The right way to compare Bajaj Finance with another non-banking finance company (NBFC) is to use a like-for-like scorecard, not a single ranking by assets under management (AUM). Start by matching each lender’s business model and Reserve Bank of India (RBI) regulatory layer. Then compare growth, profitability, asset quality, credit costs, capital, funding, efficiency, concentration risk and valuation. A borrower needs a different test: annual percentage rate (APR), total fees, collateral, tenor, service and prepayment rules.
Bajaj Finance’s FY2024-25 results provide a useful benchmark, but the figures are not a complete peer ranking. A defensible comparison with Shriram Finance, LIC Housing Finance, Cholamandalam Investment and Finance or any other NBFC requires the same period, accounting basis and product definitions from each company’s latest audited filing.
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What “better” means depends on your decision
There is no universally best NBFC. An equity investor may prefer durable return on equity and controlled credit costs; a borrower may care about the cheapest all-in loan and the most flexible repayment terms; a lender, analyst or depositor may focus on solvency, liquidity and concentration risk.
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- Borrowing: compare the annualized cost and contractual terms of the specific loan, not the lender’s reported ROE.
- Credit-risk assessment: examine asset quality, provisioning, funding and concentrations under stress.
Write down the purpose before collecting numbers. The same company can look attractive on growth but expensive on valuation, or strong on profitability but unsuitable for a borrower seeking a low-cost secured loan.
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Start with business model and RBI classification
NBFCs are not one homogeneous industry. A consumer-finance lender, a vehicle financier, a housing-finance company, a gold lender and a microfinance specialist carry different yields, costs, collateral and loss patterns. AUM is therefore meaningful only after you know what is inside it.
Segment the loan book
Separate consumer durable and personal lending, MSME, commercial, rural, housing, vehicle, gold and microfinance exposures. Bajaj Finance reports consumer, MSME, commercial and rural lending, together with deposits and partner-led financial products. Its diversified AUM should not be compared directly with a specialist’s vehicle or housing portfolio without segmenting both books.
Use the RBI scale-based framework
RBI’s Scale-Based Regulation framework places NBFCs in Base, Middle, Upper and Top layers. The ten largest eligible NBFCs by asset size are always in the Upper Layer; the Top Layer is reserved for a specific systemic-risk determination. Upper-Layer status brings enhanced prudential, governance and disclosure expectations.
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RBI’s 2024-25 Upper-Layer list identifies Bajaj Finance and Shriram Finance as deposit-taking NBFC investment and credit companies (NBFC-ICCs), LIC Housing Finance as a deposit-taking housing-finance company and Cholamandalam Investment and Finance as a non-deposit-taking NBFC-ICC. This is a useful starting peer set, but the entities are not identical: housing, vehicle and diversified consumer books need separate interpretation.
| Lender/category in RBI’s 2024-25 Upper-Layer list | Regulatory description | How to use it in a comparison |
|---|---|---|
| Bajaj Finance | Deposit-taking NBFC-ICC | Compare with diversified deposit-taking NBFC-ICCs, then adjust for product mix. |
| Shriram Finance | Deposit-taking NBFC-ICC | A closer regulatory comparison than a housing or gold specialist, but segment and borrower profiles still differ. |
| LIC Housing Finance | Deposit-taking housing-finance company | Use housing-specific delinquency, loan-to-value and spread measures. |
| Cholamandalam Investment and Finance | Non-deposit-taking NBFC-ICC | Compare capital and funding structure carefully because deposit access differs. |
Regulatory category does not make two lenders economically identical. It tells you which prudential and disclosure context to apply before interpreting the operating numbers.
