Financials Bajaj Finance Limited

Equities

BAJFINANCE

INE296A01032

Consumer Lending

End-of-day quote NSE India S.E. Other stock markets 13/03/2026			5-day change	1st Jan Change
855.05 ^INR	-0.93%		-10.01%	-13.35%

06/03	Kotak Mahindra Bank Limited Appoints Anup Kumar Saha as Whole-Time Director (Executive Director) and Key Managerial Personnel, Effective March 6, 2026	CI
20/02	Bajaj Finance Raises INR25 Billion Through Debenture Allotment	MT

Projected Income Statement: Bajaj Finance Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,72,690	2,18,922	2,88,458	3,62,578	4,49,540	5,37,711	6,52,757	8,00,041
Change	-	26.77%	31.76%	25.7%	23.98%	19.61%	21.4%	22.56%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	1,19,608	1,43,072	1,87,175	2,39,403	3,00,280	3,61,984	4,42,672	5,45,468
Change	-	19.62%	30.83%	27.9%	25.43%	20.55%	22.29%	23.22%
Interest Paid	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	59,923	95,038	1,55,279	1,93,096	2,20,796	2,59,694	3,40,337	4,21,325
Change	-	58.6%	63.39%	24.35%	14.35%	17.62%	31.05%	23.8%
Net income ¹	44,198	70,282	1,15,077	1,44,512	1,66,378	1,92,351	2,52,965	3,13,024
Change	-	59.02%	63.74%	25.58%	15.13%	15.61%	31.51%	23.74%
Announcement Date	27/04/21	26/04/22	26/04/23	25/04/24	29/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	42,958	46,594	44,895	53,345	60,005	60,677	66,376	70,013	74,347	77,712	83,980	88,447	92,980	97,149	1,04,184	1,09,461	1,16,730	1,19,170	1,26,100	1,31,700	1,38,750	1,43,658
Change	-	8.46%	-3.65%	18.82%	12.49%	1.12%	9.39%	5.48%	6.19%	4.53%	8.07%	5.32%	5.13%	4.48%	7.24%	5.06%	6.64%	2.09%	5.82%	4.44%	5.35%	3.54%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	57,026	-	-	-	-	-	-	-	-	1,38,756	1,32,782	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4.31%	-
EBIT ¹	29,065	30,534	31,162	33,048	39,192	39,671	42,575	44,865	48,530	51,206	55,465	58,348	61,420	64,151	69,500	73,106	78,050	79,670	84,870	88,740	93,190	97,400
Change	-	5.05%	2.06%	6.05%	18.59%	1.22%	7.32%	5.38%	8.17%	5.51%	8.32%	5.2%	5.26%	4.45%	8.34%	5.19%	6.76%	2.08%	6.53%	4.56%	5.01%	4.52%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	15,545	18,226	13,659	20,044	28,680	32,655	35,028	37,523	40,117	42,611	45,512	47,578	48,955	51,051	52,654	54,015	57,654	56,474	63,676	66,081	54,311	76,169
Change	-	17.25%	-25.06%	46.75%	43.08%	13.86%	7.27%	7.12%	6.91%	6.22%	6.81%	4.54%	2.9%	4.28%	3.14%	2.59%	6.74%	-2.05%	12.75%	3.78%	-17.81%	40.25%
Net income ¹	11,460	13,466	10,024	14,810	21,253	24,195	25,962	27,806	29,730	31,578	34,369	35,508	36,390	38,245	39,120	39,997	42,465	44,796	46,996	48,754	39,778	56,883
Change	-	17.51%	-25.56%	47.74%	43.5%	13.84%	7.3%	7.1%	6.92%	6.22%	8.84%	3.31%	2.48%	5.1%	2.29%	2.24%	6.17%	5.49%	4.91%	3.74%	-18.41%	43%
Announcement Date	20/01/21	27/04/21	20/07/21	26/10/21	18/01/22	26/04/22	27/07/22	20/10/22	27/01/23	26/04/23	26/07/23	17/10/23	29/01/24	25/04/24	23/07/24	22/10/24	29/01/25	29/04/25	24/07/25	10/11/25	03/02/26	-

¹INR in Million

Estimates

Fiscal Period: March	2024 S1
Net sales	-
Change	-
EBITDA	-
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT) ¹	93,090
Change	-
Net income ¹	69,877
Change	-
Announcement Date	17/10/23

¹INR in Million

Estimates

Forecast Balance Sheet: Bajaj Finance Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	10,38,036	16,15,516	21,23,860	28,27,218	34,77,051	34,62,633	43,33,787	54,28,577
Change	-	55.63%	31.47%	33.12%	22.98%	-0.41%	25.16%	25.26%
Announcement Date	27/04/21	26/04/22	26/04/23	25/04/24	29/04/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Bajaj Finance Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025
CAPEX ¹	3,968	1,317	3,756	4,828	6,036	5,841
Change	-	-66.82%	185.24%	28.57%	25.01%	-3.24%
Free Cash Flow (FCF) ¹	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	29/06/20	26/06/21	04/07/22	26/07/23	22/06/24	01/07/25

¹INR in Million

Estimates

Forecast Financial Ratios: Bajaj Finance Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	69.26%	65.35%	64.89%	66.03%	66.8%	67.32%	67.82%	68.18%
EBT Margin (%)	34.7%	43.41%	53.83%	53.26%	49.12%	48.3%	52.14%	52.66%
Net margin (%)	25.59%	32.1%	39.89%	39.86%	37.01%	35.77%	38.75%	39.13%
FCF margin (%)	-	-	-	-202.34%	-	-	-	-
FCF / Net Income (%)	-	-	-	-507.67%	-	-	-	-
Profitability
ROA	2.63%	3.66%	4.72%	5.1%	4.6%	3.85%	4.1%	4.12%
ROE	12.77%	17.43%	23.46%	22.1%	19.2%	18.32%	20.26%	20.91%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-3.85x	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	1.66%	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-0.82%	-	-	-	-
Items per share
Cash flow per share ¹	-1.455	-61	-	-	-	-	-	-
Change	-	-4,092.7%	-	-	-	-	-	-
Dividend per Share ¹	-	2	3	3.6	4.4	5.116	6.516	8.049
Change	-	-	50%	20%	22.22%	16.27%	27.38%	23.52%
Book Value Per Share ¹	61.37	72.46	89.95	124.1	155.7	183.3	218.3	261.4
Change	-	18.07%	24.15%	37.96%	25.5%	17.71%	19.07%	19.75%
EPS ¹	7.3	11.58	18.96	23.6	26.82	30.95	40.7	50.34
Change	-	58.62%	63.72%	24.48%	13.65%	15.39%	31.52%	23.69%
Nbr of stocks (in thousands)	59,99,090	60,53,922	60,32,438	61,70,147	62,04,402	62,08,124	62,08,124	62,08,124
Announcement Date	27/04/21	26/04/22	26/04/23	25/04/24	29/04/25	-	-	-