Bajaj Finance Limited · NSE:BAJFINANCE
Bajaj Finance — Q3 FY26 Earnings Presentation
128 slides from Bajaj Finance's earnings presentation, Feb 3, 2026
Slide 1: Exchange filing cover letter
3 February 2026 THE MANAGER, THE MANAGER, BSE LIMITED LISTING DEPARTMENT DCS - CRD NATIONAL STOCK EXCHANGE OF INDIA LTD. PHIROZE JEEJEEBHOY TOWERS EXCHANGE PLAZA, C-1. BLOCK G, DALAL STREET, BANDRA - KURLA COMPLEX, BANDRA (EAST) MUMBAI - 400 001 MUMBAI - 400 051 SCRIP CODE: 500034 SCRIP CODE: BAJFIN
Slide 2: Q3 FY26 Investor Presentation
Q3 FY26 Investor Presentation 03 February 2026
Slide 3: Presentation Path
Presentation Path Section 01 Section 02 Section 03 Section 04 Executive summary – Bajaj Finance Limited Financial performance Asset liability Q3 FY26 overview – Q3 FY26 management 3 17 31 38 Section 05 Section 06 Section 07 Section 08 Customer franchise Business segment Update on credit Omnipresence
Slide 4: Executive summary – Q3 FY26
Section 01 1.1 Quarter gone by Executive summary – Q3 FY26 1.2 Lead financial indicators 3
Slide 5: Q3 FY26 Executive summary - Consolidated
Q3 FY26 Executive summary - Consolidated (before accelerated ECL provision & one-time charge of New Labour Codes) Core performance remained robust across volume, AUM, opex, credit cost and profitability. PBT grew by 23% to ₹ 7,102 crore. ROA and ROE have improved. Delivered AUM growth of ₹ 23,622 cr
Slide 6: Update on accelerated ECL provision and one-time charge of New Labour Codes
Update on accelerated ECL provision and one-time charge of New Labour Codes 1. Accelerated ECL provision: To enhance balance sheet resilience amidst a volatile global economic environment; the Company has further strengthened its provisioning framework by implementing a minimum Loss Given Default (L
Slide 7: Lead financial indicators – Q3 FY26 (1/3)
Lead financial indicators – Q3 FY26 (1/3) Balance sheet and business metrics 1. AUM was up 22% to ₹ 484,477 crore as of 31 December 2025. • AUM before the accelerated ECL provision grew by 22% to ₹ 485,883 crore as of 31 December 2025 from ₹ 398,043 crore as of 31 December 2024. AUM increase in Q3 F
Slide 8: Lead financial indicators – Q3 FY26 (2/3)
Lead financial indicators – Q3 FY26 (2/3) Operating efficiencies 10. Net interest income grew by 21% to ₹ 11,317 crore as against ₹ 9,382 crore in Q3 FY25. NIM remained steady. 11. Net total income (NTI) grew by 19% to ₹ 13,875 crore as against ₹ 11,673 crore in Q3 FY25. 12. Opex to NTI improved to
Slide 9: Lead financial indicators – Q3 FY26 (3/3)
Lead financial indicators – Q3 FY26 (3/3) 19. GNPA & NNPA stood at 1.21% & 0.47%, respectively, as of 31 December 2025 as against 1.12% & 0.48% as of 31 December 2024. The provisioning coverage ratio on stage 3 assets was 61%. Profitability and capital 20. Consolidated pre-provisioning operating pro
Slide 10: FINAI transformation update (1/3)
FINAI transformation update (1/3) FINAI remains central to our long-term vision. Its implementation across businesses and functions is underway and has begun to show early signs of costs and productivity benefits. We are on track to become a future-ready financial services company. # Stage Metric Uo
Slide 11: FINAI transformation update (2/3)
FINAI transformation update (2/3) # Stage Metric UoM Q1 FY26 Q2 FY26 Q3 FY26 6 Ops processing Auto quality check (QC) of documents % - - 41% Loan disbursement through AI Voice & text BOTs ₹ in Cr 761 1,295 1,568 7 Disbursement Loan disbursement through voice log processing ₹ in Cr - - 325 DIY Custom
Slide 12: FINAI transformation update (3/3)
FINAI transformation update (3/3) 1. Data Intelligence • The Company is on course to define data architecture for AI by Q4 FY26. • In FY27, to enable intelligent capabilities, the Company will implement and scale data for AI-including feature marts, embeddings and data annotation across voice, text,
Slide 13: Q3 FY26 Executive summary – BHFL
Q3 FY26 Executive summary – BHFL A good quarter with AUM growth of 23% driven by good momentum in disbursements amidst higher portfolio attrition. Delivered PAT growth of 21% and ROA of 2.3%. Asset quality remained healthy with GNPA at 0.27%, NNPA at 0.11% and annualised credit cost of 0.19% AUM Ope
Slide 14: Lead financial indicators – Q3 FY26 (1/2)
Lead financial indicators – Q3 FY26 (1/2) BHFL - Balance sheet and geography 1. AUM was up 23% at ₹ 133,412 crore as against ₹ 108,314 crore as of 31 December 2024. 2. Home loans AUM grew by 18%, Loan against property grew by 32%, Lease rental discounting grew by 39%, Developer finance grew by 18%.
