Bajaj Finance is larger on the FY2025–26 AUM and profit figures cited here, while Cholamandalam Investment and Finance (Chola) has a more visibly concentrated vehicle-finance and secured-credit mix. Bajaj also reported lower headline GNPA and NNPA ratios, but the companies’ asset-quality measures and some profitability figures are not fully like-for-like. These are operating comparisons from annual reports for the year ended March 31, 2026—not a judgment about which share is cheaper or a better buy today.
How do Bajaj Finance and Chola compare?
The figures below are company-reported FY2025–26 results. AUM labels, asset-quality definitions and adjusted figures should be read as reported by each lender, rather than treated as perfectly standardized measures.
| Measure | Bajaj Finance | Cholamandalam Investment and Finance |
|---|---|---|
| Assets under management | ₹5,09,975 crore total AUM; up 22% year on year. (Bajaj Finance FY2025–26 Annual Report, 2026.) | ₹2,42,630 crore total AUM and ₹2,24,334 crore net business AUM; business AUM growth was 21.4%. The two AUM measures are distinct. (Chola FY2025–26 Annual Report, 2026.) |
| Profit | ₹20,689 crore PAT, up 24% on the marked basis. The asterisked figure excludes an additional ₹1,406 crore ECL provision, ₹142 crore of management and macro-economic overlays, and a ₹265 crore one-time New Labour Codes charge recognized in FY2026. (Bajaj Finance FY2025–26 Annual Report, 2026.) | ₹5,220 crore PAT, up 23%. (Chola FY2025–26 Annual Report, 2026.) |
| Income | ₹53,324 crore net total income. (Bajaj Finance FY2025–26 Annual Report, 2026.) | ₹31,445 crore total income. The labels differ, so these are not presented as identical income measures. (Chola FY2025–26 Annual Report, 2026.) |
| Asset quality | GNPA 1.01%; NNPA 0.41%. (Bajaj Finance FY2025–26 Annual Report, 2026.) | Gross NPA 4.4%; net NPA 2.9%; gross Stage 3 assets 3.0%; net Stage 3 assets 1.6%. NPA and Stage 3 are separate reported measures. (Chola FY2025–26 Annual Report, 2026.) |
| Returns and margins | ROE 19.2% on the marked basis, excluding the specified FY2026 charges listed above. (Bajaj Finance FY2025–26 Annual Report, 2026.) | ROE 19.7%; NIM 8.0%; PBT-ROTA 3.3%. (Chola FY2025–26 Annual Report, 2026.) |
| Capital | Not stated in the extracted headline figures from the FY2025–26 annual report. | Capital adequacy 19.2%; Tier I capital 14.7%. (Chola FY2025–26 Annual Report, 2026.) |
| Distribution and customer reach | 119.33 million customer franchise; more than 242,000 active distribution points. These are company-defined measures. (Bajaj Finance FY2025–26 Annual Report, 2026.) | 1,761 branches and more than 47.5 lakh customers. These are company-defined measures and are not directly comparable with Bajaj’s franchise and distribution-point counts. (Chola FY2025–26 Annual Report, 2026.) |
Which lender is bigger, and how fast are they growing?
Bajaj Finance is substantially larger by the total AUM and PAT figures in the table. Chola’s total AUM and net business AUM are both disclosed; comparisons should specify which one is being used. AUM growth rates were close in FY2025–26, so the scale gap does not mean Chola was standing still.
Profit growth also ran at similar year-on-year rates on the reported bases. However, Bajaj’s starred PAT excludes specified provisions, overlays and a one-time charge. Its reported growth and profit should therefore not be read as an unadjusted comparison with Chola’s PAT.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
#1 Best Overall
How do their lending businesses differ?
Bajaj Finance: a broad product franchise
Bajaj Finance describes a suite of 27 products and 46 variants. Its FY2025–26 report also highlights 52.45 million new loans booked during the year. The customer-franchise figure in the table is a company-defined measure; it should not automatically be interpreted as the number of unique active borrowers.
The breadth matters for investors because Bajaj is not simply a consumer-loan business. Its broad product range gives it exposure to multiple financing needs, while also making portfolio composition and performance by product important parts of assessing risk.
Rank #2
- Master Stock Investing: Beginner's guide covers fundamental analysis, Indian market strategies, and risk management, offering confidence in navigating the stock market effectively.
