Bajaj Finance Ltd.
BAJFINANCEFinancial Services filings
Earnings calls
0 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 0 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20241025 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240727 | 2024-06-30 | yes | |
| TRANSCRIPT | 20250728 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251113 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260504 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260804 | 2026-06-30 | yes |
Model workbook
Download BAJFINANCE_model_v2.xlsx — every figure in it names the filing, the reporting context and the period it was read from.
Commentary — cross-call tabulation
| Quarter | Theme | Management sentences | Analyst sentences | Management share |
|---|---|---|---|---|
| Q1FY25 | AI and technology | 1 | 0 | 0.00 |
| Q1FY25 | Capex and capacity | 1 | 0 | 0.00 |
| Q1FY25 | Capital allocation | 0 | 1 | 0.00 |
| Q1FY25 | Competition | 9 | 0 | 0.03 |
| Q1FY25 | Credit quality | 8 | 10 | 0.03 |
| Q1FY25 | Currency and macro | 0 | 0 | 0.00 |
| Q1FY25 | Demand and volumes | 1 | 3 | 0.00 |
| Q1FY25 | Deposits and liquidity | 1 | 0 | 0.00 |
| Q1FY25 | Distribution and persistency | 2 | 0 | 0.01 |
| Q1FY25 | Margins and costs | 10 | 9 | 0.03 |
| Q1FY25 | People and attrition | 0 | 0 | 0.00 |
| Q1FY25 | Pricing and realisation | 2 | 2 | 0.01 |
| Q1FY25 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q1FY25 | Regulation and policy | 8 | 6 | 0.03 |
| Q1FY26 | AI and technology | 2 | 1 | 0.01 |
| Q1FY26 | Capex and capacity | 1 | 0 | 0.00 |
| Q1FY26 | Capital allocation | 2 | 1 | 0.01 |
| Q1FY26 | Competition | 0 | 0 | 0.00 |
| Q1FY26 | Credit quality | 3 | 3 | 0.01 |
| Q1FY26 | Currency and macro | 0 | 3 | 0.00 |
| Q1FY26 | Demand and volumes | 6 | 0 | 0.02 |
| Q1FY26 | Deposits and liquidity | 7 | 2 | 0.02 |
| Q1FY26 | Distribution and persistency | 4 | 2 | 0.01 |
| Q1FY26 | Margins and costs | 9 | 2 | 0.03 |
| Q1FY26 | People and attrition | 1 | 0 | 0.00 |
| Q1FY26 | Pricing and realisation | 2 | 0 | 0.01 |
| Q1FY26 | Raw materials and input costs | 0 | 0 | 0.00 |
| Q1FY26 | Regulation and policy | 10 | 1 | 0.03 |
| Q1FY27 | AI and technology | 11 | 9 | 0.05 |
| Q1FY27 | Capex and capacity | 3 | 0 | 0.01 |
| Q1FY27 | Capital allocation | 4 | 4 | 0.02 |
| Q1FY27 | Competition | 0 | 0 | 0.00 |
| Q1FY27 | Credit quality | 2 | 7 | 0.01 |
| Q1FY27 | Currency and macro | 3 | 4 | 0.01 |
| Q1FY27 | Demand and volumes | 0 | 0 | 0.00 |
| Q1FY27 | Deposits and liquidity | 2 | 3 | 0.01 |
| Q1FY27 | Distribution and persistency | 3 | 2 | 0.01 |
| Q1FY27 | Margins and costs | 16 | 12 | 0.07 |
| Q1FY27 | People and attrition | 0 | 0 | 0.00 |
| Q1FY27 | Pricing and realisation | 1 | 1 | 0.00 |
| Q1FY27 | Raw materials and input costs | 1 | 0 | 0.00 |
| Q1FY27 | Regulation and policy | 4 | 0 | 0.02 |
| Q2FY24 | AI and technology | 2 | 2 | 0.01 |
| Q2FY24 | Capex and capacity | 2 | 0 | 0.01 |
| Q2FY24 | Capital allocation | 2 | 0 | 0.01 |
| Q2FY24 | Competition | 0 | 0 | 0.00 |
| Q2FY24 | Credit quality | 6 | 10 | 0.02 |
| Q2FY24 | Currency and macro | 0 | 0 | 0.00 |
| Q2FY24 | Demand and volumes | 2 | 2 | 0.01 |
| Q2FY24 | Deposits and liquidity | 2 | 1 | 0.01 |
| Q2FY24 | Distribution and persistency | 0 | 1 | 0.00 |
| Q2FY24 | Margins and costs | 13 | 8 | 0.05 |
| Q2FY24 | People and attrition | 0 | 0 | 0.00 |
| Q2FY24 | Pricing and realisation | 2 | 2 | 0.01 |
| Q2FY24 | Raw materials and input costs | 1 | 0 | 0.00 |
| Q2FY24 | Regulation and policy | 3 | 1 | 0.01 |
| Q2FY26 | AI and technology | 4 | 0 | 0.01 |
| Q2FY26 | Capex and capacity | 3 | 1 | 0.01 |
| Q2FY26 | Capital allocation | 0 | 1 | 0.00 |
