Key Metrics of Bajaj Finance
About Bajaj Finance
Sectors
Company details
- Website
- bajajfinserv.in
- Registered office
- Akurdi, Pune, In-mh, 411035
- Listed
- NSE: BAJFINANCE · ₹939.10
Operational Areas of Bajaj Finance
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 25 Sep 2026 | ICRA | Assigned | AAA(SO) | — | — | ₹477 Cr | View |
| 18 Sep 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹1,00,000 Cr | View |
| 01 Jul 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹90,000 Cr | View |
| 22 Jun 2026 | ICRA | Reaffirmed | AAA(SO) | — | — | ₹1,163 Cr | View |
| 18 Jun 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹75,000 Cr | View |
| 18 Jun 2026 | ICRA | Confirmed | AAA(SO) | — | — | ₹1,279 Cr | View |
| 12 May 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹65,000 Cr | View |
| 06 Apr 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹13,727 Cr | View |
| 06 Apr 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹55,000 Cr | View |
| 18 Sep 2025 | CARE | Other | — | — | — | — | View |
| 07 Apr 2025 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹13,727 Cr | View |
| 21 Jun 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹13,727 Cr | View |
| 17 Jan 2024 | CARE | Reaffirmed | AAA | — | Stable | ₹8,727 Cr | View |
| 14 Sep 2023 | CARE | Reaffirmed | AAA | — | Stable | ₹8,727 Cr | View |
| 05 Jan 2023 | CARE | Reaffirmed | AAA | — | Stable | ₹3,727 Cr | View |
| 26 Dec 2022 | CARE | Other | — | — | — | — | View |
| 06 Jan 2022 | CARE | Reaffirmed | AAA | — | Stable | ₹3,841 Cr | View |
| 26 Mar 2021 | CARE | Other | — | — | — | — | View |
| 01 Apr 2020 | CARE | Reaffirmed | AAA | — | Stable | ₹4,471 Cr | View |
| 28 Dec 2018 | CARE | Reaffirmed | AAA | — | Stable | ₹5,000 Cr | View |
| 10 Oct 2018 | CARE | Reaffirmed | AAA | — | Stable | ₹10,000 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Granular pool supported by presence of credit enhancement
The pool is granular, consisting of 1,896 obligors, with top 10 obligors forming only 5.62% of the initial pool principal, thereby reducing the exposure to any single borrower.
+ Moderate seasoning profile
The pool has weighted average seasoning of ~16 months as on the cut-off date.
Credit challenges
− Exposed to interest rate risk
The yield for the PTCs is linked to an external benchmark while the underlying pool has a mix of contracts with fixed interest rate and floating interest rates, with some linked to company’s benchmark rate and some to repo rate.
− Risks associated with lending business
The pool’s performance would remain exposed to macro-economic shocks, business disruptions and natural calamities that may impact the income-generating capability of the borrowers and their ability to make timely repayments of their loans.
Could lead to a downgrade
The sustained weak collection performance of the underlying pool (monthly collection efficiency <90%), leading to higher-than-expected delinquency levels and higher CE utilisation levels, would result in a rating downgrade. Weakening in the credit profile of the servicer (BFL) could also exert pressure on the rating.
