Bajaj Finance Limited (BAJFINANCE)
₹982.10 +1.75% last close, 16 Oct
Q2 FY27 results
📅 Next results: 19 Oct 2026 (board meeting)Bajaj Finance Limited's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Bajaj Finance's net interest income was ₹15,223 Cr (+48.9% year on year, +7.1% on the previous quarter), and net profit ₹6,081 Cr (+27.6% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹15,223 | +48.9% | +7.1% |
| Net profit | ₹6,081 | +27.6% | +9.5% |
| EPS (₹) | 9.61 | +26.9% | +9.5% |
| Gross NPA | 0.96% | — | — |
BAJFINANCE delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.07% of the BAJFINANCE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 63.33%. That is close to its usual level. In BAJFINANCE futures, open interest fell 2.80% while the futures price rose 1.24%: short covering (shorts closing out).
Delivery in the last 5 sessions: 60.8% · 61.6% · 65.2% · 67.1% · 65.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bajaj Finance has issued an EGM notice for November 2, 2026, seeking shareholder approval for capital-raising initiatives. This includes a preferential issue of up to 5,75,25,985 convertible warrants to promoter Bajaj Finserv Limited for up to ₹5,800 crore. The warrants require 25% upfront payment with conversion exercisable within 18 months. The company is also seeking approval for an equity fundraise via Qualified Institutions Placement (QIP), with 80% earmarked for repayment and up to 20% (up to ₹2,340 crore) for general corporate purposes.
- Preferential issuance of up to 5,75,25,985 warrants to promoter Bajaj Finserv Limited
- Aggregate consideration for preferential warrants capped at up to ₹5,800 crore
- 25% consideration payable upfront upon warrant allotment, balance 75% on equity conversion within 18 months
- Separate QIP proposal where up to 20% (up to ₹2,340 crore) of net proceeds is earmarked for general corporate purposes and 80% for repayment
- Extraordinary General Meeting scheduled for Monday, November 2, 2026 via video conferencing
Bajaj Finance Limited has allotted 51,000 secured redeemable non-convertible debentures (NCDs) aggregating to ₹510.86 crore on a private placement basis. The debentures carry a coupon rate of 7.78% p.a. with a residual tenure of 1,127 days, maturing on November 9, 2029. Given the company's net worth of ₹103,123 crore and TTM revenue of ₹86,183 crore, this ₹510.86 crore fundraise represents less than 0.6% of annual revenues and constitutes routine treasury borrowing.
- Allotment of 51,000 Secured NCDs of face value ₹1 Lakh each aggregating to ₹510.86 crore
- Fixed coupon rate offered at 7.78% p.a., with the first coupon payment due on November 9, 2026
- Instrument residual tenure is 1,127 days with final maturity date set for November 9, 2029
- Secured by a first pari-passu charge on book debts/loan receivables with minimum 1.00x asset cover
Bajaj Finance Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 September 2026. The certificate, issued by Registrar and Share Transfer Agent KFin Technologies Limited, confirms that all dematerialisation requests received between 1 July 2026 and 30 September 2026 were processed within 15 days. It also confirms that mutilated share certificates were cancelled and depository records updated accordingly. This is a standard quarterly administrative filing with no financial impact.
- Regulation 74(5) compliance confirmed for the period 1 July 2026 to 30 September 2026
- Demat requests processed within the stipulated 15 days of receipt
- Certificate issued by Registrar and Share Transfer Agent KFin Technologies Limited on 1 October 2026
- Filing submitted to BSE and NSE on 7 October 2026
Bajaj Finance reported provisional quarterly operational updates for Q2 FY27. Assets under management (AUM) grew by 26.5% YoY to approximately ₹584,750 crore, adding ₹37,800 crore sequentially during the quarter. The customer franchise expanded to 128.85 million, adding 4.42 million customers in Q2 FY27 compared to 110.64 million a year ago. New loans booked rose 11% YoY to 13.45 million, with the company noting that YoY volume growth is not directly comparable due to an early festive season in the previous year. The deposits book stood at approximately ₹69,750 crore as of 30 September 2026.
- AUM grew 26.5% YoY to approximately ₹5,84,750 crore (up ₹37,800 crore QoQ)
- Customer franchise stood at 128.85 million, up by 4.42 million during Q2 FY27
- New loans booked rose 11% YoY to 13.45 million vs 12.17 million in Q2 FY26
- Deposits book stood at approximately ₹69,750 crore as of 30 September 2026
Bajaj Finance's Board has approved raising up to Rs 11,700 crore through a Qualified Institutions Placement (QIP) of equity shares of face value Re 1 each. Additionally, the Board approved a preferential issue of convertible warrants to parent company Bajaj Finserv Limited for up to Rs 5,800 crore. Total proposed capital raise stands at Rs 17,500 crore, which represents approximately 17.0% of the company's net worth (Rs 1,03,123 crore) and 2.9% of its current market cap. The issues remain subject to shareholder approval via an upcoming Extra Ordinary General Meeting.
