NSE:BAJFINANCE · Risk Score Report

NSE:BAJFINANCENSEFinancial Services

Bajaj Finance Limited

📊 Credit Services

Day ₹917

₹934 Neutral

52W ₹788

₹1,102 Neutral

₹928.10

▲ ₹4.45 (+0.48%)

Vol: 2,568,383 · Avg: 9,616,484

As of April 29, 2026 · 06:25 IST

COMPOSITE RISK SCORE

VAL:10/25 · FIN:16/25 · GRO:10/25 · TECH:14/25

📈 P/E RATIO

32.0x

Trailing

📖 P/B RATIO

5.6x

Price to Book

💰 EPS

₹29.00

TTM

🏛 MARKET CAP

₹576,939Cr

Large Cap

📊 ROE

17.2%

Return on Equity

📈 REV GROWTH

6.4%

YoY

🏢 Company Analysis · Bajaj Finance Limited

💼 BUSINESS MODEL

Bajaj Finance Limited operates as a deposit-taking non-banking financial company in India..
The company offers financing for various products, such as consumer electronics, furniture, digital products, e-commerce purchases, retail spends, and two and three-wheelers; and personal, unsecured, home, and secured, gold, and car loans..
It also provides secured and unsecured loans to micro, small, and medium enterprises, SMEs, and professionals; loans against property, mutual funds, insurance policies, and shares; developer finance and lease rental discounting services; and new and used car financing, and tractor financing..
In addition, the company offers commercial and rural lending; public and corporate deposits; loans against securities; micro-finance and auto financing lending; and broking and margin trade financing services..
Operates in Credit Services within the Financial Services sector.
Workforce of 64,092 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹576,939 Cr) — dominant market position with significant scale advantages.
Profit margin of 43.7% suggests pricing power / cost moat.
Key competitors: Authum Invest, Bajaj Finance, Shriram Finance, Muthoot Finance.

🚀 CATALYSTS

Company has delivered good profit growth of 25.9% CAGR over last 5 years
Company's median sales growth is 31.8% of last 10 years
Indian telecom firm Bharti Airtel to invest $2.2 billion to expand digital lending (Reuters)

⚖️ ASYMMETRY CHECK

Analyst target range: ₹718 — ₹1,270 (mean ₹1,047, 35 analysts).
Moderate asymmetry — upside +37% vs downside -23% (1.6x).
P/E of 32.0x — fair value territory; catalysts needed for re-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (35 analysts).
Latest quarter earnings change: -6% YoY — relatively flat.

✅ PROS

Company has delivered good profit growth of 25.9% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 17.4%
Company's median sales growth is 31.8% of last 10 years

❌ CONS

Stock is trading at 5.68 times its book value
Company has low interest coverage ratio.

VALUATION

10/25

25% WEIGHT

P/E at 32x
P/B at 5.6x
Analyst target: ₹1047 (+12.8%)
1Y return: +2.7%

FINANCIAL HEALTH

16/25

25% WEIGHT

ROE: 17.2%
Profit margin: 43.7%
Revenue growth: 6.4%
Debt/Equity: 310%

GROWTH

10/25

25% WEIGHT

Revenue growth: 6.4%
Earnings growth: -6.8%
Beta: 0.31
Sector: Financial Services

TECHNICAL

14/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

32.0x

Trailing twelve months

P/B RATIO

5.6x

Price to Book value

ROE

17.2%

Return on Equity

PROFIT MARGIN

43.7%

Net profit margin

OPM

55.5%

Operating profit margin

ANALYST TARGET

₹1,047

Range: ₹718 - ₹1,270

Yahoo Finance ↗

PEG RATIO

0.96

Price/Earnings to Growth

EV/EBITDA

N/A

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.48%

Annual yield

ROA

3.6%

Return on Assets

GROSS MARGIN

91.9%

Gross profit margin

INDUSTRY AVERAGES — NON BANKING FINANCIAL COMPANY (NBFC)

P/E 20.4x (above avg)

P/B 3.0x (sector fair)

ROCE 11.5% (below avg)

ROE 18% (sector good)

OPM 30% (sector good)

