Elevated consumer leverage
Management flagged consumer leverage as a red flag, though it has flattened YoY; any worsening could impact asset quality.
BAJFINANCE / Q3-FY26 / risks
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Bajaj Finance · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
MSME business recovery slower than expected
MSME growth slowed to 11% in Q3; management expects 2-3 more quarters before returning to 20% growth, posing a drag on overall AUM.
Competitive intensity in unsecured lending
Analyst noted increased competition in urban B2C; management acknowledged intensity is 3x pre-COVID levels, which could pressure margins.
Gold price volatility impacting gold loan growth
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.