- Board approved QIP of equity shares for an aggregate amount not exceeding Rs 11,700 crore
- Preferential allotment of convertible warrants to promoter Bajaj Finserv Limited for up to Rs 5,800 crore
- 25% consideration payable upfront upon warrant allotment, balance 75% payable on equity share conversion within 18 months
- Combined capital raise of up to Rs 17,500 crore represents ~17.0% of net worth of Rs 1,03,123 crore
Bajaj Finance's Board has approved raising up to Rs 11,700 crore through a Qualified Institutions Placement (QIP) of equity shares of face value Re 1 each. Additionally, the Board approved a preferential issue of convertible warrants to parent company Bajaj Finserv Limited for up to Rs 5,800 crore. Total proposed capital raise stands at Rs 17,500 crore, which represents approximately 17.0% of the company's net worth (Rs 1,03,123 crore) and 2.9% of its current market cap. The issues remain subject to shareholder approval via an upcoming Extra Ordinary General Meeting.
- Board approved QIP of equity shares for an aggregate amount not exceeding Rs 11,700 crore
- Preferential allotment of convertible warrants to promoter Bajaj Finserv Limited for up to Rs 5,800 crore
- 25% consideration payable upfront upon warrant allotment, balance 75% payable on equity share conversion within 18 months
- Combined capital raise of up to Rs 17,500 crore represents ~17.0% of net worth of Rs 1,03,123 crore
Bajaj Finance's Board has approved raising up to Rs 11,700 crore through a Qualified Institutions Placement (QIP) of equity shares of face value Re 1 each. Additionally, the Board approved a preferential issue of convertible warrants to parent company Bajaj Finserv Limited for up to Rs 5,800 crore. Total proposed capital raise stands at Rs 17,500 crore, which represents approximately 17.0% of the company's net worth (Rs 1,03,123 crore) and 2.9% of its current market cap. The issues remain subject to shareholder approval via an upcoming Extra Ordinary General Meeting.
- Board approved QIP of equity shares for an aggregate amount not exceeding Rs 11,700 crore
- Preferential allotment of convertible warrants to promoter Bajaj Finserv Limited for up to Rs 5,800 crore
- 25% consideration payable upfront upon warrant allotment, balance 75% payable on equity share conversion within 18 months
- Combined capital raise of up to Rs 17,500 crore represents ~17.0% of net worth of Rs 1,03,123 crore
Bajaj Finance Limited has announced a schedule for in-person meetings with a group of institutional investors and funds in the United States. The interactions are set to take place in Boston on September 23, 2026, and in New York on September 24, 2026. The company stated that discussions will be limited strictly to publicly available information. Given the standard nature of investor outreach for a large-cap NBFC, this filing carries no direct financial or operational impact.
- In-person investor meetings scheduled in Boston, USA on September 23, 2026
- In-person investor meetings scheduled in New York, USA on September 24, 2026
- Discussions confirmed to pertain exclusively to publicly available information
- Meeting schedule remains subject to changes due to exigencies from either side
Bajaj Finance Limited has announced an in-person schedule of institutional investor and fund meetings in the United States. The meetings will take place on 23 September 2026 in Boston and 24 September 2026 in New York. The company confirmed that discussions will be restricted to publicly available information only. Given the routine procedural nature of such investor interactions, there is no direct financial impact.
- Institutional investor meetings scheduled for 23 September 2026 in Boston, USA
- Second round of meetings scheduled for 24 September 2026 in New York, USA
- Both interactions will be conducted in-person with groups of institutional investors and funds
- Management noted discussions will be confined strictly to publicly available information
Bajaj Finance Limited has announced an in-person meeting with a group of institutional investors and funds at the 'Bajaj Finance Roadshow' in London. The roadshow is scheduled across two days on Monday, September 21, 2026, and Tuesday, September 22, 2026. The company confirmed that discussions will be limited strictly to publicly available information. Given the standard nature of institutional roadshows, this administrative update has no immediate financial impact on the company.
- Institutional investor roadshow scheduled for September 21 and September 22, 2026
- Event venue set in London, to be conducted in-person
- Discussions confirmed to pertain strictly to publicly available information
Bajaj Finance Limited has announced an upcoming in-person interaction with institutional investors and funds at the 'Bajaj Finance Roadshow' in London. The meetings are scheduled across two days on Monday, 21 September 2026, and Tuesday, 22 September 2026. The company stated that discussions will be limited strictly to publicly available information. Given the standard nature of non-deal investor roadshows, this filing is purely procedural.