Div Yield 0.45%

D/E <200 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	N/A	—	N/A	—	N/A	N/A
Q3 FY25	₹10,987 Cr	—	₹4,247 Cr	—	N/A	N/A
Q4 FY25	₹11,188 Cr	+1.8%	₹4,480 Cr	+5.5%	N/A	N/A
Q1 FY26	₹11,843 Cr	+5.9%	₹4,700 Cr	+4.9%	N/A	N/A
Q2 FY26	₹12,334 Cr	+4.1%	₹4,875 Cr	+3.7%	N/A	N/A
Q3 FY26	₹12,867 Cr	+4.3%	₹3,978 Cr	-18.4%	N/A	N/A

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹20,132 Cr	—	₹7,028 Cr	—	₹-37,090 Cr	—
FY23	₹26,967 Cr	+33.9%	₹11,508 Cr	+63.7%	₹-42,112 Cr	-13.5%
FY24	₹34,326 Cr	+27.3%	₹14,451 Cr	+25.6%	₹-69,843 Cr	-65.9%
FY25	₹42,356 Cr	+23.4%	₹16,638 Cr	+15.1%	₹-68,154 Cr	+2.4%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Bajaj Finance Limited Makes Its Money

🏦 Snapshot of Bajaj Finance Limited's Balance Sheet

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue +	12,498	13,382	14,164	14,926	16,100	17,091	18,035	18,457	19,524	20,179	21,214
YOY Sales Growth %	34.61%	34.22%	31.30%	31.35%	28.82%	27.72%	27.33%	23.65%	21.27%	18.06%	17.63%
Interest	4,103	4,537	4,868	5,217	5,684	6,149	6,386	6,552	6,918	7,011	7,339
Expenses +	3,693	3,931	4,229	4,420	4,956	5,338	5,691	6,026	5,992	6,307	7,938
Employee Cost %	11.98%	11.86%	11.73%	11.05%	11.02%	10.74%	10.84%	10.53%	10.77%	10.68%	10.61%
Financing Profit	4,703	4,914	5,066	5,289	5,460	5,604	5,958	5,879	6,614	6,861	5,937
Financing Margin %	38%	37%	36%	35%	34%	33%	33%	32%	34%	34%	28%
Other Income +	5	2	5	9	5	7	26	21	5	5	-262
Exceptional items	0	0	0	0	0	0	0	0	0	0	-265
Other income normal	5	2	5	9	5	7	26	21	5	5	3
Depreciation	156	159	176	193	200	210	219	252	251	258	244
Profit before tax	4,551	4,758	4,896	5,105	5,265	5,401	5,765	5,647	6,368	6,608	5,431
Tax %	24%	25%	26%	25%	26%	26%	25%	20%	25%	25%	25%
Net Profit +	3,437	3,551	3,639	3,825	3,912	4,014	4,308	4,546	4,765	4,948	4,066
Minority share	0	0	0	0	0	-14	-62	-66	-66	-72	-88
Exceptional items AT	0	0	0	0	0	0	0	0	0	0	-181
Profit excl Excep	3,437	3,551	3,639	3,825	3,912	4,014	4,308	4,546	4,765	4,948	4,247
Profit for PE	3,437	3,551	3,639	3,825	3,912	4,000	4,247	4,480	4,700	4,875	4,155
Profit for EPS	3,437	3,551	3,639	3,825	3,912	4,000	4,247	4,480	4,700	4,875	3,978
YOY Profit Growth %	32%	28%	22%	21%	14%	13%	17%	17%	20%	22%	-2%
EPS in Rs	5.67	5.86	5.89	6.18	6.32	6.46	6.86	7.21	7.56	7.84	6.39
Gross NPA %	0.87%	0.91%	0.95%	0.85%	0.86%	1.06%	1.12%	0.96%	1.03%	1.24%	1.21%
Net NPA %	0.31%	0.31%	0.37%	0.37%	0.38%	0.46%	0.48%	0.44%	0.50%	0.60%	0.47%
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue +	12,746	18,487	26,375	26,673	31,633	41,411	54,974	69,709	79,374
Sales Growth %	27.85%	45.04%	42.67%	1.13%	18.59%	30.91%	32.75%	26.80%
Interest	4,696	6,723	9,608	9,519	9,848	12,701	18,886	24,992	27,820
Expenses +	4,115	5,454	9,159	10,839	11,880	12,693	16,099	21,754	26,262
Manufacturing Cost %	0.00%	4.16%	4.38%	5.00%	5.81%	4.93%	3.81%	4.13%