| Q2FY26 | Competition | 1 | 0 | 0.00 |
| Q2FY26 | Credit quality | 13 | 6 | 0.04 |
| Q2FY26 | Currency and macro | 2 | 0 | 0.01 |
| Q2FY26 | Demand and volumes | 2 | 1 | 0.01 |
| Q2FY26 | Deposits and liquidity | 1 | 0 | 0.00 |
| Q2FY26 | Distribution and persistency | 1 | 0 | 0.00 |
| Q2FY26 | Margins and costs | 16 | 10 | 0.05 |
| Q2FY26 | People and attrition | 0 | 0 | 0.00 |
| Q2FY26 | Pricing and realisation | 4 | 0 | 0.01 |
| Q2FY26 | Raw materials and input costs | 1 | 0 | 0.00 |
| Q2FY26 | Regulation and policy | 1 | 1 | 0.00 |
| Q4FY26 | AI and technology | 9 | 4 | 0.04 |
| Q4FY26 | Capex and capacity | 5 | 3 | 0.02 |
| Q4FY26 | Capital allocation | 0 | 1 | 0.00 |
| Q4FY26 | Competition | 4 | 0 | 0.02 |
| Q4FY26 | Credit quality | 6 | 4 | 0.03 |
| Q4FY26 | Currency and macro | 3 | 0 | 0.01 |
| Q4FY26 | Demand and volumes | 1 | 0 | 0.00 |
| Q4FY26 | Deposits and liquidity | 0 | 0 | 0.00 |
| Q4FY26 | Distribution and persistency | 0 | 0 | 0.00 |
| Q4FY26 | Margins and costs | 12 | 9 | 0.05 |
| Q4FY26 | People and attrition | 6 | 0 | 0.03 |
| Q4FY26 | Pricing and realisation | 1 | 0 | 0.00 |
| Q4FY26 | Raw materials and input costs | 1 | 0 | 0.00 |
| Q4FY26 | Regulation and policy | 1 | 2 | 0.00 |
Guidance items
| quarter | metric | direction | sentence | page |
|---|---|---|---|---|
| Q1FY25 | other | nan | For the year, we projected to be between 1.75 and 1.85% and we expect improvement in H2 of the current year. | 3 |
| Q1FY25 | other | nan | However, that doesn't change the guidance for the year. | 9 |
| Q1FY25 | other | MAINTAINED | We continue to maintain the same guidance at this stage. | 9 |
| Q1FY25 | other | nan | So, Dhaval, as we have guided, the full year growth to be in the region of 26 to 28%. | 12 |
| Q1FY25 | loan / AUM growth | nan | That's point number one in terms of the outlook for the current year and I would say 2.2, 2.3x of bank credit growth is really where you should pencil in the nu | 12 |
| Q1FY25 | revenue growth | nan | So we remain well anchored on long-term growth guidance. | 12 |
| Q1FY25 | other | nan | We'll publish next quarter onwards the benchmark number. | 16 |
| Q2FY24 | margin | nan | So, operating efficiency will be in the dimension that we would like to explore in FY26 and beyond that I think Rajeev did make a point saying that pre- provisi | 8 |
| Q2FY24 | other | nan | That's really what our forecast is at least for the next I would say next fiscal and then we will take it forward from there. | 8 |
| Q2FY24 | other | nan | We remain guided | 9 |
| Q2FY24 | other | nan | And they should swing from loss to start to breakeven/generating profit as we get into the next fiscal. | 10 |
| Q2FY24 | other | nan | But if we just to reinforce the point, it's possible that as if we exited a 12%-14% growth on a year-on-year basis then next year could start to grow between 23 | 10 |
| Q2FY24 | margin | nan | And Kunal I will reiterate the point that I made, which I said earlier that if the PPOP is 25% then we have sufficient margin in the P&L for us to sustain any k | 13 |
| Q2FY24 | credit cost / asset quality | nan | Let's say for a moment given our diversity of businesses and the number on a full year basis comes in at 205, even let's say worst case 210 basis points that's | 13 |
| Q1FY26 | other | nan | The NRC and the Board have extensively discussed this matter and have provided necessary guidance. | 8 |
| Q1FY26 | net interest margin | nan | We have given a guidance on flat NIM for the current year. | 9 |
| Q1FY26 | net interest margin | nan | And given the trajectory of rate cuts that we're seeing from RBI, we did comment that there could be a 5 to 10 basis point of positive bias on the NIM number. | 9 |