- Roadshow scheduled for 21 September 2026 and 22 September 2026
- Meeting format is in person in London with institutional investors/funds
- Discussions to pertain to publicly available information only
Bajaj Finance has approved the private placement allotment of 2,05,000 secured redeemable Non-Convertible Debentures (NCDs) aggregating to ₹2,050.0271 crore. The NCDs carry a face value of ₹1 lakh each, offer a coupon rate of 8.07% p.a., and have a tenure of 1,294 days maturing on March 25, 2030. The issuance represents approximately 2.48% of the company's TTM revenue (₹82,540 crore) and 1.99% of net worth (₹103,123 crore), forming part of its routine asset-liability liability management.
- Allotment of 2,05,000 secured NCDs aggregating to ₹2,050.0271 crore
- Coupon rate fixed at 8.07% per annum payable annually
- Instrument tenure is 1,294 days with maturity on March 25, 2030
- Debentures backed by 1.00x asset cover on book debts/loan receivables
- Proposed to be listed on the Wholesale Debt Market Segment of BSE Limited
Bajaj Finance Limited has announced a relocation of its Registered Office effective 1 September 2026. The office has been shifted from Bajaj Auto Complex in Akurdi, Pune (411 035) to 4th Floor, Bajaj Finserv House, Viman Nagar, Pune (411 014). The company confirmed that there is no change in the jurisdiction of the Registrar of Companies (RoC Pune). This is a purely administrative change with no impact on business operations or financials.
- Registered office shifted with effect from 1 September 2026
- New registered office address: 4th Floor, Bajaj Finserv House, Off Pune-Ahmednagar Road, Viman Nagar, Pune - 411 014
- Previous registered office address: C/o Bajaj Auto Complex, Mumbai-Pune Road, Akurdi, Pune - 411 035
- No change in the jurisdiction of the Registrar of Companies (RoC Pune)
Bajaj Finance Limited has allotted 500,000 secured redeemable Non-Convertible Debentures (NCDs) of face value ₹1 lakh each, aggregating to ₹5,000 crore on a private placement basis. The 10-year instrument (3,653 days) carries a fixed coupon rate of 8.15% per annum, payable annually starting August 27, 2027, with final maturity on August 27, 2036. The NCDs are backed by a first pari-passu charge on loan receivables with a 1.10x asset cover for original investors. The fundraise forms ~4.85% of net worth (₹103,123 crore) and represents routine liability management to support ongoing balance sheet expansion.
- Allotted 500,000 secured NCDs aggregating to ₹5,000 crore on private placement basis
- Fixed coupon rate of 8.15% p.a. payable annually starting August 27, 2027
- Tenure of 3,653 days maturing on August 27, 2036
- 1.10x asset cover on book debts/loan receivables for original investors
Bajaj Finance Limited has informed the exchanges about an upcoming virtual meeting with a group of institutional investors and funds scheduled for Thursday, 27 August 2026. The company stated that the intimation was submitted at short notice following recent confirmation of participation. Discussions during the meeting will be confined strictly to publicly available information.
- Virtual meeting scheduled with group of institutional investors/funds on 27 August 2026
- Intimation submitted at short notice post confirmation of management participation
- Discussions strictly limited to publicly available information
Financial Performance
Revenue Growth by Segment
Consolidated Assets Under Management (AUM) grew 24% YoY to INR 462,261 Cr in Q2 FY26. MSME growth moderated to 18% due to a risk-first approach. New business lines (gold loans, new car loans, CV, and tractors) contributed 3% to overall AUM growth. Subsidiary BHFL saw AUM growth of 24%, while BFSL AUM grew by 40%. Net Interest Income (NII) for FY25 increased by 23% to INR 36,393 Cr.
Geographic Revenue Split
Not disclosed in available documents, though the company operates as an 'omnipresent' financial services provider across India with plans to add 900 more branches by March 2027.
Profitability Margins
Net Total Income (NTI) grew 24% to INR 44,954 Cr in FY25. Profit Before Tax (PBT) increased 14% to INR 22,080 Cr. Return on Assets (ROA) was stable at ~4.3% (annualized) for Q1 FY26 compared to 4.0% a year prior. Return on Equity (ROE) remained steady as per Q2 FY26 management commentary.
EBITDA Margin
Pre-impairment operating profit increased by 25% to INR 30,028 Cr in FY25. Opex to Net Total Income (NTI) stood at 33%, reflecting efficient cost management despite a 21% increase in total operating expenses to INR 14,926 Cr.
Capital Expenditure
Not disclosed in absolute INR Cr for physical infrastructure, but the company is investing heavily in 'FinAI' transformation over a 15-18 month horizon to become a future-ready AI financial services company.
Credit Rating & Borrowing
Maintains a strong credit profile with CRISIL Ratings reflecting its position as a large retail NBFC. Consolidated average cost of funds for FY25 was 7.97%, with an exit cost of 7.87% as of March 31, 2025. Management lowered cost of fund guidance by 5 basis points for the full year.
