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Bajaj Finance – Q2FY2027 Results

21 Oct 2026, 2:26PM

PAT, beat estimates 2.8%, came in at Rs. 6,366 crore (up 28.7% y-o-y and 4.7% q-o-q), driven by strong PPOP growth and slow run rate in the provisions.
AUM saw a strong growth of 26.5% y-o-y and 6.9% q-o-q. However, NIM fell by 21 bps y-o-y and 7 bps q-o-q to 9.12%.
Provisions fell by 4.5% y-o-y and 8.7% q-o-q to Rs. 2,166 crore, adding for the profitability. It also created macro prudential provisions of Rs. 337 crore.
We project a 26.6% PAT CAGR over FY26–FY28 on strong AUM growth, and stable credit costs and Opex.

Results Table

Rs. Crore	Q2FY27	Q2FY26	Y-o-Y	Q1FY26	Q-o-Q
Interest Earned	21,936	17,796	23.3%	20,513	6.9%
Interest Expended	8,602	7,011	22.7%	7,942	8.3%
NII	13,335	10,785	23.6%	12,571	6.1%
Other Income	2,643	2,385	10.8%	2,654	-0.4%
Total Income	15,978	13,169	21.3%	15,224	4.9%
Operating Expenditures	5,275	4,296	22.8%	5,087	3.7%
Pre- Prov Operating Profit	10,703	8,874	20.6%	10,137	5.6%
P&C	2,166	2,269	-4.5%	1,993	8.7%
PBT	8,537	6,605	29.3%	8,144	4.8%
Tax	2,171	1,661	30.7%	2,068	4.9%
Net Profit	6,366	4,947	28.7%	6,081	4.7%
AUM	5,84,564	4,62,261	26.5%	5,46,944	6.9%

Key Ratios

	Q2FY27	Q2FY26	Y-o-Y (bps)	Q1FY27	Q-o-Q (bps)
NII as % of AUM	9.12%	9.33%	-20.8	9.19%	-6.9
Fee income % of AUM	1.81%	2.06%	-25.5	1.94%	-13.2
Opex as % of AUM	3.61%	3.72%	-10.8	3.72%	-11.1
Prov as % of AUM	1.48%	1.96%	-48.1	1.46%	2.4
Tax Rate % of AUM	1.49%	1.44%	4.8	1.51%	-2.7