| Q1FY26 | other | nan | So I think on the fee income side, we have guided for 13% to 15% for the current year. | 9 |
| Q1FY26 | volume | nan | So that's why the volume movement is a little better, otherwise to the point Sandeep is making, overall guidance for 14 - 15. | 9 |
| Q1FY26 | other | nan | But you guys are used to guidance now on decimal. | 17 |
| Q1FY26 | other | nan | And that's why I said, this is likely to grow probably single-digit. | 20 |
| Q1FY26 | other | nan | We'll also have greater -- right now, as Sandeep likes to say, it's not guidance, it's assessment. | 21 |
| Q1FY26 | other | nan | I think we've discussed MSME as a next year frontier today, quite a lot -- so it's not that amplified to be given that much time. | 23 |
| Q2FY26 | credit cost / asset quality | nan | We expect full year credit cost to be at the upper end of guided range of 1.85% to 1.95% now. | 3 |
| Q2FY26 | other | nan | We are just the guidance reduction to contribution of these businesses, and their slower growth is meaningfully being made up by other lines of businesses, Kuna | 7 |
| Q2FY26 | other | nan | So do we expect that the pain in the industry has peaked out or it is plateauing? | 8 |
| Q2FY26 | credit cost / asset quality | nan | We've also provided guidance in terms of growth, credit cost and so on and so forth. | 11 |
| Q2FY26 | credit cost / asset quality | nan | And as Sandeep said, it's not changing the overall credit cost guidance in any given manner. | 11 |
| Q2FY26 | other | nan | So we are not giving an absolute guidance at this point in time, Ashish. | 14 |
| Q2FY26 | credit cost / asset quality | nan | If the trajectory that we are seeing today should continue for the next year, we should definitely see a significant improvement in the credit cost ratio. | 14 |
| Q2FY26 | other | nan | That will also become very, very insignificant as we get into next year. | 14 |
| Q2FY26 | credit cost / asset quality | nan | That again will provide, I would say, tailwind to the overall credit cost number for the next year. | 14 |
| Q2FY26 | other | nan | Hopefully, as we get into next year, God willing, we should definitely see improvement out there as well. | 14 |
| Q2FY26 | other | LOWERED | And my hunch would be that while the range currently is 185 to 195 for the current year, and we are inching towards probably the upper end of the range for the | 14 |
| Q2FY26 | other | nan | We believe that itself will provide a massive tailwind to FY '27 guidance. | 14 |
| Q2FY26 | other | nan | But we'll give their guidance sometime in quarter 4 slash quarter 1 of next year. | 14 |
| Q2FY26 | other | nan | Benefit will flow in next year, not in the current year. | 15 |
| Q2FY26 | other | nan | It should be between INR 27,000 crores to INR 30,000 crores business by March '27. | 16 |
| Q2FY26 | other | nan | No, but we had also guided that in the current year... | 17 |
| Q2FY26 | other | nan | We are guided for the full year that between the NII and NTI, the entire fee revenue pool that we generate, combination of the fees and charges, plus sale on as | 17 |
| Q2FY26 | other | nan | I think so far, we are holding up to the guidance, and that's how the numbers are speaking about itself. | 17 |
| Q2FY26 | other | nan | That's the share of wallet of the customer that we would like to target over the medium term. | 18 |
| Q4FY26 | other | nan | I expect to take between 20 to 25-odd minutes. | 3 |
| Q4FY26 | other | nan | So I think what Rajeev is trying to say is some level of conservatism in terms of doing the number crunching and giving a guidance of 145 to 160 has been done. | 9 |
