HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 30 Oct 2026 +1.39%
Research updated
Bajaj Finance Ltd.
NSE: BAJFINANCEFinancial ServicesCredit Services
- Last close
- ₹939.10
- Day change
- +₹0.20 (+0.02%)vs
- Market cap
- ₹5.96 lakh crIndian rupees
- Research updated
- 3 reports
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About Bajaj Finance
Bajaj Finance Ltd. is a prominent non-banking financial company (NBFC) in India, known for its diverse portfolio of financial services. Its primary function is to offer lending solutions, which encompass consumer finance, small and medium-sized enterprise (SME) loans, and commercial lending. Key products include personal loans, home loans, and vehicle financing, alongside consumer durables finance, which drives significant retail participation. The company has carved a significant niche in the financial sector by leveraging technology to enhance customer experience and expand reach through digital lending platforms. Notably, Bajaj Finance has successfully penetrated both urban and rural markets, reflecting its adaptive business strategies and wide-ranging customer base. It plays a critical role in providing credit access to underserved segments, thus fostering economic growth. As part of the Bajaj Group, a well-established conglomerate in India, Bajaj Finance benefits from a robust governance framework and brand reputation. This positions it as a key player in the financial services market, contributing significantly to financial inclusion and offering substantial support to India's growing economy.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: BAJFINANCE
- Chief executive
- Mr. Manish Jain
- Employees
- 71,613
- Headquarters
- Pune, India
- ISIN
- INE296A01032
Public research · Report of
Business model & financial foundation
Bajaj Finance (NSE: BAJFINANCE), Non-banking financial company (NBFC) - diversified retail, SME and commercial lending: revenue of ₹49,665 crore in FY26 (+17.3% on FY25) and net profit of ₹19,017 crore.
- Revenue, FY26 (₹ crore)
- 49,665
- consolidated
- Revenue growth, FY26
- +17.3%
- on FY25
- Net profit, FY26 (₹ crore)
- 19,017
- to owners
- Return on equity, FY26
- 17.6%
- on average equity
- Market capitalisation (₹ crore)
- 5,95,845
- at the close of 19 Oct 2026
Company profile
Bajaj Finance is India's largest NBFC by AUM (Rs5,84,750 crore at 30 Sep 2026, provisional), lending to 128.85 million customers across consumer durables and digital product finance, personal loans, MSME, rural, gold, auto, commercial and mortgage (through Bajaj Housing Finance). It earns a net interest margin of about 9.5% on average AUM, funds itself through bank loans, money markets and retail deposits with AAA ratings, and earns fees from insurance and other cross-sell. It is a subsidiary of Bajaj Finserv.
| Item | Value |
|---|---|
| Legal name | Bajaj Finance Limited (formerly Bajaj Auto Finance Limited) |
| Exchange and ticker | NSE: BAJFINANCE; BSE: 500034 |
| ISIN | INE296A01032 |
| CIN | L65910MH1987PLC042961 |
| Sector | Financial Services |
| Industry | Non-banking financial company (NBFC) - diversified retail, SME and commercial lending |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse LLP and Kirtane & Pandit LLP (joint statutory auditors) |
| Market capitalisation | ₹5,95,845 crore (19 Oct 2026) |
| Shares outstanding | 621.41 crore shares (FY26) |
| Price | ₹982.1 (close, 19 Oct 2026) |
| 52-week range | ₹787.9 - ₹1,176 (to 19 Oct 2026) |
| Website | https://www.aboutbajajfinserv.com/finance-about-us |
Corporate structure and shareholding
Parent: Bajaj Finserv Limited (51.30% as of Sep 2026).
