Source: 39th Annual Report 2025-2026
Quick Facts / Company Snapshot
| Metric | Details |
|---|---|
| Company Name | Bajaj Finance Limited |
| NSE Ticker | BAJFINANCE |
| BSE Ticker | 500034 |
| Corporate Identity Number (CIN) | L65910MH1987PLC042961 |
| Incorporation Year | 1987 |
| Headquarters | Pune, Maharashtra, India |
| Chairman | Sanjiv Bajaj |
| Vice Chairman & Managing Director | Rajeev Jain |
| Parent Entity | Bajaj Finserv Limited (51.32% equity stake) |
| Consolidated Assets Under Management (AUM) | ₹509,975 crore |
| Customer Franchise | 119.33 million |
| Geographic Reach | 4,098 locations; 242,000+ active distribution points |
| Total Group Workforce | 155,369 (71,613 full-time employees; 83,756 contract staff) |
| Domestic Credit Ratings | CRISIL AAA/Stable, ICRA AAA/Stable, CARE AAA/Stable, India Ratings IND AAA/Stable |
| International Credit Ratings | S&P Global BBB/Stable, Moody’s Baa3/Stable |
Company Overview
Bajaj Finance Limited (BFL) is India’s largest private-sector Non-Banking Financial Company (NBFC), serving one in every three Indian households. Classified as an NBFC-Upper Layer (NBFC-UL) and an Investment and Credit Company (NBFC-ICC) by the Reserve Bank of India (RBI), BFL operates an omnichannel platform-first model integrating physical branches, mobile application, web interfaces, and partner distribution networks.
The Company offers a comprehensive bouquet of financial products and services spanning retail consumer electronics financing, personal loans, MSME business lending, commercial loans, gold loans, vehicle financing, microfinance, fixed deposits, payments, mutual funds, insurance distribution, and stockbroking. In FY2026, BFL crossed the milestone of ₹5 lakh crore in Assets Under Management (AUM) and disbursed over 50 million loans within a single financial year, acquiring 17.51 million new customers to reach a total customer franchise of 119.33 million. Nearly 40% of newly added customers during the year were new-to-credit borrowers.
Business Segments
BFL operates through 11 core product categories alongside specialized business lines managed via its subsidiaries:
- Consumer Lending: Covers discretionary spend financing across consumer electronics, furniture, digital products, two-wheelers, three-wheelers, lifestyle services, and e-commerce purchases. Enabled by an Existing Member Identification (EMI) card base of 94.43 million cards-in-force.
- Personal Loans: Comprises pre-approved Personal Loan Cross-Sell (PLCS) for existing customers and Salaried Personal Loans catering to affluent salaried professionals.
- MSME Lending & Allied Businesses: Offers secured and unsecured term loans, working capital financing, professional loans (doctors, CAs, lawyers), equipment financing, and affordable housing loans to Micro, Small, and Medium Enterprises.
- Wheels Financing: Covers new and pre-owned car financing, corporate vehicle leasing, tractor financing, commercial vehicle financing, and non-Bajaj two-wheeler financing.
- Rural Lending: Delivers low-ticket EMI loans and personal loans across semi-urban and deep rural markets.
- Gold Loans: Provides loan against gold jewellery through 1,507 branches across India (including 1,314 standalone gold loan branches).
- Microfinance Business: Operates group lending models for low-income women households across 41,266 villages in 11 states to support income-generating activities.
- Commercial Lending: Specialized funding solutions (term loans, lease rental discounting, structured debt) for mid-sized corporates, financial institutions, and large enterprises.
- Loan Against Securities: Short- to medium-term financing secured against equity shares, bonds, mutual funds, and fixed deposits.
- Deposits: Mobilizes public fixed deposits and corporate deposits.
- Partnerships and Services: Corporate agency distribution of life, health, and general insurance products, alongside co-branded digital offerings (e.g., Bharti Airtel partnership).
- Mortgages (via Bajaj Housing Finance Limited): Prime home loans, loans against property (LAP), lease rental discounting (LRD), and developer financing.
- Broking & Wealth Services (via Bajaj Financial Securities Limited): Discount and branch broking, Margin Trade Facility (MTF), ESOP financing, and wealth management services.
History and Evolution
The Bajaj Group story began in 1926 with cotton processing under founder Jamnalal Bajaj. Decades later, Bajaj Finance Limited was incorporated on March 25, 1987, as Bajaj Auto Finance Private Limited, operating primarily as a captive auto-financing unit supporting two-wheeler and three-wheeler sales. Its initial customer base consisted of school teachers from Solapur seeking mobility loans.
