Bajaj Finance Limited · NSE:BAJFINANCE
Bajaj Finance — Q4 FY26 Earnings Presentation
83 slides from Bajaj Finance's earnings presentation, Apr 29, 2026
Slide 1: Exchange filing cover letter
29 April 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: BAJFINAN
Slide 2: Q4 FY26 Investor Presentation
Q4 FY26 Investor Presentation 29 April 2026
Slide 3: Presentation Path
Presentation Path Section 01 Section 02 Section 03 Section 04 Section 05 Executive summary – Q4 FY26 and FY26 Executive Bajaj Finance Financial Asset liability Customer summary – Q4 Limited performance- management franchise and FY26 and FY26 overview Q4 FY26 distribution 3 29 43 50 reach 57 Section
Slide 4: Section 01: Executive summary – Q4 FY26 and FY26
1.1 Quarter and year gone by Section 01 1.2 Lead financial indicators Executive summary – Q4 FY26 and FY26 1.3 Consolidated financial performance – FY26 1.4 Management assessment for FY27 3
Slide 5: Q4 FY26 Executive summary - Consolidated
Q4 FY26 Executive summary - Consolidated (before one-time actions and presentation change) A strong quarter across all key metrics, viz. volume, AUM, new customer addition, credit cost, profit, ROA and ROE. PBT grew by 26% to ₹ 7,552 crore. AUM crossed a milestone of ₹ 5 lakh crore and stood at ₹ 50
Slide 6: Impact of one-time actions and presentation change
Impact of one-time actions and presentation change Impact of one-time actions: • In Q4 FY25, the Company recorded an additional ECL provision of ₹ 359 crore and a tax benefit of ₹ 348 crore on deductibility of certain expenditure based on favourable court and tribunal orders. • In Q4 FY26, the Compa
Slide 7: Lead financial indicators for Q4 FY26 – consolidated (1/3)
Lead financial indicators for Q4 FY26 – consolidated (1/3) Balance sheet and business metrics 1. AUM crossed a milestone of ₹ 5 lakh crore. 2. AUM was up 22% to ₹ 509,975 crore as against ₹ 416,661 crore as of 31 March 2025. It grew by ₹ 25,498 crore in Q4 FY26. 3. New loans booked grew by 20% to 12
Slide 8: Lead financial indicators for Q4 FY26 – consolidated (2/3)
Lead financial indicators for Q4 FY26 – consolidated (2/3) Operating efficiencies 11. Net interest income grew by 20% to ₹ 11,781 crore as against ₹ 9,808 crore in Q4 FY25. NIM remained steady in Q4. 12. Net total income grew by 21% to ₹ 14,209 crore as against ₹ 11,755 crore in Q4 FY25. 13. Opex to
Slide 9: Lead financial indicators for Q4 FY26 – consolidated (3/3)
Lead financial indicators for Q4 FY26 – consolidated (3/3) 20. GNPA & NNPA stood at 1.01% & 0.41%, respectively, as of 31 March 2026 as against 0.96% & 0.44% as of 31 March 2025. The provisioning coverage ratio on stage 3 assets was 60% as against 54% in previous year. Profitability and capital 21.
