Bajaj Finance
Bajaj Finance
Financial Services F&OKey Fundamentals
LargecapNBFCFinancial ServicesPrice-based figures as of 8 Oct 2026, 11:29 am IST · EPS basis: Consolidated · TTM
Tapetide Score
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Key Insights
Strengths
3- Company has delivered good profit growth of 34.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 18.6%
- Company's median sales growth is 29.4% of last 10 years
Weaknesses
3- Stock is trading at 5.29 times its book value
- Company has low interest coverage ratio.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, Bajaj Finance Ltd trades at ₹948.3 (market cap ₹5,90,407.25 Cr), with a TTM P/E of 29.07, P/B of 5.18 and ROE of 16.53%. Sales and profit both grew 18% TTM. That is slower than the 5-year profit CAGR of 34% and the 3-year sales CAGR of 26%, and ROE is below its 3-year average of 20%. The stock is down 4% over 1 year and sits about 19.4% below its 52-week high of ₹1,176.4.
- Profit compounded at a 34% CAGR over 5 years and 31% over 10 years. Sales compounded at 25% (5-year) and 27% (10-year), a long record of strong balance-sheet and earnings growth.
- Median sales growth was 29.4% over the last 10 years. That growth has held across several credit and interest-rate cycles.
- Growth is still in double digits: sales and profit both rose 18% TTM. TTM EPS is ₹32.62.
- The 10-year ROE average is 19%, and the 3-year and 5-year averages are 20%. Current ROE is 16.53%, still healthy for a large lender of this size.
- The stock has risen only 4% a year over 5 years while profit grew 34% a year. Valuation has de-rated, and the TTM P/E is now 29.07 (earnings yield about 3.4%).
- At ₹948.3 the stock is about 19.4% below its 52-week high of ₹1,176.4, which partly reflects slower growth already being priced in.
- The company pays out 18.6% of profit as dividends and keeps most earnings to fund growth. Dividend yield is 0.63%.
- Long-term shareholders have done well: the 10-year stock CAGR is 24%, in line with how fast the business has grown over that period.
- Growth is slowing. TTM sales growth of 18% is well below the 3-year (26%) and 5-year (25%) CAGRs. TTM profit growth of 18% is about half the 5-year profit CAGR of 34%.
- Profitability is weakening. Current ROE of 16.53% is below last year's 18% and the 3-year and 5-year averages of 20%. ROCE is 10.71%.
- The valuation is high in absolute terms: P/B is 5.18 (book value about ₹183 per share) and TTM P/E is 29.07. That leaves little room for further growth or asset-quality disappointments.
- Returns have been weak: -4% over 1 year, 7% CAGR over 3 years and 4% CAGR over 5 years. All are far below the 10-year return of 24%.
- Interest coverage is low. For a lender, interest is the main cost, so the ratio is naturally low and partly structural. It still means profits are sensitive to rising borrowing costs.
- Screening data suggests the company might be capitalizing some interest cost. For an NBFC this needs to be checked against the financial statements, but if confirmed it would raise questions about earnings quality.
- Dividend yield is only 0.63% and payout is 18.6%, so there is little income support if the share price stays volatile.
- The 52-week range of ₹787.9 to ₹1,176.4 is wide. The current price is about 20.4% above the low and 19.4% below the high, showing large swings in sentiment.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹17,500 cr equity raise dilution Oct 1
The board approved a ₹11,700 crore QIP plus ₹5,800 crore in preferential warrants, still subject to shareholder approval. The total is above Jefferies' ~₹15,000 crore estimate, and Jefferies expects about 7% book value accretion but some ROE dilution.
- Stock slides on fundraise news Sep 24
Shares fell as much as 5% to about ₹993.60 on Sep 24, extending a 7% monthly decline. Large trades printed at ₹969.40 on Sep 29, about 18% below the Aug 3 52-week high of ₹1,176.40.
- New loan growth trails AUM Oct 3
New loans grew 11% in Q2FY27, well below 26.5% AUM growth. This may point to slower origination momentum.
- Q2FY27 AUM up 26.5% Oct 3
AUM rose 26.5% YoY to ₹5,84,750 crore, up from ₹5,46,944 crore in Q1FY27. The customer franchise grew to 128.85 million from 124.43 million reported in early September.
- Q1FY27 profit up 27% Sep 24
Net profit rose 27% YoY to ₹5,986 crore from ₹4,700 crore. NII grew 23% to ₹12,571 crore, and AUM grew 24% to ₹5,46,944 crore.
- Jefferies Buy, UBS upgrade Sep 24
Jefferies rates the stock Buy with a ₹1,280 target, citing leverage of 4.9x and ROE of 21%. UBS upgraded it to Neutral from Sell because slowing gold loan growth could help strong personal loan lenders.
