 0.35% Note: Shareholding as of 31st Dec 2025 OVERVIEW OF BAJAJ HOUSING FINANCE Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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19 19 Quarterly Financial Snapshot Financials Snapshot Q3 FY26 Q3 FY25 YoY 9M FY26 9M FY25 YoY Assets under management 133,412 108,314 23% 133,412 108,314 23% Loan Assets 117,305 95,570 23% 117,305 95,570 23% Interest income 2,697 2,322 16% 7,804 6,612 18% Interest expenses 1,734 1,516 14% 4,997 4,428 13% Net Interest income 963 806 19% 2,807 2,184 29% Fees and commission income 79 49 61% 204 150 36% Net gain on fair value changes 13 41 (68%) 79 137 (42%) Sale of services and Income on de-recognised loans 90 23 291% 133 130 2% Others* 8 14 (43%) 39 38 3% Net Total Income (NTI) 1,153 933 24% 3,262 2,639 24% Operating Expenses 219 185 18% 648 539 20% Pre-provisioning operating profit 934 748 25% 2,614 2,100 24% Loan Losses & Provision 56 35 60% 147 50 194% Profit before exceptional item and tax 878 713 23% 2,467 2,050 20% Exceptional Item 13 - 13 - Profit before tax 865 713 21% 2,454 2,050 20% Profit after tax 665 548 21% 1,891 1,576 20% Key Ratios: Opex to NTI (excl. exceptional item) 19.0% 19.8% 19.9% 20.4% Loan loss to Average Loan Assets ** 0.19% 0.15% 0.18% 0.08% Return on Average Loan Assets ** 2.3% 2.4% 2.3% 2.4% Return on Average Equity ** 12.3% 11.5% 12.0% 13.3% Earning per share - Basic (₹) 0.80 0.66 2.27 1.97 Earning per share - Diluted (₹) 0.80 0.66 2.27 1.97 ₹ in Crore * Others include other operating income and other income ** Annualized FINANCIAL PERFORMANCE Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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20 1,200 1,278 1,399 1,514 1,516 1,551 1,606 1,658 1,734 174 194 170 184 185 208 214 214 219 1,374 1,472 1,569 1,698 1,701 1,759 1,820 1,872 1,953 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Interest Expenses Operating Expenses Total Expenses 20 Key Financial Trends 73,197 79,301 85,283 89,878 95,570 99,513 105,954 113,059 117,305 85,929 91,370 97,071 102,569 108,314 114,684 120,420 126,749 133,412 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 AR AUM 437 381 483 546 548 587 583 643 665 572 488 630 708 713 720 757 833 865 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 PAT PBT FINANCIAL PERFORMANCE PROFITSEXPENSE INCOMEASSETS 1,846 1,907 2,064 2,227 2,322 2,374 2,493 2,614 2,697 101 88 145 183 127 135 125 141 190 1,947 1,995 2,209 2,410 2,449 2,509 2,618 2,755 2,887 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Interest Income Fee and Other Income Total Income Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality ₹ in Crore
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21 RETURN RATIOSASSET QUALITY MARGIN AND OPERATING EFFICIENCY 21 Key Financial Trends 9.9% 9.9% 9.8% 9.9% 9.8% 9.7% 9.5% 9.3% 9.1% 7.7% 7.8% 7.9% 7.9% 7.9% 7.9% 7.7% 7.4% 7.3% 2.2% 2.0% 1.9% 1.9% 1.9% 1.8% 1.8% 1.9% 1.8% Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Portfolio Yield Cost of Fund Gross Spread 0.25% 0.27% 0.28% 0.29% 0.29% 0.29% 0.30% 0.26% 0.27% 0.10% 0.10% 0.11% 0.12% 0.13% 0.11% 0.13% 0.12% 0.11% 0.01% 0.18% 0.05% 0.02% 0.15% 0.12% 0.16% 0.18% 0.19% Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 GNPA NNPA Credit Cost 2.4% 2.0% 2.3% 2.5% 2.4% 2.4% 2.3% 2.3% 2.3% 15.0% 12.7% 14.3% 13.0% 11.5% 12.1% 11.6% 12.2% 12.3% Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 ROA ROE 23.2% 27.1% 21.0% 20.5% 19.8% 21.7% 21.2% 19.6% 19.0% 4.1% 3.8% 3.9% 4.1% 4.0% 4.0% 4.0% 4.0% 4.0% Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Opex to NTI NIM FINANCIAL PERFORMANCE Company got listed on equity capital markets and raised primary capital of 3,560 Cr PORTFOLIO YIELD, COF AND GROSS SPREAD Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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22 22 Diversified Borrowing Mix supported by highest possible domestic credit rating 59.0% 58.9% 51.3% 41.3% 36.6% 39.4% 30.1% 36.3% 34.7% 45.7% 48.3% 47.6% 9.6% 0.8% 3.8% 2.7% 5.8% 4.2% 0.0% 3.7% 9.9% 10.2% 9.2% 8.8% 1.2% 0.3% 0.3% 0.0% 0.1% 0.0% Mar'22 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Bank Borrowings NCD CP NHB ICD AAA Highest possible Domestic Credit Rating* Focus on Longer tenor funding through Money Market and NHB Refinance Diversified borrowing backed by relationship with 18 banks * For both the long-term (IND