Bajaj Finance Q4FY2026

• NII, in line with estimates, grew 20.1% y-o-y and 4.1% q-o-q to Rs. 11,781 crore. NIM (% of AUM) fell by 18 bps y-o-y and 10.4% q-o-q due to higher drop in yield than cost of funds.
• Other income rose by 15.1% y-o-y and dropped by 5.1% q-o-q to Rs. 2,428 crore led by strong growth in fee income (up by 46% y-o-y and 14% q-o-q).
• Opex/AUM came at 3.77% (annualized), down by 3 bps y-o-y, and also flat on q-o-q basis due to lower operating expenses.
• PPOP grew by 18.1% y-o-y and 0.9% q-o-q to Rs. 9,407 crore driven by NII however partially offset by lower other income.
• Annualised credit cost stood at 1.57% (% of AUM) down by 66 bps y-o-y and 142 bps q-o-q due to improvement in asset quality.
• PAT grew by 22.2% y-o-y and 36.6% q-o-q to Rs. 5553 crore driven by lower credit cost and PPOP growth.
• Asset quality improved, as GNPA reduced by 20 bps q-o-q to 1.01% while net NPA fell 6 bps y-o-y and 3 bps q-o-q to 0.41%.
• AUM crossed Rs. 5.0 lakh crore milestone, growing by 22.4% y-o-y and 5.3% q-o-q driven by Urban, Rural Sales, gold loans Car Loans , commercial lending, mortgages, and MFI while two wheeler and three wheeler reduced by 27.7% yoy and 7.0% qoq due to running down own capitive two wheelers and three wheeler lending business while SME business just grew by 2%. The company reported healthy performance We have buy ratings on stock and we will come out with detailed reports today. 

Results Table

Key Ratios

Source: Company and Mirae Asset Sharekhan Ltd

Asset quality (%)

Source: Company and Mirae Asset Sharekhan Ltd