Published on: 2026-01-05
The Bajaj Housing Finance share price has stayed under pressure after the early December promoter block deal created a clear supply overhang near the Rs 95 to Rs 105 zone. As of the latest widely reported market snapshot, the stock was around Rs 96.6, with a 52-week range of roughly Rs 92.1 to Rs 137.
The Q3 FY26 operational update shifts the conversation back to fundamentals. For the December 2025 quarter, Bajaj Housing Finance reported gross disbursements of about Rs 16,535 crore, with assets under management of about Rs 1,33,400 crore and loan assets of about Rs 1,17,290 crore as of December 31, 2025.
The key question for the outlook is whether Q3 results convert this growth into stable margins and steady asset quality, especially in a rate environment the company has described as becoming more competitive with easing interest rates. [1]
Here is what the market will anchor to before the detailed results arrive:
Gross disbursements: about Rs 16,535 crore in Q3 FY26 (December quarter).
AUM: about Rs 1,33,400 crore as of December 31, 2025, up 23% year on year.
Loan assets: about Rs 1,17,290 crore as of December 31, 2025.
A useful way to read these numbers is to focus on the sequence: AUM rose about Rs 6,651 crore versus Q2 FY26 levels, while disbursements also ticked up versus Q2. That combination typically signals continued origination strength, while repayments and portfolio churn remain normal.
The most important non-operating factor for the Bajaj Housing Finance share price has been the supply created by minimum public shareholding compliance.
In early December, the promoter sold roughly 2% via a block deal at an average price near Rs 95.31, reducing its holding from about 88.70% to about 86.71%.
Ahead of that, filings and market reports indicated the promoter intended to sell up to about 2% in one or more tranches, with the divestment window running from early December through February 2026.
This matters because it shapes the chart. Even if the business update is solid, traders often wait until the forced selling window is clearly done. In practice, that means the stock can stay range-bound despite improving operational numbers.
Based on the reported 52-week high and low, the structure is still a downtrend from the Rs 137 region, with a base forming near the Rs 92 to Rs 95 band.
Key zones to track (practical, not predictive):
Primary support: Rs 92 to Rs 95 (recent low area and block deal reference zone).
First resistance: Rs 100 (round number, often a positioning level).
Supply band: Rs 102 to Rs 110 (this aligns with common retracement zones from the Rs 92.1 to Rs 137 swing and overlaps with the post-block deal overhead supply).
Trend repair zone: Rs 115 to Rs 120 (a move and hold above this is usually where medium-term trend conversations change).
A clean technical improvement usually needs two things at once: a higher low above the Rs 92 to Rs 95 base, and a decisive close back above the nearest supply band while volumes normalise after promoter selling.
The Q3 update gives growth, but not profitability. For the detailed Q3 FY26 results, the market will watch how funding costs and yields interact.
In Q2 FY26, the company reported a cost of funds of around 7.4%, down from 7.9% a year earlier, while highlighting a more competitive environment alongside an easing rate scenario. If rates soften further, the near-term effect is usually mixed:
Positive: funding costs can decline, helping spreads if liabilities reprice faster.
Pressure point: lending yields also compress, especially in prime segments where pricing competition is intense.
So the Q3 result that matters most is not just growth, but whether net interest income and operating efficiency hold up as the rate cycle turns.
The second non-negotiable for a housing lender is asset quality stability.
In Q2 FY26, Bajaj Housing Finance reported GNPA of 0.26% and NNPA of 0.12%, with annualised credit cost around 0.18% and capital adequacy (CRAR) around 26.12%.
If these metrics remain steady in Q3, the stock price's risk premium should gradually compress as the selling overhang fades. If they worsen, the market typically reprices quickly because credit surprises in secured lending are treated as a regime change.
In its December 2025 investor day materials, the company referenced industry data suggesting home loan portfolios could grow at a CAGR of about 14% to 16% through FY28.
That is a supportive backdrop, but the share price still depends on execution because the stock trades at a valuation that assumes durable growth and discipline.
At around Rs 96.6, the stock’s reported book value is about Rs 25.4, and it trades near 3.8 times book, with a reported P/E around the mid-30s. In simple terms, the market is paying upfront for a clean balance sheet and compounding, which means quarterly delivery matters.
Bajaj Finance matters here because it is the promoter and seller in the stake sale process, so any further divestment activity could influence Bajaj Housing Finance’s near-term supply and price action.
The promoter stake sale that pressured the Bajaj Housing Finance share price was executed by Bajaj Finance.
Bajaj Finance’s own Q3 FY26 business update showed new loans booked of about 1.39 crore, AUM near Rs 4,85,900 crore, and deposits around Rs 71,000 crore as of December 31, 2025.This matters for two reasons. First, any further sales to meet public shareholding rules are driven by the promoter’s compliance timeline, not by Housing Finance's operating performance.
Second, broad investor sentiment around the Bajaj Finance share price can influence risk appetite for the group’s listed entities, even when fundamentals differ.
Q3 FY26 results date and commentary. The trading window has been reported as closed from January 1, 2026, until shortly after the results, which typically signals that the results are approaching.
Any additional promoter selling updates. The market will track whether selling continues into February 2026 as earlier disclosures suggested.
Margin signals. Watch the cost of funds, spreads, and operating efficiency trends versus Q2 FY26.
Asset quality continuity. Any drift in GNPA, NNPA, or credit cost changes the valuation conversation fast.
Chart confirmation. Holding above the Rs 92 to Rs 95 base and reclaiming Rs 100 to Rs 110 improves the probability of trend repair.
Yes. Q3 FY26 is the October to December 2025 quarter. The company has already released a Q3 business update, and the trading window has been reported as closed from January 1, 2026, which usually precedes the results announcement.
The operational highlights were gross disbursements of about Rs 16,535 crore, AUM of about Rs 1,33,400 crore, and loan assets of about Rs 1,17,290 crore as of December 31, 2025.
The key driver was a promoter block deal, along with the market’s expectation of further stake sales to comply with minimum public shareholding rules. The block deal was executed at around Rs 95.31 per share for roughly 2%.
Public reporting indicated that selling could occur in one or more tranches through February 2026. Until that window is clearly closed, the stock can face overhead supply.
Support is near Rs 92 to Rs 95, based on the recent low zone and block deal reference area. A practical resistance cluster begins near Rs 100 and strengthens in the Rs 102-110 range.
Cost of funds, spreads, operating efficiency, and credit metrics such as GNPA, NNPA, and credit cost. Q2 FY26 showed a cost of funds of around 7.4% and GNPA of 0.26%, setting the baseline for Q3 scrutiny.
Bajaj Finance is the promoter and executed the stake sale. Its own operational update can also influence sentiment, especially during periods of risk-on or risk-off in financial markets.
The Q3 FY26 business update supports a straightforward read: origination momentum looks intact, and the loan book is still compounding. The share price, however, is being pulled by a separate force, the supply created by promoters selling to meet public float requirements.
If Q3 results confirm stable funding costs, disciplined margins, and clean asset quality, the stock has a credible path to stabilise above the Rs 92 to Rs 95 base and attempt a reclaim of the Rs 100 to Rs 110 zone. Until the selling overhang is clearly resolved, the market is likely to reward evidence over expectations.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment, or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.
