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 35.1% 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 20.2%
CONS
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 33.9 is well above its own 5-year median (3.5)
- Thin net interest margin of 0.0%
- Recurring exceptional / one-off items are inflating headline profit
- Operating margins have contracted to 63.4% from 66.6%
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,437 | 11,166 | 11,850 | 12,477 | 13,361 | 14,143 | 14,990 | 15,499 | 16,431 | 16,895 | 17,744 | 18,307 | 1,98,024 | |
| 3,505 | 3,724 | 4,033 | 4,158 | 4,736 | 5,105 | 5,434 | 5,596 | 5,693 | 5,998 | 7,606 | 6,221 | 1,26,402 | |
| Operating Profit | 7,160 | 7,687 | 8,070 | 8,602 | 8,988 | 14,471 | 9,937 | 10,043 | 11,003 | 11,187 | 12,795 | 12,209 | 1,33,067 |
| OPM % | 68.61% | 68.84% | 68.10% | 68.94% | 67.27% | 102.32% | 66.29% | 64.80% | 66.97% | 66.22% | 72.11% | 66.69% | 67.20% |
| Other Income | 1 | 1 | 2 | 4 | 2 | 4 | 23 | 11 | 1 | 2 | 0 | 1 | 7 |
| Interest | 3,013 | 3,351 | 3,618 | 3,861 | 4,202 | 4,544 | 4,777 | 4,913 | 5,222 | 5,244 | 5,464 | 5,487 | 58,743 |
| Depreciation | 143 | 145 | 162 | 179 | 186 | 196 | 205 | 236 | 236 | 242 | 227 | 238 | 2,702 |
| 4,005 | 4,191 | 4,291 | 4,566 | 4,602 | 7,191 | 4,978 | 4,905 | 5,546 | 5,703 | 5,938 | 6,484 | 71,629 | |
| Tax % | 26.11% | 25.89% | 25.96% | 25.50% | 26.09% | 21.93% | 25.56% | 19.66% | 25.48% | 25.47% | 22.86% | 25.37% | 25.37% |
| Net Profit | 2,959 | 3,106 | 3,177 | 3,402 | 3,402 | 5,614 | 3,706 | 3,940 | 4,133 | 4,251 | 4,581 | 4,840 | 53,455 |
| 49 | 51 | 52 | 55 | 6 | 9 | 6 | 6 | 7 | 7 | 7 | 8 | 9 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,963 | 12,637 | 17,386 | 23,823 | 23,532 | 27,872 | 35,684 | 46,939 | 58,524 | 69,851 | 72,748 | |
| 3,248 | 4,068 | 5,189 | 8,765 | 10,331 | 11,260 | 11,941 | 15,261 | 20,810 | 25,545 | 32,465 | |
| Operating Profit | 6,715 | 8,570 | 12,197 | 15,058 | 13,201 | 16,612 | 23,744 | 31,678 | 37,713 | 44,306 | 40,284 |
| OPM % | 67.40% | 67.81% | 70.15% | 63.21% | 56.10% | 59.60% | 66.54% | 67.49% | 64.44% | 63.43% | 55.37% |
| 26 | 12 | 13 | 12 | 14 | 7 | 5 | 7 | 3,440 | 1,956 | 1,170 | |
| Interest | 3,853 | 4,649 | 6,037 | 7,990 | 7,550 | 7,678 | 9,424 | 14,003 | 18,656 | 21,648 | 22,069 |
| Depreciation | 71 | 102 | 137 | 271 | 302 | 355 | 444 | 629 | 822 | 942 | 977 |
| Profit before Tax | 2,818 | 3,831 | 6,035 | 6,808 | 5,363 | 8,586 | 13,882 | 17,053 | 21,676 | 23,672 | 25,288 |
| Tax % | 34.82% | 35.15% | 35.54% | 28.30% | 26.24% | 26.04% | 25.87% | 25.85% | 23.13% | 24.79% | 24.80% |
| Net Profit | 1,837 | 2,485 | 3,890 | 4,881 | 3,956 | 6,350 | 10,290 | 12,644 | 16,662 | 17,804 | 19,016 |
| EPS | 33.67 | 43.71 | 66.95 | 82.60 | 65.33 | 104.63 | 169.51 | 204.60 | 268.37 | 28.63 | — |
| Dividend Payout % | 10.72% | 9.26% | 8.90% | 12.29% | 15.21% | 19.00% | 17.62% | 17.60% | 20.87% | 20.95% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 25%
- 5 Years:
- 24%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 30%
- 5 Years:
- 35%
- 3 Years:
- 20%
STOCK PRICE CAGR
- 10 Years:
- 25%
- 5 Years:
- 7%
- 3 Years:
- 12%
- 1 Year:
- 7%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 20%
- 3 Years:
- 20%
- Last Year:
- 19%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 9,491 | 15,620 | 19,310 | 31,480 | 35,515 | 41,538 | 50,817 | 70,878 | 86,937 | 1,01,343 | |
| 49,949 | 64,486 | 87,505 | 1,04,520 | 1,00,145 | 1,23,407 | 1,62,114 | 2,21,246 | 2,76,100 | 3,24,169 | |
| Trade Payables | 309 | 439 | 548 | 637 | 666 | 751 | 953 | 1,001 | 1,121 | 1,281 |
| 7,041 | 192 | 361 | 399 | 918 | 1,292 | 1,601 | 2,439 | 2,544 | 3,358 | |
| Total Liabilities | 66,900 | 80,852 | 1,07,839 | 1,37,156 | 1,37,364 | 1,67,108 | 2,15,606 | 2,95,688 | 3,66,825 | 4,30,773 |
| 361 | 465 | 654 | 1,228 | 1,227 | 1,598 | 2,147 | 3,060 | 3,575 | 3,724 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 7 | 13 | 15 | 25 | 27 | 62 |
| 4,075 | 3,653 | 10,370 | 20,139 | 20,169 | 16,372 | 28,738 | 37,153 | 41,716 | 38,074 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,245 | 1,381 | 1,566 | |
| Cash & Bank | 326 | 229 | 242 | 679 | 1,374 | 2,901 | 2,316 | 7,163 | 12,453 | 12,434 |
| 62,138 | 76,506 | 96,573 | 1,15,109 | 1,14,587 | 1,46,224 | 1,82,391 | 2,47,041 | 3,07,673 | 3,74,913 | |
| Total Assets | 66,900 | 80,852 | 1,07,839 | 1,37,156 | 1,37,364 | 1,67,108 | 2,15,606 | 2,95,688 | 3,66,825 | 4,30,773 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -6,267 | -15,719 | -13,524 | -12,003 | 5,686 | -21,516 | -23,736 | -52,380 | -50,633 | -40,854 | |
| Cash from Investing | -3,048 | 505 | -6,638 | -9,633 | 424 | 3,806 | -12,400 | -9,721 | -1,462 | -1,146 |
| Cash from Financing | 12,516 | 16,589 | 22,344 | 24,177 | -4,113 | 21,550 | 38,021 | 64,774 | 51,604 | 40,260 |
| -972 | -97 | 13 | 435 | 697 | 1,501 | -1,682 | 2,674 | -491 | -1,741 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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