Slides
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Q2 FY27 Investor Presentation 19 October 2026
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Presentation Path Click on the section to view 2 Section 05 46 Customer franchise and distribution reach 3 Section 01 Executive summary – Q2 FY27 Executive summary – Q2 FY27 Section 03 34 Financial performance – Q2 FY27 Section 04 39 Asset liability management 19 Bajaj Finance Limited overview Section 02 Section 06 51 Business segment wise AUM Section 07 54 Update on credit quality Section 08 Omnipresence summary overview 63
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Section 01 Executive summary – Q2 FY27 3 1.1 Quarter gone by 1.2 Lead financial indicators
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An excellent quarter across all key metrics of AUM, new customer addition, credit cost, profit, ROA and ROE. AUM grew by 26% to ₹ 584,624 crore. Delivered AUM addition of ₹ 37,680 crore. PBT grew by 29% to ₹ 8,537 crore. Booked 13.45 MM new loans and added 4.42 MM new customers in Q2. Customer franchise stood at 128.85 MM. 4 Opex to Net total income 33.0% Q2 FY26 33.1% Net NPA 0.42% Q2 FY26 0.60% ROE 20.6% Q2 FY26 19.1% PAT Pre-minority interest ₹ 6,367 Cr Growth 29% AUM ₹ 584,624 Cr Growth 26% PBT ₹ 8,537 Cr Growth 29% Q2 FY27 Executive summary - Consolidated Annualised Growth percentage, unless specified otherwise, refers to growth over the same period in last year.
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Balance sheet and business metrics 1. AUM was up 26% to ₹ 584,624 crore as against ₹ 462,261 crore as of 30 September 2025. 2. AUM addition was ₹ 37,680 crore in Q2 FY27. 3. New loans booked grew by 11% to 13.45 MM in Q2 FY27 as against 12.17 MM in Q2 FY26 – YOY volume growth is not comparable due to early onset of festival season last year. The Company expects to disburse 60-62 MM new loans in FY27. Customer franchise and geographic footprint 4. In Q2, the Company added 4.42 MM customers to its franchise. The Company expects to add 18-20 MM new customers to its franchise in FY27. 5. Customer franchise stood at 128.85 MM as of 30 September 2026. Cross sell franchise stood at 82.36 MM. 6. In Q2, the Company added 4.1K distribution points. Geographic presence stood at 4,091 locations and active distribution points were over 254K as of 30 September 2026. The Company plans to open 150-175 new locations in FY27. 7. In Q2, the Company added 321 Gold Loan branches. BFL now has 2,022 Gold loan and 480 MFI branches. The Company expects to close FY27 with 2,700-2,800 Gold Loan branches and 520-550 MFI branches. Liquidity and cost of funds 8. Liquidity buffer stood at ₹ 19,995 crore as of 30 September 2026. 9. In Q2, cost of funds was 7.31%, improving 9 bps over Q1 FY27. 10. Deposits book stood at ₹ 69,754 crore as of 30 September 2026. It contributed to 14% of consolidated borrowings. Lead financial indicators for Q2 FY27 – consolidated (1/4) 5
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Operating efficiencies 11. Net interest income grew by 24% to ₹ 13,335 crore as against ₹ 10,785 crore in Q2 FY26. 12. Net total income grew by 23% to ₹ 15,974 crore as against ₹ 12,982 crore in Q2 FY26. 13. Opex to Net total income was 33.0% as against 33.1% in Q2 FY26. The Company expects 25-40 bps improvement in Opex to NTI in FY27 14. Full-time employee count stood at 75,845 as of 30 September 2026. The Company added 2,584 employees in Q2 FY27. Adjusted for Gold Loan and MFI, the net addition was 1,058. Employee attrition was 15.1% in Q2 FY27. 15. The Fixed Term Contract (FTC) resource count stood at 89,484 as of 30 September 2026. Credit cost 16. Loan losses and provisions in Q2 FY27 were ₹ 2,166 crore as against ₹ 2,080 crore in Q2 FY26. Q2 FY27 includes a prudent management and macro-economic provision of ₹ 337 crore. Excluding this, loan losses and provisions were ₹ 1,829 crore, a decline of 12% as against Q2 FY26. 