Bajaj Finance
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** Shares of India's Bajaj Finance BJFN.NS rise as much as 5% to 995.80 rupees; stock last up 2.4%
** Indian non-bank lender says assets under management grew by more than a quarter to around 5.85 trillion rupees ($60.75 billion) as of September 30
** More than 11 million shares change hands, about 1.9x the 30-day average volume
** Stock rated "buy" on average by 34 analysts; median PT is 1,215 rupees - LSEG compiled data
** Stock down 1.5% YTD
($1 = 96.2950 Indian rupees)
(Reporting by Payel Das in Bengaluru)
** Shares of India's Bajaj Finance BJFN.NS rise as much as 5% to 995.80 rupees; stock last up 2.4%
** Indian non-bank lender says assets under management grew by more than a quarter to around 5.85 trillion rupees ($60.75 billion) as of September 30
** More than 11 million shares change hands, about 1.9x the 30-day average volume
** Stock rated "buy" on average by 34 analysts; median PT is 1,215 rupees - LSEG compiled data
** Stock down 1.5% YTD
($1 = 96.2950 Indian rupees)
(Reporting by Payel Das in Bengaluru)
Bajaj Finance's board approved raising up to Rs 11,700 crore through a qualified institutions placement of equity shares of face value of Re 1 each. It also approved a preferential issue of warrants convertible into equivalent equity shares for up to Rs 5,800 crore to promoter Bajaj Finserv Limited, with a minimum 25% payable on allotment and the balance on conversion within eighteen months. An extraordinary general meeting was to be convened to seek shareholder approval for both proposals. Consolidated assets under management stood at Rs 546,944 crore at the end of June, with a customer franchise of 124.43 million. Consolidated net profit was Rs 6,081 crore in the June quarter, with consolidated net worth of Rs 120,398 crore. Capital adequacy stood at 20.90% with Tier-1 at 20.01%, and domestic long-term ratings were AAA with a stable outlook.
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Bajaj Finance's board approved raising up to Rs 11,700 crore through a qualified institutions placement of equity shares of face value of Re 1 each. It also approved a preferential issue of warrants convertible into equivalent equity shares for up to Rs 5,800 crore to promoter Bajaj Finserv Limited, with a minimum 25% payable on allotment and the balance on conversion within eighteen months. An extraordinary general meeting was to be convened to seek shareholder approval for both proposals. Consolidated assets under management stood at Rs 546,944 crore at the end of June, with a customer franchise of 124.43 million. Consolidated net profit was Rs 6,081 crore in the June quarter, with consolidated net worth of Rs 120,398 crore. Capital adequacy stood at 20.90% with Tier-1 at 20.01%, and domestic long-term ratings were AAA with a stable outlook.
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Bajaj Finance said its board would meet on 1 October 2026 to consider raising funds through methods including a preferential issue and a qualified institutions placement, subject to regulatory and shareholder approvals. The lender reported consolidated assets under management of Rs 5,46,944 crore at the end of June and a customer franchise of 124.43 million. Consolidated total income was about Rs 81,990 crore in fiscal 2026. Capital adequacy stood at 20.90% with Tier-1 capital at 20.01% at the end of June. It allotted Rs 5,000 crore of secured non-convertible debentures in late August.
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Bajaj Finance said its board would meet on 1 October 2026 to consider raising funds through methods including a preferential issue and a qualified institutions placement, subject to regulatory and shareholder approvals. The lender reported consolidated assets under management of Rs 5,46,944 crore at the end of June and a customer franchise of 124.43 million. Consolidated total income was about Rs 81,990 crore in fiscal 2026. Capital adequacy stood at 20.90% with Tier-1 capital at 20.01% at the end of June. It allotted Rs 5,000 crore of secured non-convertible debentures in late August.
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** Non-bank lenders Bajaj Finance BJFN.NS and L&T Finance LTFL.NS rise as much as 3.2% and 2.6%
** BJFN leads financials .NIFTYFIN, which is up 0.6%
** UBS hikes BJFN rating to "neutral" from "sell", PT to 1,100 rupees from 910 rupees
** LTFL upgraded to "buy" from "neutral"; PT raised to 380 rupees from 350 rupees
** Expects cyclical earnings upgrades on yield-accretive growth and strong asset quality, while flagging demanding valuations
** Projects LTFL to post faster personal loan growth and improvement in return-on-assets to 3%
** 34 analysts rate BJFN "buy" on avg, median PT at 1,230 rupees - LSEG-compiled data
** 19 analysts rate LTFL "buy" on avg, median PT at 370 rupees - LSEG-compiled data
** YTD, BJFN up 5% vs LTFL 1.7% decline vs .NIFTYFIN's 7.4% fall
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Non-bank lenders Bajaj Finance BJFN.NS and L&T Finance LTFL.NS rise as much as 3.2% and 2.6%
** BJFN leads financials .NIFTYFIN, which is up 0.6%
** UBS hikes BJFN rating to "neutral" from "sell", PT to 1,100 rupees from 910 rupees
** LTFL upgraded to "buy" from "neutral"; PT raised to 380 rupees from 350 rupees
** Expects cyclical earnings upgrades on yield-accretive growth and strong asset quality, while flagging demanding valuations
** Projects LTFL to post faster personal loan growth and improvement in return-on-assets to 3%
** 34 analysts rate BJFN "buy" on avg, median PT at 1,230 rupees - LSEG-compiled data
** 19 analysts rate LTFL "buy" on avg, median PT at 370 rupees - LSEG-compiled data
** YTD, BJFN up 5% vs LTFL 1.7% decline vs .NIFTYFIN's 7.4% fall
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
MUMBAI, Sept 8 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 20.50 billion rupees ($216.51 million) for the reissue of 8.07% 2030 bonds, three bankers said on Tuesday.
It will offer a yield of 8.09% to investors, they said, adding that the company had invited bids for the issue on Monday.
Bajaj Finance did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 8:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 3 year and 6 months | 8.09 (yield) | 20.50 | September 7 | |
Larsen & Toubro | 3 years | 7.40 | 5 | September 9 | AAA (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 94.6825 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)
MUMBAI, Sept 8 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 20.50 billion rupees ($216.51 million) for the reissue of 8.07% 2030 bonds, three bankers said on Tuesday.
It will offer a yield of 8.09% to investors, they said, adding that the company had invited bids for the issue on Monday.
Bajaj Finance did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on September 8:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 3 year and 6 months | 8.09 (yield) | 20.50 | September 7 | |
Larsen & Toubro | 3 years | 7.40 | 5 | September 9 | AAA (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 94.6825 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng)
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 31 (Reuters Breakingviews) - India's largest private bank by assets has a chance to restore some lost credibility. HDFC Bank HDBK.NS CEO Sashidhar Jagdishan on Saturday unexpectedly ruled out staying for a third three-year term at the helm once his current tenure ends in October. As the $115 billion lender's governance woes start to look persistent, his departure gives its board a chance to bring in an outsider to shake things up.
HDFC has been in the wars of late. In March, Chair Atanu Chakraborty suddenly resigned, citing ethical differences with the bank. Last month, the board fined Jagdishan and other senior executives for "business overreach" in deposit pricing; within three weeks a group of U.S.-based investors filed a class-action lawsuit against the lender, alleging it failed to properly disclose information about the incident.