Bajaj Finance’s FY2024-25 baseline
The following figures come from Bajaj Finance’s FY2025 annual report and FY2025 Chairman’s Letter. Keep the period and definitions attached to each number when you build a peer sheet.
| Measure | Bajaj Finance FY2024-25 | Qualification |
|---|---|---|
| AUM | ₹416,661 crore | Year-end figure; up from ₹330,615 crore in FY2023-24. |
| AUM growth | 26% | FY2024-25 year-on-year growth. |
| Profit after tax | ₹16,779 crore | FY2024-25; up 16% year on year. |
| Return on average assets (ROA) | 4.57% | FY2024-25 reported ratio. |
| Return on average equity (ROE) | 19.19% | FY2024-25 reported ratio. |
| Gross NPA | 0.96% | Reported gross non-performing-asset ratio. |
| Net NPA | 0.44% | Reported net non-performing-asset ratio. |
| CRAR | 21.93% | Capital to risk-weighted assets ratio. |
| Tier-I adequacy | 21.09% | Reported Tier-I capital ratio. |
| New loans booked | 43.42 million | FY2024-25 volume. |
| Customer franchise | 101.82 million | Reported customer count; define active status consistently when comparing peers. |
| Loan-loss provisions | ₹7,966 crore | FY2024-25; ₹4,631 crore in FY2023-24, an increase of 72%. |
| Distribution | 4,263 locations | Reported network at the FY2024-25 baseline; compare with digital acquisition and collection reach. |
Chairman Sanjiv Bajaj described the AUM change as growth from ₹330,615 crore in FY2024 to ₹416,661 crore in FY2025. The same letter said provisions rose to ₹7,966 crore from ₹4,631 crore. Those two observations should be read together: a low reported NPA ratio does not by itself prove that credit costs are benign.
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Build a like-for-like NBFC scorecard
Use one worksheet for every candidate. Record the source document, reporting date, standalone or consolidated basis, and the company’s definition for each metric. Do not mix a consolidated AUM with a standalone profit ratio or compare a quarter for one lender with a full year for another.
1. Business mix and customer segment
List each major product as a percentage of AUM and identify whether loans are secured or unsecured. Note borrower type, ticket size, tenor, geography and distribution channel. A lender with a large unsecured consumer book may show higher yields and faster growth than a housing lender, but it also needs a different loss assumption and stress test.
2. Scale and growth quality
Collect AUM, disbursements, active customers, new-loan volume and average ticket size. Then classify growth as organic, acquisition-led or concentrated in a higher-risk segment. Rapid AUM growth can come from new customers, repeat borrowing, a purchased portfolio, currency or accounting changes, or aggressive lending in one product. Check whether customer additions and disbursements are broad-based rather than relying on the headline percentage.
3. Revenue and profitability
Compare net interest income, net interest margin (NIM), fee income, operating-expense-to-income, pre-impairment profit, ROA and ROE. Use the same basis and period. ROA is especially useful across lenders with different leverage; ROE reflects leverage, capital intensity and shareholder dilution as well as operating performance.
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Ask what is driving the margin: pricing, funding cost, product mix, fees or temporary accounting effects. A high NIM can compensate for higher operating and credit costs, while a lower-margin secured lender may produce steadier returns. Separate recurring fee income from one-off gains.
4. Asset quality and credit cost
Collect gross NPA (GNPA), net NPA (NNPA), write-offs, provisions, credit cost and provisioning coverage. GNPA shows overdue exposure before provisions; NNPA reflects the residual after provisions. Neither captures every emerging weakness. Compare delinquency buckets, restructured loans, write-offs and the seasoning of recent originations.
Bajaj Finance’s FY2025 provisions of ₹7,966 crore, up 72% from ₹4,631 crore, are a reminder to read NPA ratios with the income-statement charge and portfolio maturity. A lender can report a modest GNPA while increasing provisions for expected losses or future stress. Conversely, heavy write-offs can reduce reported NPAs without eliminating the economic loss.
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5. Capital, leverage and funding
Record CRAR, Tier-I or CET1, leverage, liquidity buffers and the maturity profile of assets and liabilities. RBI requires Upper-Layer NBFCs to maintain at least 9% CET1 of risk-weighted assets. A company well above the minimum has more capacity to absorb losses or grow, but excess capital can also depress ROE if it is not deployed productively.
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6. Efficiency and distribution
Compare branches, digital acquisition, repeat-customer share, cost per loan, employee productivity and collection infrastructure. Bajaj Finance reports 4,263 locations and substantial app usage; its digital scale is part of the operating model, not a separate marketing statistic. Ask whether digital growth lowers acquisition and servicing cost or merely shifts expense into technology, incentives and fraud controls.
