Bajaj Finance, India's largest diversified NBFC spanning consumer finance, SME lending, deposits and housing finance via Bajaj Housing Finance, reports Q2 FY27 with its provisional AUM update already showing ~Rs. 584,750 crore, up 26.5% YoY — running above its own 22-24% FY27 guidance corridor. The print will speak to whether the 25-40 bps Opex/NTI improvement and 1.45%-1.60% credit cost guidance stay on track, and whether the Rs. 296 crore management/macro overlay from Q1 repeats.
| Results date | October 19, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter NII | Rs. 12,571 crore (+23% YoY) |
| Previous quarter PAT | Rs. 6,080.60 crore (+28% YoY) |
| Market cap | Rs. 611,855.66 Cr |
| CMP | Rs. 982.75 |
Board meeting on 19 October 2026 to approve unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. The trading window for designated persons was closed from 1-21 October 2026.
The earnings conference call is scheduled for 19 October 2026 at 6:00 p.m. IST, with Rajeev Jain (Vice Chairman & MD) and Sandeep Jain (COO & CFO).
The quarter's central test is whether Bajaj Finance's FY27 guidance corridors hold, with Q2 provisional AUM growth of 26.5% YoY already tracking above the guided 22-24% band and H1 customer additions of 9.52 million annualizing to ~19.04 million against the revised 18-20 million target. Operating metrics point to strength in new engines: gold loans grew 112% YoY in Q1 FY27 to reach 4% of AUM, while MSME grew only 2% after risk pruning, with management expecting a return to double-digit growth by Q3 FY27. On margins, Q1 Opex/NTI printed 33.4%, up 30 bps YoY, against the FY27 goal of 25-40 bps improvement, and management guided NIM moderation of 10-15 bps for FY27 while Q1 NIM remained steady. Asset quality remains a support, with consolidated GNPA at 0.96% and NNPA at 0.39% in Q1 FY27, though the Rs. 296 crore management/macro overlay taken for geopolitical tensions and monsoon uncertainty bears watching for a repeat. The call with Rajeev Jain and Sandeep Jain is also expected to cover sequencing of the up to Rs. 17,500 crore QIP plus warrants raise ahead of the 2 November 2026 EGM.
FY27 guidance scorecard going into the 19 October call: Where each FY27 guidance item stands after the Q2 provisional update and Q1 print:
Capital raise and BHFL dilution sequencing
Gold loan, MSME and digital platform targets
New-loan demand and deposit book
Risks and headwinds to monitor
Management pushed back on an analyst's 35% FY27 profit-growth estimate, saying it has not modeled such a high figure internally. It did note that P&L growth could outpace balance-sheet growth.
No — Rajeev Jain said the answer is no, citing the company's 19-year ROA record (FY18-19: 4.2%, 4.1%; FY22: 4.2%; FY23: 5.3%, 5.1%, 4.6%, 4.3%). FY27 ROA guidance stands at 4.4%-4.6%.
Credit cost (net loan loss to average AUM) is guided at 1.45%-1.60% for FY27. Q1 FY27 printed 1.54%, or 1.31% excluding the Rs. 296 crore management/macro overlay.
In Q1 FY27, AUM stood at Rs. 546,944 crore, up 24% YoY, with a record AUM addition of about Rs. 37,000 crore. The Q2 FY27 provisional update shows AUM at ~Rs. 584,750 crore, up 26.5% YoY.
The board approved on 1 October 2026 a QIP of up to Rs. 11,700 crore plus preferential warrants of up to Rs. 5,800 crore to Bajaj Finserv, combined up to Rs. 17,500 crore, with an EGM on 2 November 2026. Separately, five secured NCD private placements totalling Rs. 9,174.11 crore were completed between 10 August and 9 October 2026.