AAA/stable and CRISIL AAA/stable) as well as short-term (IND A1+ and CRISIL A1+) borrowings programme (rating by CRISIL and India Ratings) TREASURY UPDATE Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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23 23 Behaviouralized ALM position 1% 2% 5% 8% 12% 17% 27% 57% 74% 100% 1% 2% 4% 7% 11% 18% 28% 57% 73% 100% 1-7 D 8-14 D 15-30/31 D >1-2 M >2-3 M >3-6 M >6 M-1 Y >1-3 Y >3-5 Y >5 Y Cumulative Inflows (%) Cumulative Outflows (%) 5% 6% 1% (5%) (2%) 1% 0%10% 10% (1%) Cumulative Surplus/ (Gap)* Permissible Cumulative Surplus/ (Gap) (10%) (10%) (20%) * As a % of cumulative outflows TREASURY UPDATE Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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24 24# Internal leverage threshold. TREASURY UPDATE 8 times# 15.00% 21.92% 21.28% 23.82% 28.98% 27.86% 28.24% 26.94% 26.12% 23.15% 21.28% 20.67% 23.26% 28.46% 27.36% 27.72% 26.43% 25.61% 22.69% 6.4 6.7 6.0 5.0 5.1 5.2 5.4 5.5 5.5 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Total CRAR Tier 1 Capital Regulatory CRAR Leverage Leverage threshold Key Sustainability Ratios Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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25 56.8% 10.0% 19.4% 12.2% 1.6% 25 Most Diversified HFC straddling across mortgage products 54.5% 10.7% 21.9% 11.6% 1.3% Home Loans LAP LRD DF Others AUM Mix BUSINESS WISE UPDATE DEC’24: 1,08,314 Cr SEP’25: 1,26,749 Cr DEC’25: 1,33,412 Cr 55.1% 10.3% 21.5% 11.8% 1.3% Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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26 26 Home Loans 72,769 Cr 178 47.3 Lakhs 15.0 Lakhs 84% : 13% : 3% 76.5% AUM Locations ATS (at origination) Customer Mix Salaried: Self-employed : Professional Customers with CIBIL >750 (at origination) Avg. Customer Salary (at origination) BUSINESS WISE UPDATE Offering spanning all home loan transaction spectrum: New home purchase, resale, balance transfer and self-construction Micro market strategy to bifurcate locations into dedicated operational areas Covering all customer segments: Salaried, self-employed, and professionals and all customer classes: Prime, Near Prime and Affordable Leveraging Developer Finance relationships: Key sourcing funnel for retail home loans Large APF base (8,800+ projects): Accelerating loan processing time for home purchase Customized product offerings with digital tools for customer onboarding complemented by doorstep service Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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27 27 BUSINESS WISE UPDATE Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality Target ATS and Yield Transaction type offering Dedicated teams for sourcing channel 40-60 Lakh ATS 9-11% Yield 15-35 Lakh ATS 11-13% Yield B2C (Intermediary Sourcing) B2B (Developer counters) Direct to Customer LAP Purchase Resale Self-Construction Balance Transfer NEAR-PRIME AFFORDABLE Focused Operating Markets Top-36 markets ▪ Deeper geographies of Top-36 markets; and ▪ Tier-4/ rural locations Current disbursement run rate of ~325-350 Cr monthly Targeting 600+ crore monthly disbursement run rate in next 12–15 months through strategic investments Operational across 73 urban locations and 72 tier-4/ rural locations Diversifying sourcing funnel across under-construction HL from developer counters (B2B) and LAP through dedicated teams Strengthening & scaling existing operating markets Sambhav Housing (Near-prime and Affordable) : Expanding Customer Segment & Yield
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28 Sourcing from both intermediaries as well as direct-to- customer channels Covering all customer segments: Self-employed, salaried and professionals Assessed income backed lending at competitive pricing “Flexi” proposition to cater customer needs (20% of LAP AUM as of Q3 FY26) 28 Loans Against Property 14,231 Cr 74 83.2 Lakhs 79% : 15% : 6% 71% AUM Locations ATS (at origination) Customer Mix Self-employed: Salaried: Professional SORP Mix (# of portfolio) BUSINESS WISE UPDATE Higher mix of self-occupied residential property (SORP) mix Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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29 29 Lease Rental Discounting 29,177 Cr 18 116 Cr 322 67% AUM Locations ATS (at origination) Active Customers BUSINESS WISE UPDATE LRD offering across stabilized commercial assets including office space, warehousing and industrial properties Diverse Lessee base includes MNCs and Indian Corporates Customer base spans across commercial real estate developers, listed REITs, Private Equity and Sovereign funds Relationship led model for sourcing with focus on Grade-A properties ESCROW mechanism for rental tracking Dedicated portfolio monitoring team Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality Customer Mix (REIT, Sovereign wealth funds, MNC funds, large corporates, large commercial developers)