17. Loan loss to average AUF was 1.56% in Q2 FY27 as against 1.88% in Q2 FY26. Excluding prudent management and macro- economic provision of ₹ 337 crore, it was 1.32% in Q2 FY27. 18. Stage 2 & 3 assets increased by ₹ 1,601 crore in Q2, including a ₹ 1,047 crore increase in the gold loan business due to short-tenor schemes that are no longer being offered, taking Stage 2 & 3 assets to 2.02% of loans from 1.87% in Q1 FY27. The Company does not expect impact on its credit cost from this transitional increase in gold loan stage 2. 19. Adjusted for transient movement in gold loans, Stage 2 & 3 assets improved to 1.88% of loans from 1.90% in Q1 FY27, reflecting improving asset quality trends in portfolio. 6 Lead financial indicators for Q2 FY27 – consolidated (2/4)
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19. Vintage credit performance across 3MOB, 6MOB and 9MOB continues to reflect significant improvement. We are optimistic about credit cost outlook for FY27. 20. Asset quality remained strong, with GNPA and NNPA improving to 1.06% and 0.42%, respectively, as of 30 September 2026, compared with 1.24% and 0.60% as of 30 September 2025. 21. The provisioning coverage ratio on stage 3 assets was 60% in Q2 FY27. Profitability and capital 22. Pre-provisioning operating profit grew by 23% to ₹ 10,699 crore in Q2 FY27. 23. Consolidated profit before tax (PBT) grew by 29% to ₹ 8,537 crore in Q2 FY27. PBT before prudent management and macro-economic provision grew by 34% to ₹ 8,874 crore. 24. Consolidated profit after tax (PAT) grew by 29% to ₹ 6,367 crore in Q2 FY27. PAT before prudent management and macro- economic provision grew by 34% to ₹ 6,619 crore. 25. In Q2, Company delivered annualised ROA of 4.6% as against 4.5% in Q2 FY26. 26. In Q2, Company delivered annualised ROE of 20.6% as against 19.1% in Q2 FY26. 27. Capital adequacy remained strong at 20.33% as of 30 Sep 2026. Tier-1 capital was 19.43%. 28. Consolidated Leverage ratio stood at 5.1x. The company has considered leverage ratio at 5x-5.5x for resilience and capital planning assessment. 7 Lead financial indicators for Q2 FY27 – consolidated (3/4)
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Additional update 28. On 1st October 2026, the Board of Directors has approved, subject to the approval of shareholders, issue of equity shares for an aggregate amount of up to ₹ 11,700 crore through Qualified Institutions Placement to Qualified Institutional Buyers and preferential issue of warrants convertible into equivalent number of equity shares for an aggregate amount of up to ₹ 5,800 crore to Bajaj Finserv Limited, the promoter and holding company, in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Companies Act, 2013 and other applicable laws, as amended. 29. The Board’s decision of raising additional capital is driven by various factors including strong India growth, underlying growth momentum of the Company and its subsidiaries and increasing focus on building resilience across various dimension of business. 30. The Company remains committed to building resilience across various dimensions of its business, including maintaining a robust capital position, strengthening talent, technology and AI transformation, cyber resilience, regulatory compliances, robust provisioning coverage, diversified borrowings and robust liquidity, while maintaining its financial sustainability metrics. 8 Lead financial indicators for Q2 FY27 – consolidated (4/4)