The Company launched its Initial Public Offering (IPO) in June 1994 on the Bombay Stock Exchange and listed on the National Stock Exchange in April
2003. A strategic shift occurred during BFL 1.0 (2008–2016), when the Company diversified beyond auto loans into consumer durable financing, introduced the EMI card, adopted cloud computing, and built data-led risk analytics.
Under BFL 2.0 (2016–2024), the Company institutionalized an omnipresent strategy combining physical reach with digital platforms, launching Bajaj Housing Finance Limited in 2018 and Bajaj Financial Securities Limited in
2019. September 2024 marked the successful IPO of Bajaj Housing Finance Limited. In FY2026, the Company transitioned into BFL 3.0, launching its FINAI (Financial AI) transformation blueprint and Long-Range Strategy 2026–30.
Founders
Bajaj Finance Limited was established as part of the Bajaj Group, founded in 1926 by Jamnalal Bajaj—freedom fighter, social reformer, and philanthropist closely associated with Mahatma Gandhi. The Group’s guiding philosophy is built on national self-reliance, trusteeship, and social stewardship.
Products and Services
- Loan Products: Consumer Durable EMI Loans, Personal Loans, Professional Loans, Business Loans, Gold Loans, New & Used Car Loans, Two/Three-Wheeler Loans, Tractor Loans, Commercial Vehicle Loans, Loan Against Property, Home Loans, Lease Rental Discounting, Developer Finance, and Loan Against Securities.
- Deposit Offerings: Fixed Deposits for retail individuals, High Net-Worth Individuals (HNIs), and corporates carrying CRISIL AAA/Stable and ICRA AAA/Stable credit ratings.
- Payment Solutions: Bajaj Pay UPI, Bajaj Pay Wallet, FASTag issuance, Bharat Connect bill payments, QR merchant acquiring, Soundbox, and EDC terminals.
- Investment & Broking Services: Equities, Futures & Options, Mutual Funds, Margin Trade Facility (MTF), ESOP Financing, and US Equities through Bajaj Broking.
- Insurance Distribution: Value-added risk protection plans in partnership with 9 general, 4 health, and 3 life insurance companies.
Brand Portfolio
- Bajaj Finance: Core master brand covering lending, deposit, and payment services.
- Bajaj Pay: Digital payment stack encompassing UPI, Wallet, FASTag, and merchant acquiring.
- Bajaj Housing Finance: Mortgage arm covering retail housing and commercial real estate finance.
- Bajaj Broking (Bajaj Broking Privé): Capital markets, wealth, and stockbroking entity.
- Skillserv: Flagship youth skilling and employment initiative operated under CSR.
Geographical Presence
BFL operates an extensive pan-India network present across 27 States and 6 Union Territories:
- Locations: 4,098 total locations (1,527 urban markets and 2,571 rural/semi-urban markets).
- Distribution Touchpoints: 242,000+ active distribution points across retail partner outlets.
- Gold Loan Network: 1,507 total branches (including 1,314 standalone gold loan branches).
- Microfinance Footprint: 447 branches covering 41,266 villages in 11 states.
Board of Directors and Leadership Team
The Board of Directors comprises ten members: one Executive Director, seven Non-Executive Independent Directors, and two Non-Executive Non-Independent Directors.
- Sanjiv Bajaj: Chairman (Non-Executive Director)
- Rajeev Jain: Vice Chairman & Managing Director
- Rajiv Bajaj: Non-Executive Director
- Anami N. Roy: Independent Director
- Dr. Naushad Forbes: Independent Director
- Pramit Jhaveri: Independent Director
- Radhika Haribhakti: Independent Director
- Dr. Arindam Bhattacharya: Independent Director
- Tarun Bajaj: Independent Director
- Ajay Kumar Choudhary: Independent Director
The executive leadership team guiding operational units includes:
- Harjeet Toor: Deputy Chief Executive Officer
- Anurag Chottani: Chief Technology Officer & Chief Operating Officer
- Manish Jain: Deputy Chief Executive Officer (BFL) & Managing Director (Bajaj Financial Securities Ltd.)
- Deepak Bagati: Chief Operating Officer (Debt Management Services)
- Sidhant Dadwal: Deputy Chief Executive Officer
- Manish Kumar Jain: Deputy Chief Executive Officer
- Sandeep Jain: Chief Financial Officer & Chief Operating Officer
- Atul Jain: Managing Director (Bajaj Housing Finance Ltd.)
- Jennifer Fernandes: Chief Human Resources & Administration Officer
We are building an AI-based financial services institution where intelligence is embedded in every decision through four strategic dimensions viz. Enterprise AI, Consumer AI, Agentic AI and Data AI.