| Q4FY26 | other | nan | ROE guidance of 20 to 22 last 6 years, adjusted for COVID speaks for themselves and during this period, as you can see from a balance sheet standpoint, the bala | 10 |
| Q4FY26 | other | nan | And just to help you with the math on 4.6%, the guidance metric for the next year on ROA. | 10 |
| Q4FY26 | other | nan | And the guidance that we are giving for next year is 4.4% to 4.6%. | 10 |
| Q4FY26 | capex | nan | I don't think that there will be a need for NIM expansion in the next year to be able to deliver that. | 10 |
| Q4FY26 | other | nan | We have to ensure that we grow nicely, which is where the 22% to 24% guidance has been given. | 10 |
| Q4FY26 | other | nan | So that's going to be the agenda for next year as well. | 11 |
| Q4FY26 | other | nan | These 2 business, one, the impact of captive dial down will be much, much lesser in the next year. | 11 |
| Q4FY26 | other | nan | But given that we are taking a growth stance in that business of doubling down on our branch presence in that business in the next year, we are reasonably hopef | 11 |
| Q4FY26 | other | nan | All goes well, which should start to look towards 5% kind of number in the next year as well. | 11 |
| Q4FY26 | other | nan | But as I mentioned, the guidance next year is based on stabilized -- stable environment and geopolitical environment and macro stability. | 12 |
| Q4FY26 | other | nan | As I shared as part of our annual investor outlook, the 5-year outlook that business by business, the 120 million franchise, principally has very high wallet sh | 12 |
| Q4FY26 | loan / AUM growth | nan | As regard the profit growth for the next year, 22% to 24% growth in AUM should lead to a little better growth in profitability because if we are supposed to del | 15 |
| Q4FY26 | other | nan | I would just make a point, Shubhranshu, we have tailwinds subject to geopolitical stability, we should be in good place. | 16 |
| Q4FY26 | other | nan | I think the long-term guidance that we give at this point in time is between 22% and 24%, 25% kind of corridor. | 16 |
| Q4FY26 | other | nan | And based on the current performance that we have delivered and the momentum that we see across businesses, we are reasonably confident that 20% to 24% should b | 16 |
| Q4FY26 | other | nan | For the next year, 22% and 24%, and then build on top of it in the future. | 16 |
| Q4FY26 | other | nan | I would say, given our relative market share, not our absolute size, given our relative market share, we should be as a firm aspiring to grow 2x of what the sys | 16 |
| Q4FY26 | other | nan | That boom we leveraged by principally expanding lines of businesses, expanding locations very rapidly, investing very deep in digital transformation, these 3, e | 18 |
| Q4FY26 | other | nan | You know, good times lead to what I would call, and I'm being as objective and fair doing my performance assessment of last 5 and pre-COVID, lead to some level | 18 |
| Q4FY26 | other | nan | We think that we should be from here on in a lot more cruise mode. | 18 |
| Q1FY27 | other | nan | I expect to take about 15-odd minutes. | 3 |
| Q1FY27 | other | nan | All engines are firing for the firm, even MSME should be back. | 8 |
| Q1FY27 | loan / AUM growth | nan | If you look at quarter 1, logically, but I would wait for second quarter, whether it's top line, which is AUM or PBT growth or ROA or ROE, it does seem we are m | 8 |
| Q1FY27 | other | nan | Give us one more quarter we will provide greater clarity on guidance for the year and direction of overlay creation. | 8 |
