Announcement
Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 1 Oct - Board approved QIP up to Rs 11,700 crore and preferential warrants up to Rs 5,800 crore to Bajaj Finserv.
Source: Bse
Bajaj Finance Limited (BAJFINANCE)
Large CapFinancial Services stocks · Large cap · NSE
Bajaj Finance Limited is a leading Indian diversified non-banking financial company offering consumer finance, personal loans, MSME lending, gold loans, mortgages through subsidiary Bajaj Housing Finance, and securities broking through Bajaj Financial Securities, backed by a strong deposit-taking license.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result19 Oct, 05:20 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -7.5% / mo · MACD +
Stock trend: 35
Sector RS: 49
Sector 3M: -5.4% vs Nifty 500 -5.8%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BAJFINANCED candles · FIT view+0.5%Latest close ₹926.00 on 2026-10-21
Bar
-3.9%
RSI
36
MACD hist
0.59
52W pos
36%
2026-10-21O ₹963.70H ₹968.80L ₹918.70C ₹926.00Vol 1.9Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BAJFINANCENifty Financial ServicesNifty 500
- BAJFINANCE
- -13.4%
- Nifty 500
- -6.5%
- Nifty Financial Services
- -6.9%
- Vs Nifty 500
- -6.9 pp
Chart stats
21 Oct 2026- From 52W high
- -21.3%
- 52W range position
- 36%
- ATR (14)
- 3.0%
- Volume vs 20D
- 2.36x
- Avg traded value
- ₹831 Cr
- 20D price channel
- ₹918.7 - ₹1,043.2
₹1,176.4
₹787.9 - ₹1,176.4
₹27.7
Latest completed session
20-session average
35.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent75
Revenue +21.6% · PAT +28.7% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model-4.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 75/100Rev +22% YoY · PAT +29% YoY · +6% QoQ · operating leverage
Filed 19 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹24,546.4 Cr | +21.6% | +6.0% |
| EBITDA | ₹17,426.8 Cr | NDF | +6.4% |
| Operating margin | 71.0% | NDF | +32 bps |
| PAT | ₹6,366.6 Cr | +28.7% | +4.7% |
| PAT margin | 25.9% | +142 bps | -31 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.47
- P/B
- 5.23
- EV/EBITDA
- 986.93
- Market Cap
- 595845.07Cr
Profitability
- ROE
- 18.20%
- ROCE
- 10.90%
- ROA
- 3.69%
- Dividend Y
- 0.56%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 34.00%
- Revenue 3Y
- 26.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 3.82
- Interest Coverage
- —
- Altman Z
- 1.16
- Book Value
- 183.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -65790.00 Cr
- EPS TTM
- 34.86
Shareholding
- Promoter Hold
- 54.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 44%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 3.0-91.2% vs prev
Net Profit
₹ CrLatest: 19.3k+15.2% vs prev
Return on Equity
%Latest: 17.0-2.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~8.1% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 21% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
51
RS percentile
Stage 1 Base / Transition
1M return
-9.3%
3M return
-13.4%
6M return
+0.8%
1Y return
-12.9%
RS 1D
-1
RS 20D
-8
Sector rank
#10
Industry rank
#20
Stage evidence
- Price is within 5.3% of the 30-week proxy.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 97.3-2.38%
RS vs Nifty 50097
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth20/25
Quality10/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 20/25 to the score.
- Quality contributes 10/20 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Altman Z is 1.2, in distress territory.
- Fair-value margin of safety is negative at -4.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
27.5
PB
5.2
EV/EBITDA
986.9
ROE
18.2%
ROCE
10.9%
FCF Yield
—
Debt/Equity
3.8
MoS
-4.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-4.2%
Previous: -4.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
26
26
31
31
31
31
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹378.86
-144.4% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹888.93
-4.2% MoS
PEG
0.98
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BAJAJFINSV
Large
Bajaj Finserv Limited
NBFC
match 138
19
26.9
13.2%
-5%
OVERVALUED
BAJAJHFL
Large
Bajaj Housing Finance Limited
NBFC
match 135
27
24.7
12.1%
+6%
OVERVALUED
HDBFS
Large
HDB Financial Services Limited
NBFC
match 134
35
14.4
14.7%
+44%
WATCHLIST
HOMEFIRST
Large
Home First Finance Company India Limited
NBFC
match 134
36
20.0
15.7%
+27%
WATCHLIST
AADHARHFC
Large
Aadhar Housing Finance Limited
NBFC
match 134
40
16.8
15.9%
+32%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-22T02:10:22.879Z
Management commentary snapshot
Q2 FY27 delivers strong performance with 26% AUM growth to ₹584,624 crore, 29% PAT growth to ₹6,367 crore, improved asset quality (GNPA at 1.06%), and announced capital raising plans.
The investment thesis remains intact. BFL continues to compound its AUM at 26% YoY while expanding profitability and improving asset quality metrics (GNPA 1.06%, NNPA 0.42%). Strategic investments in FINAI transformation are driving operating leverage, and capital adequacy stands robust at 20.33% before proposed QIP and preferential warrant issuances.
Current business mix
Consolidated AUM by segment
Latest issuer-disclosed distribution across 12 reported categories.
Mortgages32.0%
Urban Personal Loans19.7%
MSME Lending9.1%
Urban Consumer Finance8.2%
Loan Against Securities7.2%
Commercial Lending6.0%
Rural Personal Loans5.0%
Gold Loans4.1%
Car Loans2.9%
Rural Consumer Finance2.5%
Open Market 2W & 3W Finance1.5%
CV & Tractor Finance0.9%
Growth engines
Customer Franchise Expansion
PositiveAdded 4.42 MM customers in Q2 FY27, taking total customer franchise to 128.85 MM.
