BAJFINANCE / Q2-FY26 / claim-ledger

Audit the questions that mattered.

Bajaj Finance · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ2-FY26 · 2025-10-15Back to quarter ↗

Questions audited

Answered directly

79%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Kunal Shah · Citigroup

direct

Why are mortgages and SME growing slower despite festive strength? Any other segments pulling back?

Both these contribute to 31% and 14%, 45% of the balance sheet... The guidance reduction to contribution of these businesses and their slower growth is meaningfully being made up by other lines of businesses...

Kunal Shah · Citigroup

direct

Is the stage three increase largely from stage two flow?

Kunal, your assessment is absolutely right... there's a peculiar situation that you have 231 days month in quarter two... that creates like 18-20 basis point of additional GNPA formation in the quarter.

Jay Shah · Nomura Bank

partial

Has the pain in MFI lending peaked? And capital financing split between used and new.

We are too small in MFI... The right people to comment on whether the worst is over for MFI or not... On a more important basis, as we started the business, we were very clear as to what the mix is to be. The mix is to be 75 new and 25 used.

Sucrit Patil · Eyesight Fintrade

evasive

What is Bajaj Finance doing to build a deep competitive edge beyond AUM and app downloads?

I would request you to look at that document, which provides reasonable coverage... We are building businesses with a 10-15 year view... I think that's the principal differentiation.

Sucrit Patil · Eyesight Fintrade

direct

How do you manage margins and costs as growth picks up without cutting corners?

Process automation, technology leadership... followed by process automation, followed by now FinAI, will allow us to continue to generate velocity... and ensure costs keep going down.

Abhijit Tibrewal · Motilal Oswal

partial

Was MSME asset quality worse than expected? How much restructuring in coming quarters?

We are mostly done with restructuring, Abhijit. We are mostly done with restructuring... In terms of restructuring that you will see over the next few quarters, our number will be very variable.

Abhijit Tibrewal · Motilal Oswal

direct

Is the festive momentum sustaining across product segments?

Momentum, Abhijit, is yes, yes. I think we're surprised by the given that the festive season was strong... in general, the consumption patterns look quite promising.

Piran Engineer · CLSA

direct

How are 3PL and above customers trending in rural unsecured? Are fundamentals improving?

Across businesses that we are in, we have cut 3PL to prior to 2019-2020... It has meant, I would say, a reasonable growth dilution, but it is one single univariate variable that's helping improve portfolio performance.

Ashish Sharma · Oaksec Capital Management

partial

What is the credit cost guidance for FY27? What is normalized credit cost?

We are not giving absolute guidance at this point in time, Ashish, but very clearly, direction of the travel suggests that we should see a much lower credit cost in FY 2027.

Viral (Speaker 14) · ISL Capital

direct

Does lower cost of fund guidance set up margin expansion?

The best assumption that we have at this point in time suggests that we will rather hold the NIM at the current level. The idea is to pass on the incremental benefit to customers.

Viral (Speaker 14) · ISL Capital

direct

How do you see gold loan business evolving with new entrants and gold price scenarios?

We'll end at around 16 or INR 1,000 crore ± ... It should be between INR 27,000-INR 30,000 crore business by March 2027... We are generating very similar ROEs as they are generating in the business.

Avinash Singh · Emkay Global

direct

Why is other operating income soft? And risk of going deeper into customer segments?

The other operating income... is on account of flattening of the baddest recovery number... As regard the other operating income, it's mainly on account of flattening of the baddest recovery number.