Any current/future new fundraising through debt or equity?

No explicit mention of any current or planned new fundraising through debt or equity in the provided pages. The management highlights having capital, talent, franchise, and products needed for growth, implying sufficient internal resources. They focus on prudent leverage and maintaining stable cost of funds, with no indication of requiring immediate additional capital. Emphasis is on managing growth, credit costs, and margins rather than raising external funds. No reference to equity issuance or bond offerings or timeline for fundraising was disclosed in the segments reviewed.

Any current/future capex/capital investment/strategic investment?

Bajaj Finance is actively expanding its distribution network, with gold loan branches growing from 537 to 827, targeting to cross 1,000 by year-end. Strategic partnership with Bharti Airtel is a key focus, with nine products launching on the Airtel Thanks app by March 2025 and a five-year roadmap to expand the offering. Investment in technology and AI to improve operating efficiencies and productivity across the board as part of their BFL 3.0 transformation strategy. Continued investment in debt management infrastructure, including adding around 4,000 people in Q1 and Q2 and increasing d

Future growth expectations in sales/revenue/volumes?

Bajaj Finance aims for **25% balance sheet (AUM) growth** in the next 12 months with medium-term guidance maintained. Profit growth guidance is **22%-23%**, with stable net interest margins (NIMs) expected, subject to external environment. Credit costs are targeted to stay **below 2%**, with improving collection efficiencies supporting this outlook. Growth focus remains on segments like **new car loans, SME/MSME**, and digital product partnerships (e.g., Bharti Airtel collaboration). The co-branded credit card incremental sourcing is discontinued, but existing revenue streams continue.

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Bajaj Finance LtdQ4 FY26Finance

Bajaj Finance Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹980P/E: 29.5Market Cap: ₹5.7L CrSector: Finance

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→Bajaj Finance aims for **25% balance sheet (AUM) growth** in the next 12 months with medium-term guidance maintained.
→Profit growth guidance is **22%-23%**, with stable net interest margins (NIMs) expected, subject to external environment.
→Credit costs are targeted to stay **below 2%**, with improving collection efficiencies supporting this outlook.
→Growth focus remains on segments like **new car loans, SME/MSME**, and digital product partnerships (e.g., Bharti Airtel collaboration).
→The co-branded credit card incremental sourcing is discontinued, but existing revenue streams continue.
→The company foresees becoming a **₹200 million consumer company** with 3%-4% share of total credit and 4%-5% of retail credit in India, regardless of bank/non-bank status.
→Distribution expansion (more branches, especially in Tier 3 and Tier 4 towns) and cost efficiencies via FINAI strategy support growth trajectory.

Margin guidance

Category 3

- Bajaj Finance targets around 25% balance sheet (AUM) growth for the next fiscal year. - Profit growth guidance is in the corridor of 22% to 23% for the next fiscal. - Credit cost is expected to stabilize below 2%, possibly around Q4 FY26. - Operating leverage remains intact with pre-provision operating profit growth at 26% for the recent period. - Management aims for sustained profitability without significant compromise on margins. - Fee income growth may face incremental dilution due to termination of co-branded credit cards but stable overall. - FINAI transformation efforts will focus on improving operating expense efficiency, potentially offsetting margin pressure. - The company remains cautiously optimistic, highlighted by stable NIMs and controlled cost of funds (limited variation expected). - Growth acceleration is possible if credit costs come further under control. Overall, Bajaj Finance projects steady medium-term earnings growth with cautious optimism tied to credit environment stabilization.

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Fundraise plans

→No explicit mention of any current or planned new fundraising through debt or equity in the provided pages.
→The management highlights having capital, talent, franchise, and products needed for growth, implying sufficient internal resources.
→They focus on prudent leverage and maintaining stable cost of funds, with no indication of requiring immediate additional capital.
→Emphasis is on managing growth, credit costs, and margins rather than raising external funds.
→No reference to equity issuance or bond offerings or timeline for fundraising was disclosed in the segments reviewed.

Order book

The provided document does not contain specific details regarding the current or expected order book or pending orders of Bajaj Finance Limited. The discussion primarily focuses on: - Asset under management (AUM) growth and profitability. - Credit cost and credit quality stabilization. - Strategic partnerships and customer base expansion. - Operating leverage, cost containment, and operational efficiency. - Growth targets and medium-term guidance (e.g., 25% balance sheet growth, below 2% credit cost, 22%-23% profit growth). No explicit reference to order book status or pending orders was mentioned in the transcript or financial commentary on the pages provided.

Capex plans

Yes

→Bajaj Finance is actively expanding its distribution network, with gold loan branches growing from 537 to 827, targeting to cross 1,000 by year-end.
→Strategic partnership with Bharti Airtel is a key focus, with nine products launching on the Airtel Thanks app by March 2025 and a five-year roadmap to expand the offering.
→Investment in technology and AI to improve operating efficiencies and productivity across the board as part of their BFL 3.0 transformation strategy.
→Continued investment in debt management infrastructure, including adding around 4,000 people in Q1 and Q2 and increasing digital collections to optimize recovery.
→No immediate plans for converting to a bank; will remain a non-bank financial institution, focusing on scaling consumer credit to 200 million customers with 3%–5% credit market share in India.
→Prudently managing capital with strong Tier 1 (20.8%) and overall capital adequacy (21.6%) to support growth and strategic initiatives.

How does Bajaj Finance Ltd rank vs peers in Finance?

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1Bajaj Finance Ltd

Rev 2Mar 3

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