Bajaj Finance (BAJFINANCE) — concall transcript

1 concall transcript 🟡 Notable Neutral 📄 PDF

2 concall transcript 🟡 Notable Neutral 📄 PDF

📢 Key Event
Bajaj Finance reported Q3 FY25 PAT of INR 4,308 crores, up 18% YoY, with 12 million new loans and 5 million customer additions.

🔄 What Changed
PAT growth of 18% YoY; credit costs stabilized at 2.16% loan loss ratio; Stage 2/3 formations normalized; opex/NTI improved to 33.1%; two-wheeler and unsecured loan segments pruned; Airtel partnership announced for nine products targeting 200 million customers.

🔮 What's Next
Projected credit costs of 2%-2.05% for Q4; confidence in sustaining reductions; FY26 capital adequacy (Tier 1 at 20.8%); GNPA/NNPA to remain within target ranges (112 bps / 48 bps); FY26 profit growth corridor of 22%-23%; balance sheet growth target of 25%; retail credit share target of 3%-5%; succession planning review to conclude by March.

💡 Investor Takeaway
Shareholders should note Bajaj Finance is shifting focus from high-risk segments to scalable, lower-risk growth levers like digital partnerships and fee income, while maintaining strong capital and asset quality metrics ahead of FY26 targets.

Bajaj Finance reported Q3 FY25 PAT of INR 4,308 crores, up 18% YoY, driven by 12 million new loans and 5 million customer additions, pushing total customers toward 100 million. ROA held steady at 4.5%, while cost efficiency improved to 33.1% opex/NTI. Credit costs stabilized at INR 2,043 crores (2.16% loan loss ratio), with Stage 2/3 formations normalizing. Management highlighted a strategic shift toward pruning high-risk segments like unsecured loans and two-wheeler financing, while advancing a partnership with Bharti Airtel to launch nine products on the Airtel Thanks app by March 2025, targeting 200 million customers. Asset quality remained stable, with GNPA at 112 bps and NNPA at 48 bps. The company reaffirmed confidence in sustaining credit cost reductions (projected 2%-2.05% for Q4) and improving profitability, supported by operational efficiencies and digital transformation initiatives.

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About Bajaj Finance Ltd (BAJFINANCE)

Financial Services · Finance · Listed on BSE

Market Cap: ₹6,55,655.25 Cr P/E: 32.2 ROE: 18.1% ROCE: 10.4% Div Yield: 0.57%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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