- 5% stake in TrueFan AI Sep 8
Bajaj Finance bought a 5% stake in TrueFan AI, which was valued at about $40 million in its June Series A, after already using its platform at scale. The deal is part of Bajaj Finserv's ₹1,500-2,000 crore Finserv Intelligence startup investment programme.
- Large block trades flagged Sep 29
About 10.94 lakh shares worth ₹106.02 crore traded at ₹969.40 on Sep 29, after 2.2 lakh shares worth ₹22.22 crore near ₹1,010.20 on Sep 22. Buyer and seller identities are not yet known.
- ₹2,050 cr NCDs at 8.07% Sep 8
The company allotted ₹2,050.03 crore of secured NCDs by private placement at an 8.07% annual coupon, maturing March 2030. Its AAA/Stable rating supports access to funding.
- US institutional investor meetings Sep 17
Management met institutional investors in Boston and New York on Sep 23-24, 2026, discussing only publicly available information. The meetings came just before the fundraise was announced.
TL;DR: Bajaj Finance's fundamentals are strong, with 27% profit growth in Q1FY27, 26.5% AUM growth in Q2FY27 and a growing customer base. The stock has weakened, though, falling about 18% from its August high, mainly because the ₹17,500 crore capital raise will dilute existing holders and may weigh on ROE. New loan growth of 11% is also much slower than AUM growth. The raise strengthens capital for growth and analyst views are improving, so the next moves likely depend on QIP pricing, shareholder approval and whether disbursement growth picks up in Q2 results.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12,498 | 13,382 | 14,164 | 14,926 | 16,100 | 17,091 | 18,035 | 18,294 | 19,524 | 20,179 | 21,013 | 21,606 | 23,165 |
| Expenses | 3,693 | 3,931 | 4,229 | 4,420 | 4,956 | 5,338 | 5,691 | 5,865 | 5,992 | 6,307 | 7,737 | 6,553 | 6,793 |
| Financing Profit | 4,703 | 4,914 | 5,066 | 5,289 | 5,460 | 5,604 | 5,958 | 5,879 | 6,614 | 6,861 | 5,937 | 7,654 | 8,430 |
| Fin. Margin % | 38% | 37% | 36% | 35% | 34% | 33% | 33% | 32% | 34% | 34% | 28% | 35% | 36% |
| Other Income | 5 | 2 | 5 | 9 | 5 | 7 | 26 | 21 | 5 | 5 | -262 | 11 | 6 |
| 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 | 7,942 |
| Depreciation | 156 | 159 | 176 | 193 | 200 | 210 | 219 | 252 | 251 | 258 | 244 | 256 | 288 |
| PBT | 4,551 | 4,758 | 4,896 | 5,105 | 5,265 | 5,401 | 5,765 | 5,647 | 6,368 | 6,608 | 5,431 | 7,410 | 8,149 |
| Tax % | 24% | 25% | 26% | 25% | 26% | 26% | 25% | 20% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 3,437 | 3,551 | 3,639 | 3,825 | 3,912 | 4,014 | 4,308 | 4,546 | 4,765 | 4,948 | 4,066 | 5,553 | 6,081 |
| EPS in Rs | 5.67 | 5.86 | 5.89 | 6.18 | 6.32 | 6.46 | 6.86 | 7.21 | 7.56 | 7.84 | 6.39 | 8.78 | 9.61 |
| Gross NPA % | 0.87% | 0.91% | 0.95% | 0.85% | 0.86% | 1.06% | 1.12% | 0.96% | 1.03% | 1.24% | 1.21% | 1.01% | 0.96% |
| Net NPA % | 0.31% | 0.31% | 0.37% | 0.37% | 0.38% | 0.46% | 0.48% | 0.44% | 0.5% | 0.6% | 0.47% | 0.41% | 0.39% |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,392 | 7,299 | 9,970 | 12,746 | 18,487 | 26,375 | 26,673 | 31,633 | 41,411 | 54,972 | 68,832 | 81,985 | 85,964 |
| Expenses | 1,752 | 2,354 | 3,250 | 4,115 | 5,454 | 9,159 | 10,839 | 11,880 | 12,693 | 16,099 | 20,878 | 25,998 | 27,390 |
| Financing Profit | 1,367 | 1,986 | 2,867 | 3,935 | 6,310 | 7,609 | 6,314 | 9,905 | 16,018 | 19,987 | 22,963 | 27,088 | 28,883 |
| Fin. Margin % | 25% | 27% | 29% | 31% | 34% | 29% | 24% | 31% | 39% | 36% | 33% | 33% | 34% |
