KIRA
KIRA Research · Financial Services · Diversified NBFC

Bajaj Finance Limited

NSE: BAJFINANCE · BSE: 500034 · ISIN INE296A01032 · Data as of 2026-09-26
Research: READYConfidence: HIGHKIRA Score: Not yet scoredLargeFigures: INR crore; basis shown per row

KIRA view

High-quality compounder; improving credit costs; FY26 guidance mostly met. Major strength: diversified data-driven retail franchise. Major risk: valuation sensitivity to credit-cost surprise. ANALYSIS

Pillar 1 — Business Quality & Moat

Business overview, segments, revenue drivers, competitive position and industry standing.

Revenue drivers

  • Interest income on AUM ANALYSIS
  • Fees ANALYSIS
  • Subsidiary contributions ANALYSIS

Competitive position — peers

  • Cholamandalam ANALYSIS
  • Shriram Finance ANALYSIS
  • Tata Capital ANALYSIS

Pillar 2 — Growth Quality

Revenue/AUM and profit growth, multi-year CAGR, growth consistency, growth drivers and relevant recent developments.

MetricPeriodValueBasisProvenanceSource
Assets under managementFY26₹5,09,975 crConsol.SOURCEDS10
AUM growth (YoY)FY2622.4%Consol.SOURCEDS10
net total incomeFY26₹54,123 crConsol.SOURCEDS10
PAT growth (YoY)FY2621.8%Consol.SOURCEDS10
Net profit (PAT)Q4FY26₹5,464 crConsol.SOURCEDS10
Net profit (PAT)FY26₹20,267 crConsol.SOURCEDS10
Net profit (PAT)FY25₹16,638 crConsol.SOURCEDS10

Growth drivers

  • 22-24% AUM growth guidance; 4.4-4.6% ROA corridor ANALYSIS
  • Credit-cost tailwind (2W/3W wind-down) ANALYSIS
  • FinAI cost transformation ANALYSIS
  • Mortgage subsidiary scaling ANALYSIS

Recent developments

  • AUM crossed ₹5 lakh crore: ₹509,975 crore at 31-Mar-2026 (+22.4%). SOURCED S10, S11
  • FinAI transformation programme: management plans to deploy 600+ autonomous agents in FY27 across operations, HR, technology and risk (per the Q4 FY26 call). SOURCED S11

Pillar 3 — Profitability & Return Ratios

Margins, ROE, ROCE, and ROA/NIM for financial companies.

MetricPeriodValueBasisProvenanceSource
Return on assetsFY264.5%Consol.SOURCEDS10
Return on equityFY2619.1%Consol.SOURCEDS10
Return on assetsQ4FY264.6%Consol.SOURCEDS10, S11
Return on equityQ4FY2619.7%Consol.SOURCEDS10

Pillar 4 — Balance Sheet Strength

Debt, leverage, liquidity, capital adequacy and asset quality where applicable.

MetricPeriodValueBasisProvenanceSource
Gross NPA2026-03-311.01%Consol.SOURCEDS10, S11
Net NPA2026-03-310.41%Consol.SOURCEDS10, S11
Provision coverage2026-03-3160%Consol.SOURCEDS11

Pillar 5 — Cash Flow & Earnings Quality

CFO, FCF, CFO/PAT, working capital and, for lenders, credit-cost quality.

Notes

  • note: NBFC — intermediation model; quality tracked via ALM and borrowing diversification ANALYSIS

Pillar 6 — Governance & Shareholding

Promoter holding and pledge, FII/DII/public holding, auditor, board, regulatory actions and material litigation.

