Bajaj Finance Ltd (BAJFINANCE)
🎯 Key Takeaways
- Bajaj Finance is in a growth phase driven by expanding consumer lending and disciplined capital deployment, evidenced by consistent revenue and profit growth. Management is actively raising long-term capital via secured NCDs to fund future expansion without equity dilution, while maintaining strong profitability metrics.
- Revenue grew 7.2% QoQ to ₹23,165 in Q1FY27.
- ⚠️ Leadership transition in key lending segments (Cars, Two-Wheeler & Sales Finance) could disrupt growth execution.
📖 The Story
Bajaj Finance is in a growth phase driven by expanding consumer lending and disciplined capital deployment, evidenced by consistent revenue and profit growth. Management is actively raising long-term capital via secured NCDs to fund future expansion without equity dilution, while maintaining strong profitability metrics. The company remains a high-margin financial services player with a focus on asset quality and portfolio diversification.
📰 What's Happening
In August 2026, Bajaj Finance raised Rs. 5,000 crore through the allotment of 500,000 secured NCDs with an 8.15% coupon and 2036 maturity, backed by a pari-passu charge on book debts. This follows an earlier Rs. 498.22 crore NCD issuance in August 2026 at 7.79%. These moves reflect a strategic shift toward long-term, fixed-cost funding to support growth in its core lending segments. Additionally, the resignation of President Amit Raghuvanshi on 11 August 2026 introduces leadership uncertainty in key growth verticals like vehicle finance and sales finance, potentially impacting execution of expansion plans.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 19,524 | 20,179 | 21,013 | 21,606 | 23,165 |
| Operating Profit | 6,363 | 6,603 | 5,693 | 7,399 | 8,143 |
| OPM % | 32.6% | 32.7% | 27.1% | 34.3% | 35.1% |
| Net Profit | 4,765 | 4,948 | 4,066 | 5,553 | 6,081 |
| EPS | ₹7.56 | ₹7.85 | ₹6.40 | ₹8.79 | ₹9.62 |
Operating performance has shown steady improvement, with revenue rising from Rs. 19,524 crore in Q1 FY25 to Rs. 23,165 crore in Q1 FY26, and operating profit expanding from Rs. 6,363 crore to Rs. 8,143 crore over the same period. Operating margins have remained stable around 34-35%, indicating effective cost management amid growth. Net profit and EPS have grown consistently, rising from Rs. 4,765 crore and Rs. 7.56 in Q1 FY25 to Rs. 6,081 crore and Rs. 9.62 in Q1 FY26, reflecting strong top-line momentum and efficient capital utilization.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance in the latest filings beyond the NCD issuance details and operational performance updates. However, the repeated use of private placements to raise long-term capital suggests confidence in future cash flow generation and a strategic preference for debt over equity financing. The absence of formal guidance on growth targets or margins implies reliance on operational execution rather than public projections.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 124 | 124 | 622 | 622 |
| Reserves | 86,679 | 96,569 | 1.03 L Cr | 1.13 L Cr |
| Borrowings | 3.24 L Cr | 3.61 L Cr | 3.97 L Cr | 4.35 L Cr |
| Total Liabilities | 4.21 L Cr | 4.66 L Cr | 5.10 L Cr | 5.60 L Cr |
| Fixed Assets | 2,439 | 2,689 | 2,665 | 4,004 |
| Investments | 31,036 | 34,441 | 33,751 | 30,578 |
| Total Assets | 4.21 L Cr | 4.66 L Cr | 5.10 L Cr | 5.60 L Cr |
The balance sheet shows a significant rise in borrowings, increasing from Rs. 3.61 lakh crore in March 2025 to Rs. 4.35 lakh crore in March 2026, primarily driven by the NCD issuances. This reflects an aggressive capital deployment strategy to fund expansion. Despite higher debt, equity remains stable at around Rs. 622 crore, with reserves growing from Rs. 96,569 crore to Rs. 1.13 lakh crore, indicating retained earnings are being used to absorb leverage without diluting shareholders.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | -65,790 |
| Investing | -3,389 |
| Financing | +67,433 |
| Net Cash Flow | -1,746 |
👥 Shareholding Pattern
| Category | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 54.7% | 54.7% | 54.7% | 54.7% | 54.7% | 54.7% | 54.7% | 54.7% |
| FII | 20.8% | 20.8% | 21.5% | 21.7% | 22.0% | 21.5% | 21.3% | 20.2% |
| DII | 15.1% | 15.2% | 14.9% | 14.6% | 14.5% | 14.9% | 15.2% | 16.4% |
| Public | 7.3% | 7.4% | 6.9% | 6.9% | 6.7% | 6.8% | 6.7% | 6.6% |
| # Shareholders | 7,81,913 | 7,91,392 | 7,05,610 | 8,99,777 | 9,41,999 | 9,61,994 | 10,02,945 | 9,85,158 |
Institutional investor interest has slightly declined, with FII holdings decreasing from 21.97% in Q2 FY26 to 20.21% in Q1 FY27, and DII from 14.47% to 16.4% over the same period, while promoter holding remains stable near 54.66-54.7%. The slight reduction in FII/DII stakes may reflect profit booking or portfolio rebalancing, but the large base of over 9.85 lakh public shareholders suggests continued retail confidence. No significant promoter pledging or selling activity is evident from the data.