Employee Cost %	11.27%	10.51%	9.68%	9.38%	11.36%	12.33%	11.66%	10.80%
Other Cost %	21.01%	14.83%	20.67%	26.25%	20.38%	13.40%	13.82%	16.28%
Financing Profit	3,935	6,310	7,609	6,314	9,905	16,018	19,989	22,963	25,292
Financing Margin %	31%	34%	29%	24%	31%	39%	36%	33%	32%
Other Income +	10	13	8	3	-17	-5	4	-2	-232
Exceptional items	-0.37	3.39	-2.29	-6.85	-24.84	-13.33	-12.54	-35.50
Other income normal	10.57	9.65	10.22	10.18	7.89	8.72	16.25	33.15
Depreciation	102	144	295	325	385	485	683	881	1,005
Profit before tax	3,843	6,179	7,322	5,992	9,504	15,528	19,310	22,080	24,054
Tax %	35%	35%	28%	26%	26%	26%	25%	24%
Net Profit +	2,496	3,995	5,264	4,420	7,028	11,508	14,451	16,779	18,325
Minority share	0	0	0	0	0	0	0	-142
Exceptional items AT	-0	2	-2	-5	-18	-10	-9	-26
Profit excl Excep	2,497	3,993	5,265	4,425	7,047	11,518	14,460	16,806
Profit for PE	2,497	3,993	5,265	4,425	7,047	11,518	14,460	16,664
Profit for EPS	2,496	3,995	5,264	4,420	7,028	11,508	14,451	16,638
Profit Growth %	36%	60%	32%	-16%	59%	63%	26%	15%
EPS in Rs	4.32	6.91	8.75	7.33	11.61	19.01	23.35	26.77	29.00
Dividend Payout %	9%	9%	11%	14%	17%	16%	15%	21%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	115	115	120	120	121	121	124	124	622
Reserves	15,733	19,582	32,208	36,798	43,592	54,251	76,572	96,569	102,592
Borrowing	66,557	101,588	129,806	131,634	165,232	216,690	293,346	361,249	397,401
Other Liabilities +	2,393	2,948	2,257	2,918	3,561	4,164	5,700	8,185	9,346
Non controlling int	0	0	0	0	0	0	0	2,244	2,385
Trade Payables	446	564	762	884	1,169	1,452	2,064	1,878	2,054
Other liability items	1,947	2,384	1,495	2,034	2,391	2,712	3,636	4,063	4,907
Total Liabilities	84,798	124,233	164,391	171,470	212,505	275,226	375,742	466,127	509,961
Fixed Assets +	470	695	1,321	1,316	1,716	2,308	3,250	3,780	3,752
Land	2	2	101	105	197	272	273	273
Building	222	318	772	850	1,080	1,332	1,912	2,213
Equipments	82	139	204	211	223	268	343	432
Computers	124	165	265	278	347	465	600	675
Furniture n fittings	117	171	214	215	197	227	300	340
Vehicles	41	55	85	100	143	242	373	522
Intangible Assets	3	3	3	3	3	3	3	3	1,086
Other fixed assets	198	279	389	515	674	988	1,429	1,816
Gross Block	789	1,133	2,032	2,278	2,864	3,797	5,234	6,275
Accumulated Depreciation	319	438	711	962	1,148	1,490	1,984	2,494
CWIP	0	0	0	51	34	80	43	41	33
Investments	3,139	8,599	17,544	18,397	12,246	22,752	30,881	34,441	33,751
Other Assets +	81,189	114,939	145,526	151,707	198,509	250,087	341,568	427,865	472,425
Trade receivables	585	809	953	1,097	1,266	1,300	1,733	1,913	1,631
Cash Equivalents	340	349	1,383	2,164	3,680	4,305	10,624	13,544	12,001
Loans n Advances	232	188	304	254	265	229	373	674	452,527
Other asset items	80,032	113,593	142,887	148,191	193,298	244,254	328,837	411,734	6,266
Total Assets	84,798	124,233	164,391	171,470	212,505	275,226	375,742	466,127	509,961

