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What the record says.
Bajaj Finance reported a strong core operating performance in Q3 FY26, with AUM growth of 22% YoY and PAT growth of 23% YoY, excluding one-time charges. The company proactively strengthened its provisioning framework by implementing minimum LGD floors across all businesses, resulting in a one-time accelerated ECL provision of INR 1,406 crore and a permanent increase in coverage ratios. Management guided for FY27 credit costs between 165-175 bps, reflecting optimism from improving vintage metrics and the wind-down of the MFI portfolio. AI deployment is accelerating, with 800+ autonomous agents planned for next fiscal. Key risks include elevated consumer leverage and competitive intensity in unsecured lending.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects annualized credit costs to be between 165 and 175 basis points in FY27, including the impact of the permanent LGD floor changes.
- Full-year AUM growth expected around 22%, with MSME business taking 2-3 quarters to return to 20% growth.
- Company plans to deploy over 800 autonomous agents across sales, operations, HR, IT, risk, and DMS in FY27.
- Core fee and commission income growth expected to settle in the 17-20% range on a volume basis from next fiscal.
Risks flagged
- Management flagged consumer leverage as a red flag, though it has flattened YoY; any worsening could impact asset quality.
- MSME growth slowed to 11% in Q3; management expects 2-3 more quarters before returning to 20% growth, posing a drag on overall AUM.
- Analyst noted increased competition in urban B2C; management acknowledged intensity is 3x pre-COVID levels, which could pressure margins.
- Management noted gold price swings (e.g., from 5,500 to 4,500 in a week) make budget planning difficult and could slow gold loan growth.
Key quotes
- We are not testing AI. We are deploying AI across the board, across lifecycle.
- If there is only one red flag that I continue to have is that consumer leverage continues to remain an area of concern.
- We want to ensure we want to use this opportunity to ensure that the balance sheet and the P&L are shockproof.
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