Shareholding

MetricPeriodValueBasisProvenanceSource
Promoter holding2026-06-3054.67%—SOURCEDS14, S13
FII and FPI2026-06-3020.21%—SOURCEDS13
mutual funds2026-06-309.63%—SOURCEDS13
individuals2026-06-307.38%—SOURCEDS13
corporates2026-06-307.67%—SOURCEDS13
others2026-06-300.44%—SOURCEDS13

Shareholding notes

  • Promoter pledge/encumbrance at 30-Jun-2026: none — the Reg. 31 filing declares no promoter shares encumbered by pledge, non-disposal undertaking or otherwise (S14). SOURCED S14

Governance, regulatory & litigation

  • Rajeev Jain is Vice Chairman and Managing Director. FY26 final dividend ₹6 per equity share (600%) recommended. [Company disclosure] Kimi's 'no auditor/regulatory red flags found' removed — no documented check. SOURCED S11

Pillar 7 — Valuation Comfort

P/E, P/B, EV/EBITDA, dividend yield, historical and peer context — descriptive only; no price target.

NOT VERIFIED — no verified data for this pillar yet.

Pillar 8 — Technical Confirmation

Informational only: long-term trend context when properly sourced. No entry levels, targets, stop-losses or calls.

No sourced technical data. This pillar is informational only and never carries entry levels, targets, stop-losses or buy/sell/hold calls.

Material risks

  • Premium valuation vs asset-quality slippage ANALYSIS
  • Unsecured consumer cyclicality ANALYSIS
  • NIM marginally below guidance ANALYSIS
  • Retail-credit regulatory tightening ANALYSIS

Key questions to monitor

None recorded yet.

Sources

IDDocumentPublisherTypeDateAuthority
S10Bajaj Finserv investor presentation Q4 FY26 — Bajaj Finance (BFL) consolidated sectionBajaj Finserv Limited (parent; exchange filing)investor presentation (NSE filing)2026-04-30PRIMARY
S11Outcome of investor call and transcript — Q4 FY26 (letterhead: NSE BAJFINANCE–EQ, BSE 500034)Bajaj Finance Limitedearnings call transcript (NSE filing)2026-05-04PRIMARY
S12NSE list of equity securities (EQUITY_L.csv) — row 'BAJFINANCE,Bajaj Finance Limited,EQ,01-APR-2003,1,1,INE296A01032,1'National Stock Exchange of Indiaexchange securities master list (CSV)2026-09-28PRIMARY
S13Bajaj Finance Q1 FY27 investor presentation — shareholding as of 30 June 2026Bajaj Finance Limitedinvestor presentation2026-07-30PRIMARY
S14Shareholding pattern as on 30-Jun-2026 — BAJFINANCE, INE296A01032 (XBRL filed with NSE 18-Jul-2026)Bajaj Finance Limitedstock exchange filing — shareholding pattern (Reg. 31(1)(b), XBRL)2026-07-18PRIMARY

Research status

Status
READY
Confidence
HIGH
Data as of
2026-09-26
KIRA Score
Not yet scored — no verified KIRA Score registry match
Method
Primary filings first; aggregators for cross-check only. SOURCED = from a cited document; ANALYSIS = KIRA interpretation; UNVERIFIED = not yet checked against a primary source.
Withheld
11 item(s) not yet verified are not shown.

Data conflicts

  • Resolved · identity.isin
    Record keyed on INE296A01024.
    Pre-split ISIN. After the June 2025 sub-division to ₹1 face value NSE lists Bajaj Finance under INE296A01032 (S12). Canonical ID corrected; old value in qa.lineage. S12
  • Resolved · financials FY26 (NTI, PAT, Q4 PAT, growth, ROA/ROE)
    Kimi: NTI 53,324; 'adjusted' PAT 20,689 (+24%); Q4 PAT 5,553; ROA 4.6; ROE 19.2.
    The Bajaj Finserv filing (S10) gives BFL consolidated FY26: NTI 54,123; PAT 20,267 (+21.8%); Q4 PAT 5,464 (+22.0%); ROA 4.5; ROE 19.1. Reported figures are canonical; Kimi's 'adjusted' PAT kept only as UNVERIFIED lineage. S10