| Q1FY27 | other | nan | Whatever Sandeep has guided for or what we've said, I think that moderation 10 - 15 basis points is what we foresee at this juncture, give us a quarter. | 14 |
| Q1FY27 | other | nan | I can change the guidance today. | 14 |
| Q1FY27 | other | nan | But we continue to register very good growth in terms of smartphones in the range of approximately 20% to 23%. | 18 |
| Q1FY27 | other | nan | Is now 63%, and it used to be in the range of close to about 60%. | 20 |
Claims reconciled to filings
| Quarter | Metric | Claimed | Kind | Anchor | Anchor value | Verdict | Source |
|---|---|---|---|---|---|---|---|
| Q1FY26 | profit after tax | 6,100 crores | money | PROFIT_AFTER_TAX | 47,652,900,000.00 | DIVERGES | Date_20250728_Bajaj Finance Lt p6 |
BAJFINANCE
files as a non-banking financial company. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | nbfc |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 982.00 |
| 52-week range | 801.55 – 1158.8 |
| Return 1M | -9.69% |
| Return 3M | 0.16% |
| Return 1Y | -4.64% |
| Return 3Y | 25.58% |
| Return 5Y | 26.0% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 23,165.00 |
| Other income | 1.00 |
| Total income | 23,166.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 2,645.00 |
| Finance costs | 7,942.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.55 | -0.00 |
| institutions foreign | 0.20 | -0.01 |
| institutions domestic | 0.16 | 0.01 |
| mutual funds | 0.10 | 0.01 |
| public | 0.45 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 6 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,968.00 | 10,784.00 | 11,360.00 | 12,498.00 | 13,378.00 | 14,161.00 | 14,926.00 | 16,099.00 | 17,090.00 | 18,035.00 | 18,457.00 | 19,524.00 | 20,179.00 | 21,214.00 | 21,606.00 | 23,165.00 |
| Other income | 4.00 | 2.00 | 4.00 | 3.00 | 3.00 | 5.00 | 6.00 | 4.00 | 5.00 | 23.00 | 12.00 | 4.00 | 2.00 | 1.00 | 1.00 | 1.00 |
| Total income | 9,973.00 | 10,786.00 | 11,363.00 | 12,501.00 | 13,382.00 | 14,166.00 | 14,932.00 | 16,102.00 | 17,095.00 | 18,058.00 | 18,469.00 | 19,528.00 | 20,181.00 | 21,215.00 | 21,606.00 | 23,166.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 1,240.00 | 1,286.00 | 1,341.00 | 1,497.00 | 1,588.00 | 1,662.00 | 1,650.00 | 1,775.00 | 1,835.00 | 1,956.00 | 1,943.00 | 2,103.00 | 2,154.00 | 2,250.00 | 2,471.00 | 2,645.00 |
| Finance costs | 2,971.00 | 3,351.00 | 3,592.00 | 4,103.00 | 4,537.00 | 4,868.00 | 5,217.00 | 5,684.00 | 6,149.00 | 6,386.00 | 6,552.00 | 6,918.00 | 7,011.00 | 7,339.00 | 7,398.00 | 7,942.00 |
| Depreciation and amortisation | 121.00 | 119.00 | 134.00 | 156.00 | 159.00 | 176.00 | 193.00 | 200.00 | 210.00 | 219.00 | 252.00 | 251.00 | 258.00 | 244.00 | 256.00 | 288.00 |
| Other expenses | 676.00 | 711.00 | 691.00 | 733.00 | 791.00 | 848.00 | 941.00 | 942.00 | 965.00 | 1,007.00 | 1,025.00 | 1,001.00 | 1,048.00 | 1,053.00 | 1,029.00 | 1,101.00 |
| Total expenses | 6,220.00 | 6,774.00 | 7,104.00 | 7,952.00 | 8,624.00 | 9,272.00 | 9,830.00 | 10,839.00 | 11,697.00 | 12,296.00 | 12,830.00 | 13,161.00 | 13,576.00 | 15,520.00 | 14,207.00 | 15,023.00 |
| Profit before exceptional items and tax | 3,752.00 | 4,012.00 | 4,260.00 | 4,548.00 | 4,758.00 | 4,894.00 | 5,102.00 | 5,263.00 | 5,398.00 | 5,762.00 | 5,639.00 | 6,367.00 | 6,605.00 | 5,694.00 | 7,400.00 | 8,144.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -265.00 | 0.00 | 0.00 |
| Profit before tax | 3,752.00 | 4,012.00 | 4,260.00 | 4,548.00 | 4,758.00 | 4,894.00 | 5,102.00 | 5,263.00 | 5,398.00 | 5,762.00 | 5,639.00 | 6,367.00 | 6,605.00 | 5,429.00 | 7,400.00 | 8,144.00 |