Gold Loan Branch Scaling
PositiveAdded 321 gold loan branches in Q2 FY27 to reach 2,022 branches, targeting 2,700-2,800 branches by FY27.
FINAI Transformation & Digital Disbursals
PositiveAI voice initiatives and text bots generated ₹ 2,744 crore in loan disbursements in Q2 FY27, up 112% YoY.
Capacity and execution
Gold Loan Branch Expansion
On trackAdded 321 Gold Loan branches in Q2 FY27, bringing total to 2,022 branches, with a year-end target of 2,700-2,800 branches.
Microfinance Branch Network
On trackMFI branches reached 480 across 11 states, with plans to close FY27 at 520-550 branches.
Geographic Location Additions
On trackAdded 4.1K distribution points in Q2 FY27, bringing active distribution points to over 254K across 4,091 locations.
Tailwinds
Strong India Economic Momentum
PositiveManagement highlights strong underlying growth momentum in India driving credit demand and business expansion.
Declining Cost of Funds
PositiveConsolidated cost of funds improved by 9 bps over Q1 FY27 to stand at 7.31%.
Headwinds
Base Period Distortion from Early Festival Season
NeutralYOY volume growth in new loans booked is not comparable due to the early onset of the festival season in the previous year.
Risk radar
Gold Loan Stage 2 & 3 Transitional Increase
Under WatchStage 2 & 3 assets increased by ₹ 1,047 crore in gold loans due to short-tenor schemes that are no longer offered.
Prudent Macro-Economic Provisioning
NeutralQ2 FY27 includes a prudent management and macro-economic provision of ₹ 337 crore.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are necessary to evaluate sequential borrowing cost improvements, distribution expansion, and asset quality momentum alongside annual compound growth across AUM and profitability.
Sector KPIs management disclosed
AUM Growth
PositiveConsolidated AUM grew by 26% YoY to ₹ 584,624 crore as of 30 September 2026.
Cost of Funds
PositiveConsolidated cost of funds improved 9 bps QoQ to 7.31% in Q2 FY27.
GNPA and NNPA
PositiveGNPA and NNPA improved to 1.06% and 0.42% respectively as of 30 September 2026.
Capital Adequacy
PositiveConsolidated CRAR stood at 20.33% with Tier-1 capital at 19.43% as of 30 September 2026.
Management forward view
Capital Raising Approval
PositiveBoard approved raising up to ₹ 11,700 crore via QIP and ₹ 5,800 crore via preferential warrants to Bajaj Finserv to build business resilience.
Credit Cost Outlook
PositiveManagement remains optimistic about the credit cost outlook for FY27, citing significant improvements in vintage performance across 3MOB, 6MOB, and 9MOB.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| AUM Growth Corridor | 26% YoY growth | Sustaining growth within annual guidance corridor of 23%-25%. |
| Gross NPA Corridor | 1.06% | Maintaining GNPA below the threshold corridor of <1.4%. |
| Opex to NTI Ratio | 33.0% | Achieving expected 25-40 bps improvement in Opex to NTI in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlooknot yet verifiablequantified
Bajaj Finance expects its full-year cost of funds for FY26 to be between 7.5% and 7.55%.
Timeframe: FY26Direction: PositiveConfidence: High
"expect cost of funds to be in the region of overall full year to be between 7.5% to 7.55%"
margin outlooknot yet verifiablequantified
Bajaj Finance expects its full-year credit cost to come within the range of 1.85% to 1.95% for FY26.
Timeframe: FY26Direction: NeutralConfidence: High
"expect full year credit cost to come within 1.85% to 1.95% for FY'26"
market share expansionnot yet verifiablequantified
Bajaj Finance expects to add 16 to 17 million new customers in FY26.
Timeframe: FY26Direction: PositiveConfidence: High
"expect to add 16 to 17 million new customers in FY '26"
revenue outlookfailedquantified
Bajaj Finance expects its MSME business to grow by only 10% to 12% in the current full fiscal year.
Timeframe: FY26Direction: NegativeConfidence: High
"expect MSME business to grow in the current full fiscal by 10-12% only"
Outcome check: Revenue YoY averaged 18.1% across 1 later quarter(s).
revenue outlookfailedquantified
Bajaj Finance expects its full-year AUM growth to be in the region of 22% to 23% for FY26, revised down from 24% to 25%.
Timeframe: FY26Direction: NegativeConfidence: High
"growth will be in the region of 22-23%"
Outcome check: Revenue YoY averaged 18.1% across 1 later quarter(s).
operational efficiencynot yet verifiable
AI implementation across business lines is expected to start reflecting in cost and productivity benefits over the next 12 to 18 months.
Timeframe: Next 12-18 monthsDirection: PositiveConfidence: High
"reflect in cost and productivity benefits over the next 12-18 months"
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 0% delivered/partly-delivered outcomes on 2 checked claims, with 2 adverse claim outcomes. It ranks around the 16th percentile of the scored universe and 28th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
127 docs text-extracted · 27 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Financial Services: 28th pctile, median 62 · Large: 9th pctile, median 73
Evidence depth
Financial-only
127 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
2/6 claims checked · 2 contradicted/failed claims
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
76
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-65790 Cr.
- ▸Debt/equity is 3.82.
- ▸Altman Z is 1.16.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bajaj Finance Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Preferential Issue 1 Oct - Board approved QIP up to Rs 11,700 crore and preferential warrants up to Rs 5,800 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 8 Sep - Bajaj Finance allotted 2,05,000 secured NCDs worth Rs 2,050.0271 crore at 8.07% coupon.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.