Bajaj Finance Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 34.3% CAGR over last 5 years
- Comfortable capital adequacy - CAR of 21.6%
- Solid return on assets for a lender - ROA of 4.5%
- Asset quality is healthy - gross NPA of just 1.0%
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.1%
CONS
- Company has a low return on capital employed of 11.4%
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 31.7 is well above its own 5-year median (3.3)
- Thin net interest margin of 0.0%
- Growth is decelerating - 3Y profit CAGR (18.9%) trails the 5Y trend (34.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1034.20 | 31.71 | 643888.19 | 0.58 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1028.00 | 21.37 | 241893.03 | 1.05 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| CHOLAFIN | 1845.00 | 27.40 | 157575.18 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 362.80 | 28.50 | 154003.85 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| JIOFIN | 230.00 | 73.49 | 151872.26 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11120.70 | 13.97 | 123766.17 | 1.75 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2794.40 | 9.86 | 112186.35 | 1.07 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 398.60 | 26.59 | 109118.68 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 309.50 | 24.37 | 77571.61 | 0.89 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 656.05 | 27.44 | 62432.55 | 0.38 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 668.65 | 25.53 | 55549.10 | 0.60 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| SUNDARMFIN | 4714.65 | 23.60 | 52381.58 | 0.85 | 636.19 | 33.88 | 2644.13 | 23.37 | 9.35 | 80.61 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12,253 | 13,114 | 13,895 | 14,633 | 15,721 | 16,727 | 17,630 | 18,160 | 19,245 | 19,864 | 20,882 | 21,476 | 2,31,654 | |
| 3,693 | 3,931 | 4,229 | 4,420 | 4,956 | 5,338 | 5,691 | 5,865 | 5,992 | 6,307 | 7,938 | 6,553 | 1,50,225 | |
| Operating Profit | 8,805 | 9,451 | 9,934 | 10,507 | 11,144 | 11,753 | 12,344 | 12,430 | 13,532 | 13,872 | 12,746 | 15,053 | 1,63,777 |
| OPM % | 71.86% | 72.07% | 71.50% | 71.81% | 70.89% | 70.26% | 70.02% | 68.45% | 70.31% | 69.84% | 61.04% | 70.09% | 70.70% |
| Other Income | 2 | 2 | 3 | 5 | 2 | 4 | 23 | 12 | 4 | 2 | 1 | 1 | 10 |
| Interest | 4,103 | 4,537 | 4,868 | 5,217 | 5,684 | 6,149 | 6,386 | 6,551 | 6,918 | 7,011 | 7,339 | 7,398 | 79,421 |
| Depreciation | 156 | 159 | 176 | 193 | 200 | 210 | 219 | 252 | 251 | 258 | 244 | 256 | 2,876 |
| 4,548 | 4,758 | 4,894 | 5,102 | 5,263 | 5,398 | 5,762 | 5,639 | 6,367 | 6,605 | 5,429 | 7,400 | 81,490 | |
| Tax % | 24.50% | 25.37% | 25.68% | 25.10% | 25.72% | 25.71% | 25.29% | 19.54% | 25.17% | 25.14% | 25.14% | 25.09% | 25.38% |
| Net Profit | 0 | 0 | 0 | 0 | 3,912 | 4,014 | 4,308 | 4,546 | 4,765 | 4,948 | 4,066 | 5,553 | 60,806 |
| 57 | 59 | 59 | 62 | 6 | 6 | 7 | 7 | 8 | 8 | 6 | 9 | 10 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,967 | 12,744 | 18,487 | 26,374 | 26,668 | 31,640 | 41,410 | 54,974 | 68,806 | 81,982 | 85,387 | |
| 3,251 | 4,115 | 5,454 | 9,161 | 10,846 | 11,905 | 12,706 | 16,111 | 21,791 | 26,816 | 35,820 | |
| Operating Profit | 6,716 | 8,629 | 13,033 | 17,213 | 15,822 | 19,735 | 28,704 | 38,863 | 47,015 | 55,166 | 49,567 |
| OPM % | 67.39% | 67.71% | 70.50% | 65.26% | 59.33% | 62.37% | 69.32% | 70.69% | 68.33% | 67.29% | 58.05% |
| 25 | 12 | 13 | 12 | 15 | 8 | 8 | 9 | 919 | 542 | -261 | |
| Interest | 3,853 | 4,696 | 6,723 | 9,608 | 9,519 | 9,855 | 12,701 | 18,886 | 24,991 | 28,899 | 29,690 |
| Depreciation | 71 | 102 | 144 | 295 | 325 | 385 | 485 | 683 | 881 | 1,009 | 1,045 |
| Profit before Tax | 2,817 | 3,843 | 6,179 | 7,322 | 5,992 | 9,504 | 15,528 | 19,310 | 22,080 | 25,817 | 27,582 |
| Tax % | 34.82% | 35.05% | 35.35% | 28.11% | 26.24% | 26.05% | 25.89% | 25.16% | 24.00% | 25.12% | 25.20% |
