Bajaj Finance Q3 Results 2026 Highlights: PAT dips 5.6% YoY to ₹4,066 crore — What impacted the bottomline?

Capital adequacy ratio (CRAR) (including Tier-II capital) as of 31 December 2025 was 21.45%. The Tier-I capital was 20.60%.

On a standalone basis, net interest income increased by 20% in Q3FY26 to ₹10,231 crore from ₹8,500 crore in Q3FY25. Profit after tax (PAT) in Q3FY26 was ₹4,581 crore, up 23.6%.

• Number of new loans booked in Q3FY26 was 13.90 million, as against 12.06 million in Q3FY25, a growth of 15%.
• Customer franchise stood at 115.40 million as of 31 December 2025, compared to 97.12 million as of 31 December 2024, a growth of 19%.
• Assets under management (AUM) stood at ₹484,477 crore as of 31 December 2025.

Gross NPA and Net NPA as of 31 December 2025 stood at 1.21 % and 0.47% respectively, as against 1.12% and 0.48% as of 31 December 2024. The provisioning coverage ratio on stage 3 assets was 61 %.

Loan losses and provisions in Q3 FY26 were ₹3,625 crore. The company said that before the accelerated ECL provision of ₹1,406 crore, the figure was ₹2,219 crore in Q3 FY26 as against ₹2,043 crore in Q3 FY25, an increase of 9%.

The consolidated net interest income (NII) increased by 21% YoY in Q3 FY26 to~ ₹11,317 crore from ₹9,382 crore in Q3 FY25.

Bajaj Finance posted a 5.6% year-on-year (YoY) decline in the net profit to ₹4066 crore during the quarter under review. The company said its bottomline was hit by an accelerated ECL provision of~ ₹1,406 crore and one-time impact of new labour code.

The company took a one-time exceptional charge of~ ₹265 crore towards increase in gratuity liabilities arising from past service cost on account of the New Labour Codes released on 21 November 2025.

Bajaj Finance saw steady quarterly growth, with AUM reaching ₹4.9 trn, registering growth of ~5% QoQ and 22% YoY.

We expect margins to be broadly stable or marginally improve on account of moderating CoFs. PPoP is expected to reach ~ ₹9.3 bn, registering 5% sequential growth.

We expect credit costs to moderate marginally on a sequential basis, to <2%, while overall asset quality would remain robust, with GS3 and NS3 remaining at ~1.2% and 0.6%, respectively.

— Emkay Global

We expect our NBFC universe to enter a phase of healthier growth momentum, underpinned by broad-based AUM expansion across the SME, consumer finance, and vehicle finance segments. Asset quality trends are largely stable, with some improvement led by better collection efficiency.

Improving disbursement traction, supported by strong festive demand, GST rate moderation across key products (despite some moderation in ticket size), rural recovery, and sustained mortgage demand are likely to drive sequential acceleration in growth.

We expect margins to be broadly stable or marginally improve, as CoFs continue to moderate owing to the RBI rate cut (with MCLR transmission by banks) and some benefits on variable-rate loans passed on to customers. Operating metrics are expected to remain resilient, positioning the sector favourably.

On asset quality and credit costs, we expect asset quality to remain stable, while credit costs are likely to be contained and see some moderation on account of improved collection efficiency and strengthening cash flows. Overall, we see steady growth and a slight moderation in credit costs leading to improved profitability in Q3FY26.

Following a good monsoon, repo rate cuts, and GST cut-led demand impetus, we expect credit costs and profitability to improve further in H2FY26, with growth remaining healthy.

— Emkay Global

Assets under management (AUM) grew by 22% to approximately ₹ 485,900 crore as of 31 December 2025 as compared to ₹ 398,043 crore as of 31 December 2024. In Q3 FY26, AUM grew by approximately ₹ 23,600 crore.

PL Capital expects net interest margin to remain stable in Q3. It has pegged Q3 FY26 NIM figure at 9.4%, a decline of 30 bps YoY and 12 bps QoQ. The brokerage expects Bajaj Finance to pass on the benefit of a lower CoF to customers.

Commentaries on NIM trajectory and credit costs are the key monitorables, as per domestic brokerage MOSL.

Bajaj Finance's new loans booked grew 15% YoY to 13.9mn and BAF added 4.8mn new customers in the quarter, taking the total number of customers to 115.4mn.

Bajaj Housing Finance stock ends 6.65% higher at ₹974.55 on the BSE ahead of the Q3 results announcement.

Prabhudas Lilladher Capital sees NII growing 19.1% YoY to ₹11,171 crore. Profit could grow 21.8% YoY to ₹5246.6 crore. The company reported 22% YoY growth in AUM to ₹4,859 billion due to slower growth in MSME and mortgage businesses.

Bajaj Finance share price jumped 7% to ₹974.55 on the BSE ahead of the Q3 results announcement and broader market optimism amid India-US trade deal.

Bajaj Finance reported 22% yoy and 5% qoq AUM growth in 3QFY26. We bake in qoq flat spreads of 8.5% as moderation in yields is offset by a marginally lower cost of borrowings. Fee income will likely be moderate at 13% yoy, said KIE.

MOSL sees Bajaj Finance Q3 NII at ₹11268.1 crore, a growth of 20.1% YoY. Meanwhile, net profit is seen surging 20.2% YoY to ₹5173.2 crore as per its estimates.

We expect cost-to-average AUM ratio to remain moderate at 3.8% (down 20 bps yoy, flat qoq), tempered by new labor code. We pen down credit costs of 1.95% for 3QFY26E (2.0-2.3% in the previous four quarters). We are not building any impact of capital gains from stake sale in subsidiaries.

Kotak Institutional Equities expects Bajaj Finance's Q3 NII to rise 21.1% year-over-year (YoY) to ₹11,360.7 crore, while its PAT could grow 20.3% as per its estimates to ₹5181.4 crore.

"Meeting of Board of Directors of the Company will be held on Tuesday, 3 February 2026, inter-alia, to consider and approve the unaudited standalone and consolidated financial results of the Company for the quarter and nine months ended 31 December 2025,” Bajaj Finance said in an exchange filing last month.