Slide 10: FINAI transformation update (1/5)
FINAI transformation update (1/5) FINAI remains central to our long-term vision. The phase wise implementation across businesses and functions 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 UoM Q3
Slide 11: FINAI transformation update (2/5)
FINAI transformation update (2/5) # Stage Metric UoM Q3 FY26 Q4 FY26 FY26 FY27* Customer 6 Documents processed for application # MM 21.5 24.8 69.1 120 Onboarding Underwriter efficiency via AI summarization % - - - 30% Operations of PD notes 7 processing Auto quality check (QC) of documents % 41% 44%
Slide 12: FINAI transformation update (3/5)
FINAI transformation update (3/5) # Stage Metric UoM Q3 FY26 Q4 FY26 FY26 FY27* Receipts through AI Text BOTs # 0 6,632 6,632 650K Debt Receipts through AI Voice BOTs # MM 0.1 0.1 0.3 4.3 10 Management Service SMS with AI Text BOT penetration % - - - 100% Click-through-rate of AI BOT in SMS X times
Slide 13: FINAI transformation update (4/5)
FINAI transformation update (4/5) # Details Timelines Status 1 Data Intelligence 1.1 Define enterprise-wide data architecture to support AI adoption at scale Q4 FY26 Completed Build and scale “Data for AI” capabilities, including feature marts, embeddings and data 1.2 FY27 On track annotation across
Slide 14: FINAI transformation update (5/5)
FINAI transformation update (5/5) # Details Timelines Status 4 Custom AI model Use AI to expand data variables for NTB and NTC customers for improved approval 4.1 FY27 Initiated rates and enable incremental volume of ~5 lakh accounts for Sales Finance business 5 AI Fraud model 5.1 Define fraud detec
Slide 15: Q4 FY26 Executive summary – BHFL
Q4 FY26 Executive summary – BHFL (before one-time gain in Q4 FY25) Good quarter on disbursement, AUM, operating efficiency, asset quality and profit. Disbursement and AUM growth remained strong at 23% each. Loan approvals were up 37%. Opex to NTI improved to 19.2% as against 21.8% in Q4FY25. PBT gre
Slide 16: Lead financial indicators for Q4 FY26 – BHFL (1/2)
Lead financial indicators for Q4 FY26 – BHFL (1/2) BHFL - Balance sheet and geography 1. AUM was up 23% at ₹ 140,706 crore as against ₹ 1,14,684 crore as of 31 March 2025. 2. Home loans AUM grew by 18%, Loan against property grew by 24%, Lease rental discounting grew by 44%, Developer finance grew b
Slide 17: Lead financial indicators for Q4 FY26 – BHFL (2/2)
Lead financial indicators for Q4 FY26 – BHFL (2/2) BHFL - Operating efficiencies 10. Net interest income grew by 15% to ₹ 945 crore as against ₹ 823 crore in Q4 FY25. 11. Net total income grew by 20% to ₹ 1,141 crore as against ₹ 954 crore in Q4 FY25. 12. Opex to Net total income improved to 19.2% a
Slide 18: Q4 FY26 Executive summary - BFSL
Q4 FY26 Executive summary - BFSL Good quarter on new customer addition, AUM and profit. Added 124K customers to its franchise in Q4 FY26. AUM grew by 77% to ₹ 7,984 crore and PAT by 50% to ₹ 54 crore. Overall customer franchise stood at 1.38 MM as of 31 March 2026. AUM Net total PBT PAT Customer inc
Slide 19: Lead financial indicators for Q4 FY26 – BFSL
Lead financial indicators for Q4 FY26 – BFSL BFSL – Customer franchise, geography and balance sheet 1. Added 124K customers to its franchise in Q4 FY26 against 71K in Q4 FY25. 2. Customer franchise stood at 1.38 MM as of 31 March 2026 as against O.98 MM as of 31 March 2025. 3. AUM was up 77% at ₹ 7,
Slide 20: Consolidated financial performance - FY26
Consolidated financial performance - FY26 19
Slide 21: FY26 Executive summary
FY26 Executive summary (before one-time actions and presentation change) A strong year across all key metrics, viz. volume, AUM, new customer addition, operating efficiencies, credit cost, profit, ROA and ROE. Delivered PBT growth of 23% to ₹ 27,630 crore. Crossed milestones of ₹ 5 lakh crore AUM an
Slide 22: Impact of one-time actions and presentation change