7. Concentration and downside risk
Measure product, geography, borrower, developer, dealer and funding concentration. Review the largest states, industries, employer groups, dealers and partners where disclosed. Stress unsecured consumer exposure separately from secured loans. For housing and commercial portfolios, test property values, vacancy, interest rates and refinancing conditions; for vehicle finance, test used-vehicle prices and borrower income; for microfinance, test regional shocks and borrower overlap.
8. Governance and disclosure
Read the annual report’s related-party disclosures, auditor observations, board and risk-committee structure, management commentary, provisioning policy and regulatory correspondence. Look for changes in accounting definitions, collection practices, co-lending or securitisation arrangements and the treatment of written-off accounts. Consistent disclosure is itself a comparison factor.
How to compare Bajaj Finance with Shriram Finance
Begin with the common ground: both appear in RBI’s 2024-25 Upper-Layer list as deposit-taking NBFC-ICCs. That makes their regulatory setting more comparable than a direct comparison with a housing specialist. It does not establish that their borrowers, products or risks are alike.
- Extract each company’s FY2024-25 consolidated and standalone AUM, disbursements and customer metrics.
- Split AUM by consumer, MSME, commercial, rural, vehicle, housing and other reported segments.
- Align GNPA, NNPA, credit cost, provisions, write-offs and provisioning coverage using the same definitions.
- Compare ROA, ROE, NIM and operating-expense ratios after checking whether each ratio is standalone or consolidated.
- Compare CRAR, Tier-I or CET1, leverage, deposits and wholesale funding, including maturity gaps.
- Assess concentration and stress scenarios before drawing a quality conclusion.
Do not declare a winner from AUM or ROE alone. A diversified consumer franchise and a lender focused on commercial or vehicle borrowers can have different appropriate margins, capital needs and loss cycles.
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How to compare Bajaj Finance with other NBFCs
Against a housing-finance company
Use loan-to-value, borrower income, geographic property concentration, floating-rate exposure, delinquency by vintage and foreclosure performance. Housing loans generally have collateral, long tenors and lower reported yields than unsecured personal credit, so a simple NIM or ROA ranking is misleading.
Against a vehicle or commercial-finance lender
Track new and used-vehicle mix, financing-to-value, dealer concentration, repossession recoveries, resale prices and borrower cash flows. Commercial borrowers can be highly sensitive to freight rates, utilization, commodity prices and regional economic conditions.
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Check collateral valuation, auction timelines, loan-to-value discipline, branch controls, borrower overlap and regional concentration. Short-tenor secured loans can turn quickly, while microfinance portfolios require careful analysis of household indebtedness and local shocks.
For every specialist, compare the metrics that explain its risk rather than forcing it into a diversified-consumer template.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.NBFC GNPA comparison: how to read the numbers
Make a table with GNPA, NNPA, credit cost, provisions, write-offs and provisioning coverage for the same fiscal year. Add a column for portfolio seasoning and another for the share of restructured or written-off accounts. A lower GNPA is more reassuring when it is accompanied by adequate coverage, stable credit cost and seasoned growth.
- GNPA rising, provisions rising: investigate current delinquencies and whether management is recognizing stress early.
- GNPA stable, provisions rising: expected-loss overlays or rapid growth may be anticipating future losses.
- GNPA falling, write-offs rising: reported improvement may reflect account removal rather than better collections.
- NNPA far below GNPA: coverage is substantial, but verify whether collateral values and recovery assumptions are realistic.
Use at least a three-year trend where filings provide it. One year can be distorted by portfolio growth, one-time recoveries, policy changes or a benign credit cycle.
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Bajaj Finance reported FY2024-25 ROA of 4.57% and ROE of 19.19%. ROA asks how much profit the asset base generates; ROE asks how much shareholders earn on equity. The gap reflects leverage, capital allocation and the cost of funding. Compare both with peers that use the same calculation and average-balance convention.
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Then decompose the result: net interest margin, fee income, operating costs, credit cost and tax. A high ROE supported by thin capital or unusually low provisions is less durable than one supported by recurring operating profit and conservative reserves. A lower ROE may be appropriate for a well-capitalized lender carrying lower-risk secured assets.