Sanjiv Bajaj, Chairman
Parent Company
Bajaj Finserv Limited is the promoter and holding company of Bajaj Finance Limited, holding a 51.32% equity stake as of March 31, 2026. Bajaj Finserv Limited is the financial services arm of the 100-year-old Bajaj Group.
Future Strategy
FY2026 marked the launch of BFL’s Long-Range Strategy 2026–30 (LRS FY2026–30), anchored on three core priorities:
- Customer Centricity: Re-pivoting from a product-centric model to a customer-first architecture using design thinking, propensity models, channel affinity algorithms, and unified rewards. Aims to grow customer franchise to 200–220 million by FY2030 and raise Products Per Customer (PPC) from 6.07 to 6.5–7.5.
- Technology Leadership (FINAI): Embedding AI across four pillars—Enterprise AI, Consumer AI, Agentic AI, and Data AI. Targets scaling autonomous AI agents from 27 in FY2026 to 600+ in FY2027, launching a new Consumer AI platform expecting to drive 50% of digital volumes, and generating 12–15% productivity gains.
- Lowest Risk Company in India: Deploying graph technology for fraud detection, AI-augmented risk modeling, and real-time operational compliance. Targets reducing underwriting analysis turnaround time from 10–15 days to 1 day, handling 100 million annual loans, and reducing operational/service costs by 50% by FY2030.
Key Strengths
- Unmatched Scale & Omnichannel Distribution: Pan-India footprint across 4,098 locations, 242,000+ points of sale, and digital reach via 86.63 million net app installs and 611 million web visits.
- Diversified Asset Portfolio: Balanced mix across retail consumer finance, personal loans, MSME, commercial lending, mortgages, gold loans, and rural credit, mitigating sector-specific cyclicality.
- Pioneering AI & Technology Infrastructure: Advanced FINAI technology architecture backed by multi-cloud infrastructure (Microsoft Azure, Google Cloud, Salesforce), dedicated 203-member AI unit, and 27 live autonomous AI agents.
- Superior Credit Ratings & Liquidity: Highest domestic ratings (AAA/Stable) from CRISIL, ICRA, CARE, and India Ratings, supported by international ratings from S&P (BBB/Stable) and Moody’s (Baa3/Stable). Maintains a consolidated liquidity buffer of ₹15,020 crore and LCR of 128.38%.
- Prudent Risk Management & Asset Quality: Low GNPA (1.01%) and NNPA (0.41%) with a conservative provisioning coverage ratio (PCR) of 60% and standard asset provisioning of 1.44%.
- Strong Heritage & Governance: Backed by the century-old Bajaj Group brand legacy, stringent corporate governance frameworks, and a stable, experienced management team.
Key Challenges and Risks
- Macroeconomic & Geopolitical Volatility: Escalating tensions in the Middle East, potential crude oil price spikes, trade friction, and wider inflationary pressures that could impact consumer sentiment and disposable income.
- Cost of Funds & Systemic Liquidity: Elevated interest rate environments and tight systemic liquidity influencing net interest margins and borrowing costs across bank loans and debt securities.
- Unsecured & MSME Credit Risk: Incipient portfolio stress in small business loans and highly leveraged unsecured retail segments, requiring continuous underwriting tightening and originations pruning.
- Evolving Regulatory Compliance: Strict regulatory oversight under RBI Scale-Based Regulations (NBFC-UL), Digital Lending Guidelines, Data DPDP Act 2023, and financial impact from new statutory Labor Code s implementation.
- Cybersecurity & AI Operational Risks: Data privacy exposures, cyber threats, model bias, and operational risks associated with scaling enterprise Generative AI and autonomous software agents.
Conclusion and Strategic Outlook
Bajaj Finance Limited enters its 40th year of operations positioned as an AI-first, risk-disciplined financial powerhouse. By combining its massive physical footprint of 4,098 locations with an AI-driven digital ecosystem, BFL continues to deepen financial inclusion across urban and rural India. Supported by robust capital adequacy (21.55%), industry-low non-performing assets, and the 2026–30 Long Range Strategy, the Company is structurally equipped to scale its customer franchise toward 200 million while delivering sustainable, long-term shareholder value.