Slide 15: Lead financial indicators – Q3 FY26 (2/2)
Lead financial indicators – Q3 FY26 (2/2) BHFL - Operating efficiencies 10. Net interest income grew by 19% to ₹ 963 crore as against ₹ 806 crore in Q3 FY25. 11. Net total income (NTI) grew by 24% to ₹ 1,153 crore as against ₹ 933 crore in Q3 FY25. 12. Opex to NTI improved to 19.0% (excluding except
Slide 16: Q3 FY26 Executive summary - BFSL
Q3 FY26 Executive summary - BFSL Good quarter on AUM, new customer addition and profit. AUM grew 63% to ₹ 8,790 crore. PAT grew 74% to ₹ 61 crore. Added 104K customers to the franchise in Q3 FY26. Retail and HNI customer franchise stood at 1.25 MM as of 31 December 2025. AUM Net total PBT PAT Custom
Slide 17: Lead financial indicators – Q3 FY26
Lead financial indicators – Q3 FY26 BFSL – Customer franchise, geography and balance sheet 1. Added 104K customers to its franchise in Q3 FY26 against 75k in Q3 FY25. 2. Retail and HNI customer franchise stood at 1.25 MM as of 31 December 2025 against 0.91 MM as of 31 December 2024. 3. Geographic pr
Slide 18: Bajaj Finance Limited overview
2.1 Bajaj group structure 2.2 What do we stand for 2.3 Key strategic differentiators Section 02 2.4 Our shareholder profile Bajaj Finance Limited BFL Consolidated 18-years financial overview 2.5 snapshot 2.6 BHFL 8-years financial snapshot 2.7 Product suite 2.8 Executive summary 17
Slide 19: Bajaj Group Structure
Bajaj Group Structure Bajaj Finserv Ltd. (Listed) 75.01%2 75.01%2 100% 51.32%1 4 Bajaj Finance Ltd. Bajaj Life Bajaj General Bajaj Finserv (Listed) Insurance Ltd. Insurance Ltd. Health Ltd. 86.70% 100% Bajaj Housing Finance Vidal Healthcare Ltd. (Listed) Services Pvt. Ltd. 100% Bajaj Financial Secur
Slide 20: What do we stand for
What do we stand for A diversified non-bank with a deposit taking license Focused on mass and affluent segments, leveraging cross-sell to drive lifetime value Diversified financial services strategy with an optimal mix of risk and profit to deliver a resilient business model Business construct is to
Slide 21: BFL Consolidated long-term guidance on financial metrics
BFL Consolidated long-term guidance on financial metrics AUM growth Profit growth GNPA in corridor of in corridor of in corridor of 25%-27% 23%-24% 1.2%-1.4% NNPA Return on assets Return on equity in corridor of in corridor of in corridor of 0.4%-0.5% 4.3%-4.7% 19%-21% 20
Slide 22: Key strategic differentiators
Key strategic differentiators Part of the Bajaj group – one of the oldest & most A trusted brand with strong brand equity respected business houses Focus on mass and affluent segments Total customer franchise of 115.40 MM Strong focus on cross selling assets, payments, Highly data oriented. Deep dat
Slide 23: Our shareholder profile
Our shareholder profile Top 20 investors and their holdings As on As on As on S.No. Name of Shareholder 31 Dec 24 30 Sep 25 31 Dec 25 1 BAJAJ FINSERV LTD 51.34% 51.32% 51.32% 2 MAHARASHTRA SCOOTERS LIMITED 3.07% 3.05% 3.05% FII & FPI 3 GOVERNMENT OF SINGAPORE 3.01% 2.48% 2.15% 21.50% 4 LIFE INSURANC
Slide 24: 18-years financial snapshot – Consolidated
18-years financial snapshot – Consolidated ₹ in crore CAGR Financials snapshot @ FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (18Y) Loans booked (MM) 1.0 0.6 0.9 1.6 2.2 2.8 3.4 4.9 6.8 10.1 15.3 23.5 27.4 16.9 24.7 29.6 36.2 43.4 25% Cust. franchise (MM)
Slide 25: 8-years financial snapshot – BHFL
8-years financial snapshot – BHFL ₹ in crore CAGR Financials snapshot FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (8Y) AUM (₹ ‘000 Cr) 3.57 17.56 32.70 38.87 53.32 69.23 91.37 114.68 64% Total income 106 1,156 2,646 3,155 3,767 5,665 7,617 9,576 90% Interest expenses 47 685 1,616 1,966 2,155 3,211 4,692
Slide 26: Product suite
Product suite BAJAJ FINANCE LIMITED Partnership & Consumer MSME Commercial Rural Deposits Payments Services 1. Consumer Durable Loans 1. Unsecured Working 1. Loan against securities 1. Consumer Durable 1. Retail Term Issuance 1. Life Insurance 2. Digital Product Loans Capital Loans 2. IPO financing
Slide 27: Executive summary – Bajaj Finance
Executive summary – Bajaj Finance • Focused on Urban, Rural, MSME, Commercial and Payments businesses • Strategic business unit organisation design supported by horizontal common utility functions to drive domain expertise, scalability and operating leverage • Leveraging AI, digital transformation,
Slide 28: Executive summary – Bajaj Finance
Executive summary – Bajaj Finance • Offers unsecured working capital loans to MSME and self-employed professionals • Secured offerings include enterprise loans against property MSME Business • Focused on accelerating used car financing business • Focused on affluent MSMEs with established financials