Impact of one-time actions and presentation change Impact of one-time actions in FY25 and FY26: • FY25: In Q4 FY25, the Company recorded an additional ECL provision of ₹ 359 crore, along with a tax benefit of ₹ 348 crore arising from favourable court rulings. • FY26: In Q3 FY26, the Company recogniz
Slide 23: Executive summary FY26 – Consolidated (1/2)
Executive summary FY26 – Consolidated (1/2) Balance sheet and business metrics 1. Delivered AUM growth of ₹ 93,314 crore in FY26. 2. AUM crossed a milestone of ₹ 5 lakh crore. It grew 22% to ₹ 509,975 crore from ₹ 416,661 crore as of 31 March 2025. 3. New loans booked crossed a milestone of 50 MM lo
Slide 24: Executive summary FY26 – Consolidated (2/2)
Executive summary FY26 – Consolidated (2/2) Credit cost 11. Loan losses and provisions for FY26 was ₹ 9,482 crore as against ₹ 7,088 crore in FY25. Before additional ECL provision and the presentation change, it increased by 15% to ₹ 8,734 crore in FY26 from ₹ 7,607 crore in FY25. 12. Loan loss to a
Slide 25: Executive summary FY26 – Subsidiaries
Executive summary FY26 – Subsidiaries Bajaj Housing Finance Limited (BHFL): 20. AUM was up 23% at ₹ 140,706 crore as against ₹ 1,14,684 crore as of 31 March 2025. 21. Net interest income for FY26 grew by 25% to ₹ 3,752 crore as against ₹ 3,007 crore in FY25. 22. Net total income for FY26 grew by 23%
Slide 26: Management assessment
Management assessment | ee Len 25
Slide 27: Management assessment - FY26 update
Management assessment - FY26 update The Company delivered a strong performance in FY26 across key metrics, leading to robust profit growth and return ratios. AUM growth was marginally below our assessment on account of ‘risk-first’ actions in MSME businesses. Proactive risk actions undertaken by the
Slide 28: Management assessment - FY26 update
Management assessment - FY26 update (before one-time actions and presentation change) # Particulars What we said What we did Status 1 Customer franchise addition 14 - 16 MM 17.51 MM 2 AUM growth 24% - 25% 22% 3 Net Interest Margin (NIM) Stable NIM Marginally lower 4 Fee and other income 13%-15% 17%
Slide 29: Management assessment for FY27
Management assessment for FY27 The FY27 assessment is based on expectations of easing geo-political tensions and macro stability. • FINAI transformation – The Company will significantly accelerate deployment of AI use cases across revenue, cost, customer engagement, underwriting, productivity and co
Slide 30: Section 02: 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 2.5 BFL Consolidated 19-years financial overview snapshot 2.6 BHFL 9-years financial snapshot 2.7 Product suite 2.8 Executive summary 29
Slide 31: Bajaj Group Structure
Bajaj Group Structure Bajaj Finserv Ltd. (Listed) 77.33%2 77.33%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 32: 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 construc
Slide 33: Long-term guidance on financial metrics - Consolidated
Long-term guidance on financial metrics - Consolidated AUM growth Profit growth GNPA in corridor of in corridor of in corridor of 23%-25% 23%-24% <1.4% NNPA Return on assets Return on equity in corridor of in corridor of in corridor of <0.5% 4.3%-4.7% 19%-21% 32
Slide 34: 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 119.33 MM Strong focus on cross selling assets, payments, Highly data oriented. Deep dat
Slide 35: Our shareholder profile
Our shareholder profile Top 20 investors and their holdings As on 31 As on 31 As on 31 # Name of Shareholder Mar 25 Dec 25 Mar 26 1 BAJAJ FINSERV LTD 51.14% 51.32% 51.32% FII & FPI 2 MAHARASHTRA SCOOTERS LIMITED 3.05% 3.05% 3.06% 21.32% 3 GOVERNMENT OF SINGAPORE 2.53% 2.15% 2.11% 4 LIFE INSURANCE CO
Slide 36: 19-years financial snapshot - Consolidated
19-years financial snapshot - Consolidated (before presentation changes) ₹ in crore CAGR Financials snapshot @ FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 (19Y) 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
Slide 37: 9-years financial snapshot – BHFL