| Current tax | 981.00 | 1,046.00 | 1,065.00 | 1,270.00 | 1,190.00 | 1,238.00 | 1,260.00 | 1,561.00 | 1,330.00 | 1,470.00 | 1,029.00 | 1,858.00 | 1,551.00 | 1,724.00 | 1,741.00 | 2,443.00 |
| Deferred tax | -10.00 | -7.00 | 38.00 | -155.00 | 17.00 | 19.00 | 20.00 | -207.00 | 58.00 | -13.00 | 73.00 | -255.00 | 110.00 | -359.00 | 116.00 | -374.00 |
| Tax expense | 972.00 | 1,039.00 | 1,103.00 | 1,114.00 | 1,207.00 | 1,257.00 | 1,281.00 | 1,353.00 | 1,388.00 | 1,457.00 | 1,102.00 | 1,602.00 | 1,660.00 | 1,365.00 | 1,857.00 | 2,068.00 |
| Profit for the period | 2,781.00 | 2,973.00 | 3,158.00 | 3,437.00 | 3,551.00 | 3,639.00 | 3,825.00 | 3,912.00 | 4,014.00 | 4,308.00 | 4,546.00 | 4,765.00 | 4,948.00 | 4,066.00 | 5,553.00 | 6,081.00 |
| Profit attributable to owners | 2,781.00 | 0.00 | 0.00 | 3,437.00 | 3,551.00 | 3,639.00 | 3,825.00 | 3,955.00 | 4,000.00 | 4,247.00 | 4,480.00 | 4,700.00 | 4,875.00 | 3,978.00 | 5,465.00 | 5,986.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 14.00 | 62.00 | 66.00 | 66.00 | 72.00 | 88.00 | 89.00 | 95.00 |
| Other comprehensive income | 18.00 | 44.00 | -21.00 | 32.00 | 22.00 | 19.00 | 16.00 | 43.00 | -9.00 | 86.00 | -187.00 | 89.00 | -195.00 | 28.00 | 18.00 | 189.00 |
| Total comprehensive income | 2,798.00 | 3,017.00 | 3,137.00 | 3,469.00 | 3,573.00 | 3,658.00 | 3,841.00 | 3,955.00 | 4,004.00 | 4,394.00 | 4,358.00 | 4,854.00 | 4,753.00 | 4,094.00 | 5,572.00 | 6,270.00 |
| Earnings per share, basic | 46.05 | 49.20 | 52.25 | 56.83 | 58.67 | 59.42 | 61.91 | 63.28 | 64.66 | 68.63 | 72.35 | 7.57 | 7.85 | 6.40 | 8.79 | 9.62 |
| Earnings per share, diluted | 45.81 | 48.96 | 52.01 | 56.60 | 58.45 | 59.20 | 61.70 | 63.11 | 64.50 | 68.47 | 72.18 | 7.55 | 7.83 | 6.38 | 8.76 | 9.60 |
| Interest earned | 8,509.00 | 9,273.00 | — | 10,821.00 | 11,734.00 | 12,523.00 | 13,230.00 | 14,049.00 | 14,987.00 | 15,768.00 | 16,359.00 | 17,145.00 | 17,796.00 | 18,656.00 | 19,179.00 | 20,513.00 |
| Fees and commission income | 1,070.00 | 1,107.00 | — | 1,338.00 | 1,312.00 | 1,291.00 | 1,324.00 | 1,524.00 | 1,426.00 | 1,511.00 | 1,522.00 | 1,784.00 | 1,780.00 | 1,962.00 | 2,229.00 | 2,379.00 |
| Net gain on fair value changes | 84.00 | 119.00 | — | 90.00 | 71.00 | 68.00 | 78.00 | 103.00 | 148.00 | 165.00 | 123.00 | 225.00 | 95.00 | 139.00 | 12.00 | 94.00 |
| Dividend income | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Rental income | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 26,374.00 | 26,668.00 | 31,632.00 | 41,397.00 | 54,969.00 | 69,684.00 | 81,982.00 |
| Other income | 12.00 | 15.00 | 8.00 | 8.00 | 13.00 | 41.00 | 7.00 |
| Total income | 26,386.00 | 26,683.00 | 31,640.00 | 41,406.00 | 54,983.00 | 69,725.00 | 81,990.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 2,549.00 | 2,499.00 | 3,590.00 | 5,059.00 | 6,396.00 | 7,508.00 | 8,979.00 |
| Finance costs | 9,473.00 | 9,414.00 | 9,748.00 | 12,560.00 | 18,725.00 | 24,771.00 | 28,666.00 |
| Depreciation and amortisation | 295.00 | 325.00 | 385.00 | 485.00 | 683.00 | 881.00 | 1,009.00 |
| Other expenses | 1,761.00 | 1,238.00 | 1,865.00 | 2,694.00 | 3,314.00 | 3,939.00 | 4,131.00 |
| Total expenses | 19,064.00 | 20,691.00 | 22,137.00 | 25,880.00 | 35,681.00 | 47,663.00 | 55,924.00 |
| Profit before exceptional items and tax | 7,322.00 | 5,992.00 | 9,504.00 | 15,526.00 | 19,302.00 | 22,062.00 | 26,065.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -265.00 |
| Profit before tax | 7,322.00 | 5,992.00 | 9,504.00 | 15,526.00 | 19,302.00 | 22,062.00 | 25,800.00 |
| Current tax | 2,205.00 | 1,660.00 | 2,497.00 | 3,998.00 | 4,958.00 | 5,390.00 | 6,874.00 |
| Deferred tax | -147.00 | -88.00 | -22.00 | 22.00 | -99.00 | -90.00 | -390.00 |
