BAJFINANCE / Q4-FY25 / 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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WatchQ4-FY25 · 2025-04-15Back to quarter ↗

Questions audited

Answered directly

71%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Chintan Joshi · Autonomous

partial

Where will AUM growth come from in FY26 and why no NIM expansion with falling rates?

I think at an overall level, we remain very small... As we plan to grow, I think the growth will come across all businesses... Coming to your second point on NIM... we anticipate that our overall NIM will remain stable.

Chintan Joshi · Autonomous

direct

Is management being conservative on cost of funds?

I mean, probably conservative to the extent of 5-7 basis points. Just to be fair in all candor. It is not like it will be instead of 10-15, it could be 30-40 basis points.

Chintan Joshi · Autonomous

evasive

What is the reported NIM number for Q4?

Let me tell you that the quarter four NIM number is in fact lower than the full year NIM number for FY25, which means, as Anup made a point, NIM to be stable in FY26, there is some catch-up has to happen in the next year.

Abhishek Murarka · HSBC

direct

Why did ECL model refresh cause additional provision and will it reverse?

ECL model assumes that the past is a reflection of future. As a result, it shows up a higher number of provision... If things were to improve in FY2026, should one expect releases to come in future? Answer is yes.

Abhishek Murarka · HSBC

direct

Is write-off for the quarter around INR 1,700 crore?

That number is not necessarily correct. My calculation says that the number is INR 2,100 crore for the quarter.

Abhishek Murarka · HSBC

partial

Can rural B2C grow at 20-25% in FY26?

We remain very confident from here to grow the rural B2C business. We also significantly strengthened our debt management capability in rural.

Kunal Shah · Citigroup

partial

Why only 24-25% growth guidance for FY26 despite long-term 25%+ target?

Our core objective at this stage is first to get to the credit cost corridor... Once we get there, we are not saying we will not grow. We see opportunity, we will seize it.

Kunal Shah · Citigroup

direct

Is credit cost guidance of 1.85-1.95% the reason for slower growth?

The book has to turn fully churned... I would foresee that by third or fourth quarter, we should be lower than our pre-COVID levels.

Zhao Wu Shao · IIFL Securities

direct

What gives confidence that asset quality will improve next year despite amber signs?

What gives us confidence is what are the early vintages saying? We churn... 18-19 months. Three MOB, six MOB, nine MOB are beginning to look... lower than even pre-COVID.

Zhao Wu Shao · IIFL Securities

partial

Will NIM be flat YoY considering BHFL consolidation and fee moderation?

I did make a point saying that if 10-15 basis points of cost of an improvement comes through, we should be able to maintain NIM at the current level.

Kunal Shah · Kotak Capital

direct

Why is ROA corridor widened and how do you explain lower ROE guidance?

In terms of ROA, we are mindful of the fact that in the last almost more than a year now, we have been sitting on surplus or additional capital... Keeping that in mind, for the medium-term basis, the guidance is 19%-21% kind of ROA.

Avinash Singh · Emkay Global

partial

Why is credit cost guidance higher than pre-COVID despite mortgage mix being similar?

I just want to correct you that on a consolidated basis, even if you look at five years ago, mortgages were 31% of the book, even today it's 31% of the book.