9-years financial snapshot – BHFL ₹ in crore CAGR Financials Snapshot FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 (9 yrs.) AUM (₹ Cr) 3,570 17,562 32,705 38,871 53,322 69,228 91,370 114,684 140,706 58% Total income 106 1,156 2,646 3,155 3,766 5,655 7,601 9,554 11,151 79% Interest expenses 47 685 1,
Slide 38: Product suite
Product suite BAJAJ FINANCE LIMITED Partnership & Consumer MSME Commercial Rural Deposits Payments Services 1. Consumer Durable 1. Unsecured Working 1. Loan against 1. Consumer Durable 1. Retail Term Issuance 1. Life Insurance Loans Capital Loans securities Loans Deposits 1. PPI Distribution 2. Digi
Slide 39: Executive summary – Bajaj Finance
Executive summary – Bajaj Finance • Focused on Urban, Rural, SME, 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, c
Slide 40: 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 41: 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 42: 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 • Customer base spans across commercial real estate developers, listed REITs, Private Equity and Sovereign funds Lease Rental Discounting • LRD
Slide 43: 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 44: Section 03: Financial performance – Q4 FY26
Financial statement summary – 3.1 Consolidated Financial statement summary – Section 03 3.2 Bajaj Finance Limited Financial performance— Financial statement summary – Q4 FY26 3.3 Bajaj Housing Finance Limited 3.4 Financial statement summary – Bajaj Financial Securities Limited 43
Slide 45: Financial summary – Consolidated (before one-time actions)
Financial summary – Consolidated (before one-time actions and presentation change) ₹ in Crore Financials snapshot Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Assets under management 509,975 416,661 22% 509,975 416,661 22% Assets under finance 498,944 407,844 22% 498,944 407,844 22% Interest income 19,179
Slide 46: Financial summary – Consolidated (after one-time actions)
Financial summary – Consolidated (after one-time actions and presentation change) ₹ in Crore Financials snapshot Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Assets under management 509,975 416,661 22% 509,975 416,661 22% Assets under finance 498,944 407,844 22% 498,944 407,844 22% Interest income 19,179 1
Slide 47: Financial summary – Bajaj Finance (before one-time actions)
Financial summary – Bajaj Finance (before one-time actions and presentation change) ₹ in Crore Financials snapshot Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Assets under management 3,72,986 3,08,832 21% 3,72,986 3,08,832 21% Assets under finance 3,67,226 3,04,359 21% 3,67,226 3,04,359 21% Interest incom
Slide 48: Financial summary – Bajaj Finance (after one-time actions)
Financial summary – Bajaj Finance (after one-time actions and presentation change) ₹ in Crore Financials snapshot Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Assets under management 3,72,986 3,08,832 21% 3,72,986 3,08,832 21% Assets under finance 3,67,226 3,04,359 21% 3,67,226 3,04,359 21% Interest income
Slide 49: Financial summary – Bajaj Housing Finance
Financial summary – Bajaj Housing Finance ₹ in Crore Financials snapshot Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Assets under management 140,706 114,684 23% 140,706 114,684 23% Assets under Finance 123,745 99,513 24% 123,745 99,513 24% Interest income 2,707 2,374 14% 10,512 8,986 17% Interest expenses
Slide 50: Financial summary – Bajaj Financial Securities
Financial summary – Bajaj Financial Securities ₹ in Crore Financials snapshot Q4 FY26 Q4 FY25 Y-o-Y FY26 FY25 Y-o-Y Assets under finance 7,984 4,505 77% 7,984 4,505 77% Interest income 257 156 65% 871 609 43% Interest expenses 150 88 70% 491 360 36% Net interest income 107 68 57% 380 249 53% Fees an
Slide 51: Section 04: Asset liability management
Conservative leverage standards – 4.1 Consolidated 4.2 Resilient business model – Consolidated Section 04 Behaviouralized ALM – Bajaj Finance 4.3 Limited Asset liability management Behaviouralized ALM – Bajaj Housing 4.4 Finance Limited 4.5 Disciplined ALM Management – Bajaj Finance Limited 4.6 Cons