Slide 29: Executive summary – Bajaj Housing Finance
Executive summary – Bajaj Housing Finance • Subsidiary of Bajaj Finance Limited • Independent organization design having all dedicated functions and units to drive domain expertise, scalability and operating leverage • Offers full range of mortgage products such as home loans, loan against property
Slide 30: Executive summary – Bajaj Housing Finance
Executive summary – Bajaj Housing Finance • Offers LRD to high net-worth individuals and developers against commercial property leased to corporate lessees Lease Rental • Customer base spans across commercial real estate developers, listed REITs, Private Equity and Sovereign funds Discounting • LRD
Slide 31: Executive summary – Bajaj Financial Securities
Executive summary – Bajaj Financial Securities • A 100% subsidiary of Bajaj Finance Limited • Offers a wide range of capital market products - Broking, Depositary services, Margin Trade Financing, ESOP Financing, IPOs and Distribution of Mutual Funds, PMS, and AIF. Overview • Broking business caters
Slide 32: Financial performance – Q3 FY26
Financial statement summary – 3.1 Consolidated Section 03 3.2 Financial statement summary – Bajaj Finance Limited Financial performance— Financial statement summary – Q3 FY26 3.3 Bajaj Housing Finance Limited 3.4 Financial statement summary – Bajaj Financial Securities Limited 31
Slide 33: Financial summary – Consolidated
Financial summary – Consolidated (before accelerated ECL provision and one-time charge of New Labour Codes) ₹ in Crore Financials snapshot Q3 FY26 Q3 FY25 Y-o-Y 9M FY26 9M FY25 9M-o-9M Assets under management 4,85,883 3,98,043 22% 4,85,883 3,98,043 22% Assets under finance 4,75,628 3,90,191 22% 4,75
Slide 34: Financial summary – Consolidated
Financial summary – Consolidated (after accelerated ECL provision and one-time charge of New Labour Codes) ₹ in Crore Financials snapshot Q3 FY26 Q3 FY25 Y-o-Y 9M FY26 9M FY25 9M-o-9M Assets under management 4,84,477 3,98,043 22% 4,84,477 3,98,043 22% Assets under finance 4,74,222 3,90,191 22% 4,74,
Slide 35: Financial summary – Bajaj Finance
Financial summary – Bajaj Finance (before accelerated ECL provision, charge of New Labour Codes & gain on sale of BHFL shares) ₹ in Crore Financials snapshot Q3 FY26 Q3 FY25 Y-o-Y 9M FY26 9M FY25 9M-o-9M Assets under management 3,55,171 2,93,370 21% 3,55,171 2,93,370 21% Asset under finance 3,49,544
Slide 36: Financial summary – Bajaj Finance
Financial summary – Bajaj Finance (after accelerated ECL provision, charge of New Labour Codes & gain on sale of BHFL shares) ₹ in Crore Financials snapshot Q3 FY26 Q3 FY25 Y-o-Y 9M FY26 9M FY25 9M-o-9M Assets under management 3,53,765 2,93,370 21% 3,53,765 2,93,370 21% Assets under finance 3,48,138
Slide 37: Financial summary – Bajaj Housing Finance
Financial summary – Bajaj Housing Finance ₹ in Crore Financials snapshot Q3 FY26 Q3 FY25 Y-o-Y 9M FY26 9M FY25 9M-o-9M Assets under management 133,412 108,314 23% 133,412 108,314 23% Assets under Finance 117,305 95,570 23% 117,305 95,570 23% Interest income 2,697 2,322 16% 7,804 6,612 18% Interest e
Slide 38: Financial summary – Bajaj Financial Securities
Financial summary – Bajaj Financial Securities ₹ in Crore Financials snapshot Q3 FY26 Q3 FY25 Y-o-Y 9M FY26 9M FY25 9M-o-9M Assets under finance 8,790 5,392 63% 8,790 5,392 63% Interest income 256 163 57% 614 453 36% Interest expenses 141 94 50% 342 272 26% Net interest income 115 69 67% 272 181 50%
Slide 39: Asset liability management
Conservative leverage standards – 4.1 Consolidated 4.2 Resilient business model – Consolidated Section 04 4.3 Behaviouralized ALM – Bajaj Finance Limited Asset liability management 4.4 Behaviouralized ALM – Bajaj Housing Finance Limited 4.5 Disciplined ALM Management – Bajaj Finance Limited 4.6 Cons
Slide 40: Conservative leverage standards
Conservative leverage standards 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.0 6.0 6.0 28.3% 27.2% 6.8 6.6 25.0% 25.0% 6.3 24.7% 6.3 25.1% 24.8% 23.2% 22.5% 22.0% 21.3% 21.9% 21.2% 21.5% 21.5% 21.1% 5.4 20.7% 21.2% 20.5% 20.6% 20.3% 19.7% 19.5% 5.1 5.1 18.0% 4.7 4.9 4.9 4.8 4.8 * 4.7 4.7 16.1% 16.3% 14.2%
Slide 41: Resilient business model – Consolidated
Resilient business model – Consolidated 46.5% 45.0% 43.1% 42.5% 41.4% 41.8% 38.4% 37.8% 36.0% 35.3% 35.4% 34.6% 34.0% 33.3% 33.2% 32.7% 32.6% 32.8% 30.7% 35.1% 29.9% 33.5% 27.2% 27.3% 28.0% 27.6% 27.1% 26.9% 9.87% 9.47% 9.00% 8.24% 8.27% 8.39% 7.84% 7.74% 7.97% 7.79% 7.52% 6.81% 7.04% 7.45% 5.3% 5.1
Slide 42: Behaviouralized ALM as of 31 Dec 2025 – BFL
Behaviouralized ALM as of 31 Dec 2025 – BFL ₹ in Crore Particulars 1-7 D 8-14 D 15-30 D >1-2 M >2-3 M >3-6 M >6 M-1 Y >1-3 Y >3-5 Y >5 Y Total Cash & Investments 12,810 2 11,003 1,149 2,224 14 6,440 3,572 258 12,927 50,399 Advances 12,633 3,758 8,497 19,757 17,131 42,181 67,940 1,29,450 36,038 25,52