Agency-reported financials (ICRA, 25 Sep 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Total income | ₹54,983 Cr | ₹69,725 Cr | ₹51,952 Cr |
| Profit after tax | ₹14,451 Cr | ₹16,779 Cr | ₹12,964 Cr |
| Total managed assets | ₹3,85,101 Cr | ₹4,16,661 Cr | ₹4,96,805 Cr |
| Gross stage 3 assets | 0.8% | 1.0% | 1.2% |
| CRAR | 22.5% | 21.9% | 20.6% |
| Revenue growth (YoY) | — | 26.8% | — |
| PAT margin | 26.3% | 24.1% | 25.0% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹8,300 Cr | — | AAA (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹1,700 Cr | — | A1+ | Reaffirmed | CARE |
| Issuer | Other | — | ₹0 | — | AAA (Stable) | Reaffirmed | CARE |
| Long-term – Long-term instruments | Working capital & bank lines | — | ₹3,455 Cr | — | AAA (Stable) | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹272 Cr | — | AAA (Stable) | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE296A07TH8 | NCD programme Apr Apr | Debentures & bonds | 7.55% | — | — | ₹2,990 Cr | AAA | Not stated |
| INE296A07TI6 | NCD programme Apr Apr | Debentures & bonds | 7.57% | — | — | ₹3,000 Cr | AAA | Not stated |
| INE296A07TL0 | NCD programme Apr Jun | Debentures & bonds | 7.38% | — | — | ₹500 Cr | AAA | Not stated |
| INE296A07TQ9 | NCD programme Sep Sep | Debentures & bonds | 7.37% | — | — | ₹1,555 Cr | AAA | Not stated |
| INE296A07TR7 | NCD programme Oct Oct | Debentures & bonds | 7.45% | — | — | ₹500 Cr | AAA | Not stated |
| INE296A07TU1 | NCD programme Feb Feb | Debentures & bonds | 7.55% | — | — | ₹1,500 Cr | AAA | Not stated |
| INE296A07TX5 | NCD programme May May | Debentures & bonds | 8.00% | — | — | ₹1,822 Cr | AAA | Not stated |
| INE296A07TY3 | NCD programme May May | Debentures & bonds | 8.08% | — | — | ₹1,025 Cr | AAA | Not stated |
| INE296A07UA1 | NCD programme Jun Jun | Debentures & bonds | 7.92% | — | — | ₹2,000 Cr | AAA | Not stated |
| INE296A07UC7 | NCD programme July July | Debentures & bonds | 7.79% | — | — | ₹1,305 Cr | AAA | Not stated |
| INE296A07MO9 | convertible Sep Sep | Debentures & bonds | 8.05% | — | — | ₹10.0 Cr | AAA | Not stated |
| INE296A07LG7 | convertible Jul Jul | Debentures & bonds | 8.65% | — | — | ₹47.5 Cr | AAA | Not stated |
| INE296A08847 | Jun Jun | Subordinated debt | 8.15% | — | — | ₹600 Cr | AAA | Not stated |
| INE296A08821 | Dec Dec | Subordinated debt | 8.05% | — | — | ₹105 Cr | AAA | Not stated |
| INE296A08805 | Sep Sep | Subordinated debt | 8.45% | — | — | ₹500 Cr | AAA | Not stated |
| INE296A08797 | Aug Aug | Subordinated debt | 8.75% | — | — | ₹485 Cr | AAA | Not stated |
| INE296A08789 | Jul Jul | Subordinated debt | 8.85% | — | — | ₹480 Cr | AAA | Not stated |
| INE296A08771 | Jul Jul | Subordinated debt | 8.85% | — | — | ₹490 Cr | AAA | Not stated |
| INE296A07LL7 | Non Convertible Debentures Jul Jul Redeemed | Debentures & bonds | 8.55% | — | — | — | AAA | Not stated |
| INE296A07LP8 | Non Convert ible Debentures Jul Jul Redeemed | Debentures & bonds | 8.47% | — | — | — | — | Not stated |
| INE296A07LQ6 | Non Convertible Debentures Aug Aug Redeemed | Debentures & bonds | 8.40% | — | — | — | — | Not stated |
| INE296A07LR4 | Non Convertible Debentures Aug Aug Redeemed | Debentures & bonds | 8.36% | — | — | — | — | Not stated |
| INE296A07MG5 | Non Convertible Debentures Sep May Redeemed | Debentures & bonds | 8.04% | — | — | — | AAA | Not stated |
| INE296A07NK5 | Non Convertible Debentures Dec Dec Redeemed | Debentures & bonds | 7.50% | — | — | — | AAA | Not stated |
| INE296A07LS2 | Non convertible debentures Aug Aug | Debentures & bonds | 8.36% | — | — | ₹25.0 Cr | AAA | Not stated |
| INE296A07MH3 | Non convertible debentures Sep Sep | Debentures & bonds | 8.00% | — | — | ₹50.0 Cr | AAA | Not stated |
| INE296A07MI1 | Non convertible debentures Sep May | Debentures & bonds | 7.99% | — | — | ₹50.0 Cr | AAA | Not stated |
| INE296A07MJ9 | Non convertible debentures Sep Sep | Debentures & bonds | 8.00% | — | — | ₹140 Cr | AAA | Not stated |