Slide 52: Conservative leverage standards
Conservative leverage standards 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 6.0 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% 21.9% 21.2% 21.5% 21.6% 21.3% 21.5% 21.1% 5.4 20.7% 21.2% 20.5% 20.6% 20.7% 20.3% 19.7% 19.5% 5.1 5.1 18.0% 4.7 4.9 4.9 4.8 4.8 4.8 * 4.7 4.7 16
Slide 53: 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% 33.2% 32.8% 30.7% 35.1% 29.9% 33.5% 29.5% 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%
Slide 54: Behaviouralized ALM as of Mar 2026 – BFL
Behaviouralized ALM as of 31 Mar 2026 – 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 11,082 40 12,605 18 3 2,668 8,162 1,572 493 14,531 51,174 Advances 12,252 2,806 8,708 20,344 17,902 43,533 77,542 1,37,198 37,734 25,965 3
Slide 55: Behaviouralized ALM as of Mar 2026 – BHFL
Behaviouralized ALM as of 31 Mar 2026 – 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 8 - 192 4 7 69 2,388 0 0 0 2,668 Advances 1,403 554 1,448 2,730 2,637 7,561 13,433 37,949 21,885 34,145 1,23,745 Other inflows 2 150 1,00
Slide 56: 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% 49% 65% 62% 64% 57% 54% 57% 50% 31% 43% 32% 31% 36% 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 Mar
Slide 57: Consolidated liability mix
Consolidated liability mix 3% 4% 3% 1% 2% 4% 4% 4% 4% 5% 5% 3% 10% 12% 13% 5% 9% 7% 8% 3% 14% 12% 10% 11% 12% 11% 3% 2% 2% 7% 6% 4% 1% 1% 1% 1% 1% 1% 38% 36% 34% 35% 40% 32% 36% 35% 40% 40% 38% 37% 40% 45% 33% 30% 36% 31% 28% 28% 26% 48% 34% 26% 28% 30% 35% 25% 20% 19% 21% 21% 20% 19% 18% 17% 17% 16
Slide 58: Section 05: Customer franchise and distribution reach
5.1 Customer franchise 5.2 Product per customer Section 05 Customer franchise and 5.3 Geographic presence distribution reach 5.4 Strong distribution reach 57
Slide 59: Customer franchise
Customer franchise Q4 FY25 Q4 FY26 Q3 FY26 Total Franchise 119.33 MM 115.40 MM 101.82 MM 83.77 MM Credit segment filter 101.53 MM 98.18 MM 80.86 MM Overall Cross sell franchise 97.22 MM 94.07 MM Non delinquent 72.60 MM customers 86.66 MM 83.84 MM Cross sell franchise 64.45 MM 75.51 MM 73.84 MM (63.3
Slide 60: 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 61: Geographic presence
Geographic presence 31 Mar 31 Mar 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar Geographic Presence 2023 2024 2025 2025 2025 2025 2026 Urban lending locations 1,392 1,569 1,582 1,544 1,539 1,535 1,527 Rural lending locations 2,341 2,576 2,681 2,648 2,500 2,517 2,571 Total Bajaj Finance presence 3,733 4,145 4,2
Slide 62: Strong distribution reach
Strong distribution reach Active distribution 31 Mar 2023 31 Mar 2024 31 Mar 2025 30 Jun 2025 30 Sep 2025 31 Dec 2025 31 Mar 2026 Consumer durable stores – Urban 33,950+ 42,000+ 49,400+ 51,650+ 52,650+ 52,650+ 53,050+ Consumer durable stores – Rural 37,000+ 49,050+ 62,700+ 64,950+ 66,250+ 66,800+ 68
Slide 63: Section 06: Business segment wise AUM
Business segment wise AUM - Section 06 6.1 Consolidated Business segment wise Business segment wise AUM – AUM 6.2 Consolidated Mortgages and BHFL 62
Slide 64: 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 Mar 2025 31 Mar 2026 31 Mar 2026 31 Mar 2026 31 Mar 2025 31 Mar 2026 Captive 2W & 3W Finance 10,691 4,288 0 4,288
Slide 65: Business segment wise AUM - Mortgages
Business segment wise AUM - Mortgages ₹ in Crore Consolidated mortgages AUM as of AUM as of Growth Composition Composition Particulars 31 Mar 25 31 Mar 26 YoY as of 31 Mar 25 as of 31 Mar 26 Home Loans 65,536 77,202 18% 50.6% 47.6% Loan Against Property 26,884 36,442 36% 20.8% 22.5% Lease Rental Dis
Slide 66: Section 07: 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 65
Slide 67: Provisioning Coverage - Consolidated
Provisioning Coverage - Consolidated ₹ in Crore AUM PCR GNPA % NNPA % Particulars GNPA NNPA 31 Mar 26 (%) 31-Mar-25 31-Dec-25 31-Mar-26 31-Mar-25 31-Dec-25 31-Mar-26 Captive 2W & 3W Finance 4,288 678 356 47% 7.25% 13.78% 14.35% 4.11% 7.55% 8.09% Open Market 2W & 3W Finance 8,325 138 76 45% 1.34% 2.1