These challenges had weakened Jagdishan's chances of staying on, as it was not clear he'd get the nod from the central bank, which has an effective veto over bank CEO appointments. They certainly overshadowed his achievements. A long-time insider, 61-year-old Jagdishan prioritised improvements to HDFC's technology and customer service; oversaw the merger of HDFC Bank with its mortgage-lender parent, which involved layers of employee integration and a complex realignment of assets and liabilities; and he upgraded the bank's digital capabilities enough to reverse crippling business curbs imposed by the central bank months after he took charge.
Yet internal problems and thinning net interest margins have taken their toll: the stock has fallen 27% from its high at the end of last year, reducing the bank's annualised total return during Jagdishan's tenure to just 4.5%, a quarter of the Nifty Bank index.
After more than 30 years of insiders running the shop, hiring the next CEO from outside the lender's executive ranks makes sense. Amitabh Chaudhry, who leads $41 billion Axis Bank AXBK.NS and has presided over an asset-quality turnaround and an acquisition of Citi's local consumer business, would be a strong contender. As would Bajaj Finance BJFN.NS Vice Chair Rajeev Jain, whose experience building scale would suit HDFC's needs, too.
The bank might suggest Deputy Managing Director Kaizad Bharucha and an external candidate for the central bank to consider, Reuters reported, citing sources. Between the two choices, the lender stands to gain less from the continuity an insider would bring than from the needed shake-up an external appointment might be more willing to instigate.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
HDFC Bank is likely to name Deputy Managing Director Kaizad Bharucha as one of two options for its next CEO after incumbent Sashidhar Jagdishan retires at the end of his second term in October, Reuters reported on August 30, citing two unnamed people familiar with the matter.
The bank on August 29 said Jagdishan had decided not to seek re-appointment to the role. His second three-year term ends on October 26. "The Board decided to fast-track the process for selection and appointment of his successor well within time," HDFC said in a filing.
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Aug 31 (Reuters Breakingviews) - India's largest private bank by assets has a chance to restore some lost credibility. HDFC Bank HDBK.NS CEO Sashidhar Jagdishan on Saturday unexpectedly ruled out staying for a third three-year term at the helm once his current tenure ends in October. As the $115 billion lender's governance woes start to look persistent, his departure gives its board a chance to bring in an outsider to shake things up.
HDFC has been in the wars of late. In March, Chair Atanu Chakraborty suddenly resigned, citing ethical differences with the bank. Last month, the board fined Jagdishan and other senior executives for "business overreach" in deposit pricing; within three weeks a group of U.S.-based investors filed a class-action lawsuit against the lender, alleging it failed to properly disclose information about the incident.
These challenges had weakened Jagdishan's chances of staying on, as it was not clear he'd get the nod from the central bank, which has an effective veto over bank CEO appointments. They certainly overshadowed his achievements. A long-time insider, 61-year-old Jagdishan prioritised improvements to HDFC's technology and customer service; oversaw the merger of HDFC Bank with its mortgage-lender parent, which involved layers of employee integration and a complex realignment of assets and liabilities; and he upgraded the bank's digital capabilities enough to reverse crippling business curbs imposed by the central bank months after he took charge.
Yet internal problems and thinning net interest margins have taken their toll: the stock has fallen 27% from its high at the end of last year, reducing the bank's annualised total return during Jagdishan's tenure to just 4.5%, a quarter of the Nifty Bank index.
After more than 30 years of insiders running the shop, hiring the next CEO from outside the lender's executive ranks makes sense. Amitabh Chaudhry, who leads $41 billion Axis Bank AXBK.NS and has presided over an asset-quality turnaround and an acquisition of Citi's local consumer business, would be a strong contender. As would Bajaj Finance BJFN.NS Vice Chair Rajeev Jain, whose experience building scale would suit HDFC's needs, too.
The bank might suggest Deputy Managing Director Kaizad Bharucha and an external candidate for the central bank to consider, Reuters reported, citing sources. Between the two choices, the lender stands to gain less from the continuity an insider would bring than from the needed shake-up an external appointment might be more willing to instigate.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
HDFC Bank is likely to name Deputy Managing Director Kaizad Bharucha as one of two options for its next CEO after incumbent Sashidhar Jagdishan retires at the end of his second term in October, Reuters reported on August 30, citing two unnamed people familiar with the matter.
The bank on August 29 said Jagdishan had decided not to seek re-appointment to the role. His second three-year term ends on October 26. "The Board decided to fast-track the process for selection and appointment of his successor well within time," HDFC said in a filing.
(Editing by Antony Currie; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
Aug 27 (Reuters) - Bajaj Finance Ltd BJFN.NS:
LIC - LIC SUBSCRIBES 500,000 NCDS OF BAJAJ FINANCE FOR 50 BILLION RUPEES
Source text: ID:nBSE1yWwJn
Further company coverage: BJFN.NS
(([email protected];;))
Aug 27 (Reuters) - Bajaj Finance Ltd BJFN.NS:
LIC - LIC SUBSCRIBES 500,000 NCDS OF BAJAJ FINANCE FOR 50 BILLION RUPEES
Source text: ID:nBSE1yWwJn
Further company coverage: BJFN.NS
(([email protected];;))
MUMBAI, Aug 25 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 50 billion rupees ($524.04 million) for bonds maturing in 10 years, three bankers said on Tuesday.
The non-banking financial company will pay an annual coupon of 8.15% to the investors of this issue, and had bids earlier in the day, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 25:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 10 years | 8.15 | 50 | August 25 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 95.4125 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Maju Samuel)
MUMBAI, Aug 25 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 50 billion rupees ($524.04 million) for bonds maturing in 10 years, three bankers said on Tuesday.
The non-banking financial company will pay an annual coupon of 8.15% to the investors of this issue, and had bids earlier in the day, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 25:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 10 years | 8.15 | 50 | August 25 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 95.4125 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Maju Samuel)
MUMBAI, Aug 24 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 60 billion rupees ($627.02 million) through sale of bonds maturing in 10 years, three bankers said on Monday.
The non-banking finance company has invited coupon and commitment bids from bankers and investors on Tuesday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 10 years | To be decided | 20+40 | August 25 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 95.6900 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Subhranshu Sahu)
MUMBAI, Aug 24 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 60 billion rupees ($627.02 million) through sale of bonds maturing in 10 years, three bankers said on Monday.