| INE296A07HW2 | NCD programme Aug Aug | Debentures & bonds | 8.90% | — | — | ₹90.0 Cr | AAA | Withdrawn |
| INE296A07IA6 | NCD programme Oct Oct | Debentures & bonds | 8.70% | — | — | ₹5.00 Cr | AAA | Withdrawn |
| INE296A08755 | Subordinated debt Oct Oct | Subordinated debt | 8.94% | — | — | ₹40.0 Cr | AAA | Withdrawn |
| INE296A08763 | Subordinated debt Nov Nov | Subordinated debt | 8.94% | — | — | ₹250 Cr | AAA | Withdrawn |
| INE296A07NP4 | Jan Jan | Debentures & bonds | 7.70% | — | — | — | — | Withdrawn |
| INE296A07OX6 | Mar Mar | Debentures & bonds | 7.85% | — | — | — | — | Withdrawn |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Issuer Ratings | — | CARE AAA; Stable |
| Non Convertible Debentures | ₹272 Cr | CARE AAA; Stable |
| Subordinate Debt | ₹3,455 Cr | CARE AAA; Stable |
| Term loan | ₹1,700 Cr | CARE A1+ |
| Term Loan | ₹8,300 Cr | CARE AAA; Stable |
Lenders
| Fund-based - LT | Term Loan | National Bank for Agriculture and Rural Development |
| Fund-based - LT | Term Loan | Proposed |
| Fund-based - LT | Term Loan | Punjab National Bank |
| Fund-based - LT | Term Loan | State Bank of India |
| Fund-based - ST | Term loan | Deutsche Bank |
Credit assessment · Non-banking finance companies
Rating Methodology – Non-Banking Finance Companies (Feb 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Instrument ratings
| Instrument | Type | Rated | Per criteria | Basis |
|---|---|---|---|---|
| PHARAOH AUGUST Series A1 PTCs | Securitisation (PTC) | AAA ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| SERIES | Securitisation (PTC) | AAA ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Fixed deposit | Fixed deposits | AAA ICRA | AAA | Tier II + 1 |
| surveillance Pharaoh PTC Series A1 Mar | Securitisation (PTC) | AAA ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| PHARAOH Feb Series Series A1 PTCs | Securitisation (PTC) | AAA ICRA | Pool-specific | pool cash flows and credit enhancement (SO) |
| Subordinated debt | Subordinated debt | AAA CARE | AAA | senior − 0 |
| Jun Jun | Subordinated debt | AAA CARE | AAA | senior − 0 |
| Dec Dec | Subordinated debt | AAA CARE | AAA | senior − 0 |
| Sep Sep | Subordinated debt | AAA CARE | AAA | senior − 0 |
| Aug Aug | Subordinated debt | AAA CARE | AAA | senior − 0 |
| Jul Jul | Subordinated debt | AAA CARE | AAA | senior − 0 |
| Subordinated debt | Subordinated debt | AAA CARE | AAA | senior − 0 |
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | AAA(SO) · Structured obligation (internal) (ICRA, Sep 2026) |
| Next action stable or better (model) | 75% |
| Information on file | 67% · missing: Debt obligations and repayment schedule, Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 78% chance the next rating action is stable or better
- Current rating AAA(SO) (investment grade)
Rated limits by facility
Timeline
From the report
ICRA takes comfort from BFL’s demonstrated track record of raising capital in a timely manner(last capital raise of ~Rs. 9,100 crore in November 2023) to consistently maintain a prudent gearing level.
From the report
ICRA takes comfort from BFL’s demonstrated track record of raising capital in a timely manner(last capital raise of ~Rs. 9,100 crore in November 2023) to consistently maintain a prudent gearing level.
From the report
ICRA takes comfort from BFL’s demonstrated track record of raising capital in a timely manner(last capital raise of ~Rs. 9,100 crore in November 2023) to consistently maintain a prudent gearing level.
From the report
ICRA takes comfort from BFL’s demonstrated track record of raising capital in a timely manner(last capital raise of ~Rs. 9,100 crore in November 2023) to consistently maintain a prudent gearing level.
From the report
ICRA takes comfort from BFL’s demonstrated track record of raising capital in a timely manner (most recent capital raise of ~Rs. 9,100 crore in November 2023) to consistently maintain a prudent gearing level.