Slide 43: Behaviouralized ALM as of 31 Dec 2025 – BHFL
Behaviouralized ALM as of 31 Dec 2025 – BHFL ₹ in Crore Particulars 1-7 D 8-14 D 15-30 D >1-2 M >2-3 M >3-6 M >6 M-1 Y >1-3 Y >3-5 Y >5 Y Total Cash & Investments 1 5 473 2 13 295 916 571 459 0 2,735 Advances 1,284 459 1,403 2,477 2,469 6,952 12,397 36,032 20,779 33,053 1,17,305 Other inflows 409 74
Slide 44: Disciplined ALM Management - BFL
Disciplined ALM Management - BFL Cumulative gap upto 1 month Cumulative gap upto 12 month 220% 216% 119% 120% 93% 87% 96% 80% 69% 66% 61% 59% 71% 56% 51% 65% 62% 64% 57% 54% 57% 50% 31% 43% 32% 31% Mar'16 Mar'17 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Sep'25 Dec'25 43
Slide 45: Consolidated liability mix
Consolidated liability mix 3% 4% 3% 1% 2% 4% 4% 4% 4% 5% 3% 10% 12% 13% 5% 9% 7% 8% 3% 14% 12% 10% 11% 12% 3% 2% 2% 7% 6% 4% 1% 1% 1% 1% 1% 38% 36% 34% 35% 40% 32% 36% 35% 40% 40% 38% 40% 45% 33% 30% 36% 31% 28% 28% 26% 48% 34% 26% 28% 35% 25% 20% 19% 21% 21% 20% 19% 18% 17% 17% 12% 13% 6% 8% Mar'16
Slide 46: Customer franchise and distribution reach
5.1 Customer franchise Section 05 5.2 Product per customer Customer franchise and distribution reach 5.3 Geographic presence 5.4 Strong distribution reach 45
Slide 47: Customer franchise
Customer franchise Q3 FY25 Q3 FY26 Q2 FY26 Total Franchise 115.40 MM 110.64 MM 97.12 MM 80.29 MM Credit segment filter 98.18 MM 94.32 MM 77.73 MM Overall Cross sell franchise 94.07 MM 90.47 MM Non delinquent 69.42 MM customers 83.84 MM 80.65 MM Cross sell franchise 61.56 MM 73.84 MM 71.32 MM (63.4%)
Slide 48: Product Per Customer (PPC)
Product Per Customer (PPC) Product Per Customer (PPC) is a business metric used to determine average number of products or services (active or closed) a customer has availed over the lifetime with BFL. Product offerings are classified into 4 product segments: 1. Lending: All lending products of the
Slide 49: Geographic presence
Geographic presence 31 Dec 31 Dec 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec Geographic Presence 2022 2023 2024 2025 2025 2025 2025 Urban lending locations 1,392 1,538 1,599 1,582 1,544 1,539 1,535 Rural lending locations 2,322 2,554 2,660 2,681 2,648 2,500 2,517 Total Bajaj Finance presence 3,714 4,092 4,2
Slide 50: Strong distribution reach
Strong distribution reach Active distribution 31 Dec 22 31 Dec 23 31 Dec 24 31 Mar 25 30 Jun 25 30 Sep 25 31 Dec 25 Consumer durable stores – Urban 32,000+ 40,150+ 47,000+ 49,400+ 51,650+ 52,650+ 52,650+ Consumer durable stores – Rural 33,550+ 46,300+ 59,350+ 62,700+ 64,950+ 66,250+ 66,800+ Digital
Slide 51: Business segment wise AUM
Section 06 6.1 Business segment wise AUM - Consolidated Business segment wise AUM 6.2 Business segment wise AUM – Consolidated Mortgages and BHFL 50
Slide 52: Business segment wise AUM – Consolidated
Business segment wise AUM – Consolidated ₹ in Crore Consolidated BFL BHFL Consolidated Composition Composition Growth % Change Particulars as of as of as of as of as of as of YoY YoY 31 Dec 2024 31 Dec 2025 31 Dec 2025 31 Dec 2025 31 Dec 2024 31 Dec 2025 Captive 2W & 3W Finance 12,763 5,542 - 5,542
Slide 53: Business segment wise AUM - Mortgages
Business segment wise AUM - Mortgages ₹ in Crore Composition Composition AUM as of AUM as of Growth Particulars as of as of 31 Dec 24 31 Dec 25 YoY 31 Dec 24 31 Dec 25 Consolidated mortgages Home Loans 62,607 73,840 18% 51.3% 48.3% Loan Against Property 24,277 33,570 38% 19.9% 22.0% Lease Rental Dis
Slide 54: Update on credit quality
7.1 Provisioning Coverage - Consolidated 7.2 Stagewise ECL provisioning – Consolidated Section 07 7.3 Provisioning Coverage - BHFL Update on credit quality 7.4 Stagewise ECL provisioning - BHFL 7.5 Portfolio credit quality - Consolidated 53
Slide 55: Provisioning Coverage – Consolidated
Provisioning Coverage – Consolidated ₹ in Crore AUM PCR GNPA % NNPA % Particulars GNPA NNPA 31 Dec 25 (%) 31-Dec-24 30-Sep-25 31-Dec-25 31-Dec-24 30-Sep-25 31-Dec-25 Captive 2W & 3W Finance 5,542 839 429 49% 6.05% 12.08% 13.78% 3.17% 7.12% 7.55% Open Market 2W & 3W Finance 8,034 177 75 58% 1.47% 2.4
Slide 56: Stagewise ECL provisioning – Consolidated
Stagewise ECL provisioning – Consolidated ₹ in Crore Gross Assets Receivable ECL Provision PCR % Particulars Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Captive 2W & 3W Finance 4,612 636 839 64 71 410 1.38% 11.21% 48.87% Open Market 2W & 3W Finance 7,985 74 177 86 13 102
Slide 57: Provisioning Coverage - BHFL
Provisioning Coverage - BHFL ₹ in Crore GNPA % NNPA % AUM PCR Particulars GNPA NNPA 31 Dec 25 (%) 31 Dec 24 30 Sep 25 31 Dec 25 31 Dec 24 30 Sep 25 31 Dec 25 Home Loans 72,769 237 101 57.31% 0.33% 0.32% 0.34% 0.16% 0.15% 0.15% Loan Against Property 14,231 58 26 54.76% 0.76% 0.59% 0.52% 0.38% 0.29% 0