The non-banking finance company has invited coupon and commitment bids from bankers and investors on Tuesday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 10 years | To be decided | 20+40 | August 25 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 95.6900 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Subhranshu Sahu)
** Non-bank lender Bajaj Finance's shares BJFN.NS rise about 2% to 1,101.20 rupees
** Nomura ("buy") raises PT to 1,270 rupees from 1,140 rupees, implying 17.6% upside in next 12 months
** Says clarity on the definition of revolving credit is critical for non-bank lenders, noting the negotiations between shadow banks and RBI
** Attributes elevated competition as the reason for slowing urban loan growth momentum, but lifts assets under management (AUM) growth and net profit estimates over FY2027-29
** Average rating of 35 analysts tracking BJFN is "buy"; median PT is 1,200 rupees - LSEG-compiled data
** YTD, BJFN up 11%, outperforming 5% drop in financials .NIFTYFIN and 7.4% slide in Nifty 50 .NSEI
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Non-bank lender Bajaj Finance's shares BJFN.NS rise about 2% to 1,101.20 rupees
** Nomura ("buy") raises PT to 1,270 rupees from 1,140 rupees, implying 17.6% upside in next 12 months
** Says clarity on the definition of revolving credit is critical for non-bank lenders, noting the negotiations between shadow banks and RBI
** Attributes elevated competition as the reason for slowing urban loan growth momentum, but lifts assets under management (AUM) growth and net profit estimates over FY2027-29
** Average rating of 35 analysts tracking BJFN is "buy"; median PT is 1,200 rupees - LSEG-compiled data
** YTD, BJFN up 11%, outperforming 5% drop in financials .NIFTYFIN and 7.4% slide in Nifty 50 .NSEI
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Aug 18 (Reuters) - Bajaj Finance Ltd BJFN.NS:
ALLOTTED NCDS AGGREGATING TO 4.98 BILLION RUPEES
Source text: ID:nBSE5lPSwv
Further company coverage: BJFN.NS
(([email protected];;))
Aug 18 (Reuters) - Bajaj Finance Ltd BJFN.NS:
ALLOTTED NCDS AGGREGATING TO 4.98 BILLION RUPEES
Source text: ID:nBSE5lPSwv
Further company coverage: BJFN.NS
(([email protected];;))
MUMBAI, Aug 14 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 20 billion rupees ($209.68 million), through the reissue of 7.79% April 2036 bonds, three bankers said on Friday.
The non-banking finance company has invited bids for the issue on Monday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 14:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 9 years and 8 months | To be decided | 5+15 | August 17 | AAA (Crisil |
*Size includes base plus greenshoe for some issues
($1 = 95.3825 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Priyanka G)
MUMBAI, Aug 14 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 20 billion rupees ($209.68 million), through the reissue of 7.79% April 2036 bonds, three bankers said on Friday.
The non-banking finance company has invited bids for the issue on Monday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 14:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 9 years and 8 months | To be decided | 5+15 | August 17 | AAA (Crisil |
*Size includes base plus greenshoe for some issues
($1 = 95.3825 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Priyanka G)
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, August 13 (Reuters Breakingviews) - Never underestimate Mukesh Ambani's ability to find marquee foreign investors to back his vast empire. His latest champion is Bank of America BAC.N, which on Wednesday said it would buy 49.9% of Jio Credit, the lending unit of the tycoon's Jio Financial Services JIOF.NS, for up to $1.9 billion. The unusual deal is a bet on India's under-penetrated credit market, but also on Ambani's reputation for disruption.
The bank run by Brian Moynihan will pay 66.13 billion rupees ($693.33 million) in cash for a 26.5% stake in the subsidiary of the $18 billion Jio Financial, with the rest coming in the form of warrants convertible within 18 months. Besides growth capital, the Wall Street major can offer Jio Credit the benefit of its risk management know-how, similar to BlackRock's BLK.N partnership with the Indian group in asset management, and Allianz's ALVG.DE in insurance.
It also makes sense for BofA to follow companies into a fast-growing market. Multinational businesses including Apple AAPL.O and chipmaker Micron Technology MU.O are doubling down on manufacturing in the world's most populous country. The partnership could help Jio Credit tap some of BofA's global clients, while also allowing the American bank to do more business with them.
The transaction values Ambani's fledgling lending business at 2.5 times its post-money net book value. For BofA, that makes the deal an inexpensive pathway into India's booming credit market. For comparison, Jio Credit's $71 billion rival Bajaj Finance BJFN.NS, which boasts a loan book 18 times as large as the former's $3.2 billion, trades at 4.7 times its one-year forward book value, according to LSEG data.
The deal is unusual in one sense: there are few clear precedents from BofA's perspective, aside from a historic stake in China Construction Bank 601939.SS, which it inherited from Merrill Lynch and exited in 2013. It suggests a long-term wager on Ambani, who has reoriented India's telecom sector and is now aiming to replicate that success in financial services. Early signs are encouraging: Jio Credit more than doubled its loan book during the financial year ended March 31.
Nor can it hurt BofA's broader India businesses to have a deeper association with the empire of Ambani, whose businesses from digital communications to consumer retail are getting closer to their public debuts. BofA is rebuilding its local investment banking team and leaving behind an insider trading probe from 2024, which it settled with authorities in May without admitting or denying the findings, according to the regulator's statement.
Ambani's newest cross-border partner is going in with little to lose and a whole new market to win.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Bank of America will buy a 49.9% stake for up to $1.9 billion in Jio Credit, the non-bank lending unit of Jio Financial Services, the two firms said on August 12.
The U.S. bank will pay 66.13 billion rupees in cash ($693.33 million) for a 26.5% stake in the Indian lender. The rest of the investment will be in the form of warrants convertible within 18 months from the date of allotment.
(Editing by Liam Proud; Production by Aditya Srivastav and Streisand Neto)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, August 13 (Reuters Breakingviews) - Never underestimate Mukesh Ambani's ability to find marquee foreign investors to back his vast empire. His latest champion is Bank of America BAC.N, which on Wednesday said it would buy 49.9% of Jio Credit, the lending unit of the tycoon's Jio Financial Services JIOF.NS, for up to $1.9 billion. The unusual deal is a bet on India's under-penetrated credit market, but also on Ambani's reputation for disruption.
The bank run by Brian Moynihan will pay 66.13 billion rupees ($693.33 million) in cash for a 26.5% stake in the subsidiary of the $18 billion Jio Financial, with the rest coming in the form of warrants convertible within 18 months. Besides growth capital, the Wall Street major can offer Jio Credit the benefit of its risk management know-how, similar to BlackRock's BLK.N partnership with the Indian group in asset management, and Allianz's ALVG.DE in insurance.
It also makes sense for BofA to follow companies into a fast-growing market. Multinational businesses including Apple AAPL.O and chipmaker Micron Technology MU.O are doubling down on manufacturing in the world's most populous country. The partnership could help Jio Credit tap some of BofA's global clients, while also allowing the American bank to do more business with them.
The transaction values Ambani's fledgling lending business at 2.5 times its post-money net book value. For BofA, that makes the deal an inexpensive pathway into India's booming credit market. For comparison, Jio Credit's $71 billion rival Bajaj Finance BJFN.NS, which boasts a loan book 18 times as large as the former's $3.2 billion, trades at 4.7 times its one-year forward book value, according to LSEG data.
The deal is unusual in one sense: there are few clear precedents from BofA's perspective, aside from a historic stake in China Construction Bank 601939.SS, which it inherited from Merrill Lynch and exited in 2013. It suggests a long-term wager on Ambani, who has reoriented India's telecom sector and is now aiming to replicate that success in financial services. Early signs are encouraging: Jio Credit more than doubled its loan book during the financial year ended March 31.
Nor can it hurt BofA's broader India businesses to have a deeper association with the empire of Ambani, whose businesses from digital communications to consumer retail are getting closer to their public debuts. BofA is rebuilding its local investment banking team and leaving behind an insider trading probe from 2024, which it settled with authorities in May without admitting or denying the findings, according to the regulator's statement.
Ambani's newest cross-border partner is going in with little to lose and a whole new market to win.
Follow Shritama Bose on LinkedIn and X.
CONTEXT NEWS
Bank of America will buy a 49.9% stake for up to $1.9 billion in Jio Credit, the non-bank lending unit of Jio Financial Services, the two firms said on August 12.