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-10,439	-20,566	-29,062	-24,412	-807	-37,090	-42,112	-69,843	-68,154
Profit from operations	7,337	5,100	7,746	12,102	10,170	15,672	18,087	24,786	31,963
Receivables	0	-173	-228	-118	46	-321	-93	-458	-206
Payables	86	273	190	148	138	414	579	612	-186
Loans Advances	-49	-24,643	-34,827	-32,881	-9,574	-50,348	-54,412	-88,194	-89,988
Operating investments	0	0	0	0	0	0	9	1,948	-1,373
Other WC items	1,492	361	273	-1,428	-105	79	-2,308	-3,440	-2,417
Working capital changes	1,529	-24,182	-34,592	-34,278	-9,495	-50,176	-56,226	-89,532	-94,170
Interest paid	-3,167	0	0	0	0	0	0	0	0
Direct taxes	-1,006	-1,484	-2,215	-2,235	-1,482	-2,586	-3,972	-5,098	-5,948
Other operating items	-15,131	0	0	0	0	0	0	0	0
Exceptional CF items	0	0	0	0	0	0	0	0	0
Cash from Investing Activity +	-3,047	1,075	-5,379	-8,758	-429	6,347	-10,394	-10,088	-2,765
Fixed assets purchased	-149	-135	-398	-508	-309	-634	-878	-1,038	-1,082
Fixed assets sold	1	1	31	7	11	19	20	39	36
Capital WIP	0	0	0	0	0	0	0	0	0
Investments purchased	-130,736	-226,086	-475,921	-445,355	-241,586	-241,181	-318,410	-30,255	-47,899
Investments sold	127,838	227,417	470,792	436,962	241,229	247,742	308,361	21,433	46,179
Interest received	0	0	117	135	227	401	607	0	0
Dividends received	0	0	0	1	0	0	0	0	1
Investment in group cos	0	0	0	0	0	0	-93	-267	0
Other investing items	0	-121	0	0	0	0	0	0	0
Cash from Financing Activity +	12,513	19,503	34,449	34,167	1,741	32,275	50,675	82,415	70,527
Proceeds from shares	0	4,538	57	8,568	103	173	158	9,067	1,251
Proceeds from debentures	0	0	12,841	1,956	0	0	0	0	0
Proceeds from borrowings	0	0	16,564	16,906	3,149	46,463	74,784	94,690	100,215
Repayment of borrowings	0	0	0	0	-5,594	-18,436	-36,474	-34,376	-39,027
Proceeds from deposits	0	3,441	5,264	7,988	4,173	4,784	13,557	14,760	10,527
Dividends paid	-38	-197	-230	-943	-3	-603	-1,207	-1,815	-2,225
Financial liabilities	0	0	0	-68	-87	-106	-143	-174	-215
Share application money	338	0	0	0	0	0	0	0	0
Other financing items	12,214	11,721	-48	-240	0	0	-0	263	-0
Net Cash Flow	-972	13	9	998	505	1,532	-1,831	2,484	-392
Free Cash Flow	-10,587	-20,700	-29,428	-24,912	-1,105	-37,705	-42,970	-70,842	-69,200
CFO/OP	-140%	-221%	-206%	-129%	4%	-175%	-133%	-167%	-130%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
ROE %	22%	20%	22%	20%	13%	17%	23%	22%	19%

🏭 Industry Peers — Non Banking Financial Company (NBFC)