| Net Profit | 1,836 | 2,496 | 3,995 | 5,264 | 4,420 | 7,028 | 11,508 | 14,451 | 16,779 | 19,332 | 20,632 |
| EPS | 33.67 | 43.92 | 68.75 | 89.07 | 73.00 | 115.79 | 189.57 | 233.84 | 267.98 | 30.58 | — |
| Dividend Payout % | 10.72% | 9.22% | 8.66% | 11.40% | 13.61% | 17.17% | 15.76% | 15.40% | 20.90% | 19.62% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 27%
- 5 Years:
- 25%
- 3 Years:
- 26%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 31%
- 5 Years:
- 34%
- 3 Years:
- 18%
STOCK PRICE CAGR
- 10 Years:
- 25%
- 5 Years:
- 7%
- 3 Years:
- 12%
- 1 Year:
- 7%
RETURN ON EQUITY
- 10 Years:
- 20%
- 5 Years:
- 20%
- 3 Years:
- 20%
- Last Year:
- 19%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 109 | 115 | 115 | 120 | 120 | 121 | 121 | 124 | 124 | 622 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,244 | 2,987 |
| 9,491 | 15,651 | 19,444 | 31,994 | 36,495 | 43,194 | 53,696 | 75,563 | 95,618 | 1,12,176 | |
| 49,949 | 67,584 | 1,02,990 | 1,30,152 | 1,31,996 | 1,65,598 | 2,17,121 | 2,94,276 | 3,62,198 | 4,36,595 | |
| Trade Payables | 309 | 446 | 564 | 762 | 884 | 1,157 | 1,452 | 2,064 | 1,878 | 2,105 |
| 7,041 | 236 | 451 | 512 | 1,029 | 1,484 | 1,900 | 2,697 | 2,923 | 3,908 | |
| Total Liabilities | 66,900 | 84,031 | 1,23,563 | 1,63,541 | 1,70,524 | 2,11,555 | 2,74,289 | 3,74,724 | 4,64,986 | 5,58,392 |
| 366 | 470 | 695 | 1,321 | 1,316 | 1,716 | 2,308 | 3,250 | 3,780 | 3,947 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 7 | 13 | 15 | 25 | 27 | 62 |
| 4,070 | 3,139 | 8,599 | 17,544 | 18,397 | 12,246 | 22,752 | 30,881 | 34,441 | 30,578 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,624 | 1,792 | 1,839 | |
| Cash & Bank | 326 | 340 | 349 | 1,383 | 2,141 | 3,546 | 3,032 | 8,297 | 13,448 | 15,018 |
| 62,138 | 80,081 | 1,13,921 | 1,43,293 | 1,48,664 | 1,94,033 | 2,46,183 | 3,30,647 | 4,11,498 | 5,06,949 | |
| Total Assets | 66,900 | 84,031 | 1,23,563 | 1,63,541 | 1,70,524 | 2,11,555 | 2,74,289 | 3,74,724 | 4,64,986 | 5,58,392 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -6,266 | -19,082 | -26,846 | -22,176 | 675 | -34,504 | -38,140 | -69,843 | -67,792 | -65,790 | |
| Cash from Investing | -3,047 | 1,075 | -5,379 | -8,758 | -429 | 6,347 | -10,394 | -10,088 | -2,765 | -3,389 |
| Cash from Financing | 12,513 | 19,503 | 34,449 | 34,167 | 1,741 | 32,275 | 50,675 | 82,415 | 70,165 | 67,433 |
| -972 | 13 | 9 | 998 | 505 | 1,532 | -1,831 | 2,484 | -392 | -1,746 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Bajaj Finance Limited has informed the Exchange regarding allotment of 205000 Non Convertible Securities at its meeting held on September 08, 2026
2026-09-01 - Bajaj Finance Limited has informed the Exchange regarding change in Registered Office of the company.
2026-08-27 - Bajaj Finance Limited has informed the Exchange regarding allotment of 500000 Non Convertible Securities at its meeting held on August 27, 2026.
2026-08-26 - Bajaj Finance Limited has informed the Exchange about Schedule of meet
2026-08-18 - Bajaj Finance Limited has informed the Exchange regarding allotment of 50000 Non Convertible Securities at its meeting held on August 18, 2026
2026-08-17 - Bajaj Finance Limited has informed the Exchange about Schedule of meet
2026-08-12 - Bajaj Finance Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-11 - Bajaj Finance Limited has informed the Exchange regarding Resignation of Mr. Amit Raghuvanshi as President - Cars, Two-Wheeler & Sales Finance w.e.f. close of business hours on August 11, 2026.
2026-08-10 - Bajaj Finance Limited has informed the Exchange regarding allotment of 111500 Non Convertible Securities at its meeting held on August 10, 2026
News
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Bajaj Finance Ltd.
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