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FINAI transformation update (1/5) # Stage Metric UoM Q2 FY26 Q1 FY27 Q2 FY27 YoY 1 People Dedicated employees working in AI unit # as of 121 230 328 171% AI text BOT for employees # as of - 25 39 - 2 Data for AI Voice to Data conversion for all customer interactions # MM - 45 56 - Text to Data conversion for all customer interactions # MM 0.6 0.6 0.5 (10%) New loan offers generated from all voice and text AI initiatives # MM 0.1 0.4 0.4 327% 3 Product and service discovery Videos generated # MM 0.64 0.01 0.01 (99%) Banners generated # MM 0.10 0.13 0.11 12% Podcasts generated # 4 711 644 - 4 Customer Engagement Outbound & Inbound AI Voice BOTs live # as of 9 10 13 44% Consumer AI Text BOTs live # as of 7 24 24 343% Promotional SMS with AI BOT penetration % - 35% 77% - Click-through-rate of AI BOT in Promotional SMS x times - 1.98X 2.65x - 5 Branch and point-of-sale Face recognition cameras in store # as of - 92 535 - Face recognition cameras in service branch # as of - 452 1,163 - 9
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10 FINAI transformation update (2/5) # Stage Metric UoM Q2 FY26 Q1 FY27 Q2 FY27 YoY 6 Customer Onboarding Existing customer face match #MM 1.2 6.0 6.7 442% Documents processed for application #MM 12 32 29 138% AI summaries live for products on App and Web # as of - 2 12 - 7 Operations Processing Auto quality check (QC) of documents #MM 8.4 22.5 22.8 171% 8 Disbursement Disbursal from leads generated by Voice & Text AI BOTs ₹ in Cr 1,295 2,551 2,744 112% Disbursal from leads generated through voice log processing ₹ in Cr 0 517 596 - 9 Servicing DIY Customers servicing through AI Voice and Text BOTs % 65% 71% 75% -
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11 FINAI transformation update (3/5) # Stage Metric UoM Q2 FY26 Q1 FY27 Q2 FY27 YoY 10 Debt Management Service Receipts through AI Text BOTs # MM - 0.10 0.32 - SMS with AI Text BOT penetration % - 14% 45% - Click-through-rate of AI BOT in SMS X times - 1.0x 1.3x - 11 Technology development Business Requirement Document (BRD) generated by AI % 68% 100% 100% - AI agents # as of - 62 130 - Agentic AI deployments # as of - 23 65 -
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12 FINAI transformation update (4/5) # Details Timelines Status 1 Data Intelligence 1.1 Build and scale “Data for AI” capabilities, including feature marts, embeddings and data annotation across voice, text, video, images, unstructured data and knowledge graphs FY27 On track 1.2 Deploying Image Analytics across 50 document types to unlock variables from ~30 Cr historical records and ongoing applications, enabling broader use cases, fraud checks and compliance. Q2 FY28 Initiated 2 Consumer AI 2.1 Re-architect 22 business and 2 service journeys; inject AI features like AI-summaries, AI in-page search, AI vision for document scans on existing digital platforms FY27 Live 2.2 Deploy AI-enabled experiences across App and Website covering all business and service journeys FY27 On track 2.3 Enable customer discovery across leading AI platforms such as ChatGPT and Gemini Q2 FY27 Live 2.4 Build a new consumer AI platform with “Explore” as a core capability for business and service journeys Q4 FY27 On track 3 Agentic AI 3.1 Scale Agentic AI capabilities by implementing 600+ sub AI agents grouped under 250 autonomous AI agents across Sales, Operations, DMS, HR, IT and Risk FY27 On track 3.2 Scale Agentic AI deployments to 118 use cases in FY27 FY27 On track
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13 FINAI transformation update (5/5) # Details Timelines Status 4 Custom AI model 4.1 Use AI to expand data variables for NTB and NTC customers for improved approval rates and enable incremental volume of ~5 lakh accounts for sales finance business Q2 FY27 Live 4.2 Leverage AI-driven data variables and risk scorecard for Personal Loans to strengthen risk assessment and improve approval rates/offer coverage Q4 FY27 On track 5 AI Fraud model 5.1 Define fraud detection framework with AI-driven capabilities Q3 FY27 On track 5.2 Deploy inline, proactive fraud detection model using Vision AI, Voice AI, network and anomaly detection Q3 FY27 On track 6 AI Governance and Security 6.1 Progressively deploy the AI governance policy across all 08 AI domains FY27 Live 6.2 Conduct Red Teaming of AI systems in a structured format FY27 Continuous 8 Vibe Coding 8.1 Vibe coding to be standard operating procedure for new BRDs wherever required Q3 FY27 On track 9 AI in Service 9.1 Embed AI BOTs across service communications to drive a 1.5x increase in CTR Q3 FY27 On track