Official Site
Official Site: https://www.aboutbajajfinserv.com/finance-about-us
Profit and Loss
| Metric (C in crore) | 2026 | 2025 | YoY Growth (%) |
|---|---|---|---|
| Interest Income | 72,776.01 | 61,163.55 | +18.99% |
| Fees and Commission Income | 7,754.39 | 5,982.84 | +29.61% |
| Net Gain on Fair Value Changes | 471.24 | 539.03 | -12.58% |
| Sale of Services | 15.71 | 27.13 | -42.09% |
| Income on Derecognised (Assigned) Loans | 465.46 | 552.04 | -15.68% |
| Other Operating Income | 499.57 | 541.12 | -7.68% |
| Other Income | 7.12 | 41.27 | -82.75% |
| Total Income | 81,989.50 | 68,846.98 | +19.09% |
| Finance Costs | 28,665.95 | 24,769.75 | +15.73% |
| Fees and Commission Expense | 3,658.10 | 2,597.66 | +40.82% |
| Impairment on Financial Instruments | 9,481.85 | 7,088.23 | +33.77% |
| Employee Benefits Expense | 8,978.53 | 7,508.34 | +19.58% |
| Depreciation and Amortisation Expenses | 1,008.98 | 880.99 | +14.53% |
| Other Expenses | 4,130.68 | 3,940.19 | +4.83% |
| Total Expenses | 55,924.09 | 46,785.16 | +19.53% |
| Share of Profit/(Loss) from Associates | 16.46 | 17.81 | -7.58% |
| Profit Before Exceptional Items and Tax | 26,081.87 | 22,079.63 | +18.13% |
| Exceptional Items | (265.22) | – | – |
| Profit Before Tax | 25,816.65 | 22,079.63 | +16.93% |
| Total Tax Expense | 6,484.29 | 5,300.15 | +22.34% |
| Profit After Tax | 19,332.36 | 16,779.48 | +15.21% |
| Total Comprehensive Income | 19,271.84 | 16,712.42 | +15.31% |
Balance Sheet
| Metric (C in crore) | 2026 | 2025 | YoY Growth (%) |
|---|---|---|---|
| Cash and Cash Equivalents | 1,896.90 | 3,642.46 | -47.92% |
| Bank Balances Other Than Cash and Cash Equivalents | 13,858.42 | 9,901.08 | +39.97% |
| Derivative Financial Instruments (Assets) | 2,391.86 | 250.56 | +854.61% |
| Trade Receivables | 1,908.08 | 1,913.11 | -0.26% |
| Loans | 498,943.54 | 407,844.14 | +22.34% |
| Investments | 30,577.80 | 34,440.84 | -11.22% |
| Other Financial Assets | 4,300.41 | 2,444.99 | +75.89% |
| Total Financial Assets | 553,877.01 | 460,437.18 | +20.29% |
| Non-Financial Assets | 6,075.35 | 5,689.65 | +6.78% |
| Total Assets | 559,952.36 | 466,126.83 | +20.13% |
| Derivative Financial Instruments (Liabilities) | 61.58 | 37.13 | +65.85% |
| Trade Payables | 2,104.53 | 1,878.04 | +12.06% |
| Other Payables | 1,173.80 | 930.91 | +26.09% |
| Debt Securities | 193,131.90 | 154,639.73 | +24.89% |
| Borrowings (Other Than Debt Securities) | 170,642.53 | 132,102.25 | +29.17% |
| Deposits | 68,532.75 | 71,403.13 | -4.02% |
| Subordinated Liabilities | 2,805.31 | 3,103.54 | -9.61% |
| Other Financial Liabilities | 2,796.16 | 1,948.20 | +43.53% |
| Total Financial Liabilities | 441,248.56 | 366,042.93 | +20.55% |
| Non-Financial Liabilities | 1,718.26 | 1,147.01 | +49.80% |
| Equity Share Capital | 621.79 | 124.17 | +400.76% |
| Other Equity | 113,377.23 | 96,568.70 | +17.41% |
| Non-Controlling Interest | 2,986.52 | 2,244.02 | +33.09% |
| Total Liabilities and Equity | 559,952.36 | 466,126.83 | +20.13% |
Cash Flow
| Metric (C in crore) | 2026 | 2025 | YoY Growth (%) |
|---|---|---|---|
| Net Cash Used in Operating Activities | (65,789.80) | (67,791.64) | -2.95% |
| Net Cash Used in Investing Activities | (3,388.63) | (2,765.02) | +22.55% |
| Net Cash Generated from Financing Activities | 67,432.87 | 70,164.61 | -3.89% |
| Net Increase/(Decrease) in Cash and Cash Equivalents | (1,745.56) | (392.05) | +345.24% |
| Cash and Cash Equivalents at Beginning of the Year | 3,642.46 | 4,034.51 | -9.72% |
| Cash and Cash Equivalents at End of the Year | 1,896.90 | 3,642.46 | -47.92% |
Subsidiaries, Associates, Joint Ventures
Bajaj Housing Finance Limited: Subsidiary, India, 86.70% ownership.
