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What the record says.
Bajaj Finance delivered a strong Q4 FY26 with AUM crossing ₹5.1 lakh crore, growing 22.4% YoY, and PAT up 26.7% YoY. The quarter saw record loan bookings of 12.9 million and 3.93 million new customer additions, taking the total franchise to 119.3 million. Credit quality improved with GNPA at 1.01% and credit cost (revised) at 1.65%, down from 1.97% last year. Management guided for FY27 AUM growth of 22-24%, credit cost of 1.45-1.60%, and ROA of 4.4-4.6%, supported by tailwinds from winding down the two-wheeler portfolio and MSME recovery. AI transformation is accelerating with 800+ autonomous agents planned. Key risk: geopolitical tensions could disrupt macro stability and consumer demand.
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Guidance to track
- Management expects AUM to grow 22-24% in FY27, aided by new businesses scaling and MSME recovery.
- Credit cost (revised metric) expected to trend down to 1.45-1.60% from 1.65% in Q4, driven by tailwinds from two-wheeler wind-down and MSME improvement.
- Return on assets expected to remain in the 4.4-4.6% range, supported by operating leverage and stable credit costs.
- Operating expense ratio expected to improve by 25-40 basis points from current levels, driven by AI-led efficiencies.
Risks flagged
- Management explicitly conditioned guidance on easing geopolitical tensions and macro stability; any escalation could impact growth and credit costs.
- MSME growth was muted at 6% due to proactive risk actions; management expects double-digit growth only by Q2-Q3 FY27, but uncertainty remains.
- Management noted that AUM growth guidance is contingent on interest rate trajectory, which could be impacted by geopolitical developments.
Key quotes
- We are entering the year on credit cost with tailwinds. Headwind over headwind virtually would consume twice the fuel. Thankfully we are entering the year with tailwinds.
- The principle difference between deploying use cases and transformation... transformation is about reshaping the business model.
- We are not pulling back any stops in investing whatever it takes in being front of the seat and center.
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