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Q2 FY27 Executive summary – BHFL Overall, it was a strong quarter across all key metrics of AUM, credit cost and profitability. AUM crossed a milestone of ₹ 1.5 lakh crore and grew by 25% to ₹ 158,205 crore. PBT grew by 18% to ₹ 980 crore. Asset quality remained resilient with GNPA at 29 bps and NNPA at 12 bps. 14 Opex to Net total income 19.1% Q2 FY26 19.7% Net NPA 0.12% Q2 FY26 0.12% 12.7% Q2 FY26 12.2% PAT ₹ 757 Cr Growth 18% AUM ₹ 158,205 Cr Growth 25% PBT ₹ 980 Cr Growth 18% ROE Annualised
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Balance sheet and geography 1. AUM was up 25% at ₹ 158,205 crore as against ₹ 126,749 crore as of 30 Sep 2025. 2. Home loans AUM grew by 22%, Loan against property grew by 26%, Lease rental discounting grew by 39%, Developer finance grew by 13%. 3. Portfolio composition for HL : LAP : LRD : DF : Others stood at 53.9% : 10.3% : 24.0% : 10.7% : 1.1% as of 30 Sep 2026. 4. In Q2, overall loan approvals were ₹ 31,288 crore as against ₹ 27,298 crore in Q2 FY26. 5. In Q2, disbursements were up by 25% to ₹ 19,935 crore as against ₹ 15,914 crore in Q2 FY26. 6. Geographic presence stood at 182 locations. Liquidity and cost of fund 7. Liquidity buffer stood at ₹ 2,487 crore as of 30 Sep 2026. 8. In Q2, Cost of funds was 7.04%, improvement of 17 bps over Q1. 9. Borrowing mix – Banks : Money market : NHB stood at 35% : 56% : 9% as of 30 Sep 2026 15 Lead financial indicators for Q2 FY27 – BHFL (1/2)
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16 Operating efficiencies 10. Net interest income grew by 10% to ₹ 1,055 crore as against ₹ 956 crore in Q2 FY26. 11. Net total income grew by 15% to ₹ 1,254 crore as against ₹ 1,090 crore in Q2 FY26. 12. Opex to Net total income improved to 19.1% as against 19.7% in Q2 FY26. 13. Total full time employee headcount stood at 2,053 as of 30 Sep 2026. Credit costs 14. Loan losses and provisions were ₹ 35 crore as against ₹ 43 crore in Q2 FY26. 15. Annualised loan loss to average AUF was 0.10% in Q2 FY27 vs 0.16% in Q2 FY26. 16. GNPA & NNPA stood at 0.29% and 0.12% as of 30 Sep 2026 as against 0.26% and 0.12% as of 30 Sep 2025. Profitability and capital 17. Profit before tax (PBT) grew by 18% to ₹ 980 crore in Q2 FY27. 18. Profit after tax (PAT) grew by 18% to ₹ 757 crore in Q2 FY27. 19. Annualised ROA was 2.2% in Q2 FY27 as against 2.3% in Q2 FY26. 20. Annualised ROE was 12.7% in Q2 FY27 as against 12.2% in Q2 FY26. 21. Capital adequacy ratio stood at 21.24% as of 30 Sep 2026. Tier-1 capital was 20.83%. Lead financial indicators for Q2 FY27 – BHFL (2/2)
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Q2 FY27 Executive summary - BFSL Good quarter on AUM, PAT and new customer addition. AUM grew by 59% to ₹ 12,058 crore and PAT by 36% to ₹ 64 crore. Added 121K customers to its franchise in Q2 FY27. Overall customer franchise stood at 1.61 MM as of 30 September 2026. 17 Net total income PAT ₹ 64 Cr Growth 36 % PBT ₹ 86 Cr Growth 34 % ₹ 160 Cr Growth 20 % AUM ₹ 12,058 Cr Growth 59 % Customer franchise 1.61 MM Growth 40 %