From the report
In November 2023, the company raised equity of ₹8,800 crore through qualified institutional placements (QIP) and ₹1,188 crore through preferential issue of share warrants.
From the report
BFL raised ₹3,000 crore by 11.25% stake sale of BHFL via initial public offerings in September 2024.
From the report
In November 2023, the company raised equity of ₹8,800 crore through qualified institutional placements (QIP) and ₹1,188 crore through preferential issue of share warrants, of which ₹297 crore has been received (25% of the consideration) and the remaining 75% is expected to be converted by June 2025.
From the report
BFL raised ₹6,560 crore by 11.25% stake sale of Bajaj Housing Finance Ltd.
From the report
In November 2023, the company raised equity of ₹8,800 crore through QIP and ₹1,188 crore through preferential issue of share warrants of which ₹297 crore has been received (25% of the consideration) and the remaining 75% is expected to be converted within 18months.
From the report
CARE Ratings takes note of the Reserve Bank of India’s (RBI) order in the month of November 2023, to BFL to stop sanction and disbursal of loans under its two lending products namely, ‘eCOM’ and ‘Insta Existing Member identification (EMI) Card’, with immediate effect, particularly with respect to non-issuance of Key Fact Statements (KFS) to the borrowers under these two lending products and the deficiencies in the KFS issued in respect of other digital loans sanctioned by the company.
From the report
During November 2023, the company raised equity of ₹8,800 crore through QIP and ₹1,188 crore through preferential issue of share warrants of which ₹297 crore has been received (25% of the consideration) and the remaining 75% is expected to be converted within 18 months.
From the report
During FY20, the company raised equity capital of Rs.8,500 crore through QIP which helped the company maintain CAR of 25.01% (Tier I: 21.27%) as on March 31, 2020 as compared to CAR of 20.66% (Tier I: 16.27%) as on March 31, 2019.
From the report
BFL raised equity capital of Rs.8,500 crore during 9MFY20 through a qualified institutional placement (QIP) which helped the company report total CAR stood at 26.87 % with Tier I capital at 23.16%.
From the report
As on November 30, 2018, the company had Rs.5,556 of liquid investments (including cash and bank balances) along with undrawn bank lines of Rs.4,095 crore which provide further comfort to liquidity profile.
From the report
During FY18, the company raised equity capital of Rs.4,500 crore through qualified institutional placement (QIP) route, leading to increase of 75% in its tangible net-worth y-o-y and stood at Rs.16,011 crore as on March 31, 2018.
From the report
During FY18, the company raised equity capital of Rs.4,500 crore through qualified institutional placement (QIP) route, leading to increase of 75% in its tangible net-worth y-o-y and stood at Rs.16,011 crore as on March 31, 2018. 1 Complete definitions of the ratings assigned are available at www.careratings.com and other CARE publications. 1 CARE Ratings Limited Press Release Correspondingly, the overall capital adequacy ratio (CAR) was at comfortable levels of 24.71% with a Tier I CAR of 19.68% at the end of March 31, 2018 as against CAR of 20.30% with Tier I CAR of 14.56% as on March 31, 20
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Bajaj Finance
Top competitors by location
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|---|---|---|---|---|
 Bajaj Finserv |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | bajajfinserv.in | 2007 | Pune, India |
 Power Finance Corporation |
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 REC Limited |
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 Shri Ram Finance Corporation Private Limited |
NBFC, Lending & Housing Finance · Finance | shriramfinance.in | — | Raipur, Chhattisgarh, India |
 Aditya Birla Capital Limited |
General Insurance · Insurance | adityabirlacapital.com | — | Gujarat, India |
| Cholamandalam Financial Holdings Limited | · Finance | — | — | Chennai, Tamil Nadu, India |
 Muthoot Finance |
Fintech, Broking & Market Infrastructure · Banking & Financial Services | muthootfinance.com | — | Ernakulam, India |
| NBFC, Lending & Housing Finance · Banking & Financial Services | irfc.co.in | — | Delhi, India | |
| Abans Financial Services Limited | Fintech, Broking & Market Infrastructure · Banking & Financial Services | — | — | Mumbai, Maharashtra, India |
 Iifl Finance Limited |
NBFC, Lending & Housing Finance · Finance | iifl.com | — | Thane, Maharashtra, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
financial services
Filings
No filings on record yet.