StrengthTalking point
Compounding revenue
Revenue compounded at 23.7% a year over 7 years (₹18,485 → ₹81,982).
Importance 61 / 95 · growth
Bajaj Finance Limited · Research view
Bajaj Finance Limited
NSE: BAJFINANCEBSE: 500034ISIN INE296A01032Face value ₹1consolidated
₹949
−2.48% · 2026-10-01 · 52-wk ₹802–₹1,159
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Book value compounding
Net worth compounded at 29.0% a year over 7 years (₹19,697 → ₹1,16,986) — though FY2020 saw a one-off step-change of 64% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Importance 52 / 95 · financial health
Context
Stock has lagged the business
Over 5 years profit compounded at 34.3% a year while the stock returned 4.8% a year — but FY2021 profit (₹4,420) was well below the through-cycle level (~₹9,268), so this rate is inflated by the recovery from a low base.
Importance 50 / 95 · business vs stock
Section 03 · The company
Who is this company?
Classified by the exchange under Financial Services › Financial Services › Finance › Non Banking Financial Company (NBFC).
- Market cap
- ₹5.90 L cr
- FY2026 revenue
- ₹81,982 cr
- FY2026 net profit
- ₹19,332 cr
- Net worth
- ₹1,16,986 cr
- Total debt
- —net cash
- EPS (basic)
- ₹30.60
- Listed
- NSE · BSE
- Reporting
- Ind-AS (NBFC)Apr–Mar
Peer set used on this page: 5 non banking financial company (nbfc).
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Revenue compounded at 23.7% a year over 7 years (₹18,485 → ₹81,982).
Rule REVENUE_CAGR_STRONG
- Revenue growth per year
- +23.7%over 7 years
- Revenue growth
- +17.6%vs last year
- Net profit growth
- +15.2%vs last year
- Change in net profit since FY19
- +384%
Net profit grew 15.2% year on year (FY2025 → FY2026).
Revenue grew 17.6% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹6,081 cr, up 27.6% from ₹4,765 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹23,165 cr, up 18.7% from ₹19,524 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹16,086 cr, up 21.1% from ₹13,285 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 17,090 | — | 4,014 | — | 23.5% |
| Q3 FY25 | 18,035 | +27.4% | 4,308 | +18.4% | 23.9% |
| Q4 FY25 | 18,457 | +23.7% | 4,546 | +18.9% | 24.6% |
| Q1 FY26 | 19,524 | +21.3% | 4,765 | +21.8% | 24.4% |
| Q2 FY26 | 20,179 | +18.1% | 4,948 | +23.3% | 24.5% |
| Q3 FY26 | 21,214 | +17.6% | 4,066 | −5.6% | 19.2% |
| Q4 FY26 | 21,606 | +17.1% | 5,553 | +22.2% | 25.7% |
| Q1 FY27 | 23,165 | +18.7% | 6,081 | +27.6% | 26.2% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹86,164 crTTM
- EBITDA
- ₹58,578 crTTM
- EBIT
- ₹57,533 crTTM
- PBT
- ₹27,577 crTTM
- Net profit
- ₹20,648 crTTM
C. Corporate actions
30 Jun 2026DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
16 Jun 2025Stock splitStock Split From Rs.2/- to Rs.1/- — 2:1
16 Jun 2025Bonus issueBonus issue 4:1 — 1:5
30 May 2025DividendFinal Dividend - Rs. - 44.0000 — ₹44.00/share
9 May 2025DividendSpecial Dividend - Rs. - 12.0000 — ₹12.00/share
21 Jun 2024DividendFinal Dividend - Rs. - 36.0000 — ₹36.00/share
30 Jun 2023DividendFinal Dividend - Rs. - 30.0000 — ₹30.00/share
30 Jun 2022DividendDividend - Rs. - 20.0000 — ₹20.00/share
8 Jul 2021DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
3 Mar 2020DividendInterim Dividend - Rs. - 10.0000 — ₹10.00/share
11 Jul 2019DividendDividend - Rs. - 6.0000 — ₹6.00/share
5 Jul 2018DividendDividend - Rs. - 4.0000 — ₹4.00/share
6 Jul 2017DividendDividend - Rs. - 3.6000 — ₹3.60/share
8 Sept 2016Bonus issueBonus issue 1:1 — 1:2
8 Sept 2016Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
14 Jul 2016DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share
16 Mar 2016DividendInterim Dividend - Rs. - 18.0000 — ₹18.00/share
9 Jul 2015DividendDividend - Rs. - 18.0000 — ₹18.00/share
3 Jul 2014DividendDividend - Rs. - 16.0000 — ₹16.00/share
4 Jul 2013DividendDividend - Rs. - 15.0000 — ₹15.00/share
23 Jan 2013Rights issueRight Issue of Equity Shares
5 Jul 2012DividendDividend - Rs. - 12.0000 — ₹12.00/share
29 Jun 2011DividendDividend - Rs. - 10.0000 — ₹10.00/share
8 Jul 2010DividendDividend - Rs. - 6.0000 — ₹6.00/share
29 Jun 2009DividendDividend - Rs. - 2.0000 — ₹2.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Margin and return trends are shown above.