| Other Income | 26 | 35 | 22 | 10 | 13 | 8 | 3 | -17 | -5 | 6 | -2 | -263 | -240 |
| Interest | 2,274 | 2,959 | 3,853 | 4,696 | 6,723 | 9,608 | 9,519 | 9,848 | 12,701 | 18,886 | 24,991 | 28,899 | 29,690 |
| Depreciation | 36 | 56 | 71 | 102 | 144 | 295 | 325 | 385 | 485 | 683 | 881 | 1,009 | 1,045 |
| PBT | 1,357 | 1,965 | 2,817 | 3,843 | 6,179 | 7,322 | 5,992 | 9,504 | 15,528 | 19,310 | 22,080 | 25,817 | 27,598 |
| Tax % | 34% | 35% | 35% | 35% | 35% | 28% | 26% | 26% | 26% | 25% | 24% | 25% | — |
| Net Profit | 898 | 1,279 | 1,836 | 2,496 | 3,995 | 5,264 | 4,420 | 7,028 | 11,508 | 14,451 | 16,779 | 19,332 | 20,648 |
| EPS in Rs | 1.79 | 2.37 | 3.34 | 4.32 | 6.91 | 8.75 | 7.33 | 11.61 | 19.01 | 23.35 | 26.77 | 30.56 | 32.62 |
| Div. Payout % | 10% | 10% | 11% | 9% | 9% | 11% | 14% | 17% | 16% | 15% | 21% | 20% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 50 | 54 | 109 | 115 | 115 | 120 | 120 | 121 | 121 | 124 | 124 | 622 |
| Reserves | 4,750 | 7,373 | 9,491 | 15,733 | 19,582 | 32,208 | 36,798 | 43,592 | 54,251 | 76,572 | 96,569 | 1,13,377 |
| Borrowing | 26,655 | 37,025 | 49,250 | 66,557 | 1,01,588 | 1,29,806 | 1,31,634 | 1,65,232 | 2,16,690 | 2,93,346 | 3,61,249 | 4,35,112 |
| Other Liabilities | 1,325 | 2,522 | 4,881 | 2,393 | 2,948 | 2,257 | 2,918 | 3,561 | 4,164 | 5,700 | 8,185 | 10,841 |
| Total Liabilities | 32,780 | 46,973 | 63,731 | 84,798 | 1,24,233 | 1,64,391 | 1,71,470 | 2,12,505 | 2,75,226 | 3,75,742 | 4,66,127 | 5,59,952 |
| Fixed Assets | 252 | 290 | 366 | 470 | 695 | 1,321 | 1,316 | 1,716 | 2,308 | 3,250 | 3,780 | 3,947 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 51 | 34 | 80 | 43 | 41 | 119 |
| Investments | 326 | 1,029 | 4,070 | 3,139 | 8,599 | 17,544 | 18,397 | 12,246 | 22,752 | 30,881 | 34,441 | 30,578 |
| Other Assets | 32,201 | 45,654 | 59,295 | 81,189 | 1,14,939 | 1,45,526 | 1,51,707 | 1,98,509 | 2,50,087 | 3,41,568 | 4,27,865 | 5,25,309 |
| Total Assets | 32,780 | 46,973 | 63,731 | 84,798 | 1,24,233 | 1,64,391 | 1,71,470 | 2,12,505 | 2,75,226 | 3,75,742 | 4,66,127 | 5,59,952 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -7,064 | -9,870 | -10,439 | -20,566 | -29,062 | -24,412 | -807 | -37,029 | -42,112 | -72,760 | -67,792 | -65,790 |
| Investing | -360 | -687 | -3,047 | 1,075 | -5,379 | -8,758 | -429 | 6,347 | -10,394 | -7,171 | -2,765 | -3,389 |
| Financing | 6,867 | 11,656 | 12,513 | 19,503 | 34,449 | 34,167 | 1,741 | 32,240 | 50,675 | 82,415 | 70,165 | 67,433 |
| Net Cash Flow | -557 | 1,100 | -972 | 13 | 9 | 998 | 505 | 1,558 | -1,831 | 2,484 | -392 | -1,746 |
| Free Cash Flow | -7,129 | -9,964 | -10,587 | -20,700 | -29,428 | -24,912 | -1,105 | -37,644 | -42,970 | -73,759 | -68,837 | -66,686 |
| CFO/OP | -181 | -185 | -140 | -221 | -206 | -129 | 4 | -174 | -133 | -174 | -130 | -106 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 19% | 21% | 22% | 20% | 22% | 20% | 13% | 17% | 23% | 22% | 19% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY08–FY27.
Documents
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Company Information
Bajaj Finance is mainly engaged in the business of lending. BFL has a diversified lending portfolio across retail, SME and commercial customers with a significant presence in urban and rural India. It also accepts public and corporate deposits and offers variety of financial services products to its customers.(Source : 202003 Annual Report Page No:124)
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