The U.S. bank will pay 66.13 billion rupees in cash ($693.33 million) for a 26.5% stake in the Indian lender. The rest of the investment will be in the form of warrants convertible within 18 months from the date of allotment.
(Editing by Liam Proud; Production by Aditya Srivastav and Streisand Neto)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
By Bharath Rajeswaran
Aug 7 (Reuters) - India's market outlook is strengthening as bank credit growth reaches its fastest pace in more than a decade, foreign equity inflows return and central bank measures support the rupee, according to Jefferies.
"There are some positives to be aware of as regards the Indian domestic story," Christopher Wood, Jefferies' global head of equity strategy, said in his latest GREED & fear note published on Friday.
Against this backdrop, Jefferies has reshaped its India long-only portfolio. HDFC Bank HDBK.NS, India's largest private lender and the heaviest stock in benchmark indexes, is being removed alongside PolicyBazaar-owner PB Fintech PBFI.NS.
MCX MCEI.NS and Lenskart Solutions LENS.NS will replace them, while REC RECM.NS makes way for Bajaj Finance BJFN.NS. Eternal's ETEA.NS allocation rises by one percentage point, funded by a reduction in Bharti Airtel BRTI.NS.
Foreign investors bought a net $2.12 billion of domestic equities in July as India benefited from the unwind out of the memory chip trade. However, they remain net sellers for the year, with outflows totaling $25.86 billion, according to National Securities Depository.
The more important signal, Wood said, is the acceleration in domestic lending, which has climbed to 17–18% year-on-year, led by corporate lending of about 20%. Loans to agriculture and retail borrowers are also expanding at healthy rates, underscoring broad-based demand.
Policy-driven inflows are adding a macro cushion. The Reserve Bank of India's foreign-currency inflow scheme, including non-resident deposits, external commercial borrowings and foreign-currency bonds, had mobilized about $41 billion by the end of July, and Jefferies expects inflows to reach $80 billion–$100 billion by the September 30 deadline.
The removal of tax on interest income on foreign purchases of government bonds has also generated $8.7 billion in net inflows since early June, per exchange data.
"All this increases the likelihood that the rupee should stabilise," Wood said. The currency recovered to 95.17 per U.S. dollar, as of July 31, from a low of 96.96 in May.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9769003463;))
By Bharath Rajeswaran
Aug 7 (Reuters) - India's market outlook is strengthening as bank credit growth reaches its fastest pace in more than a decade, foreign equity inflows return and central bank measures support the rupee, according to Jefferies.
"There are some positives to be aware of as regards the Indian domestic story," Christopher Wood, Jefferies' global head of equity strategy, said in his latest GREED & fear note published on Friday.
Against this backdrop, Jefferies has reshaped its India long-only portfolio. HDFC Bank HDBK.NS, India's largest private lender and the heaviest stock in benchmark indexes, is being removed alongside PolicyBazaar-owner PB Fintech PBFI.NS.
MCX MCEI.NS and Lenskart Solutions LENS.NS will replace them, while REC RECM.NS makes way for Bajaj Finance BJFN.NS. Eternal's ETEA.NS allocation rises by one percentage point, funded by a reduction in Bharti Airtel BRTI.NS.
Foreign investors bought a net $2.12 billion of domestic equities in July as India benefited from the unwind out of the memory chip trade. However, they remain net sellers for the year, with outflows totaling $25.86 billion, according to National Securities Depository.
The more important signal, Wood said, is the acceleration in domestic lending, which has climbed to 17–18% year-on-year, led by corporate lending of about 20%. Loans to agriculture and retail borrowers are also expanding at healthy rates, underscoring broad-based demand.
Policy-driven inflows are adding a macro cushion. The Reserve Bank of India's foreign-currency inflow scheme, including non-resident deposits, external commercial borrowings and foreign-currency bonds, had mobilized about $41 billion by the end of July, and Jefferies expects inflows to reach $80 billion–$100 billion by the September 30 deadline.
The removal of tax on interest income on foreign purchases of government bonds has also generated $8.7 billion in net inflows since early June, per exchange data.
"All this increases the likelihood that the rupee should stabilise," Wood said. The currency recovered to 95.17 per U.S. dollar, as of July 31, from a low of 96.96 in May.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9769003463;))
MUMBAI, Aug 6 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 20 billion rupees ($210.22 million) through the sale of bonds maturing in three years and three months, three bankers said on Thursday.
The non-banking finance company has invited coupon and commitment bids for the issue on Friday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 3 years and 3 months | To be decided | 5+15 | August 7 | AAA(Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 95.1400 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
MUMBAI, Aug 6 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise 20 billion rupees ($210.22 million) through the sale of bonds maturing in three years and three months, three bankers said on Thursday.
The non-banking finance company has invited coupon and commitment bids for the issue on Friday, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on August 6:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 3 years and 3 months | To be decided | 5+15 | August 7 | AAA(Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 95.1400 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
July 31 (Reuters) - Shares of India's Bajaj Finance BJFN.NS jumped to an all-time high on Friday, rising about 7% to 1,127 rupees, as the non-bank lender's first-quarter beat estimates across metrics.
At least five brokerages raised their target prices after the company reported results on Thursday.
(Reporting by Abhirami G in Bengaluru; Editing by Sherry Jacob-Phillips)
July 31 (Reuters) - Shares of India's Bajaj Finance BJFN.NS jumped to an all-time high on Friday, rising about 7% to 1,127 rupees, as the non-bank lender's first-quarter beat estimates across metrics.
At least five brokerages raised their target prices after the company reported results on Thursday.
(Reporting by Abhirami G in Bengaluru; Editing by Sherry Jacob-Phillips)
Rewrites paragraph 1, adds credit cost in paragraph 7,8
BENGALURU, July 30 (Reuters) - India's Bajaj Finance BJFN.NS posted a bigger-than-expected first-quarter profit on Thursday, helped by strong loan growth and improving asset quality.
The non-banking financial company reported a 28% year-on-year rise in consolidated profit after tax to 60.81 billion rupees for the quarter ended June 30, compared with analysts' expectation of a profit of 58.56 billion rupees, per data compiled by LSEG.
The lender benefited from robust retail credit demand, with assets under management in newer segments such as gold loans and tractor financing doubling from a year earlier.
Overall assets under management grew 24% from a year earlier, the fastest pace in three quarters.
Bajaj Finance's net interest income -- the difference between interest earned on credit and paid on borrowings -- rose 23% to 125.71 billion rupees.
The lender also continued to adopt a more cautious lending approach in segments like micro, small, and medium-sized enterprises (MSMEs) after grappling with higher delinquencies there.
As a result, its credit cost, a measure of provisions set aside for potential loan losses, improved to 1.54% in the first quarter from 1.65% three months ago and 1.87% a year earlier.
The company also set aside an additional 2.96 billion rupees as prudent macroeconomic provisions during the quarter. Excluding these provisions, credit cost was 1.31%, it said.
Its gross non-performing asset ratio improved to 0.96%, compared with 1.01% in the previous quarter and 1.03% a year earlier.
(Reporting by Nishit Navin; Editing by Ronojoy Mazumdar and Nivedita Bhattacharjee)
(([email protected];))
Rewrites paragraph 1, adds credit cost in paragraph 7,8
BENGALURU, July 30 (Reuters) - India's Bajaj Finance BJFN.NS posted a bigger-than-expected first-quarter profit on Thursday, helped by strong loan growth and improving asset quality.