- EBITDA margin now
- 68.0%
- 8-year range
- 59.0–70.4%
- ROE FY2026
- 17.9%
- ROCE FY2026
- —
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 29.0% a year over 7 years (₹19,697 → ₹1,16,986) — though FY2020 saw a one-off step-change of 64% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- —
- Operating cash flow ÷ net profit
- -3.40×FY2026
- Free cash flow
- ₹−66,285 cr
- Current ratio
- —
Section 08 · Relative position
How does it compare with peers?
Ranked against 5 non banking financial company (nbfc) (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
BAJFINANCE · 3rd of 4 · set median 18.9%
EBITDA margin
BAJFINANCE · 5th of 5 · set median 73.3%
Return on equity
BAJFINANCE · 3rd of 5 · set median 17.9%
P/E ratio
BAJFINANCE · 5th of 5 · set median 23.5×
- P / E
- 28.6×TTM to Jun 26
- P / B
- 5.0×latest book
- P / S
- 6.9×TTM sales
- Earnings yield
- 3.5%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 30.5× · P/S 7.2× · ROE 17.9%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 34.3% a year while the stock returned 4.8% a year — but FY2021 profit (₹4,420) was well below the through-cycle level (~₹9,268), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
- 1-year return
- −3.9%
- 3-year return
- +21.5%
- 5-year return
- +26.2%
- From 52-wk high
- −18.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,060
- vs 200-day avg
- Below₹978
- RSI (14)
- 30.2neutral
- MACD histogram
- -6.4
- From 52-wk high
- −18.1%
- From 52-wk low
- +18.4%
- 30-day volatility
- 24.4%ann.
- 6-month return
- +12.5%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
Nothing is flagged for review for this company.
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
- The price-adjusted series does not correct for 2 rights issues (ex-dates 2006-11-13, 2013-01-23) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning those dates may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18,485 | 26,374 | 26,668 | 31,632 | 41,397 | 54,969 | 69,684 | 81,982 |
| Total income | 18,502 | 26,386 | 26,683 | 31,640 | 41,406 | 54,983 | 69,725 | 81,990 |
| EBITDA | 12,947 | 17,090 | 15,732 | 19,637 | 28,571 | 38,710 | 47,714 | 55,740 |
| Profit before tax | 6,179 | 7,322 | 5,992 | 9,504 | 15,526 | 19,302 | 22,062 | 25,800 |
| Net profit | 3,995 | 5,264 | 4,420 | 7,028 | 11,508 | 14,451 | 16,779 | 19,332 |
| EPS (₹) | 69.3 | 89.8 | 73.6 | 116.6 | 190.5 | 236.9 | 268.9 | 30.6 |
| Net worth | 19,697 | 32,328 | 36,918 | 43,713 | 54,372 | 76,695 | 98,937 | 1,16,986 |
| Operating cash flow | — | — | −881 | −37,029 | −42,140 | −72,760 | −68,154 | −65,790 |
| Free cash flow | — | — | −1,013 | −37,385 | −42,603 | −73,325 | −68,702 | −66,285 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 42.7 | 1.1 | 18.6 | 30.9 | 32.8 | 26.8 | 17.6 |
| Profit growth YoY | — | 31.8 | -16.0 | 59.0 | 63.7 | 25.6 | 16.1 | 15.2 |
| Profitability | ||||||||
| EBITDA margin % | 70.0 | 64.8 | 59.0 | 62.1 | 69.0 | 70.4 | 68.5 | 68.0 |
| Net margin % | 21.6 | 19.9 | 16.6 | 22.2 | 27.8 | 26.3 | 24.1 | 23.6 |
| Return on equity % | 20.3 | 20.2 | 12.8 | 17.4 | 23.5 | 22.1 | 19.1 | 17.9 |
| Return on capital % | — | — | — | — | — | — | — | — |
| Leverage & cash | ||||||||
| Debt to equity | — | — | — | — | — | — | — | — |
| Cash flow ÷ profit | — | — | -0.20 | -5.27 | -3.66 | -5.03 | -4.06 | -3.40 |
| Current ratio | — | — | — | — | — | — | — | — |