Bajaj Finance Limited Q4 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
BAJFINANCE Q4 FY26: Net total income ₹14,209 Cr (vs ₹11,755 Cr YoY), PAT ₹5,553 Cr (vs ₹4,546 Cr YoY)
In Q4 FY26 Bajaj Finance (consolidated) reported net total income of ₹14,209 Cr, up from ₹11,755 Cr in Q4 FY25, and profit after tax of ₹5,553 Cr, up from ₹4,546 Cr in Q4 FY25. Net interest income rose to ₹11,781 Cr in Q4 FY26 from ₹9,808 Cr in Q4 FY25, while loan losses & provisions were ₹1,866 Cr (Q4 FY26) versus ₹1,808 Cr (Q4 FY25). Assets under management (consolidated) crossed ₹5 lakh Cr at ₹509,975 Cr as of 31 March 2026, up from ₹416,661 Cr a year earlier. The quarter included one‑time actions and presentation changes but management highlighted continued AUM and new loan growth entering...Net total income (Q4 FY26)
₹14,209 Crvs ₹11,755 Cr in Q4 FY25
Profit after tax (Q4 FY26, consolidated)
₹5,553 Crvs ₹4,546 Cr in Q4 FY25
Net interest income (Q4 FY26)
₹11,781 Crvs ₹9,808 Cr in Q4 FY25
Loan losses & provisions (Q4 FY26)
₹1,866 Crvs ₹1,808 Cr in Q4 FY25
Assets under management (AUM) as at 31 Mar 2026
₹509,975 Crvs ₹416,661 Cr as at 31 Mar 2025
New loans booked (Q4 FY26)
12.89 millionvs 10.70 million in Q4 FY25
Gross NPA (consolidated) as at 31 Mar 2026
1.01%vs 0.96% as at 31 Mar 2025
Key Highlights
9
Consolidated AUM crossed ₹5 lakh Cr to ₹509,975 Cr as of 31 Mar 2026, reflecting a YoY increase from ₹416,661 Cr driven by strong retail and mortgage sourcing
Net interest income increased to ₹11,781 Cr in Q4 FY26 from ₹9,808 Cr in Q4 FY25 due to higher interest income on loans (₹72,776 Cr YTD) and growth in asset book
Net total income grew to ₹14,209 Cr in Q4 FY26 from ₹11,755 Cr in Q4 FY25, with non‑interest income also contributing (reported non‑interest income of ₹2,428 Cr in Q4 FY26)
Consolidated PAT after one‑time items for Q4 FY26 was ₹5,553 Cr versus ₹4,546 Cr in Q4 FY25, reflecting operating leverage despite higher provisions and one‑time actions
Loan losses & provisions in Q4 FY26 were ₹1,866 Cr (vs ₹1,808 Cr in Q4 FY25) after presentation change moving recoveries to impairment, indicating elevated provisioning but stable underlying credit trends
Number of new loans booked in Q4 FY26 was 12.89 million, up 20% YoY from 10.70 million in Q4 FY25, supporting AUM expansion and customer franchise growth
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Key Highlights
9
Consolidated AUM crossed ₹5 lakh Cr to ₹509,975 Cr as of 31 Mar 2026, reflecting a YoY increase from ₹416,661 Cr driven by strong retail and mortgage sourcing
Net interest income increased to ₹11,781 Cr in Q4 FY26 from ₹9,808 Cr in Q4 FY25 due to higher interest income on loans (₹72,776 Cr YTD) and growth in asset book
Net total income grew to ₹14,209 Cr in Q4 FY26 from ₹11,755 Cr in Q4 FY25, with non‑interest income also contributing (reported non‑interest income of ₹2,428 Cr in Q4 FY26)
Consolidated PAT after one‑time items for Q4 FY26 was ₹5,553 Cr versus ₹4,546 Cr in Q4 FY25, reflecting operating leverage despite higher provisions and one‑time actions
Gross NPA rose to 1.01% as at 31 Mar 2026 from 0.96% as at 31 Mar 2025, with provisioning coverage on stage 3 assets at ~60%, signalling modest asset quality pressure but adequate coverage
Loan losses & provisions in Q4 FY26 were ₹1,866 Cr (vs ₹1,808 Cr in Q4 FY25) after presentation change moving recoveries to impairment, indicating elevated provisioning but stable underlying credit trends
Number of new loans booked in Q4 FY26 was 12.89 million, up 20% YoY from 10.70 million in Q4 FY25, supporting AUM expansion and customer franchise growth
The quarter included one‑time actions
Operating expenses increased with consolidated operating expenses of ₹4,801 Cr in Q4 FY26 (vs ₹3,950 Cr in Q4 FY25), keeping operating‑cost to NTI at ~33.8% for the quarter
Guidance & Outlook
4
Management highlighted continued focus on AUM growth and customer acquisition after crossing 119.33 million customers as of 31 Mar 2026, indicating priority on scale into FY27
Board recommended a final dividend of ₹6.00 per share for FY26 (including a special payout of ₹0.60), reflecting capital distribution intent subject to shareholder approval
Company strengthened ECL framework (introduced minimum floors and recalibrated parameters) in Q3/Q4 FY26 to bolster balance‑sheet resilience, suggesting a cautious provisioning posture into FY27
Management disclosed no lending to project finance and continues focus on consumer, MSME and mortgage segments, implying limited exposure to longer‑duration project risk going forward
Risks & Concerns
5
Provisioning increased
accelerated ECL provisions and presentation changes led to higher loan losses & provisions of ₹1,866 Cr in Q4 FY26, creating near‑term profit volatility risk
Gross NPA rose to 1.01% as at 31 Mar 2026 (from 0.96% a year ago), which, if it continues, could pressure earnings and capital through higher credit costs
Operating expenses rose to ₹4,801 Cr in Q4 FY26, keeping operating expenses to NTI elevated (~33.8%), which may cap operating leverage unless revenue growth sustains
One‑time regulatory/legislative impact
Presentation change moving recoveries to impairment reduces net income volatility transparency for historical comparatives and complicates trend analysis for investors
AI-generated analysis. May contain inaccuracies — verify against original sources.