Bajaj Finance Limited
14,234words
5turns
0analyst exchanges
0executives
Key numbers — 40 extracted
rs
1.3
26%
₹ 7,552 crore
₹ 5 lakh crore
₹ 509,975 crore
₹ 25,498
crore
₹ 509,975
22%
33.2%
33.1%
₹ 7,552
₹ 5,660
Guidance — 20 items
Impact of one-time actions
opening
“• • In Q4 FY25, the Company recorded an additional ECL provision of ₹ 359 crore and a tax benefit of ₹ 348 crore on deductibility of certain expenditure based on favourable court and tribunal orders.”
Impact of one-time actions
opening
“In Q4 FY26, the Company recorded an additional ECL provision of ₹ 142 crore towards management and macro-economic overlay.”
Presentation change
opening
“• In Q4 FY26, the Company revised presentation of recoveries against written off loans from ‘Other Operating Income’ to ‘Loan Losses and Provisions’ across all periods.”
Presentation change
opening
“Before one-time actions & presentation change After one-time actions & presentation change Particulars Q4 FY26 Q4 FY25 Growth Particulars Q4 FY26 Q4 FY25 Growth 26% 27% Profit before tax Profit after tax Opex to NTI Loan losses & prov.”
Presentation change
opening
“to average AUF 7,410 5,553 33.8% 5,647 4,546 33.6% 1.65% 2.17% Annualised ROA Annualised ROE 4.6% 19.7% 4.6% 19.1% 31% 22% 5 Lead financial indicators for Q4 FY26 – consolidated (1/3) Balance sheet and business metrics 1.”
Presentation change
opening
“New loans booked grew by 20% to 12.89 MM in Q4 FY26 as against 10.70 MM in Q4 FY25.”
Presentation change
opening
“In FY26, the Company has added 17.51 MM customers.”
Presentation change
opening
“In Q4, cost of funds was 7.41%, improving 4 bps over Q3 FY26.”
Presentation change
opening
“6 Lead financial indicators for Q4 FY26 – consolidated (2/3) Operating efficiencies 11.”
Presentation change
opening
“Net interest income grew by 20% to ₹ 11,781 crore as against ₹ 9,808 crore in Q4 FY25.”
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Risks & concerns — 5 flagged
It increased sequentially due to the cascading impact of the New Labour Codes and accelerated Gold Loan branch expansion.
— Presentation change
AUM Opex to Net total income PBT PAT Pre-minority interest ROE Net NPA ₹ 509,975 Cr Growth 22% 32.8% FY25 33.2% ₹ 27,630 Cr Growth 23% ₹ 20,689 Cr Growth 24% 19.2% FY25 19.1% 0.41% FY25 0.44% 20 Impact of one-time actions and presentation change Impact of one-time actions in FY25 and FY26: • FY25: In Q4 FY25, the Company recorded an additional ECL provision of ₹ 359 crore, along with a tax benefit of ₹ 348 crore arising from favourable court rulings.
— Presentation change
AUM growth was marginally below our assessment on account of ‘risk-first’ actions in MSME businesses.
— Bajaj Financial Securities Limited
Proactive risk actions undertaken by the Company contributed to improvement in credit costs for FY26.
— Bajaj Financial Securities Limited
Consolidated borrowing mix for Money Markets: Banks: Deposits: ECB stood at 48% : 31% : 16% : 5% Continuous transformation in product features and digital technologies to maintain competitive edge Has helped achieve multi product cross sell and manage risk & controllership effectively.
— Bajaj Financial Securities Limited
Speaking time
2
1
1
1
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Opening remarks
Impact of one-time actions
• • In Q4 FY25, the Company recorded an additional ECL provision of ₹ 359 crore and a tax benefit of ₹ 348 crore on deductibility of certain expenditure based on favourable court and tribunal orders. In Q4 FY26, the Company recorded an additional ECL provision of ₹ 142 crore towards management and macro-economic overlay.
