NSE: BAJFINANCE · BSE: 500034
BAJAJ FINANCE LIMITED
Lends to consumers, small businesses and homeowners, earning interest and fee income on a loan book of roughly ₹5,46,944 crore in assets under management as of Q1 FY27. The business runs across consumer lending (two-wheeler and three-wheeler financing, consumer durables, personal and salaried loans), small business lending to MSMEs, gold-backed loans, and mortgages through subsidiary Bajaj Housing Finance. Gold loans grew 115% year-on-year to 3.5% of AUM and are being scaled toward 5% of AUM by FY27, while the MSME book is being brought back to double-digit growth after a period of risk pruning. Customer franchise stood at 124.43 million across 4,098 branches and 155,369 employees, with 16.13 million new loans booked in Q1 FY27 alone. The company also takes deposits (around ₹68,500 crore) and raises wholesale funding via secured non-convertible debentures on private placement. Net NPA sat at 0.39% with capital adequacy of 20.90%, and the Q1 FY27 loan book generated ROE of 20.4%. Operating costs are dominated by people (11% of revenue) and other opex (5%), with negligible materials spend, consistent with a financial services model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumer lending, MSME lending, Gold loans, Mortgage lending (Bajaj Housing Finance), Securities broking (Bajaj Financial Securities), Deposits. Asset-light consumer and SME lender, branch-led, NBFC under the Bajaj group.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 31,632 | 41,397 | 54,969 | 69,684 | 81,982 |
| EBITDA (ex other income) | 19,629 | 28,563 | 38,697 | 47,672 | 55,468 |
| margin % | 62.1 | 69.0 | 70.4 | 68.4 | 67.7 |
| Owners' profit | 7,028 | 0 | 14,451 | 16,638 | 19,017 |
| EPS, as reported (₹) | 116.64 | 190.53 | 236.89 | 268.94 | 30.60 |
| ROE % · ROCE % | 16.1 · — | 21.2 · — | 18.8 · — | 17.0 · — | 16.5 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (37,029) | (42,140) | (72,760) | (68,154) | (65,790) |
| Capex | (376) | (483) | (604) | (584) | (560) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17,090 | 18,035 | 18,457 | 19,524 | 20,179 | 21,214 | 21,606 | 23,165 |
| Profit before tax | 5,398 | 5,762 | 5,639 | 6,367 | 6,605 | 5,429 | 7,400 | 8,144 |
| Net profit | 4,014 | 4,308 | 4,546 | 4,765 | 4,948 | 4,066 | 5,553 | 6,081 |
| EPS (₹) | 64.66 | 68.63 | 72.35 | 7.57 | 7.85 | 6.40 | 8.79 | 9.62 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED ◆ | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.1 | 18.1 | 131 of 200 | 35% |
| P/B | 4.9 | 1.1 | 235 of 253 | 7% |
| ROE | 16.5 | 3.1 | 14 of 257 | 95% |
| EBITDA margin | 70.7 | 48.6 | 79 of 249 | 69% |
| Revenue growth | 18.6 | 12.6 | 101 of 231 | 57% |
| Profit growth | 27.6 | 7.8 | 103 of 251 | 59% |
| Market cap | 570768 | 34 | 1 of 268 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Bajaj Finance schedules institutional investor meeting | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Q2 FY27: 26.5% loan asset growth, strong profits and margin pressure | investor communications | medium | — | — |
| 21 Oct 2026 · Bajaj Finance allots Rs 2,120 crore secured NCDs via private placement | fund raising | high | — | — |
| 19 Oct 2026 · Audio recording of Q2 FY26-27 earnings call uploaded on website | investor communications | medium | — | — |
| 19 Oct 2026 · Bajaj Finance re-appoints Prashant Verma as CISO for 3 years | management changes | medium | — | — |
| 19 Oct 2026 · Bajaj Finance Board approves 49 lakh equity shares to Employee Welfare Trust | capital market events | medium | — | — |
| 19 Oct 2026 · Bajaj Finance Q2 FY26 PAT up 30% YoY to Rs 5,536 crore | results | high | — | — |
| 19 Oct 2026 · Bajaj Finance Q2 FY27: AUM up 26% to Rs 5.85 lakh cr, PAT up 29% | investor communications | medium | — | — |
| 19 Oct 2026 · Bajaj Finance Q2 PAT jumps 30% to 5,536 cr; board okays 17,500 cr capital plan | results | high | — | — |
| 16 Oct 2026 · Bajaj Finance to meet institutional investors on Oct 22 and 23 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.