Slide 58: Stagewise ECL provisioning - BHFL
Stagewise ECL provisioning - BHFL ₹ in Crore Gross Assets Receivable ECL Provision PCR % Particulars Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Home Loans 69,203 347 237 109 80 136 0.16% 23.21% 57.31% Loan Against Property 10,864 75 58 71 17 32 0.66% 22.03% 54.76% Lease
Slide 59: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Consumer Durable & Lifestyle Digital Product 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket Stage 98.65% 99.59% 99.38% 99.46% 99.36% 99.40% 99.46% 99.48% 99.55% 1 1 98.49% 99.54% 99.25% 99.19
Slide 60: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Rural B2C Business & Professional loans Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 1 98.80% 98.49% 98.03% 97.81% 97.94% 98.00% 97.94% 98.13% 98.74% 1 99.01% 99.25% 98.77%
Slide 61: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Gold loans MFI lending 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket Stage Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 1 97.93% 96.01% 96.14% 97.85% 98.89% 98.97% 98.32% 98.79% 99.01% 1 0.00% 0.00% 100.0% 99.55% 98.93% 98.81
Slide 62: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Car loans CV and Tractor Finance Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 1 98.09% 99.40% 99.03% 98.71% 98.65% 98.62% 98.51% 98.26% 98.32% 1 0.00% 0.00% 0.00%
Slide 63: Omnipresence metrics
Omnipresence metrics Section 08 8.1 Omnipresence summary 8.2 Customer franchise - overview Key financial metrics 62
Slide 64: Omnipresence metrics - Strong growth momentum
Omnipresence metrics - Strong growth momentum across Geography and Digital metrics Particulars Unit Q3 FY25 Q2 FY26 Q3 FY26 YoY New locations added # 14 (153) 13 (7%) Locations - Cumulative # 4,259 4,039 4,052 (5%) App downloads # in MM 20.08 21.65 22.82 14% Net installs – Cumulative # in MM 66.6 78
Slide 65: Omnipresence metrics - Strong growth momentum
Omnipresence metrics - Strong growth momentum across Geography and Digital metrics Particulars Unit Q3 FY25 Q2 FY26 Q3 FY26 YoY App + Web business metrics EMI cards acquired # in MM 0.25 0.20 0.15 (40%) Easy EMI Loans* # - 1,21,615 2,49,838 - Personal loan disbursed In ₹ Cr 4,921 5,426 5,204 6% Gold
Slide 66: Customer franchise - Key financial metrics
Customer franchise - Key financial metrics 9M 9M 9M-o- Particulars @ Unit FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY25 FY26 9M New loans booked In MM 15.3 23.5 27.4 16.9 24.7 29.6 36.2 43.4 32.72 39.56 21% New customer addition In MM 6.1 8.3 8.1 6.0 9.0 11.6 14.5 18.2 13.48 13.58 1% Existing custome
Slide 67: Thank You
Q3 FY26 Investor Presentation Thank You 66
Slide 68: Annexure
FINANCE BAIA! Annexure 67
Slide 69: LRS 2026-30
LRS 2026-30 LRS: Long-Range Strategy 68
Slide 70: Update on last year's strategies and megatrends
Our tradition is, “कथनी-करनी एकसी” (do as we say, say as we do). So, before I unveil LRS 2026-30, I will quickly cover update on last year’s strategies and megatrends… 69
Slide 71: Progress update on FINAI strategies (1/2)
Progress update on 21 FINAI strategies (1/2) 1. Strategic Partnerships 2. MSME 3. PL from 50K to 50 lacs • Products live on Airtel app: 9 • Strategic Business Unit (SBU) – Jan’25 • “EMI Card = PL”: disbursed ₹ 4,600 crore (7%) • Airtel EMI Card CIF: 7 lakh+ • Affordable Housing Finance – Jan’25 • SA
Slide 72: Progress update on FINAI strategies (2/2)
Progress update on 21 FINAI strategies (2/2) 13. Conversational AI POD 14. Vision AI POD 15. Content AI POD • ₹ 5,300 crore disbursal via voice BOT- • 30 Documents Live, 42 by Mar’26 • 5.04L+ banners created FY26 • 50% Auto QC for files processing • 10.5k+ videos created • 9 Chat BOTs Live • 323 bra
Slide 73: Good progress on megatrends, WIP and dropped
Good progress on 24 megatrends, 2 WIP and 2 dropped 1. Digital Rupee (CBDC) 2. Account Aggregator 3. ONDC 4. Social as a Platform 5. Rewards as a Platform 6. Offline to Online • Go Live in Dec’25 • 40 MM one-time • Buyer app - 1 lakh Orders • Soft launch done • 110 MM rewards in FY26 • All products
Slide 74: 18-year journey
18-year journey Financials snapshot @ FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR Loans booked (MM) 1.0 0.6 0.9 1.6 2.2 2.8 3.4 4.9 6.8 10.1 15.3 23.5 27.4 16.9 24.7 29.6 36.2 43.4 25% Customer franchise 0.8 1.2 1.9 3.0 4.7 6.7 9.3 12.9 16.1 20.1 26
Slide 75: 18-year journey
It’s 18-year beenjourneya great run. We remain very excited about our future. We are well on course to disburse 50 MM loans and cross ₹ 5 lakh crore @ Financials snapshot FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR AUM in FY26. Loans booked (MM) 1.0