| Tax expense | 2,058.00 | 1,572.00 | 2,476.00 | 4,020.00 | 4,858.00 | 5,300.00 | 6,484.00 |
| Profit for the period | 5,264.00 | 4,420.00 | 7,028.00 | 11,508.00 | 14,451.00 | 16,779.00 | 19,332.00 |
| Profit attributable to owners | 0.00 | 0.00 | 7,028.00 | 0.00 | 14,451.00 | 16,638.00 | 19,017.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 142.00 | 315.00 |
| Other comprehensive income | -115.00 | -57.00 | 34.00 | -23.00 | 90.00 | -67.00 | -61.00 |
| Total comprehensive income | 5,148.00 | 4,363.00 | 7,062.00 | 11,485.00 | 14,541.00 | 16,712.00 | 19,272.00 |
| Earnings per share, basic | 89.77 | 73.58 | 116.64 | 190.53 | 236.89 | 268.94 | 30.60 |
| Earnings per share, diluted | 89.07 | 73.00 | 115.79 | 189.57 | 235.98 | 268.20 | 30.51 |
| Interest earned | 22,970.00 | 23,303.00 | 27,270.00 | — | 48,307.00 | 61,164.00 | 72,776.00 |
| Fees and commission income | 2,591.00 | 2,452.00 | 3,067.00 | — | 5,267.00 | 5,983.00 | 7,754.00 |
| Net gain on fair value changes | 537.00 | 591.00 | 328.00 | — | 308.00 | 539.00 | 471.00 |
| Dividend income | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 |
| Rental income | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 235,723.00 | 275,229.00 | 321,917.00 | 375,742.00 | 420,656.00 | 466,127.00 | 509,961.00 | 559,952.00 |
| Property, plant and equipment | 1,473.00 | 1,677.00 | 1,914.00 | 2,358.00 | 2,439.00 | 2,689.00 | 2,665.00 | 2,851.00 |
| Capital work-in-progress | 14.00 | 15.00 | 15.00 | 25.00 | 29.00 | 27.00 | 33.00 | 62.00 |
| Goodwill | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
| Other intangible assets | 416.00 | 628.00 | 662.00 | 888.00 | 881.00 | 1,088.00 | 978.00 | 1,092.00 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 1,232.00 | 1,551.00 | 3,849.00 | 4,035.00 | 4,605.00 | 3,642.00 | 1,681.00 | 1,897.00 |
| Total equity and liabilities | 235,723.00 | 275,229.00 | 321,917.00 | 375,742.00 | 420,656.00 | 466,127.00 | 509,961.00 | 559,952.00 |
| Equity | 48,043.00 | 54,372.00 | 59,874.00 | 76,695.00 | 88,916.00 | 98,937.00 | 105,598.00 | 116,986.00 |
| Equity share capital | 121.00 | 121.00 | 121.00 | 124.00 | 124.00 | 124.00 | 622.00 | 622.00 |
| Other equity | 47,922.00 | 54,251.00 | 59,753.00 | 76,572.00 | 86,679.00 | 96,569.00 | 102,592.00 | 113,377.00 |
| Total liabilities | 187,680.00 | 220,857.00 | — | — | — | 367,190.00 | 404,362.00 | 442,967.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -17,435.00 | -42,140.00 | -36,944.00 | -72,760.00 | -32,833.00 | -68,154.00 | -29,585.00 | -65,790.00 |
| Net cash from investing activities | -2,297.00 | -10,365.00 | 2,501.00 | -7,171.00 | 169.00 | -2,765.00 | -2,530.00 | -3,389.00 |
| Net cash from financing activities | 17,583.00 | 50,675.00 | 36,742.00 | 82,415.00 | 33,234.00 | 70,527.00 | 30,154.00 | 67,433.00 |
| Purchase of property, plant and equipment | 220.00 | 483.00 | 264.00 | 604.00 | 263.00 | 584.00 | 226.00 | 560.00 |
| Net increase in cash | -2,149.00 | -1,831.00 | 2,298.00 | 2,484.00 | 570.00 | -392.00 | -1,961.00 | -1,746.00 |
| con:CFO.BEFORE_TAX | -26,250.00 | -60,197.00 | -49,574.00 | -96,561.00 | -49,391.00 | -100,344.00 | -50,832.00 | -106,775.00 |
| con:INTEREST_RECEIVED.OPERATING | 16,803.00 | 35,034.00 | 21,798.00 | 45,854.00 | 28,813.00 | 60,530.00 | 35,315.00 | 73,341.00 |
| con:INTEREST_PAID.OPERATING | 6,559.00 | 13,112.00 | 7,213.00 | 17,044.00 | 9,893.00 | 22,421.00 | 11,782.00 | 25,947.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 1,476.00 | 3,972.00 | 2,005.00 | 5,098.00 | 2,405.00 | 5,948.00 | 2,352.00 | 6,461.00 |
| con:CF_OTHER.OPERATING | 46.00 | 107.00 | 49.00 | 90.00 | 42.00 | 29.00 | 66.00 | 51.00 |