The non-banking financial company reported a 28% year-on-year rise in consolidated profit after tax to 60.81 billion rupees for the quarter ended June 30, compared with analysts' expectation of a profit of 58.56 billion rupees, per data compiled by LSEG.
The lender benefited from robust retail credit demand, with assets under management in newer segments such as gold loans and tractor financing doubling from a year earlier.
Overall assets under management grew 24% from a year earlier, the fastest pace in three quarters.
Bajaj Finance's net interest income -- the difference between interest earned on credit and paid on borrowings -- rose 23% to 125.71 billion rupees.
The lender also continued to adopt a more cautious lending approach in segments like micro, small, and medium-sized enterprises (MSMEs) after grappling with higher delinquencies there.
As a result, its credit cost, a measure of provisions set aside for potential loan losses, improved to 1.54% in the first quarter from 1.65% three months ago and 1.87% a year earlier.
The company also set aside an additional 2.96 billion rupees as prudent macroeconomic provisions during the quarter. Excluding these provisions, credit cost was 1.31%, it said.
Its gross non-performing asset ratio improved to 0.96%, compared with 1.01% in the previous quarter and 1.03% a year earlier.
(Reporting by Nishit Navin; Editing by Ronojoy Mazumdar and Nivedita Bhattacharjee)
(([email protected];))
Q1 profit jumps 60% on loan growth, wider lending margins
Sees cost of new borrowings falling 50–60 bps after ratings upgrades
Flags rural demand, geopolitics and MSME tariffs as key risks
Rewrites throughout with management commentary
By Surbhi Misra
July 24 (Reuters) - India's Shriram Finance SHMF.NS expects borrowing costs to ease further following recent domestic credit ratings upgrades, after lower funding costs helped the non-bank lender post a jump in quarterly profit.
The lender's standalone profit rose 59.79% during the quarter to 34.45 billion rupees ($357.05 million), helped by a bigger loan book and wider lending margins as funding costs eased.
"Incremental cost of funds will be around 50 to 60 basis points lower compared with the previous quarter," Managing Director Parag Sharma told Reuters in a post-earnings interview, adding that the benefit would translate into lower interest costs.
However, rural demand, geopolitical developments and the impact of tariffs on small businesses remained key risks to the outlook, Sharma added.
Analysts expect Indian non-bank lenders to report strong June-quarter earnings, supported by resilient credit demand, healthy collections and easing funding costs despite seasonal weakness.
Mahindra & Mahindra Financial Services MMFS.NS posted a 69.7% jump in quarterly profit earlier this week, while larger peer Bajaj Finance BJFN.NS is due to report results next week.
Shriram Finance's assets under management rose 15.26% year-on-year to 3.14 trillion rupees, led by growth in commercial and passenger vehicle loans, along with MSME loans.
Its net interest income — the difference between interest earned on loans and paid on borrowings — rose 33.67% to 80.56 billion rupees, while net interest margin expanded to 9.04% from 8.61% in the preceding quarter and 8.11% a year earlier.
"The margin was slightly above 9% because of investment income," Sharma said, referring to income earned from temporarily deploying proceeds from the company's recent equity infusion. "Long term, we will still target around 8.5%."
The company's gross stage 3 assets, or loans overdue for more than 90 days, stood at 4.64% of total loans, compared with 4.58% in the preceding quarter.
($1 = 96.4850 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru; Editing by Ronojoy Mazumdar and Vijay Kishore)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
Q1 profit jumps 60% on loan growth, wider lending margins
Sees cost of new borrowings falling 50–60 bps after ratings upgrades
Flags rural demand, geopolitics and MSME tariffs as key risks
Rewrites throughout with management commentary
By Surbhi Misra
July 24 (Reuters) - India's Shriram Finance SHMF.NS expects borrowing costs to ease further following recent domestic credit ratings upgrades, after lower funding costs helped the non-bank lender post a jump in quarterly profit.
The lender's standalone profit rose 59.79% during the quarter to 34.45 billion rupees ($357.05 million), helped by a bigger loan book and wider lending margins as funding costs eased.
"Incremental cost of funds will be around 50 to 60 basis points lower compared with the previous quarter," Managing Director Parag Sharma told Reuters in a post-earnings interview, adding that the benefit would translate into lower interest costs.
However, rural demand, geopolitical developments and the impact of tariffs on small businesses remained key risks to the outlook, Sharma added.
Analysts expect Indian non-bank lenders to report strong June-quarter earnings, supported by resilient credit demand, healthy collections and easing funding costs despite seasonal weakness.
Mahindra & Mahindra Financial Services MMFS.NS posted a 69.7% jump in quarterly profit earlier this week, while larger peer Bajaj Finance BJFN.NS is due to report results next week.
Shriram Finance's assets under management rose 15.26% year-on-year to 3.14 trillion rupees, led by growth in commercial and passenger vehicle loans, along with MSME loans.
Its net interest income — the difference between interest earned on loans and paid on borrowings — rose 33.67% to 80.56 billion rupees, while net interest margin expanded to 9.04% from 8.61% in the preceding quarter and 8.11% a year earlier.
"The margin was slightly above 9% because of investment income," Sharma said, referring to income earned from temporarily deploying proceeds from the company's recent equity infusion. "Long term, we will still target around 8.5%."
The company's gross stage 3 assets, or loans overdue for more than 90 days, stood at 4.64% of total loans, compared with 4.58% in the preceding quarter.
($1 = 96.4850 Indian rupees)
(Reporting by Surbhi Misra in Bengaluru; Editing by Ronojoy Mazumdar and Vijay Kishore)
(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))
MUMBAI, July 22 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 11.40 billion rupees ($118.08 million) for the reissue of its 7.93% June 2029 bond, three bankers said on Wednesday.
It will offer a yield of 7.85% and had invited commitment bids for the issue earlier in the day, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on July 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance 7.93% June 2029 bond | 2 years and 11 months | 7.85(yield) | 11.40 | July 22 | AAA(Crisil) |
Aditya Birla Capital 8.70% July 2029 Reissue | 2 years 11 months and 10 days | To be decided | 1+2.5 | July 23 | AAA (Crisil, Icra) |
Aditya Birla Capital 8.10% September 2029 Reissue | 3 years and 1 month and 14 days | To be decided | 1.5+7.5 | July 23 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 96.5450 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Priyanka.G)
MUMBAI, July 22 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 11.40 billion rupees ($118.08 million) for the reissue of its 7.93% June 2029 bond, three bankers said on Wednesday.
It will offer a yield of 7.85% and had invited commitment bids for the issue earlier in the day, they said.
The company did not respond to a Reuters email seeking comment.
Here is the list of deals reported so far on July 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance 7.93% June 2029 bond | 2 years and 11 months | 7.85(yield) | 11.40 | July 22 | AAA(Crisil) |
Aditya Birla Capital 8.70% July 2029 Reissue | 2 years 11 months and 10 days | To be decided | 1+2.5 | July 23 | AAA (Crisil, Icra) |
Aditya Birla Capital 8.10% September 2029 Reissue | 3 years and 1 month and 14 days | To be decided | 1.5+7.5 | July 23 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 96.5450 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Priyanka.G)
MUMBAI, July 21 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise up to 20 billion rupees ($207.82 million), including a greenshoe option of 10 billion rupees, through the sale of bonds maturing in 2 years and 11 months, three bankers said on Tuesday.
It will pay a coupon of 7.93% and has invited commitment bids for the issue on Wednesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on July 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 2 years and 11 months | 7.93 | 10+10 | July 22 | |
HDB Financial Services Reissue of 8.2301% July 2029 bond | 3 years | 7.75 (yield) | 4+6 | July 22 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 96.2350 Indian rupees)
(Reporting by Khushi Malhotra)
MUMBAI, July 21 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise up to 20 billion rupees ($207.82 million), including a greenshoe option of 10 billion rupees, through the sale of bonds maturing in 2 years and 11 months, three bankers said on Tuesday.
It will pay a coupon of 7.93% and has invited commitment bids for the issue on Wednesday, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on July 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 2 years and 11 months | 7.93 | 10+10 | July 22 | |
HDB Financial Services Reissue of 8.2301% July 2029 bond | 3 years | 7.75 (yield) | 4+6 | July 22 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 96.2350 Indian rupees)
(Reporting by Khushi Malhotra)
MUMBAI, July 3 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth an aggregate 53.05 billion rupees ($556.66 million) for bonds maturing in three years and three months, and in 10 years, three bankers said on Friday.
The company will pay a coupon of 7.70% and 7.79% on these issues, and had invited bids earlier in the day, they said.
The company did not immediately respond to a Reuters request for comment.
Here is the list of deals reported so far on July 3:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 3 years and 3 months | 7.70 | 40 | July 3 | AAA (Crisil) |
Bajaj Finance | 10 years | 7.79 | 13.05 | July 3 | AAA (Crisil) |
NABARD | 3 years and 5 months | 7.16 | 80 | July 3 | AAA (Icra, Crisil) |
IIFCL | 4 years and 11 months | 7.25 | 18.48 | July 3 | AAA (Care, Icra) |
AB Capital | 9 years and 10 months | 8.2484 (yield) | 5.57 | July 3 | AAA (Crisil) |
NTPC Green Energy | 10 years | To be decided | 5+20 | July 7 | AAA (Crisil) |
Poonawalla Fincorp | 2 years and 4 months | 8.0568 | 5 | July 2 | AAA (Crisil) |
Sammaan Capital | 14 months | 8.03 | 8 | July 2 | AA+ (Crisil, Icra) |
Sammaan Capital | 20 months | 8.43 | 6 | July 2 | AA+ (Crisil, Icra) |
3 years and 1 month | 7.81 | 6 | July 2 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 95.2100 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
MUMBAI, July 3 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth an aggregate 53.05 billion rupees ($556.66 million) for bonds maturing in three years and three months, and in 10 years, three bankers said on Friday.
The company will pay a coupon of 7.70% and 7.79% on these issues, and had invited bids earlier in the day, they said.
The company did not immediately respond to a Reuters request for comment.
Here is the list of deals reported so far on July 3:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 3 years and 3 months | 7.70 | 40 | July 3 | AAA (Crisil) |
Bajaj Finance | 10 years | 7.79 | 13.05 | July 3 | AAA (Crisil) |
NABARD | 3 years and 5 months | 7.16 | 80 | July 3 | AAA (Icra, Crisil) |
IIFCL | 4 years and 11 months | 7.25 | 18.48 | July 3 | AAA (Care, Icra) |
AB Capital | 9 years and 10 months | 8.2484 (yield) | 5.57 | July 3 | AAA (Crisil) |
NTPC Green Energy | 10 years | To be decided | 5+20 | July 7 | AAA (Crisil) |
Poonawalla Fincorp | 2 years and 4 months | 8.0568 | 5 | July 2 | AAA (Crisil) |
Sammaan Capital | 14 months | 8.03 | 8 | July 2 | AA+ (Crisil, Icra) |
Sammaan Capital | 20 months | 8.43 | 6 | July 2 | AA+ (Crisil, Icra) |
3 years and 1 month | 7.81 | 6 | July 2 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 95.2100 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
Bajaj Finance reported a 24% year‑on‑year rise in assets under management to ₹5,46,900 crore as of 30 June 2026, adding ₹36,900 crore during the April‑June quarter. Customer franchise grew by 16.8% to 124.43 million, and new loans booked increased 20% to 16.13 million compared with the same period last year. The deposit book stood at around ₹68,500 crore. The figures are provisional and subject to audit, giving investors a first look at the non‑bank lender’s operational performance for the first fiscal quarter.
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Bajaj Finance reported a 24% year‑on‑year rise in assets under management to ₹5,46,900 crore as of 30 June 2026, adding ₹36,900 crore during the April‑June quarter. Customer franchise grew by 16.8% to 124.43 million, and new loans booked increased 20% to 16.13 million compared with the same period last year. The deposit book stood at around ₹68,500 crore. The figures are provisional and subject to audit, giving investors a first look at the non‑bank lender’s operational performance for the first fiscal quarter.
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July 2 (Reuters) - Bajaj Finance Ltd BJFN.NS:
BAJAJ FINANCE - AUM GREW BY 24% Y/Y AS OF 30 JUNE 2026
BAJAJ FINANCE - DEPOSITS BOOK STOOD AT 685 BILLION RUPEES AS OF 30 JUNE 2026
Source text: ID:nnAZN4T5OEP
Further company coverage: BJFN.NS
(([email protected];))
July 2 (Reuters) - Bajaj Finance Ltd BJFN.NS:
BAJAJ FINANCE - AUM GREW BY 24% Y/Y AS OF 30 JUNE 2026
BAJAJ FINANCE - DEPOSITS BOOK STOOD AT 685 BILLION RUPEES AS OF 30 JUNE 2026
Source text: ID:nnAZN4T5OEP
Further company coverage: BJFN.NS
(([email protected];))
MUMBAI, June 17 (Reuters) - India's Bajaj Finance BJFN.NS accepted bids worth 13.90 billion rupees ($147.28 million) for the reissue of 7.07% September 2028 bonds, three bankers said on Wednesday.
It will offer a yield of 7.80% and had invited commitment bids for the issue earlier in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance September Reissue | 2 years and 3 months | 7.80 (yield) | 13.90 | June 17 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 94.3775 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
MUMBAI, June 17 (Reuters) - India's Bajaj Finance BJFN.NS accepted bids worth 13.90 billion rupees ($147.28 million) for the reissue of 7.07% September 2028 bonds, three bankers said on Wednesday.
It will offer a yield of 7.80% and had invited commitment bids for the issue earlier in the day, they said.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on June 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance September Reissue | 2 years and 3 months | 7.80 (yield) | 13.90 | June 17 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 94.3775 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
By Dharamraj Dhutia
MUMBAI, June 11 (Reuters) - Indian companies are rushing to raise short-term debt after the central bank's measures to support the rupee triggered a sharp fall in borrowing costs, four merchant bankers said.
Companies, led by non-banking financial firms, are raising more than 310 billion rupees ($3.24 billion) through up to five-year bonds this week, the bankers said. The supply is one-third of what was raised in April and May, according to Reuters data.
The Reserve Bank of India on Friday announced a raft of measures aimed at drawing dollars into the country, including raising subsidised deposits and incentivising banks and state-run companies to raise funds overseas.
This has pushed corporate borrowing costs lower by 40-45 basis points, per LSEG benchmark 'AAA'-rated corporate bond yields of up to five years, while the spread over government bonds has narrowed.
Corporate bond yields had risen to their highest in seven years in May.
A rise in overseas borrowings could reduce the need for local debt supply, leading to a rally in bonds below five years, said Ajay Marwaha, head of fixed income markets at global wealth firm Nuvama.
State-run REC raised three-year funds at a coupon of 7.34% earlier this week, much lower than prevailing levels in the secondary market. NABARD, another state-run financial institution, raised funds for three years at 7.34% after cancelling a similar issue in May where rates could have touched nearly 8%.
Other major non-bank lenders lining up debt sales include Bajaj Finance BJFN.NS, Muthoot Finance MUTT.NS, Bajaj Housing Finance BAJO.NS and L&T Finance LTFL.NS, with planned issuances of 85 billion rupees, 27.5 billion rupees, 20 billion rupees and 15 billion rupees, respectively.
Despite the recent rally in bonds, investor appetite remains strong on expectations of further gains.
"Investors with a more than 18-month investment horizon are looking at corporate bond funds that present an attractive investment opportunity from a relative risk-reward perspective," said Puneet Pal, head of fixed income at PGIM India Asset Management.
($1 = 95.6950 Indian rupees)
India's shorter duration corporate bond yields tumble after RBI's FX measures https://reut.rs/4eyWol0
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, June 11 (Reuters) - Indian companies are rushing to raise short-term debt after the central bank's measures to support the rupee triggered a sharp fall in borrowing costs, four merchant bankers said.
Companies, led by non-banking financial firms, are raising more than 310 billion rupees ($3.24 billion) through up to five-year bonds this week, the bankers said. The supply is one-third of what was raised in April and May, according to Reuters data.
The Reserve Bank of India on Friday announced a raft of measures aimed at drawing dollars into the country, including raising subsidised deposits and incentivising banks and state-run companies to raise funds overseas.
This has pushed corporate borrowing costs lower by 40-45 basis points, per LSEG benchmark 'AAA'-rated corporate bond yields of up to five years, while the spread over government bonds has narrowed.
Corporate bond yields had risen to their highest in seven years in May.
A rise in overseas borrowings could reduce the need for local debt supply, leading to a rally in bonds below five years, said Ajay Marwaha, head of fixed income markets at global wealth firm Nuvama.
State-run REC raised three-year funds at a coupon of 7.34% earlier this week, much lower than prevailing levels in the secondary market. NABARD, another state-run financial institution, raised funds for three years at 7.34% after cancelling a similar issue in May where rates could have touched nearly 8%.
Other major non-bank lenders lining up debt sales include Bajaj Finance BJFN.NS, Muthoot Finance MUTT.NS, Bajaj Housing Finance BAJO.NS and L&T Finance LTFL.NS, with planned issuances of 85 billion rupees, 27.5 billion rupees, 20 billion rupees and 15 billion rupees, respectively.
Despite the recent rally in bonds, investor appetite remains strong on expectations of further gains.
"Investors with a more than 18-month investment horizon are looking at corporate bond funds that present an attractive investment opportunity from a relative risk-reward perspective," said Puneet Pal, head of fixed income at PGIM India Asset Management.
($1 = 95.6950 Indian rupees)
India's shorter duration corporate bond yields tumble after RBI's FX measures https://reut.rs/4eyWol0
(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)
(([email protected];))
MUMBAI, May 19 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 10.25 billion rupees ($106.18 million) for bonds maturing in 10 years, three bankers said on Tuesday.
It will pay an annual coupon of 8.08% on this issue, and had invited bids earlier in the day, they said.
The bonds will have a put option after three years.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on May 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 10 years | 8.08 | 10.25 | May 19 | AAA (Crisil) |
NIIF Infra Finance 7.88% Aug 2031 reissue | 5 years and 3 months | To be decided | 4+6 | May 20 | AAA (Icra) |
Cholamandalam Investment | 3 years | 8.35 (yield) | 3.65+6.35 | May 20 | AA+ (Icra, Care) |
ICICI Home Finance | 3 years | 7.25 (initial, reset quarterly) | 5.5+1 | May 20 | AAA (Icra) |
Tata Capital | 2 years and 9 months | 7.42 (initial, reset quarterly) | 27.50+12.50 | May 20 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 96.5325 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)
MUMBAI, May 19 (Reuters) - India's Bajaj Finance BJFN.NS has accepted bids worth 10.25 billion rupees ($106.18 million) for bonds maturing in 10 years, three bankers said on Tuesday.
It will pay an annual coupon of 8.08% on this issue, and had invited bids earlier in the day, they said.
The bonds will have a put option after three years.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on May 19:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 10 years | 8.08 | 10.25 | May 19 | AAA (Crisil) |
NIIF Infra Finance 7.88% Aug 2031 reissue | 5 years and 3 months | To be decided | 4+6 | May 20 | AAA (Icra) |
Cholamandalam Investment | 3 years | 8.35 (yield) | 3.65+6.35 | May 20 | AA+ (Icra, Care) |
ICICI Home Finance | 3 years | 7.25 (initial, reset quarterly) | 5.5+1 | May 20 | AAA (Icra) |
Tata Capital | 2 years and 9 months | 7.42 (initial, reset quarterly) | 27.50+12.50 | May 20 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 96.5325 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Eileen Soreng)
MUMBAI, May 18 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise up to 30 billion rupees ($311.34 million), including a greenshoe option of 10 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Monday.
It has invited coupon and commitment bids for the issue on Tuesday, they said, adding that the bond will have a put option after three years.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on May 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 10 years (put option after 3 years) | To be decided | 20+10 | May 19 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 96.3575 Indian rupees)
(Reporting by Dharamraj Dhutia, Khushi Malhotra; Editing by Nivedita Bhattacharjee)
MUMBAI, May 18 (Reuters) - India's Bajaj Finance BJFN.NS plans to raise up to 30 billion rupees ($311.34 million), including a greenshoe option of 10 billion rupees, through the sale of bonds maturing in 10 years, three bankers said on Monday.
It has invited coupon and commitment bids for the issue on Tuesday, they said, adding that the bond will have a put option after three years.
The company did not immediately respond to a Reuters email seeking comment.
Here is the list of deals reported so far on May 18:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Bajaj Finance | 10 years (put option after 3 years) | To be decided | 20+10 | May 19 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 96.3575 Indian rupees)
(Reporting by Dharamraj Dhutia, Khushi Malhotra; Editing by Nivedita Bhattacharjee)
By Dharamraj Dhutia
MUMBAI, May 8 (Reuters) - Five AAA-rated non bank finance companies (NBFCs) are planning to raise as much as 150 billion rupees ($1.6 billion) through sale of bonds maturing from two years to five years, three merchant bankers said on Friday.
A drop in Indian corporate debt yields, especially for shorter term funds, has prompted companies to go back to the market after a quiet April.
Below are some of the issues likely to hit the market soon, based on information from merchant bankers, who declined to be identified as they are not authorised to speak to the media.
Bajaj Finance aims to raise 90 billion rupees through two separate debt issuances, while Tata Capital plans to mobilise 17.70 billion rupees through a dual-tranche bond sale.
Bajaj Housing Finance is targeting 15 billion rupees, and M&M Financial Services is looking to raise 10 billion rupees.
Poonawalla Fincorp accepted bids worth 10 billion rupees earlier on Friday.
None of the companies responded to Reuters' requests for comment.
Yields on AAA-rated papers of up to five-year maturity have eased by around 15 basis points over last couple of days as oil prices have eased on hopes of a resolution to the Iran war.
Bankers said firms are trying to front-load borrowings before volatility returns, particularly with geopolitical risks still unresolved.
Benefit of bond funding over bank loans like tenor flexibility, better liability matching, faster rate transmission makes it favourable, Priyashis Das, CEO at a bond trading platform Altifi said.
($1 = 94.5450 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, May 8 (Reuters) - Five AAA-rated non bank finance companies (NBFCs) are planning to raise as much as 150 billion rupees ($1.6 billion) through sale of bonds maturing from two years to five years, three merchant bankers said on Friday.
A drop in Indian corporate debt yields, especially for shorter term funds, has prompted companies to go back to the market after a quiet April.
Below are some of the issues likely to hit the market soon, based on information from merchant bankers, who declined to be identified as they are not authorised to speak to the media.
Bajaj Finance aims to raise 90 billion rupees through two separate debt issuances, while Tata Capital plans to mobilise 17.70 billion rupees through a dual-tranche bond sale.
Bajaj Housing Finance is targeting 15 billion rupees, and M&M Financial Services is looking to raise 10 billion rupees.
Poonawalla Fincorp accepted bids worth 10 billion rupees earlier on Friday.
None of the companies responded to Reuters' requests for comment.
Yields on AAA-rated papers of up to five-year maturity have eased by around 15 basis points over last couple of days as oil prices have eased on hopes of a resolution to the Iran war.
Bankers said firms are trying to front-load borrowings before volatility returns, particularly with geopolitical risks still unresolved.
Benefit of bond funding over bank loans like tenor flexibility, better liability matching, faster rate transmission makes it favourable, Priyashis Das, CEO at a bond trading platform Altifi said.
($1 = 94.5450 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)
(([email protected];))
Adds details and background throughout
April 30 (Reuters) - Shares of India's Bajaj Finance BJFN.NS jumped as much as 5% on Thursday after analysts said the lender’s improving asset quality, easing credit costs and reaffirmation of its profit forecast point to a stable outlook despite earlier stress in small business lending.
The non‑bank lender's stock was the top gainer on Nifty Financial Services .NIFTYFIN, the heaviest sub-index, which was down 1.5%, while also topping the benchmark Nifty 50 .NSEI.
Analysts said tighter underwriting and improving asset quality have laid the groundwork for steadier and more durable growth, with CLSA noting that asset quality trends have been strengthening for the last two to three quarters.
The Bajaj group firm's reassertion of its long-term profit forecast of 23-24% indicated that growth is not expected to decline, according to CLSA analysts.
The forecast looks more achievable as the drag from captive two‑wheeler and three‑wheeler loans eases and newer segments ramp up despite slower micro, small and medium enterprises (MSME) growth, J.P. Morgan said.
Credit costs - provisions set aside for potential loan defaults - eased to 1.65% in the March quarter from 2.17% a year earlier and are expected to improve further to 1.45–1.60% this fiscal year.
(Reporting by Urvi Dugar in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9558725583;))
Adds details and background throughout
April 30 (Reuters) - Shares of India's Bajaj Finance BJFN.NS jumped as much as 5% on Thursday after analysts said the lender’s improving asset quality, easing credit costs and reaffirmation of its profit forecast point to a stable outlook despite earlier stress in small business lending.
The non‑bank lender's stock was the top gainer on Nifty Financial Services .NIFTYFIN, the heaviest sub-index, which was down 1.5%, while also topping the benchmark Nifty 50 .NSEI.
Analysts said tighter underwriting and improving asset quality have laid the groundwork for steadier and more durable growth, with CLSA noting that asset quality trends have been strengthening for the last two to three quarters.
The Bajaj group firm's reassertion of its long-term profit forecast of 23-24% indicated that growth is not expected to decline, according to CLSA analysts.
The forecast looks more achievable as the drag from captive two‑wheeler and three‑wheeler loans eases and newer segments ramp up despite slower micro, small and medium enterprises (MSME) growth, J.P. Morgan said.
Credit costs - provisions set aside for potential loan defaults - eased to 1.65% in the March quarter from 2.17% a year earlier and are expected to improve further to 1.45–1.60% this fiscal year.
(Reporting by Urvi Dugar in Bengaluru; Editing by Sonia Cheema)
(([email protected]; +91 9558725583;))
April 29 (Reuters) - Bajaj Finance Ltd BJFN.NS:
BAJAJ FINANCE - APPROVED RAISING FUNDS VIA DEBT INSTRUMENTS
Source text: [ID:]
Further company coverage: BJFN.NS
(([email protected];))
April 29 (Reuters) - Bajaj Finance Ltd BJFN.NS:
BAJAJ FINANCE - APPROVED RAISING FUNDS VIA DEBT INSTRUMENTS
Source text: [ID:]
Further company coverage: BJFN.NS
(([email protected];))
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Popular questions
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What does Bajaj Finance do?
Bajaj Finance is engaged in the business of lending, partnership and services, payments and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs (Small and Medium sized Enterprises), and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. The company is transforming itself into a customer-centric, digital-first enterprise through omnipresence across physical, mobile, and web mediums, led by payments platform.
Who are the competitors of Bajaj Finance?
Bajaj Finance major competitors are Bajaj Finserv, Shriram Finance, JIO Financial Serv., Chola Invest & Fin., Muthoot Finance, Power Finance Corpn., Indian Railway Fin.. Market Cap of Bajaj Finance is ₹6,10,081 Crs. While the median market cap of its peers are ₹1,36,311 Crs.
Is Bajaj Finance financially stable compared to its competitors?
Bajaj Finance seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Bajaj Finance pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Bajaj Finance latest dividend payout ratio is 19.62% and 3yr average dividend payout ratio is 18.64%
How strong is Bajaj Finance balance sheet?
Latest balance sheet of Bajaj Finance is strong. Strength was visible historically as well.
Is the profitablity of Bajaj Finance improving?
Yes, profit is increasing. The profit of Bajaj Finance is ₹20,627 Crs for TTM, ₹19,017 Crs for Mar 2026 and ₹16,638 Crs for Mar 2025.
Is Bajaj Finance stock expensive?
Bajaj Finance is not expensive. Latest PE of Bajaj Finance is 29.11 while 3 year average PE is 36.05. Also latest Price to Book of Bajaj Finance is 5.18 while 3yr average is 6.81.
Has the share price of Bajaj Finance grown faster than its competition?
Bajaj Finance has given lower returns compared to its competitors. Bajaj Finance has grown at ~11.35% over the last 3yrs while peers have grown at a median rate of 14.58%
Is the promoter bullish about Bajaj Finance?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Bajaj Finance is 54.67% and last quarter promoter holding is 54.7%. Please check if dilutions happened via QIP/ Offerings etc.
Are mutual funds buying/selling Bajaj Finance?
The mutual fund holding of Bajaj Finance is increasing. The current mutual fund holding in Bajaj Finance is 9.63% while previous quarter holding is 8.76%.