Slide 76: Capability stack built in last 18 years
Capability stack built in last 18 years Franchise 110.6MM Customers | 71.3MM Cross-sell customers | 6.05 PPC per customer | 42MM NTC Geography 4,039 BFL locations | 1,272 Gold Loan branches | 416 MFI branches | 242k Active distribution points Technology and Data 03 Multi-cloud infrastructure | 500k
Slide 77: Can we compound faster?
Given strong India growth momentum, our strong financials, diversified capability stack and low market share across key lines of businesses, we can continue to compound between 17-19% for a foreseeable period. Question is, can we compound faster? 76
Slide 78: To compound faster, strategy has to be exciting and non-linear
To compound faster, strategy has to be exciting, non-linear & हटके. It should power our growth and position BFL to be a leader in financial services in everything we do. I believe, this is the pivotal moment for any enterprise, as AI transforms business models and power shifts from enterprise to con
Slide 79: Two keywords: Customer centricity and AI
Before I get into the strategy, two keywords that you will find across my presentation are namely, Customer centricity & AI. Now let's go to our strategic framework… 78
Slide 80: Strategic framework of LRS 2026-30
Introducing, strategic framework of LRS 2026-30 79
Slide 81: Our strategic framework
Our strategic framework A customer-centric A technology leader The lowest risk company serving all in financial services company needs of the in India in India customer 80
Slide 82: 12 strategies of LRS 2026-30
12 strategies of LRS 2026-30 A customer-centric A technology leader in The lowest risk company serving all financial services in company needs of the customer India in India 1. Design thinking 3. Data for AI 9. AI augmentation to deliver methodology agility in Risk 4. Consumer AI 2. Transition from
Slide 83: Strategic framework and 5 key strategies of LRS FY2026-30
Due to the paucity of time, I will cover the strategic framework and 5 key strategies of LRS FY2026-30… A customer-centric A technology leader in The Lowest risk company serving all financial services in company needs of the customer * India * in India * 1. Design thinking 3. Data for AI * 9. AI aug
Slide 84: A customer-centric company serving all needs of the customer
Let’s start with - A customer-centric company serving all needs of the customer 83
Slide 85: What is the strategic imperative
What is the strategic imperative 1 DATA 2 WHAT 302MM 200-220MM Customer centricity means focusing on experience, long-term HOUSEHOLDS IN BFL CUSTOMER INDIA by 2029 FRANCHISE by 2030 relationships, products and processes designed for customer SOURCE: Census India 100MM 20% satisfaction LOANS DISBURSE
Slide 86: 2 strategies of a customer-centric company
02 strategies of a customer-centric company Product-centric to Design Thinking customer-centric Customer needs Iterative process, Long-term relationships, Solve unknown, ill-defined problems Customer satisfaction 85
Slide 87: Product-centric to customer-centric
Let me now take you through the first strategy, product-centric to customer-centric 86
Slide 88: What is product-centric to customer-centric
What is product-centric to customer-centric Transitioning from selling "what company wants" to "what customer needs", to significantly improve long-term relationships and customer satisfaction. Double market share Higher product-per-customer Higher CSAT 87
Slide 89: Why product-centric to customer-centric
Why product-centric to customer-centric We are 12.5% of loans booked in India but only 2.8% of retail AUM. The strategic imperative, going forward, would be to grow wallet share of our customers. Thus, to accelerate our growth momentum, we need to transition from product-centric to a customer-centri
Slide 90: Approach of product-centric to customer-centric
Approach of product-centric to customer-centric 1. Build a product propensity model to transition from "what company wants" to "what customer needs" 2. Complete our product offerings – launch wealth management business 3. Build data information architecture - structured, labeled, DMP, bureau, etc. 4
Slide 91: Product centric to customer centric opportunity
Approach of product-centric to customer-centric 1. Build a product propensity model to transition from "what company wants" to "what customer needs" 2. Complete our product offerings – launch wealth management business 3. Build data information architecture - structured, labeled, DMP, bureau, Let me
Slide 92: Industry disbursals on BFL franchise - FY25