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30 30 Developer Finance 15,536 Cr 16 52 Cr 582 851 AUM Locations ATS (at origination) Active Developer Relationships Active Projects BUSINESS WISE UPDATE Offering construction finance for residential as well as commercial real estate Granular book across 851 projects Catering to developers focused on micro market, regional as well as pan India projects Milestone linked tranche disbursement based on stage of construction, sales and collection and sweep from start of the loan Transaction backed by ESCROW mechanism for cash flow tracking Act as sourcing funnel for retail home loans Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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31 31 Asset Quality Trends 0.25% 0.27% 0.28% 0.29% 0.29% 0.29% 0.30% 0.26% 0.27% 0.10% 0.10% 0.11% 0.12% 0.13% 0.11% 0.13% 0.12% 0.11% 60.67% 63.75% 59.37% 57.87% 55.44% 60.25% 56.25% 55.64% 58.76% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 ASSET QUALITY Gross NPA Net NPAStage-1 Stage-2 Stage-3 PCR 0.32% 0.37% 0.32% 0.34%0.36% 0.38%0.43% 0.34% 0.37% 99.39% 99.34% 99.39% 99.36%99.37% 99.35%99.31% 99.39% 99.36% Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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32 32 Stagewise Provisioning Particulars Gross Assets Receivable ECL Provision PCR % Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Home Loans 69,203 347 237 109 80 136 0.16% 23.21% 57.31% Loan Against Property 10,864 75 58 71 17 32 0.66% 22.03% 54.76% Lease Rental Discounting 19,844 - - 113 - - 0.57% - - Developer Finance 15,626 - 5 91 - 4 0.58% - 88.24% Other loans 1,690 15 19 5 5 15 0.31% 29.69% 81.36% Total as of 31 Dec 2025 1,17,227 437 319 389 102 187 0.33% 23.24% 58.76% Total as of 30 Sep 2025 1,13,001 391 298 380 85 166 0.34% 21.76% 55.64% Total as of 31 Dec 2024 95,484 355 281 311 83 156 0.33% 23.49% 55.44% ₹ in Crore ASSET QUALITY Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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33 33 Provisioning Coverage Particulars AUM 31 Dec 25 GNPA NNPA PCR (%) GNPA % NNPA % 31 Dec 24 30 Sep 25 31 Dec 25 31 Dec 24 30 Sep 25 31 Dec 25 Home Loans 72,769 237 101 57.31% 0.33% 0.32% 0.34% 0.16% 0.15% 0.15% Loan Against Property 14,231 58 26 54.76% 0.76% 0.59% 0.52% 0.38% 0.29% 0.24% Lease Rental Discounting 29,177 - - - - - - - - - Developer Finance 15,536 5 1 88.24% 0.09% 0.03% 0.03% 0.01% 0.00% 0.00% Other loans 1,699 19 4 81.36% 0.95% 1.08% 1.10% 0.22% 0.25% 0.21% Total 1,33,412 319 132 58.76% 0.29% 0.26% 0.27% 0.13% 0.12% 0.11% ₹ in Crore ASSET QUALITY Executive Summary Overview of Bajaj Housing Finance Business Wise Update Financial Performance Treasury Update Asset Quality
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34 35 THANK YOU
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35 35 Disclaimer This presentation has been prepared by and is the sole responsibility of Bajaj Housing Finance Limited (referred to as the “Company” or “Bajaj Housing Finance” ) solely for information purposes, without regard to any specific objectives, financial situations or informational needs of any particular person. By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or does not intend to constitute or form part of any offer or invitation or inducement to sell, or any solicitation of any offer or recommendation to purchase, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. However, the Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes. These materials are being given solely for your information and may not be copied, reproduced or redistributed to any other person in any manner. The distribution of these materials in certain jurisdictions may be restricted by law and persons into whose possession these materials comes should inform themselves about and observe any such restrictions. Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements.” You can generally identify forward-looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”, “potential”, “project”, “pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to differ materially include, among others: (a) material changes in the regulations governing the Company’s businesses; (b) the Company's ability to comply with the capital adequacy norms prescribed by the RBI; (c) decreases in the value of the Company's collateral or delays in enforcing the Company's collateral upon default by borrowers on their obligations to the Company; (d) the Company's ability to control the level of NPAs in the Company's portfolio effectively; (e) internal or external fraud, operational errors, systems malfunctions, or cyber security incidents; (f) volatility in interest rates and other market conditions; and (g) any adverse changes to the Indian economy. This presentation is for general information purposes only. 35
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36 36 Behaviouralized ALM snapshot Particulars 1-7 D 8-14 D 15-30/31 D >1-2 M >2-3 M >3-6 M >6 M-1 Y >1-3 Y >3-5 Y >5 Y Total Cash & Investments 1 5 473 2 13 295 916 571 459 - 2,735 Advances 1,284 459 1,403 2,477 2,469 6,952 12,397 36,032 20,779 33,053 117,305 Other inflows 409 742 2,477 2,618 3,519 1,734 2,445 9,711 6,213 8,259 38,127 Total Inflows (A) 1,694 1,206 4,353 5,097 6,001 8,981 15,758 46,314 27,451 41,312 158,167 Cumulative Total Inflows (B) 1,694 2,900 7,253 12,350 18,351 27,332 43,090 89,404 116,855 158,167 Borrowings 508 499 1,958 2,975 4,769 6,667 7,734 37,623 19,091 16,226 98,050 Total Equity - - - - - - - - - 21,852 21,852 Other Outflows 1,033 595 2,293 1,760 1,696 4,013 7,268 8,975 6,667 3,965 38,265 Total Outflows (C) 1,541 1,094 4,251 4,735 6,465 10,680 15,002 46,598 25,758 42,043 158,167 Cumulative Total Outflows (D) 1,541 2,635 6,886 11,621 18,086 28,766 43,768 90,366 116,124 158,167 Gap (E = A - C) 153 112 102 362 (464) (1,699) 756 (284) 1,693 (731) Cumulative gap (F = B-D) 153 265 367 729 265 (1,434) (678) (962) 731 - Cumulative gap as % (F/D) 10% 10% 5% 6% 1% (5%) (2%) (1%) 1% 0% Permissible cumulative gap % (regulatory limits) (10%) (10%) (20%) Additional borrowings possible 2,179 ₹ in Crore ANNEXURE
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37 37 Term Full Form NBFC-UL Non-Banking Finance Company – Upper Layer as per “Scale Based Regulation” by the RBI HFC Housing Finance Company GNPA Gross Non-Performing Assets NNPA Net Non-Performing Assets AUM Assets Under Management ATS Average Ticket Size APF Approved Project Finance SORP Self-occupied residential property PCR Provision Coverage Ratio NCD Non-Convertible Debentures CP Commercial Papers NHB National Housing Bank ICD Inter-Corporate Deposit NTI Net Total Income NIM Net Interest Margin Abbreviation Term Full Form ROA Return on Average Assets ROE Return on Average Equity CRAR Capital Adequacy Ratio DIY Do It Yourself PD Personal Discussion LTV Loan to Value REIT Real Estate Investment Trust FII Foreign Institutional Investors FPI Foreign Portfolio Investors IPC International Property Consultants CAM Credit Appraisal Memo SASE Secured Access Service Edge HRMS Human Resource Management System AI Artificial Intelligence ML Machine Learning 37 ANNEXURE
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38 38 Particulars Metrics Opex to NTI Ratio of operating expenses to net total income for relevant period Net Interest Margin (NIM) Ratio of total income reduced by finance cost to average loan assets for relevant period RoA Ratio of profit after tax to average loan assets for the relevant period RoE Ratio of profit after tax to average equity for the relevant period Leverage Ratio of total assets to total equity as at last day of relevant period Debt-to-equity Ratio of total borrowings to total equity as at last day of relevant period Credit Cost (Loan loss to average loan assets) Ratio of loan losses & provisions to average loan assets for relevant period Portfolio Yield Weighted average of portfolio IRR as at last day of relevant period Cost of Funds Ratio of interest cost and fund-raising cost to daily average borrowings for relevant period Gross Spread Portfolio Yield – Cost of Funds Formulas ANNEXURE 38