Bajaj Financial Securities Limited: Subsidiary, India, 100% ownership.
Snapwork Technologies Private Limited: Associate, India, 41.50% ownership on fully diluted basis.
Pennant Technologies Private Limited: Associate, India, 26.53% ownership on fully diluted basis.
Other Investments
Government Securities: Fair Value Through Other Comprehensive Income (FVOCI) and Fair Value Through Profit or Loss (FVTPL) holdings amounting to ₹25,117.98 crore and ₹78.38 crore respectively.
Quoted Equity Shares: Designated under FVOCI with a carrying value of ₹160.56 crore.
Unquoted Equity Shares: Designated under FVOCI with a carrying value of ₹770.37 crore (consolidated).
Compulsorily Convertible Preference Shares: Designated under FVOCI with a carrying value of ₹36.20 crore.
Certificate of Deposits: Held under FVOCI amounting to ₹1,933.23 crore.
Commercial Papers: Held under FVOCI amounting to ₹1,379.43 crore.
Mutual Funds: Held under FVTPL amounting to ₹391.25 crore.
Infrastructure Investment Trust (InvIT) Units: Held under FVTPL amounting to ₹12.40 crore.
Pass Through Certificates (PTC): Measured at amortised cost amounting to ₹87.74 crore.
Physical Properties
Freehold Land: ₹273.31 crore.
Buildings: Net block of ₹182.63 crore (consolidated).
Computers and Data Processing Units: Net block of ₹393.52 crore.
Office Equipment: Net block of ₹170.86 crore.
Furniture and Fixtures: Net block of ₹182.95 crore.
Vehicles: Net block of ₹406.33 crore.
Leasehold Improvements: Net block of ₹100.58 crore.
Right-of-Use Premises: Net block of ₹1,134.83 crore.
Right-of-Use Server: Net block of ₹6.05 crore.
Computer Softwares and Internally Generated Software: Net block of ₹1,092.23 crore.
Capital Work-in-Progress: ₹61.83 crore.
Intangible Assets Under Development: ₹57.58 crore.
Investments and Capital Expenditure
Purchase of Property, Plant and Equipment and Capital Work-in-Progress: ₹560.03 crore.
Purchase of Other Intangible Assets and Intangible Assets Under Development: ₹401.07 crore.
Sale of Property, Plant and Equipment and Other Intangible Assets: ₹65.25 crore.
Purchase of Investments Measured at Amortised Cost: ₹59,340.07 crore.
Proceeds from Liquidation of Investments Measured at Amortised Cost: ₹59,446.67 crore.
Purchase of Investments Classified as FVOCI: ₹44,831.64 crore.
Proceeds from Liquidation of Investments Classified as FVOCI: ₹42,440.11 crore.
Purchase of Equity Investments Designated Under FVOCI: ₹308.14 crore.
Proceeds from Sale of Equity Investments Designated Under FVOCI: ₹99.15 crore.
Shareholding Pattern
| Category | Shares | % Stake | Previous % Stake |
|---|---|---|---|
| Bajaj Finserv Limited (Promoter) | 3,193,661,300 | 51.32% | 51.39% |
| Promoter Group (Others) | 202,075,040 | 3.25% | 3.23% |
| Public and Institutional Holdings | 2,822,140,525 | 45.43% | 45.38% |
Frequently Asked Questions
What is the core business of Bajaj Finance Limited?
Bajaj Finance Limited is India’s largest private-sector non-banking financial company (NBFC). It provides a full suite of financial services including consumer durable loans, personal loans, business loans to MSMEs, auto loans, gold loans, commercial lending, fixed deposits, digital payments, and insurance distribution.
Who owns Bajaj Finance Limited?
Bajaj Finance Limited is a subsidiary of Bajaj Finserv Limited, which holds a 51.32% equity stake in the Company as of March 31, 2026. BFL is part of the 100-year-old Bajaj Group.
What is the LRS FY2026–30 strategy announced by Bajaj Finance?
The Long-Range Strategy (LRS FY2026–30) is BFL’s five-year strategic blueprint focused on three priorities: becoming a deeply customer-centric organisation, establishing technology and FINAI leadership, and positioning BFL as the lowest-risk financial institution in India while reaching a customer franchise of 200–220 million by 2030.
What are the key credit ratings of Bajaj Finance Limited?
Bajaj Finance holds the highest domestic long-term credit ratings of AAA/Stable from CRISIL, ICRA, CARE, and India Ratings. Its short-term debt is rated A1+. Internationally, S&P Global rates BFL at BBB/Stable and Moody’s assigns a Baa3 Corporate Family Rating with a Stable outlook.