Operational Drivers
Raw Materials
Capital/Debt represents 100% of the 'raw material' for lending operations. Borrowings stood at INR 361,249 Cr as of March 31, 2025.
Import Sources
Sources include domestic markets and international markets. The company raised approximately USD 1 billion in fully hedged External Commercial Borrowings (ECB) as term loans in FY25.
Key Suppliers
Multiple domestic and international banks for term loans and ECBs, and retail/institutional investors for NCDs and deposits.
Capacity Expansion
Current branch network is expanding with 900 more branches planned by March 2027. 500 existing branches are being converted into gold loan branches to pivot from cost centers to profit centers.
Raw Material Costs
Cost of funds (interest expense) is the primary cost. Average cost was 7.97% in FY25. Management aims to maintain NIMs by passing incremental 27 bps benefits to customers.
Manufacturing Efficiency
Operational efficiency is measured by Opex to NTI, which was 33% in FY25. FinAI deployment is expected to render branch staffing surplus, allowing reallocation to higher-value tasks.
Logistics & Distribution
Distribution is handled via the Bajaj Finserv App (70.57 million users) and physical branches. Distribution costs are captured within the 33% Opex to NTI ratio.
Strategic Growth
Expected Growth Rate
24-26%
Growth Strategy
Achieved through a 'FinAI' transformation to enhance customer experience, aggressive expansion into gold loans (converting 500 branches), and scaling new lines like new car loans, CV, and tractor financing which grew 3% in Q2. The company aims for 200 million consumers and a 3-4% share of total credit in India.
Products & Services
Consumer durable loans, personal loans, MSME loans, gold loans, new and used car finance, commercial lending, mortgages (via BHFL), and securities trading (via BFSL).
Brand Portfolio
Bajaj Finance, Bajaj Finserv, Bajaj Housing Finance Limited (BHFL), Bajaj Financial Securities Limited (BFSL).
New Products/Services
Gold loans, new car loans, CV, and tractor loans are scaling up. FinAI transformation is expected to launch new metrics and services within 15-18 months.
Market Expansion
Adding 900 branches by March 2027 and deepening penetration in rural B2C and MFI segments, which were recently upgraded from 'yellow' to 'green' risk status.
Market Share & Ranking
Aims to be amongst the top 5 players in every business line and a top 20 most profitable company in India. Currently one of the largest retail-focused NBFCs.
Strategic Alliances
Strategic importance to parent Bajaj Finserv Ltd and ultimate holding company Bajaj Holdings and Investments Ltd (BHIL) provides financial and operational synergies.
External Factors
Industry Trends
Shift toward 'omnipresent' financial services (App, Web, Social). The industry is evolving toward AI-first models; BFL is positioning itself to be future-ready within 18 months to dominate 4-5% of retail credit.
Competitive Landscape
Faces 'heightened competitive intensity' in the mortgage segment (BHFL) and portfolio attrition, requiring aggressive customer acquisition (94,000 new customers in BFSL in Q2).
Competitive Moat
Moat built on a massive customer franchise (101.82M), data analytics for risk management, and a diversified product suite. Sustainability is driven by the 'risk-first' culture and low NPA levels (0.96% Gross).
Macro Economic Sensitivity
Earnings are susceptible to volatility in credit costs during macroeconomic stress. FY25 impairment increased 72% YoY, reflecting sensitivity to economic cycles.
Consumer Behavior
Increasing adoption of digital platforms, with 70.57 million customers now on the Bajaj Finserv App.
Geopolitical Risks
Not disclosed as a primary risk, though global interest rate trends affect the cost of ECB borrowings.
Regulatory & Governance
Industry Regulations
Subject to RBI regulations for NBFCs. The captive 2-wheeler and 3-wheeler finance business is being phased out as per plan to strengthen asset quality trends from FY27 onwards.
Taxation Policy Impact
Not specifically detailed, but the company reported a PBT of INR 22,080 Cr for FY25.
Risk Analysis
Key Uncertainties
Credit cost volatility is the primary uncertainty, with FY25 impairment rising 72%. Potential impact is a reduction in PAT growth if credit costs exceed the 1.95% guided upper limit.
Geographic Concentration Risk
Not disclosed, but the company is expanding its physical footprint by 900 branches to reduce concentration.
Third Party Dependencies
Reducing dependency on Third Party Loans (3PL) to improve portfolio performance; urban 3PL cut from 13% to 4.8%.
Technology Obsolescence Risk
Mitigated by the FinAI transformation project, aiming to prevent obsolescence by becoming an AI-first financial entity within 15-18 months.
Credit & Counterparty Risk
Maintains industry-leading asset quality with Net NPA at 0.44%. Adjusted networth to NNPA ratio is healthy at 47 times, providing a strong buffer against losses.