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Customer franchise, geography and balance sheet 1. Added 121K customers to its franchise in Q2 FY27 against 94k in Q2 FY26. 2. Customer franchise stood at 1.61 MM as of 30 September 2026 against 1.15 MM as of 30 September 2025. 3. AUM was up 59 % at ₹ 12,058 crore as against ₹ 7,597 crore as of 30 September 2025. 4. Geographic presence stood at 43 locations. Operating efficiencies 5. Net total income grew by 20% to ₹ 160 crore in Q2 FY27 as against ₹ 133 crore in Q2 FY26. 6. Opex to net total income improved to 45.6% in Q2 FY27 as against 51.1% in Q2 FY26. 7. Total employee headcount stood at 840 as of 30 September 2026. Profitability and capital 8. Profit before tax grew by 34% to ₹ 86 crore in Q2 FY27. 9. Profit after tax grew by 36% to ₹ 64 crore in Q2 FY27. 10. Annualised ROE of 11.6% in Q2 FY27 against 12.0% in Q2 FY26. 11. Net worth stood at ₹ 2,300 crore as on 30 September 2026. 18 Lead financial indicators for Q2 FY27 – BFSL
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Bajaj Finance Limited overview Section 02 2.1 Bajaj group structure 2.2 What do we stand for 2.7 BFL Consolidated 19-years financial snapshot 2.8 Product suite 2.3 Key strategic differentiators 2.5 2.6 Our shareholder profile Executive summary 2.4 19 BHFL 9-years financial snapshot
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Note: Shareholding is as of 30 Sept 2026. Bajaj Group Structure 20 Bajaj Finserv Ltd. (Listed) Bajaj Housing Finance Ltd. (Listed) Bajaj Financial Securities Ltd. Bajaj Finance Ltd. (Listed) 4 100% 86.70% 51.30%1 Bajaj Life Insurance Ltd. Bajaj General Insurance Ltd. Bajaj Finserv Health Ltd. 77.33%2 77.33%2 100% Bajaj Finserv Direct Ltd. Bajaj Asset Management Ltd. (Formerly Bajaj Finserv Asset Management Ltd) 19.9%3 80.1% 100%4 Vidal Healthcare Services Pvt. Ltd. 100% 1. 54.67% holding via promoter & promoter group 2. 100% holding via promoter & promoter group companies 3. 19.9% holding via Bajaj Finance Ltd. In Bajaj Finserv Direct Ltd. 4. Bajaj Finserv Mutual Fund Trustee Ltd is a wholly owned subsidiary of Bajaj Finserv Limited, acts as Trustee to the Asset Man agement Company Bajaj Alternate Investment Management Ltd. 100%
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What do we stand for 21 “Diversified financial services strategy with an optimal mix of risk and profit to deliver a resilient business model” “Business construct is to enable ROA of 4.3%-4.7% and ROE of 19%-21%” “A diversified non-bank with a deposit taking license” “Focused on continuous innovation to transform customer experience and create growth opportunities” “Focused on mass and affluent segments, leveraging cross-sell to drive lifetime value”
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Financial sustainability metrics - Consolidated 22 AUM growth in corridor of 23%-25% Profit growth in corridor of 23%-24% GNPA in corridor of <1.4% NNPA in corridor of <0.5% Return on assets in corridor of 4.3%-4.7% Return on equity in corridor of 19%-21%
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Key strategic differentiators 23 BFL 3.0 – A FINAI Company Be the pre-eminent choice which meets all financial services needs of its 200 MM customers. Its AI enabled technology architecture that integrates AI across all its processes to deliver significant operating leverage and create a virtuous growth cycle. Part of the Bajaj group – one of the oldest & most respected business houses A trusted brand with strong brand equity. Focus on mass and affluent segments Total customer franchise of 128.85 MM. Strong focus on cross selling assets, payments, insurance and deposit products to existing customers Highly data oriented. Deep data talent bench and technology architecture to enable cross sell. A well-diversified balance sheet Consolidated lending AUM mix for Urban : Rural : MSME : Commercial : Mortgages stood at 30% : 12% : 13% : 13% : 32%. Consolidated borrowing mix for Money Markets: Banks: Deposits: ECB stood at 52% : 29% : 14% : 5%. Agile and innovative Continuous transformation in product features and digital technologies to maintain competitive edge. Committed to technology and analytics to transform customer experience Has helped achieve multi product cross sell and manage risk & controllership effectively. Focused on delivering frictionless experience to customer.