Slide 68: 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 3,557 491 678 63 53 322 1.77% 10.75% 47.47% Open Market 2W & 3W Finance 8,299 69 138 104 15 62
Slide 69: Provisioning Coverage - BHFL
Provisioning Coverage - BHFL ₹ in Crore AUM PCR GNPA % NNPA % Particulars GNPA NNPA 31 Mar 26 (%) 31 Mar 25 31 Dec 25 31 Mar 26 31 Mar 25 31 Dec 25 31 Mar 26 Home Loans 76,055 251 104 58% 0.34% 0.34% 0.35% 0.13% 0.15% 0.14% Loan Against Property 15,191 55 25 56% 0.65% 0.52% 0.46% 0.31% 0.24% 0.21% L
Slide 70: 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 72,189 342 251 117 89 147 0.16% 26.25% 58.37% Loan Against Property 11,638 81 55 62 33 30 0.53% 40.29% 55.60% Lease
Slide 71: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Consumer Durable & Lifestyle Digital Product 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket Stage Stage 98.65% 99.59% 99.38% 99.36% 99.40% 99.46% 99.48% 99.55% 99.67% 1 1 98.49% 99.54% 99
Slide 72: 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% 97.94% 98.00% 97.94% 98.13% 98.74% 99.12% 1 99.01% 99.25% 98.77%
Slide 73: Portfolio credit quality – Consolidated
Portfolio credit quality – Consolidated Gold loans MFI lending Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket Stage 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 1 97.93% 96.01% 96.14% 98.89% 98.97% 98.32% 98.79% 99.01% 99.19% 1 0.00% 0.00% 100.0% 98.93% 98.81% 99.07
Slide 74: 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% 98.65% 98.62% 98.51% 98.26% 98.32% 98.55% 1 0.00% 0.00% 0.00%
Slide 75: Section 08: Omnipresence summary
Omnipresence metrics Section 08 8.1 Omnipresence summary 8.2 Customer franchise - overview Key financial metrics 74
Slide 76: Omnipresence metrics - Strong growth momentum across Geography and Digital metrics
Omnipresence metrics - Strong growth momentum across Geography and Digital metrics Particulars Unit Q4 FY25 Q3 FY26 Q4 FY26 YoY FY25 FY26 Geography New locations added # 04 13 46 1050% 118 (165) Locations - Cumulative # 4,263 4,052 4,098 (4%) 4,263 4,098 App + Web Metrics App downloads # in MM 18.8
Slide 77: Omnipresence metrics - Strong growth momentum across Geography and Digital metrics
Omnipresence metrics - Strong growth momentum across Geography and Digital metrics Particulars Unit Q4 FY25 Q3 FY26 Q4 FY26 YoY FY25 FY26 App + Web business metrics EMI cards acquired # in MM 0.25 0.15 0.13 (47%) 0.91 0.64 Easy EMI Loans* # in MM - 0.25 0.27 - NA 0.64 Personal loan disbursed In ₹ Cr
Slide 78: Customer franchise - Key financial metrics
Customer franchise - Key financial metrics Particulars @ Unit FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 YoY New loans booked In MM 15.3 23.5 27.4 16.9 24.7 29.6 36.2 43.4 52.5 21% New customer addition In MM 6.1 8.3 8.1 6.0 9.0 11.6 14.5 18.2 17.5 (4%) Existing customer mix % 60.3% 64.8% 70.4% 64
Slide 79: Section 09: Environment, Social and Governance (ESG)
Section 09 9.1 Focus areas Environment, Social and Key ESG initiatives and highlights Key ESG initiatives and highlights Governance (ESG) 9.2 78
Slide 80: Focus Areas
Focus Areas Our Responsible and Sustainable Business Conduct policy is aligned with NGRBCs and our business model. To drive ESG objectives and maximize impact, we are directing our efforts towards these priorities. Governance Financial Inclusion Preserving & Protecting Empowering Society Environment
Slide 81: Key ESG Initiatives and Highlights
KEY ESG Initiatives and Highlights ENVIRONMENT SOCIAL GOVERNANCE • ISO 14001 : 2015 (Environmental • In last six years, we have added ~3 • Board approved ‘ESG committee’ Management System) and ISO 45001 : crore new to credit customers 2018 (Occupational Health and Safety • Board approved ‘Code of Et
Slide 82: 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 83: 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