- Indian Market Strategies: Strategies for profitable investing by understanding market dynamics, regulations, and opportunities available in the Indian market.
- Manage Risk, Maximize Returns: Learn essential strategies for protecting and optimizing investments, including diversification, position sizing, and hedging against volatility.
- Fundamental Analysis Strategies & Methods for Investing in Growing, Multibagger stocks, at the right price | Buy, Hold, & Sell Based on Stock Performance | Long Term Investing
- Proven Investment Strategies: Uncover effective approaches to navigate market fluctuations and achieve sustainable long-term financial objectives with confidence.
Chola: prominent vehicle finance and secured lending
Chola’s disclosed businesses include vehicle finance, home loans, loans against property, SME loans, secured business and personal loans, consumer and small-enterprise loans, gold loans and consumer-durable loans. Vehicle finance AUM was ₹1,19,558 crore and loan-against-property AUM was ₹52,295 crore in the FY2025–26 annual report.
Those balances make vehicle finance and loans against property prominent in its disclosed mix, but Chola is not solely a vehicle financier. Its portfolio includes other secured and consumer lending as well. Investors should weigh the mix alongside segment-level growth and credit performance, not infer the whole company’s risk from one business line.
The Tool Desk
Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →What do the asset-quality figures say—and what do they not say?
On the headline ratios reported for FY2025–26, Bajaj’s GNPA and NNPA were lower than Chola’s respective NPA measures. That is a meaningful difference in reported levels, but it is not by itself a complete ranking of portfolio risk or lender safety.
Chola separately reports NPA and Stage 3 figures. Stage 3 values are not interchangeable with its NPA figures; replacing one pair with the other would change the basis of comparison. The annual report also says Chola held a ₹200 crore management overlay as of March 31, 2026 for potential adverse geopolitical impacts on its loan portfolio, and that the FY2026 loan-loss figure includes that overlay. An overlay is a provision for potential impacts, not proof that those losses will occur or that credit quality has deteriorated.
Rank #4
- Enough forms for 1 year for churches of approximately 150 members
- 5 3/16" x 9"
- Includes forms for church receipts, member contributions, and disbursements
- Compare the same definitions and reporting dates before drawing conclusions from NPA or Stage 3 ratios.
- Consider portfolio mix, underwriting, provisions and write-offs alongside headline delinquency measures.
- Vehicle-market exposure, borrower concentration, funding and liquidity also matter; the figures available here do not provide a complete pairwise comparison on those factors.
Are their profitability and returns comparable?
The reported ROE figures are close, but the bases differ: Bajaj’s cited ROE excludes the listed FY2026 charges, whereas Chola’s is its annual-report figure. That makes it inappropriate to declare one definitively more profitable from ROE alone.
Chola also reports NIM and PBT-ROTA, while no equivalent Bajaj measures on the same basis are included in the figures here. A fuller profitability comparison would need consistent information on funding costs, leverage, operating costs, credit costs and capital usage. Comparing income totals requires care too, because the reports label Bajaj’s figure “net total income” and Chola’s “total income.”
Free tools Windows power users keep installed
One-click scans. No signup required.
What do the capital and distribution figures mean?
Chola reports capital adequacy and Tier I ratios, but a matching Bajaj capital figure is not included in the extracted headline set. The available data therefore does not support a same-basis claim that either lender has stronger capital. A fuller assessment would compare capital ratios with consistent definitions, funding mix and liquidity disclosures.
The reach measures also describe different things: Bajaj reports a customer franchise and active distribution points, while Chola reports branches and customers. They provide context for each lender’s distribution model, not a like-for-like measure of efficiency, unique customers or productivity.
Does this comparison show which stock is a better investment?
No. Annual-report operating data can clarify business scale, growth, mix and reported performance, but it does not establish which share is attractively valued today. The information here does not include current share prices, valuation multiples, dividend yield, analyst estimates or results after March 31, 2026.
An investor comparing the shares should combine the operating picture with current market valuation, subsequent disclosures and personal risk tolerance. The key questions are whether the price adequately reflects expected growth and risks, whether the reported measures are comparable enough for the intended analysis, and how much exposure the investor wants to the lenders’ respective portfolio mixes.
Windows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallOutdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchQuick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