How to compare NBFC stocks
For an investor, operating quality is only half the decision. Add price-to-book, P/E, growth-adjusted valuation, dividend policy and potential dilution. Compare the market price with normalized earnings and book value, not just the latest year.
Use a valuation bridge
- Estimate sustainable ROE after a normal credit cycle, not the peak year.
- Check whether book value grows through retained earnings or new equity issuance.
- Compare price-to-book with expected ROE, growth and risk rather than applying one sector multiple.
- Test a downside case with slower AUM growth, higher credit cost and a wider funding spread.
- Review dividend policy and dilution because both change the shareholder outcome.
A strong operating profile may already be reflected in the share price. “Best company” and “best stock at today’s valuation” are different conclusions.
Which NBFC is better for a borrower?
Choose the loan, not the headline reputation. Obtain written offers for the same amount, tenor and borrower profile, then compare the annualized cost and contractual restrictions.
| Borrower check | What to verify |
|---|---|
| Rate and APR | Fixed or floating rate, reducing-balance method, annualized APR and how the rate can change. |
| Total fees | Processing, documentation, insurance, valuation, mandate, late-payment and other charges. |
| Repayment | Tenor, EMI schedule, due date, grace period and consequences of missed payments. |
| Prepayment | Foreclosure or part-prepayment charge, lock-in period and minimum prepayment amount. |
| Security | Collateral, guarantees, lien, margin requirements and release process after repayment. |
| Service and complaints | Disbursal timeline, statement access, collection conduct and escalation path for grievances. |
Compare the total rupee repayment, not only the advertised interest rate. A lower rate can be offset by fees, mandatory add-ons or a shorter tenor that raises the EMI. Check the sanction letter and key fact statement before accepting.
Common comparison mistakes and fixes
- Ranking by AUM alone: segment the book and match business models.
- Mixing standalone and consolidated data: use one basis across every lender.
- Comparing different periods: align fiscal year, quarter and reporting date.
- Treating GNPA as the whole risk story: include provisions, credit cost, write-offs, coverage and seasoning.
- Ignoring funding: map deposits, market borrowing, maturity gaps and liquidity.
- Using ROE as a borrower benefit: compare APR, fees, collateral and service terms instead.
- Calling a high-growth lender safer: test concentration and downside scenarios.
- Comparing a specialist with a diversified lender without adjustment: use product-specific benchmarks.
A practical worksheet for your final decision
Create one row per NBFC and one column per metric. Mark each figure as standalone or consolidated, record the filing date and add a note for unusual accounting or portfolio changes. Score only after the raw data is visible.
| Category | Questions to answer |
|---|---|
| Business | What products and borrowers make up AUM? What is secured versus unsecured? |
| Growth | Are AUM, disbursements and customers growing organically and broadly? |
| Profit | Are NIM, fees, costs, ROA and ROE supported by recurring operations? |
| Credit | What do GNPA, NNPA, provisions, write-offs and credit cost show together? |
| Capital | How much CRAR and Tier-I/CET1 headroom exists above the applicable minimum? |
| Funding | How stable are deposits and wholesale sources, and are maturities matched? |
| Operations | Do distribution, digital acquisition and collections create a durable cost advantage? |
| Concentration | Where could one product, region, borrower group or partner create outsized losses? |
| Valuation or loan cost | Is the share price reasonable for the risk, or is the borrower’s all-in APR competitive? |
If a peer’s latest audited filing does not provide a comparable figure, label the cell “not stated” rather than estimating it. A transparent incomplete comparison is safer than a precise-looking table built from mismatched definitions.
Bottom line
Compare Bajaj Finance with other NBFCs in layers: classify the lender, segment the loan book, align the reporting basis, then examine growth, profitability, asset quality, capital, funding, efficiency, concentration and valuation. Bajaj Finance’s FY2024-25 scale, profitability, capital and customer reach make it a useful benchmark, while the sharp increase in provisions shows why headline GNPA and AUM growth are not enough. The best NBFC depends on whether you are buying a stock, taking a loan or judging resilience under stress.
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