Bajaj Finance Limited · NSE:BAJFINANCE
Bajaj Finance — Investor Day (December 2025)
65 slides from Bajaj Finance's investor day presentation, Dec 5, 2025
Slide 1: Exchange intimation letter under Regulation 30
5 December 2025 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, BANDRA - DALAL STREET, KURLA COMPLEX, BANDRA (EAST) MUMBAI MUMBAI - 400 001 - 400 051 SCRIP CODE: 500034 SCRIP CODE: BAJFIN
Slide 2: Investor Day 2025
Investor Day 2025 Mr. Rajeev Jain Vice Chairman and MD 05 December 2025
Slide 3: Welcome and session format
Good afternoon. Welcome once again. I will present for 45 minutes and take Q&A for 15 minutes. 2
Slide 4: New frontiers of customer centricity and deep tech AI
This session of mine is crisper but a little dense given the new frontiers of customer centricity and deep tech AI that we are embarking on… 3
Slide 5: Three sections: rear view, 18-year journey, strategy
I have 3 sections and intend to take 45 minutes. Let’s quickly start with rear view... 18-year journey 05 minutes Rear view Strategy 10 minutes 02 30 minutes 01 03
Slide 6: Progress on FINAI: the shell is ready
This is how we’ve progressed on FINAI. The shell is ready.. 5
Slide 7: The house will be fully ready by FY28
The house will be fully ready by FY28. It is one of the most exciting periods in our transformation journey… 6
Slide 8: 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… 7 REAR VIEW 18-YEAR JOURNEY STRATEGY
Slide 9: Progress update on 21 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 10: Progress update on 21 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- FY26 • 30 Documents Live, 42 by Mar’26 • 5.04L+ banners created • 9 Chat BOTs Live • 50% Auto QC for files processing • 10.5k+ videos created • All 29
Slide 11: Good progress on 24 megatrends
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 in • Soft launch done • 110 MM rewards in FY26 • All produc
Slide 12: 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 (MM) 0.8 1.2 1.9 3.0 4.7 6.7 9.3 12.9 16.1 20
Slide 13: 18-year journey: financials snapshot
It’s 18-yearsbeenjourney a great run. We remain very excited about our future. We are well on course to disburse 50 MM loans and cross ₹ 5 lakh crore AUM @ Financials snapshot FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 CAGR in FY26. 1.0 0.6 0.9 1.6 2.2
Slide 14: 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 15: 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? 14 REAR VIEW 18-YEAR JOURNEY STRATEGY
Slide 16: Strategy must 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 17: 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… 16 REAR VIEW 18-YEAR JOURNEY STRATEGY
Slide 18: Strategic framework of LRS 2026-30
Introducing, strategic framework of LRS 2026-30 17 REAR VIEW 18-YEAR JOURNEY STRATEGY
Slide 19: 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 18 REAR VIEW 18-YEAR JOURNEY STRATEGY
Slide 20: 12 strategies of LRS 2026-30
12 strategies of LRS 2026-30 A customer-centric A technology leader in The lowest risk company company serving all financial services in India in India needs of the customer 3. Data for AI 9. AI augmentation to deliver agility in Risk 1. Design thinking methodology 4. Consumer AI 10.AI fraud risk mo
Slide 21: A customer-centric company serving all needs of the customer
Let’s start with - A customer-centric company serving all needs of the customer 20 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 22: Strategic imperative of customer centricity
What is the strategic imperative 1 DATA 2 WHAT 302MM 200-220MM Customer centricity means focusing HOUSEHOLDS IN BFL CUSTOMER on experience, long-term INDIA by 2029 FRANCHISE by 2030 relationships, products and processes SOURCE: Census India designed for customer satisfaction 100MM LOANS 20% DISBURSE
Slide 23: Two 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 22 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 24: Product-centric to customer-centric
Let me now take you through the first strategy, product-centric to customer- centric 23 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 25: 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 24 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADE
Slide 26: 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 27: 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 28: Illustrative example of 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, etc. L
Slide 29: Industry disbursals on BFL franchise - FY25
Industry disbursals on BFL franchise - FY25 Industry Industry Industry Disbursal BFL Disbursal BFL Market disbursal on BFL Product disbursal on BFL (in crore) (in crore) Share % Franchise 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 30: Current product-centric orientation
Current product-centric orientation 800 Cr per month 29
Slide 31: Move to customer-centric orientation
Move from product-centric to customer-centric orientation 800 Cr per month 30
Slide 32: Offer all products to all customers
Offer all products to all customers 800 Cr per month Lending Wealth Payments Deposits Insurance 31
Slide 33: Offer all products to all customers across all channels
Offer all products to all customers across all channels 8000 Cr Potential Lending Wealth Payments Deposits Insurance 32
Slide 34: 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 33 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK
Slide 35: Technology Leadership
Let’s now talk about, Technology Leadership 34 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 36: Strategic imperative of technology leadership
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 37: Six 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 38: Second strategy: Data for AI
Let’s go through the second strategy, Data for AI 37 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 39: 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 38 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY
Slide 40: 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 41: 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 42: 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 41 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 43: Third strategy: Consumer AI
Let’s now go through our third strategy – Consumer AI 42 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 44: 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 43 A CUSTOMER-CENTRIC COMP
Slide 45: 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 44 A CUSTOMER-CE
Slide 46: 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 47: Impression of the new Consumer AI platform
Impression of the new Consumer AI platform Today Tomorrow 46 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 48: 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 47 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 49: Lowest risk company in India
Let me now talk about the last part of our strategic framework - Lowest risk company in India 48 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 50: Strategic imperative of lowest risk company
What is the strategic imperative 1 DATA 2 WHAT 10bps 500crore Lowest risk company is principally defined as low tolerance across all dimensions of Improvement in risk costs Addition to profit on FY26 base risk namely credit risk, operational risk, 1,100crore fraud risk, compliance risk, market risk,
Slide 51: Four strategies of Lowest risk company in India
04 strategies of Lowest risk company in India AI augmentation to DMS - Technology leadership and deliver agility in Risk 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 52: Fourth strategy: AI augmentation to deliver agility in risk
I will now show you our fourth strategy - AI augmentation to deliver agility in risk 51 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 53: 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 54: Why 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 55: Approach of AI augmentation 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 56: Outcome of AI augmentation 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 55 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 57: Fifth strategy: AI-driven and compliant operations & service
Lastly, let’s go through our fifth strategy – Customer-centric, AI-driven and compliant operations & service 56 A CUSTOMER-CENTRIC COMPANY TECHNOLOGY LEADERSHIP LOWEST RISK COMPANY
Slide 58: 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 59: 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 60: 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 61: Outcome of AI-driven 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 62: How will we look in FY30
As we deliver all this, let’s see how will we look in FY30... 61
Slide 63: Growing with India: H1 FY26 vs LRS FY30
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 64: Thank you for your patient listening
Thank you for your patient listening. I look forward to your continued support. 63
Slide 65: Disclaimer
Disclaimer This presentation has been prepared by Bajaj Finserv Limited (the “Company”) solely for your information and for your use. This presentation is for information purposes only and should not be deemed to constitute or form part of any offer or invitation or inducement to sell or issue any s