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Bajaj Finance shares rose during intraday trading on Monday, October 5, 2026, after the company reported strong growth in assets under management (AUM) in its provisional September-quarter business update. Reports also said JPMorgan kept its Overweight rating and raised its target price to ₹1,310 from ₹1,295. The stock quotes were snapshots from different times in the session—not a closing price—and the target is a brokerage opinion, not a guaranteed return.
Why did Bajaj Finance shares rise?
The immediate trigger was the company’s provisional operating update for the quarter ended September 30, 2026. It showed AUM growth of 26.5% year over year to ₹5.85 lakh crore, a strong headline for the size of the lender’s managed portfolio. Reports also linked the move to JPMorgan’s reported target-price increase.
The share-price figures varied because outlets recorded them at different points in intraday trading on October 5. The Financial Express reported a 4.28% rise to ₹988.85 in morning trade. NDTV Profit reported a 3.9% gain to ₹986 and an intraday high of ₹987.95 as of 9:40 a.m. Moneycontrol later reported an intraday high of ₹995.80, nearly 5% higher, and a price of ₹982.05, up 3.56%. These figures describe separate snapshots; none should be read as the session’s closing price. (Financial Express; NDTV Profit; Moneycontrol)
What did the September-quarter update show?
The figures below were reported as interim business-update data, not as Bajaj Finance’s complete Q2 FY27 financial results.
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| Measure | Reported figure |
|---|---|
| AUM at September 30, 2026 | ₹5.85 lakh crore, up 26.5% year over year; Financial Express reported 6.9% sequential growth. Moneycontrol rounded the balance to about ₹5.84 lakh crore. |
| AUM added during July–September | ₹37,800 crore, according to Moneycontrol, which reported year-ago AUM of ₹4.62 lakh crore. |
| New loans booked | 13.45 million, up 11% year over year according to Financial Express. NDTV Profit also reported 13.45 million. |
| Customer franchise | 128.85 million, up 16.5% year over year, according to NDTV Profit. Financial Express separately reported 4.4 million new customers and cited a 129 million franchise based on Jefferies commentary. |
| Deposit book | ₹69,750 crore according to Moneycontrol; Financial Express rounded it to ₹69,800 crore. |
(Financial Express; Moneycontrol; NDTV Profit)
What target price did JPMorgan set?
Moneycontrol and NDTV Profit reported that JPMorgan maintained an Overweight rating and raised its target price to ₹1,310 from ₹1,295. According to Moneycontrol’s account, JPMorgan viewed growth as broad-based and momentum as likely to continue, and saw a possible upgrade to FY27 growth guidance. NDTV Profit also summarized the brokerage’s expectations for customer-acquisition guidance and meaningful management-guidance upgrades, with net interest margin outlook in focus. These are descriptions of JPMorgan’s view carried by the outlets; the note itself was not directly available.
Moneycontrol calculated more than 38% implied upside from the prior session’s close to the ₹1,310 target. That calculation compared a contemporaneous reference price with a brokerage target; it is not a forecast certainty or a promise of return. (Moneycontrol; NDTV Profit)
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Why strong AUM growth does not tell the whole story
New-loan bookings grew more slowly than AUM: the 13.45 million bookings represented 11% year-over-year growth, compared with 20% growth in the June quarter. Jefferies, as quoted by Financial Express, said the prior-year September quarter had a 26% growth comparison amid an early festive season, which partly explains the slowdown. AUM can continue to expand strongly even when the pace of new bookings moderates, so the two measures should not be treated as interchangeable.
Jefferies retained a Buy rating and a ₹1,280 target, and projected 23% AUM growth in FY27 and FY28, according to Financial Express. The same outlet carried Jefferies analysts Prakhar Sharma and Vinayak Agarwal’s assessment that AUM growth had risen to 26% year over year from 24% in June, the highest in seven quarters, while new-loan booking growth slowed for the comparison reasons described above. These are brokerage analysis and forecasts, not company guidance. (Financial Express)
What investors should take from the stock move
- The October 5 rise was an intraday reaction to a provisional operating update and reported brokerage commentary, not a measure of the eventual closing price.
- The central operating signal was AUM of ₹5.85 lakh crore at September 30, up 26.5% year over year.
- New-loan booking growth moderated to 11% year over year, with a strong prior-year festive-season comparison cited as one factor.
- JPMorgan’s reported ₹1,310 target and Jefferies’ ₹1,280 target reflect different broker opinions; a target price is not an assured outcome.
Moneycontrol also reported a proposed capital raise comprising ₹11,700 crore through a qualified institutional placement and ₹5,800 crore in preferential warrants to promoter Bajaj Finserv. NDTV Profit rounded the proposed total to ₹17,500 crore, while Moneycontrol’s components add to ₹17,500 crore despite describing the total as nearly ₹18,000 crore. These are reported proposal figures, not a reconciled final amount. (Moneycontrol; NDTV Profit)
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