| Entity | Holding | Business |
|---|---|---|
| Bajaj Housing Finance Limited | 86.7% | Housing finance company (mortgages, LAP, lease rental discounting); listed Sep 2024; stake cut from 88.75% to 86.70% on 2 Dec 2025 |
| Bajaj Financial Securities Limited | n.d. | Stock broking and depository participant |
Promoter group (Bajaj Finserv and Maharashtra Scooters) holds about 54.7%; Bajaj Finserv proposed to subscribe up to Rs5,800 crore of warrants (EGM 2 Nov 2026).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 54.70% | 54.70% | 54.67% | 54.67% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 19.30% | 19.20% | 18.85% | 19.79% |
| Domestic institutions | 17.10% | 17.30% | 17.75% | 17.05% |
| of which mutual funds | 9.09% | 8.76% | 9.63% | 10.32% |
| Retail | 8.80% | 8.70% | 8.72% | 8.49% |
| Other | 0.10% | 0.10% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bajaj Finance is India's largest NBFC: consolidated AUM was Rs584,624 cr at 30 Sep 2026 and customer franchise 128.85 mn. It lends across consumer durables and digital product finance, urban and rural personal loans, MSME, gold, auto, commercial, loans against securities and mortgages through 86.7%-owned Bajaj Housing Finance. It earns NII on average AUM, fees/other income, then absorbs operating cost and expected credit loss; funding cost and unsecured-credit regulation are externally set.
| Peer | Why the dossier compares them |
|---|---|
| Shriram Finance (SHRIRAMFIN) | Large diversified retail NBFC (vehicle, MSME, gold, personal loans); closest scale peer among NBFCs |
| Cholamandalam Investment and Finance (CHOLAFIN) | |
| SBI Cards and Payment Services (SBICARD) | Unsecured consumer credit franchise competing for the same urban consumer |
| Muthoot Finance (MUTHOOTFIN) | Gold loans, a segment Bajaj Finance is scaling into |
| Mahindra & Mahindra Financial Services (M&MFIN) | Rural and vehicle NBFC; benchmark for rural lending economics |
| HDFC Bank (HDFCBANK) | Largest private bank and main competitor in personal loans, cards and consumer durables finance |
| Kotak Mahindra Bank (KOTAKBANK) | Private bank with a large consumer and unsecured retail book |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue * | 20,132 | 26,967 | 34,326 | 42,356 | 49,665 |
| Other operating costs (vendor classification) * | 1,727 | 2,514 | 3,113 | 3,662 | 3,858 |
| Profit before tax | 9,504 | 15,528 | 19,310 | 22,080 | 25,817 |
| Total tax expense | 2,476 | 4,020 | 4,858 | 5,300 | 6,484 |
| Profit after tax (before NCI) | 7,028 | 11,508 | 14,451 | 16,779 | 19,332 |
| Diluted EPS (INR, post split & bonus) | 115.8 | 189.6 | 23.60 | 26.82 | 30.51 |
| Interest income | 48,307 | 61,164 | 72,776 | ||
| Interest expenses (finance costs) | 18,725 | 24,770 | 28,666 | ||
| Net interest income | 29,582 | 36,394 | 44,110 | ||
| Fees and commission income | 5,267 | 5,983 | 7,754 | ||
| Other non-interest income (NTI less NII less fees) | 1,409 | 1,701 | 1,459 | ||
| Net total income (total income less finance costs) | 36,258 | 44,077 | 53,324 | ||
| Operating expenses (incl. fee & commission expense) | 12,325 | 14,927 | 17,776 | ||
| Pre-provisioning operating profit | 23,933 | 29,150 | 35,547 | ||
| Loan losses and provisions (impairment on financial instruments) | 4,631 | 7,088 | 9,482 | ||
| Share of profit of associates | 7.64 | 17.8 | 16.5 | ||
| Non-controlling interest | 0.00 | 141.7 | 315.0 | ||
