Bajaj Finance Limited — Investor Meet, 13-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Bajaj Finance reported solid Q2 FY'26 results: AUM grew 24% to INR 462,261 crores, with the customer base reaching 110.64 million. The FY'26 AUM growth outlook is now adjusted to 22-23%. The company saw improved cost of funds (27 bps better) but maintained a flat NIM by passing benefits to customers. Opex to NTI also improved to 32.6%.

Credit costs were elevated at 2.05% due to MSME and the phasing out of captive 2W/3W finance. Management has taken proactive risk actions, expecting significant credit cost improvement in FY'27. FinAI transformation is a strategic focus, already showing traction with AI bots contributing INR 2,000 crores in Q2 originations. The festive season saw record disbursements. Management maintains a "risk-first" approach, aiming for sustainable, diversified growth.