⚖️ Peer Comparison — Finance
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| BAJFINANCE | 6.71 L Cr | 33.0 | 10.4% | 18.1% | 3.82 |
| BAJAJFINSV | 3.20 L Cr | 31.4 | 11.4% | 26.5% | 5.50 |
| SHRIRAMFIN | 2.55 L Cr | 19.1 | 11.5% | 17.1% | 3.80 |
| TATACAP | 1.60 L Cr | 29.1 | 8.4% | 12.3% | 5.28 |
| CHOLAFIN | 1.58 L Cr | 27.3 | 9.3% | 18.9% | 6.93 |
| JIOFIN | 1.57 L Cr | 73.9 | 2.3% | 1.6% | 0.17 |
| ICICIAMC | 1.55 L Cr | 31.1 | 111.5% | 83.6% | 0.00 |
| BAJAJHLDNG | 1.25 L Cr | 14.2 | 12.4% | 12.3% | 0.00 |
| MUTHOOTFIN | 1.24 L Cr | 10.9 | 14.4% | 29.3% | 3.88 |
| PFC | 1.16 L Cr | 4.5 | 9.8% | 25.3% | 7.62 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Leadership transition in key lending segments (Cars, Two-Wheeler & Sales Finance) could disrupt growth execution. 2. Rising leverage due to large-scale NCD issuances increases financial risk, especially if revenue growth slows. 3. High promoter holding (54.67%) creates concentration risk, though no pledging is evident. 4. Regulatory scrutiny in consumer finance could impact expansion plans in unsecured and retail lending segments.
📋 Recent Filings
-
🔴 Corporate Action 27 August 2026Bajaj Finance announced on 27 August 2026 the allotment of 500,000 secured redeemable non-convertible debentures (NCDs) at a face value of Rs. 1 lakh ...
-
Announcement 26 August 2026Bajaj Finance announced a virtual investor meeting with institutional investors on August 27, 2026, to discuss publicly available information. The not...
-
🔴 Corporate Action 18 August 2026Bajaj Finance announced the allotment of 50,000 secured redeemable non-convertible debentures (NCDs) on a private placement basis, aggregating to **₹4...
-
Announcement 17 August 2026Bajaj Finance announced its schedule for upcoming analyst and institutional investor meetings on August 20, 2026, in Pune, focusing on publicly availa...
-
🟡 Board Meeting 12 August 2026No summary available
-
🔴 Announcement 11 August 2026Bajaj Finance announced the resignation of Amit Raghuvanshi, President of Cars, Two-Wheeler & Sales Finance, effective close of business on 11 August ...
-
🔴 Corporate Action 10 August 2026Bajaj Finance announced on 10 August 2026 that its Debenture Allotment Committee allotted 1,11,500 secured redeemable non-convertible debentures (NCDs...
-
Announcement 30 July 2026Bajaj Finance announced that its conference call for the quarter ended 30 June 2026 was held on 30 July 2026, with the presentation shared with exchan...
-
🟡 Board Meeting 30 July 2026Bajaj Finance's board approved unaudited standalone and consolidated financial results for Q1 FY27 (ended 30 June 2026) on 30 July 2026, alongside reg...
-
Announcement 30 July 2026Bajaj Finance reported strong Q1 FY27 results with AUM growing 24% YoY to ₹546,944 crore, PAT rising 28% to ₹6,081 crore, and Net NPA improving to 0.3...
🧠 Analyst's Read
Bajaj Finance continues to demonstrate strong operational momentum and capital efficiency, but investors should monitor the impact of leadership changes and the company's ability to service growing debt obligations. The next few quarters will be critical in validating whether the current growth trajectory can be sustained amid rising funding costs and sectoral competition.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts when BAJFINANCE files new disclosures
Track BAJFINANCE filings, board meetings, and corporate actions. Free email alerts at 5 PM.
Track BAJFINANCE — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd