Bajaj Finance’s consolidated assets under management (AUM)—the lending book it manages—reached ₹509,975 crore at the end of FY2026, up 22% year over year. That signals a larger lending business, not better loan terms for every customer or a stand-alone reason to buy the stock. Borrowers should judge their written offer; investors should weigh growth alongside earnings, credit quality, portfolio mix and capital.
How fast is Bajaj Finance growing?
For FY2026, Bajaj Finance reported consolidated AUM of ₹509,975 crore, up 22% year over year. Over the same period, it reported net total income of ₹53,324 crore, up 21%, and profit after tax (PAT) of ₹20,689 crore, up 24%. The company’s annual-report footnote says that PAT figure excludes an additional ₹1,406 crore provision for expected credit losses (ECL) for balance-sheet resilience, ₹142 crore of management and macro-economic overlays, and a one-time ₹265 crore New Labour Codes charge, all recognized in FY2026. The exclusions matter when comparing that stated PAT growth with reported profit. Bajaj Finance FY2026 annual report
In Q1 FY2027, AUM growth was 23.9% year over year, according to Business Standard’s 30 July 2026 results report. The publication also reported net profit attributable to owners up 27.4% to ₹5,985.75 crore and annualized loan losses and provisions as a proportion of average assets under finance at 1.54%, compared with 1.87% in Q1 FY2026. These are quarterly figures reported by a secondary publication; they should not be confused with the company’s FY2026 annual figures.
What AUM growth does—and does not—tell borrowers
A larger loan book can reflect a wider lending business and customer reach. It does not reveal whether a particular applicant will qualify, what rate or limit they will be offered, or how their service experience will be. Nor does company-wide growth establish that borrowing has become cheaper.
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Bajaj Finance’s Fair Practice Code lists consumer durable, personal, two-wheeler, loan-against-property and loan-against-shares facilities, among other products. It says application forms will include information affecting borrowers’ interests so they can make a meaningful comparison of terms and conditions. As the code puts it: “The Loan application forms of the Company will include necessary information which affects the interest of the borrower, so that a meaningful comparison with the terms and conditions offered by other NBFCs can be made and informed decision can be taken.” Bajaj Finance Fair Practice Code, Version 7.0, April 2024
For a borrowing decision, compare written offers for the same type of loan and a similar tenure. Check the applicable interest rate, fees, repayment schedule, penal charges and other conditions in the offer and product documents. Those terms—not the lender’s AUM growth—determine what a specific loan is likely to cost and require.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How investors should interpret the growth
AUM growth is a measure of lending-book expansion and scale. By itself, it does not establish sustainable returns or whether the shares are attractively valued. Bajaj Finance’s FY2026 annual-report highlights also report return on equity (ROE) of 19.2%, up from 19.1%, and a customer franchise of 119.33 million. These are company-reported figures; they provide context but do not replace analysis of credit costs, funding, capital, portfolio composition or the share price.
Read growth alongside earnings and credit costs
Compare AUM growth with income and profit growth, while checking how provisions and loan losses are moving. For FY2026, the company reported gross non-performing assets (GNPA) of 1.01% and net non-performing assets (NNPA) of 0.41%. In Q1 FY2027, Business Standard reported annualized loan losses and provisions at 1.54% of average assets under finance, down from 1.87% in the year-earlier quarter. The measures refer to different periods and are not interchangeable: NPA ratios describe asset-quality measures, while the quarterly loan-loss figure captures losses and provisions relative to average assets under finance.
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Headline asset-quality ratios can conceal differences between lending segments. ICRA’s rating rationale dated 18 June 2026 said unsecured consumer finance, personal finance and SME finance made up about 44% of the consolidated portfolio as of 31 March 2026. ICRA described asset quality as monitorable and noted FY2026 delinquency increases in unsecured business lending and captive two-wheeler and three-wheeler lending. This risk context belongs alongside, not in place of, Bajaj Finance’s company-reported FY2026 GNPA and NNPA figures. ICRA rating rationale, 18 June 2026
Include capital and funding in the assessment
Investors should also consider capital adequacy and funding conditions when judging whether growth can be supported. Bajaj Finance’s FY2025 annual report says RBI scale-based regulation classified the company and a subsidiary as upper-layer NBFCs from 30 September 2022, bringing them under an enhanced regulatory framework. That is regulatory context, not a guarantee against credit risk or a promise of investment performance. Bajaj Finance FY2025 annual report
A complete investment view also depends on valuation at the current share price. The operating figures and portfolio-risk information here do not establish whether the shares are cheap or expensive, and they do not support a buy-or-sell conclusion.
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