Industry disbursals on BFL franchise - FY25 Industry Industry Industry Disbursal BFL Disbursal BFL Market disbursal on Product disbursal on (in crore) (in crore) Share % BFL Franchise BFL Franchise % Consumer 158,494 92,021 54% 22,533 14.00% Personal Loans 884,360 73,320 8% 2,64,109 29.86% Unsecured
Slide 93: Current product-centric orientation
Current product-centric orientation 800 Cr per month 92
Slide 94: Move from product-centric to customer-centric orientation
Move from product-centric to customer-centric orientation 800 Cr per month 93
Slide 95: Offer all products to all customers
Offer all products to all customers 800 Cr per month Lending Wealth Payments Deposits Insurance 94
Slide 96: Offer all products across all channels
Offer all products to all customers across all channels 8000 Cr Potential Lending Wealth Payments Deposits Insurance 95
Slide 97: Outcome of product-centric to customer-centric
Outcome of product-centric to customer-centric 1. Grow disbursement from ₹ 800 crore to ₹ 8,000 crore per month 2. Reduce credit costs 3. Reduce cost of acquisition 4. Grow product per customer to 6.5-7.5 5. Highest CSAT in the industry 96
Slide 98: Technology Leadership
Let’s now talk about, Technology Leadership 97
Slide 99: What is the strategic imperative
What is the strategic imperative 1 DATA 2 WHAT Technology leadership means deep 240BN 83MM commitment to leverage technology as a Monthly UPI transactions (#) ONDC transactions BTD (#) catalyst to achieve goals and drive innovation. It is the ability to anticipate trends, envision transformation, an
Slide 100: 6 strategies of Technology Leadership
06 strategies of Technology Leadership Data for AI Consumer AI Expand intelligent data, AI in everyday products Organise structured & unstructured data Personalised experiences AI-driven capability models Transform customer experience Enterprise AI Agentic AI AI in business processes Multi-agent pla
Slide 101: Data for AI
Let’s go through the second strategy, Data for AI 100
Slide 102: What is data for AI
What is data for AI Data for AI strategy will significantly expand intelligent data variables and organise existing structured and unstructured data sets for delivering AI-driven capability models Reduce credit costs Productivity gains Hyper personalisation 101
Slide 103: Why data for AI
Why data for AI AI thrives on large, diverse and contextual data sets. Without data augmentation, AI models would result in poor generalization, model risk bias and limited predictability. AI models require data to be organized by converting scattered, implicit and unstructured information into inte
Slide 104: Approach of data for AI
Approach of data for AI 1. Identify a global data labeling and tagging company to establish a data discovery practice for unstructured datasets 2. Invest in an infrastructure that supports tagging, labeling and describing data. 3. Create a feature store for structured data and vector databases for u
Slide 105: Outcome of data for AI
Outcome of data for AI 1. 1,000 data variable expansion 2. Deliver 5% of annual volumes 3. Reduce credit cost by 5% 4. Improve productivity by 12-15% 5. Deliver hyper personalization 104
Slide 106: Consumer AI
Let’s now go through our third strategy – Consumer AI 105
Slide 107: What is Consumer AI
What is Consumer AI Consumer AI is use of AI technologies designed to power everyday products and experiences that makes life simpler, more personalized and transformational for consumers. 125 MM digital customers Increased business volumes 90% reduction in service queries 106
Slide 108: Why consumer AI
Why consumer AI So far, we have remained focused on building enterprise AI capabilities. With consumer embracing AI rapidly, we must reimagine our existing Digital platforms and build a new consumer AI platform Attention economy to intention economy AI enabled commerce New UI for AI 107
Slide 109: Approach of consumer AI
Approach of consumer AI 1. Create a dedicated Consumer AI platform team on the lines of Digital Platforms as created in FY21 2. Build a next-generation Consumer AI platform 3. Offer BFL products on ChatGPT, enabling chat-based loan origination & seamless transactions 4. Enable consumers to experienc
Slide 110: Impression of the new Consumer AI platform
Impression of the new Consumer AI platform Today Tomorrow 109
Slide 111: Outcome of Consumer AI
Outcome of Consumer AI 1. 3.5 - 4.5 bn Web visitors 2. 160-180 MM App net users 3. 50% of total digital platform volumes from new AI platform by FY30 4. 90% reduction in service requests and queries 110
Slide 112: Lowest risk company in India
Let me now talk about the last part of our strategic framework - Lowest risk company in India 111
Slide 113: What is the strategic imperative