Presentation change
• In Q4 FY26, the Company revised presentation of recoveries against written off loans from ‘Other Operating Income’ to ‘Loan Losses and Provisions’ across all periods. This presentation change led to a reduction in net total income (NTI), loan losses and provisions, and related ratios, with no impact on profit before and after tax. Before one-time actions & presentation change After one-time actions & presentation change Particulars Q4 FY26 Q4 FY25 Growth Particulars Q4 FY26 Q4 FY25 Growth 26% 27% Profit before tax Profit after tax Opex to NTI Loan losses & prov. to average AUF 7,552 5,660 33.2% 6,006 4,466 33.1% 1.75% 1.97% Annualised ROA Annualised ROE 4.7% 20.0% 4.5% 18.7% Profit before tax Profit after tax Opex to NTI Loan losses & prov. to average AUF 7,410 5,553 33.8% 5,647 4,546 33.6% 1.65% 2.17% Annualised ROA Annualised ROE 4.6% 19.7% 4.6% 19.1% 31% 22% 5 Lead financial indicators for Q4 FY26 – consolidated (1/3) Balance sheet and business metrics 1. AUM crossed a milestone o
Presentation change
• The Company changed presentation of recoveries against written off loans from ‘Other Operating Income’ to ‘Loan Losses and Provisions’ across all periods. This presentation change led to a reduction in net total income (NTI), loan losses and provisions, and related ratios, with no impact on profit before and after tax. Before one-time actions & presentation change After one-time actions & presentation change Particulars Profit before tax Profit after tax Opex to NTI Loan losses & prov to Average AUF Annualised ROA Annualised ROE FY26 27,630 20,689 32.8% FY25 22,439 16,700 33.2% 1.93% 2.07% 4.6% 19.2% 4.5% 19.1% Growth 23% 24% Particulars Profit before tax Profit after tax Opex to NTI Loan losses & prov to Average AUF Annualised ROA Annualised ROE FY26 25,817 19,332 33.3% FY25 22,080 16,779 33.9% 2.09% 1.93% 4.3% 18.1% 4.6% 19.2% Growth 17% 15% 21 Executive summary FY26 – Consolidated (1/2) Balance sheet and business metrics 1. Delivered AUM growth of ₹ 93,314 crore in FY26. 2. AUM cr
Bajaj Financial Securities Limited
28. Acquired 399K customers. The customer franchise stood at 1.38 MM as of 31 March 2026. 29. AUM was up 77% at ₹ 7,984 crore as against ₹ 4,505 crore as of 31 March 2025. 30. Net total income grew by 31% to ₹ 578 crore in FY26 as against ₹ 441 crore in FY25. 31. Profit before tax grew by 49% to ₹ 273 crore in FY26 as against ₹ 183 crore in FY25. 32. Profit after tax grew by 46% to ₹ 203 crore in FY26 as against ₹ 139 crore in FY25. 33. Company delivered ROE of 12.01% in FY26 as against 12.33% in FY25 24 Management assessment 25 Management assessment - FY26 update The Company delivered a strong performance in FY26 across key metrics, leading to robust profit growth and return ratios. AUM growth was marginally below our assessment on account of ‘risk-first’ actions in MSME businesses. Proactive risk actions undertaken by the Company contributed to improvement in credit costs for FY26. Overall, FY26 was a good year! 26 Management assessment - FY26 update (before one-time actions and pres
Key Ratios
Opex to NTI Loan loss to avg. loan assets Return on average assets Return on average equity Gross NPA Net NPA Provision coverage ratio CRAR Leverage ratio Capital infusion* 3,570 106 47 59 44 15 4 11 11 10 FY18 74.6% 0.22% 0.6% 1.1% 0.00% 0.00% - 45.12% 3.03 1,200 17,562 1,156 685 471 297 174 25 149 149 110 FY19 63.1% 0.24% 1.1% 4.2% 0.05% 0.04% 35% 25.81% 5.26 2,000 ^ * 32,705 2,646 1,616 1,030 339 691 124 567 567 421 FY20 32.9% 0.55% 1.9% 9.1% 0.08% 0.05% 38% 25.15% 5.62 1,500 38,871 3,155 1,966 1,189 329 860 247 613 613 453 FY21 27.7% 0.80% 1.5% 7.8% 0.35% 0.22% 38% 21.33% 6.28 - 53,322 3,766 2,155 1,611 471 1,140 180 960 960 710 FY22 29.2% 0.45% 1.8% 11.1% 0.31% 0.14% 54% 19.71% 7.20 - 69,228 5,655 3,211 2,444 630 1,814 114 1,700 1,700 1,258 FY23 25.8% 0.21% 2.3% 14.6% 0.22% 0.08% 64% 22.97% 6.16 2,500 91,370 7,601 4,692 2,909 703 2,206 45 2,161 2,161 1,731 FY24 24.2% 0.06% 2.4% 15.2% 0.27% 0.10% 64% 21.28% 6.69 - 114,684 9,554 5,979 3,575 747 2,828 58 2,770 2,770 2,163 FY25 20.9%
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