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Authum Invest ★	₹497	11.6	₹42,228	30.9%	-69.2%	61
2	Bajaj Finance	₹929	31.7	₹578,204	11.3%	-2.2%	61
3	Shriram Finance	₹964	22.6	₹226,822	11.5%	+40.9%	49
4	Muthoot Finance	₹3,474	16.0	₹139,488	13.2%	+101.8%	48
5	Five-Star Bus.Fi	₹495	13.2	₹14,616	16.3%	+1.2%	47
6	Cholaman.Inv.&Fn	₹1,551	27.3	₹132,166	10.3%	+18.5%	45
7	IIFL Finance	₹449	14.9	₹19,093	8.8%	+1040.8%	44
8	Tata Capital	₹328	28.5	₹139,083	8.6%	+42.8%	43
9	Paisalo Digital	₹47	20.4	₹4,298	13.1%	+7.1%	43

★ Authum Invest ranks higher on combined P/E, ROCE, and growth metrics in Non Banking Financial Company (NBFC)

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	54.70%	54.73%	54.73%	54.67%	54.70%	54.71%
FIIs	20.79%	21.45%	21.71%	21.97%	21.49%	21.33%
DIIs	15.08%	14.78%	14.52%	14.39%	14.86%	15.10%
Government	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%
Public	9.32%	8.84%	8.92%	8.78%	8.77%	8.73%
Others	0.04%	0.10%	0.03%	0.12%	0.10%	0.07%
No. of Shareholders	7,91,392	7,05,610	8,99,777	9,41,999	9,61,994	10,02,945

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 6.4% YoY.

💹Healthy Margins (43.7%): Above sector norm of 30%.

🔀Analyst Upside (13%): Mean target of ₹1047 above current price.

🇮Low Beta (0.31): Less volatile than market — defensive play.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Financial Services space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +15.8%, 6M -12.7%, RSI 56, MACD bullish, Below 200DMA

Sentiment 7/10
Analyst upside +12.8%, Rec: buy

Value 6/10
P/E 32.0, P/B 5.6, PEG 0.96

Quality 5/10
Margin 43.7%, D/E 310

Low Volatility 9/10
Beta 0.31, Ann. vol 29%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 12.8% analyst upside	OPM of 56% provides margin buffer; P/E 32x vs sector median 20x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.16%)	Miss further upside if momentum continues; 1M return of +15.8% shows momentum
SELL	Lock in +2.7% 1Y return; redeploy into Authum Invest at lower P/E	Avoid further drawdown; P/E compression risk at 32x

REASONS TO BUY

Analyst upside of 12.8% with mean target of ₹1,047
Revenue growing at 6.4% YoY (sector norm: 6%)
Operating margin of 56% shows pricing power (sector norm: 30%)

REASONS TO SELL / AVOID

P/E of 32.0x is 1.6x the sector median of 20x
FII stake falling (-0.16%) — institutional exit signal
Authum Invest offers lower P/E (11.6) with ROCE of 30.9% in the same sector

📰 Latest News

Indian telecom firm Bharti Airtel to invest $2.2 billion to expand digital lending

Reuters · 2026-02-23T11:15

Bajaj Finserv Ltd (BOM:532978) Q3 2026 Earnings Call Highlights: Robust Growth Amidst Strategic ...

GuruFocus.com · 2026-02-09T01:00

Bajaj Finance Ltd (BOM:500034) Q3 2026 Earnings Call Highlights: Strong Core Performance Amid ...

GuruFocus.com · 2026-02-03T19:01

India's Bajaj Finance profit drops on higher provisions

Reuters · 2026-02-03T11:45

Indian Stocks Advance After U.S. Agrees to Slash Tariffs

The Wall Street Journal · 2026-02-03T10:49

Bajaj Finserv Ltd (BOM:532978) Q2 2026 Earnings Call Highlights: Strong Growth in Income and ...

GuruFocus.com · 2025-11-11T19:00

RECOMMENDATION

HOLD

COMPOSITE SCORE

50/100

Bajaj Finance Limited trades at ₹928.10 with a composite risk score of 50/100. The stock scores 10/25 on valuation, 16/25 on financial health, 10/25 on growth, and 14/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 12.8% with a mean target of ₹1047. Revenue growth is at 6.4%.

Within Non Banking Financial Company (NBFC), Authum Invest (P/E 11.6, ROCE 30.9%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Financial Services — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE HIGH ROE UPSIDE POTENTIAL HIGH DEBT