What is the strategic imperative 1 DATA 2 WHAT 10bps 500crore Lowest risk company is principally defined as low tolerance across all Improvement in risk costs Addition to profit on FY26 base dimensions of risk namely credit risk, 1,100crore operational risk, fraud risk, compliance risk, market risk,
Slide 114: 4 strategies of Lowest risk company in India
04 strategies of Lowest risk company in India AI augmentation to DMS - Technology leadership deliver agility in Risk and Agentics Risk Agent Field and call center processes BI, risk modelling Technology-first approach Reduction in analysis timelines Real-time data movement across platforms Customer-
Slide 115: AI augmentation to deliver agility in risk
I will now show you our fourth strategy - AI augmentation to deliver agility in risk 114
Slide 116: What is AI augmentation to deliver agility in Risk
What is AI augmentation to deliver agility in Risk AI augmentation in risk management leverages agentic AI-powered “Risk Agents” to transform manual processes into automated, intelligent workflows. These agents will deliver granular analysis, standardized risk assessments, and real-time recommendati
Slide 117: Why is AI augmentation to deliver agility in risk
Why is AI augmentation to deliver agility in risk Traditional risk management is semi-automated, taking days for analysis and validation. AI-driven risk augmentation automates data preparation, segmentation, and impact simulations. This will reduce turnaround from weeks to hours, enabling proactive
Slide 118: Approach of AI augmentation to deliver agility in risk
Approach of AI augmentation to deliver agility in risk 1. Organize data for risk modelling and BI 2. Create comprehensive, layered, cross data source feature factory to enable sharper risk policies 3. Establish AI-ready data architecture by integrating all customer and event data into a unified infr
Slide 119: Outcome of AI augmentation to deliver agility in risk
Outcome of AI augmentation to deliver agility in risk 1. Deliver 15-20 bps improvement in credit cost while enabling strong AUM compounding 2. Reduction in analysis timelines from 10–15 days to 1 day 118
Slide 120: Customer-centric, AI-driven and compliant operations & service
Lastly, let’s go through our fifth strategy – Customer-centric, AI-driven and compliant operations & service 119
Slide 121: What is customer-centric, AI-driven and compliant operations & service
What is customer-centric, AI-driven and compliant operations & service A fully autonomous, resilient, and customer-obsessed operations ecosystem that runs on agentic AI, delivers flawless compliance, improves customer experience, and operates at the lowest cost. Zero branch walk-ins Zero service req
Slide 122: Why customer-centric, AI driven and compliant operations & service
Why customer-centric, AI driven and compliant operations & service Over last 24 months, leveraging AI in operations and service has resulted in process efficiencies, reduced cost and customer WOW. Agentic AI demands bold reimagination - anticipating future rather than adapting to it. Agentic AI has
Slide 123: Approach
Approach 1. Re-build documentation for agentics - Cover SOPs, Policies, Knowledge documents, process notes etc. 2. Deploy agentic AI platform – Migrate existing AI agents of Loan booking, QA, QC and service on agentics platform 3. Enable real-time data architecture for instant updates and actions 4.
Slide 124: Outcome of customer-centric, AI driven and compliant operations & service
Outcome of customer-centric, AI driven and compliant operations & service 1. Ability to manage 100 MM loans annually 2. Zero escalations, zero branch walk-ins and flawless compliance. 3. 50% reduction in Operations and service cost by FY30. 4. Achieve 97% DIY adoption and faster resolutions 5. Highe
Slide 125: How will we look in FY30
As we deliver all this, let’s see how will we look in FY30... 124
Slide 126: Growing with India. Continue to compound over long-term
Growing with India. Continue to compound over long-term S.No. Metrics H1 FY26 LRS FY30 1 Customer Franchise (MM) 110.6 200-220 2 Cross Sell Franchise (MM) 71.3 120-130 3 India payments GMV 0.17% 0.4-0.5% 4 Share of total credit 2.32% 3.2-3.5% 5 Share of retail credit 2.81% 3.6-4.0% 6 Location Presen
Slide 127: Disclaimer
Disclaimer This presentation has been prepared by and is the sole responsibility of Bajaj Finance Limited (together with its subsidiaries, referred to as the “Company” or “Bajaj Finance”. By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation doe
Slide 128: Glossary
Glossary Abbreviation Expansion Abbreviation Expansion ALM Asset liability management LRD Lease rental discounting AMO After market order MF Mutual funds AR Augmented reality MFI Microfinance ASSC Authorised sales & support centre MSME Micro, Small & Medium Enterprises AUM Assets under management MT