| con:INVESTMENTS_PURCHASED | 150,650.00 | 318,410.00 | 75,848.00 | 141,563.00 | 25,026.00 | 47,899.00 | 47,147.00 | 104,480.00 |
| con:INVESTMENTS_SOLD | 148,431.00 | 308,361.00 | 78,405.00 | 134,446.00 | 25,645.00 | 46,179.00 | 44,958.00 | 101,986.00 |
| con:PPE_DISPOSALS | 8.00 | 20.00 | 22.00 | 39.00 | 0.00 | 36.00 | 35.00 | 65.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 93.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-09-30 | 2023-11-09 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-17 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 55.87 | 54.78 | 54.78 | 54.69 | 54.70 | 54.70 | 54.70 | 54.73 | 54.73 | 54.73 | 0.55 | 0.55 | 0.55 | 0.55 |
| Domestic institutions | 13.12 | 13.70 | 14.09 | 14.41 | 14.31 | 15.09 | 15.17 | 14.87 | 14.60 | 14.59 | 0.14 | 0.15 | 0.15 | 0.16 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 8.89 | 0.09 | 0.09 | 0.09 | 0.10 |
| Insurance companies | 2.87 | 2.94 | 2.94 | 3.56 | 3.85 | 4.32 | 4.62 | 4.78 | 4.51 | 4.56 | 0.04 | 0.04 | 0.05 | 0.05 |
| Foreign institutions | 20.41 | 21.30 | 20.92 | 20.56 | 21.09 | 20.81 | 20.79 | 21.46 | 21.59 | 21.71 | 0.22 | 0.21 | 0.21 | 0.20 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 44.03 | 45.14 | 45.17 | 45.15 | 45.22 | 45.25 | 45.27 | 45.17 | 45.23 | 45.24 | 0.45 | 0.45 | 0.45 | 0.45 |
| Non-institutional | 10.51 | 10.13 | 10.17 | 10.19 | 9.83 | 9.35 | 9.30 | 8.84 | 9.03 | 8.93 | 0.09 | 0.09 | 0.09 | 0.09 |
| Shares outstanding | 605918538 | 618023077 | 618023077 | 618996320 | 618996320 | 618996320 | 618996470 | 621428652 | 6214286520 | 6214286520 | 6222481865 | 6222481865 | 6222481865 | 6225954304 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Bajaj Financial Securities Ltd. | Subsidiary | Advance, Any other transaction, Interest received, I | 155,809,300,000.00 | 10 |
| Bajaj Housing Finance Ltd. | Subsidiary | Advance, Any other transaction, Investment, Purchase | 24,841,400,000.00 | 9 |
| Bajaj Finserv Ltd. | Parent | Any other transaction, Dividend paid, Inter-corporat | 16,330,300,000.00 | 17 |
| Bajaj Auto Ltd. | Entity in which Key Management Per | Advance, Dividend received, Inter-corporate deposit, | 12,185,900,000.00 | 16 |
| Phonepe Private Ltd. | Entity in which Key Management Per | Inter-corporate deposit, Interest paid, Purchase of | 5,635,400,000.00 | 4 |
| Bajaj Allianz Life Insurance Company Ltd. | Fellow Subsidiary | Advance, Dividend paid, Interest paid, Investment, L | 3,168,700,000.00 | 10 |
| Bajaj Electricals Ltd. | Entity in which Key Management Per | Inter-corporate deposit, Interest paid, Purchase of | 2,605,700,000.00 | 5 |
| Bajel Projects Ltd. | Entity in which Key Management Per | Advance, Inter-corporate deposit, Interest paid, Int | 1,833,800,000.00 | 7 |
| Bajaj Finserv Direct Ltd. | Fellow Subsidiary | Advance, Any other transaction, Interest paid, Inves | 1,828,600,000.00 | 14 |
| Bajaj Allianz General Insurance Company Ltd. | Fellow Subsidiary | Advance, Dividend paid, Interest paid, Investment, L | 1,487,800,000.00 | 15 |
| Maharashtra Scooters Ltd. | Entity in which Key Management Per | Dividend paid, Interest paid, Investment, Loan | 1,482,200,000.00 | 8 |
| Bajaj Finserv Health Ltd. | Fellow Subsidiary | Purchase of goods or services, Sale of goods or serv | 855,300,000.00 | 3 |
| Pennant Technologies Pvt. Ltd. | Associate (w.e.f. 19 Jan 2024) | Inter-corporate deposit, Interest paid, Investment, | 523,400,000.00 | 6 |
| Bajaj Allianz Staffing Solutions Ltd. | Entity in which Key Management Per | Purchase of goods or services | 453,200,000.00 | 2 |
| Rajeev Jain | Managing Director | Any other transaction, Remuneration | 270,600,000.00 | 4 |