| PAT attributable to owners | 14,451 | 16,638 | 19,017 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 43,713 | 54,372 | 76,695 | 98,937 | 1,16,986 |
| Total borrowings (debt securities + other borrowings + deposits + subordinated) | 1,32,888 | 1,64,467 | 2,93,346 | 3,61,249 | 4,35,112 |
| Cash and cash equivalents * | 3,760 | 2,733 | 7,367 | 10,768 | 4,016 |
| Trade payables * | 1,157 | 1,452 | 2,064 | 1,878 | 2,105 |
| Net property, plant and equipment * | 173.4 | 277.1 | 410.6 | 551.9 | 647.3 |
| Capital work in progress * | 13.3 | 14.6 | 25.4 | 32.6 | 76.2 |
| Total assets * | 3,75,742 | 4,66,127 | 5,59,952 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | -8,164 | -7,516 | -10,441 | -14,727 | -65,790 |
| Free cash flow (vendor definition) * | -37,724 | -42,990 | -73,798 | -69,236 | -66,751 |
| Dividends paid (the provider's sign: an outflow is negative) * | -602.6 | -1,207 | -1,815 | -2,225 | -3,477 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -356.4 | -466.1 | -564.7 | -547.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 60.26 | 60.40 | 61.00 | 618.64 | 621.41 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue * | 10,987 | 11,188 | 11,843 | 12,334 | 12,867 | 13,163 | 14,171 | |
| Other operating costs (vendor classification) * | 1,007 | 209.2 | 1,001 | 1,048 | 1,053 | 1,029 | 1,101 | |
| Profit before tax | 5,765 | 5,647 | 6,368 | 6,608 | 5,431 | 7,410 | 8,149 | 8,537 |
| Tax expense | 1,457 | 1,102 | 1,602 | 1,660 | 1,365 | 1,857 | 2,068 | 2,170 |
| Profit after tax | 4,308 | 4,546 | 4,765 | 4,948 | 4,066 | 5,553 | 6,081 | 6,367 |
| Diluted EPS (₹) | 6.85 | 7.22 | 7.55 | 7.83 | 6.38 | 8.76 | 9.60 | n.r. |
| Interest income | 15,768 | 16,359 | 17,145 | 17,796 | 18,656 | 19,179 | 20,513 | |
| Interest expenses (finance costs) | 6,386 | 6,551 | 6,918 | 7,011 | 7,339 | 7,398 | 7,942 | |
| Net interest income | 9,383 | 9,808 | 10,227 | 10,785 | 11,318 | 11,781 | 12,571 | 13,335 |
| Fees and commission income | 1,511 | 1,522 | 1,784 | 1,780 | 1,962 | 2,229 | 2,379 | |
| Other non-interest income (NTI less NII less fees) | 779.5 | 425.5 | 449.1 | 415.2 | 396.1 | 198.7 | 274.7 | |
| Net total income | 11,673 | 11,755 | 12,460 | 12,980 | 13,675 | 14,208 | 15,224 | 15,974 |
| Operating expenses | 3,867 | 3,950 | 4,124 | 4,296 | 4,556 | 4,801 | 5,087 | 5,271 |
| Pre-provisioning operating profit | 7,806 | 7,805 | 8,336 | 8,684 | 9,119 | 9,407 | 10,137 | 10,703 |
| Loan losses and provisions | 2,043 | 2,167 | 1,969 | 2,080 | 3,425 | 2,008 | 1,993 | 2,166 |
| Share of profit of associates | 3.02 | 8.82 | 1.00 | 3.00 | 2.21 | 10.2 | 5.00 | 0.00 |
| Non-controlling interest | 61.7 | 66.0 | 65.7 | 72.4 | 88.2 | 88.7 | 94.9 | 101.0 |
| PAT attributable to owners | 4,247 | 4,480 | 4,700 | 4,875 | 3,978 | 5,465 | 5,986 | 6,266 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 25.6% | 33.9% | 27.3% | 23.4% | 17.3% |
| Net margin | 42.1% | 39.3% | 38.3% | ||
| Return on equity | 22.1% | 18.9% | 17.6% | ||
| Return on assets | 3.8% | 4.0% | 3.7% | ||
| Dividend payout | 12.6% | 13.4% | 18.3% | ||
| EPS, diluted (₹) | 115.8 | 189.6 | 23.60 | 26.82 | 30.51 |
| Book value per share (₹) | 725.4 | 900.2 | 1,257 | 159.9 | 188.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, post split & bonus)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Bajaj Finance includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bajaj Finance
- Research reportLatest
- Research report
- Research report
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