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Our shareholder profile Top 20 investors and their holdings Above shareholding is as of 30 September 2026 24 FII & FPI 19.79% Promoters & Promoter Group 54.67% 0.37% Others Corporates Shareholding profile 7.60% 7.25% Resident & non resident individuals MF 10.32% # Name of Shareholder As on 30 Sep 25 As on 30 Jun 26 As on 30 Sep 26 1 BAJAJ FINSERV LTD 51.32% 51.30% 51.30% 2 MAHARASHTRA SCOOTERS LIMITED 3.05% 3.06% 3.06% 3 LIFE INSURANCE CORPORATION OF INDIA 1.27% 1.57% 1.63% 4 SBI NIFTY 50 ETF 0.77% 0.82% 0.85% 5 SBI FOCUSED FUND 0.00% 0.41% 0.75% 6 VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 0.65% 0.64% 0.65% 7 VANGUARD EMERGING MARKETS STOCK INDEX FUND 0.60% 0.61% 0.62% 8 ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED 0.64% 0.66% 0.58% 9 SBI BSE SENSEX ETF 0.52% 0.56% 0.58% 10 SBI LIFE INSURANCE CO. LTD 0.55% 0.61% 0.57% 11 ISHARES CORE MSCI EMERGING MARKETS ETF 0.44% 0.44% 0.46% 12 LIFE INSURANCE CORPORATION OF INDIA - P & GS FUND 0.49% 0.53% 0.45% 13 GOVERNMENT PENSION FUND GLOBAL 0.65% 0.45% 0.44% 14 NEW WORLD FUND INC 0.16% 0.45% 0.41% 15 LICI ASM NON PAR 0.24% 0.38% 0.38% 16 SBI AGGRESSIVE HYBRID FUND 0.34% 0.37% 0.37% 17 GOVERNMENT OF SINGAPORE 2.48% 1.34% 0.36% 18 VANGUARD FIDUCIARY TRUST COMPANY INSTITUTIONAL 0.34% 0.32% 0.33% 19 NPS TRUST- A/C LIC PENSION FUND SCHEME 0.14% 0.29% 0.29% 20 UTI NIFTY 50 ETF 0.24% 0.28% 0.29%
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19-years financial snapshot - Consolidated @ All figures till FY17 are as per previous GAAP on standalone basis. All figures from FY18 onwards are as per Ind AS and on consolidated basis. * As per the RBI regulations, NNPA numbers up to FY15 are at 6 months overdue, FY16 are at 5 months overdue, FY17 are at 4 mo nths overdue, FY18 to Nov’21 are at 3 months overdue and Dec’21 onwards are at 91 days past due. Hence NPA across periods are not comparable. # PBT includes share of profit from associate and exceptional items, which are not presented separately above. * ^ ₹ in crore 25 Financials snapshot @ FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR (19Y) Loans booked (MM) 1.0 0.6 0.9 1.6 2.2 2.8 3.4 4.9 6.8 10.1 15.3 23.5 27.4 16.9 24.7 29.6 36.2 43.4 52.5 25% Cust. franchise (MM) 0.8 1.2 1.9 3.0 4.7 6.7 9.3 12.9 16.1 20.1 26.2 34.5 42.6 48.6 57.6 69.1 83.6 101.8 119.3 32% AUM (₹ ‘000 Cr) 2.5 2.5 4.0 7.6 13.1 17.5 24.1 32.4 44.2 60.2 82.4 115.9 147.2 152.9 197.5 247.4 330.6 416.7 510.0 34% Total income 501 596 898 1,381 2,146 3,085 4,050 5,399 7,310 9,959 12,684 18,410 26,235 26,519 30,755 40,310 54,128 68,847 81,989 33% Interest expenses 170 164 201 371 746 1,206 1,573 2,248 2,927 3,803 4,614 6,623 9,473 9,414 9,754 12,560 18,725 24,771 28,666 33% Net total income (NTI) 331 432 697 1,010 1,400 1,879 2,477 3,151 4,383 6,156 8,070 11,787 16,762 17,105 21,001 27,750 35,403 44,076 53,323 33% Operating expenses 193 220 320 460 670 850 1,151 1,428 1,898 2,564 3,270 4,197 5,662 5,308 7,587 10,142 12,325 14,926 17,776 29% Loan losses & provision 107 161 243 180 128 157 235 366 520 774 957 1,411 3,778 5,805 3,910 2,085 3,776 7,088 9,482 28% Profit before tax # 30 51 134 370 602 872 1,091 1,357 1,965 2,818 3,843 6,179 7,322 5,992 9,504 15,528 19,310 22,080 25,817 46% Profit after tax 21 34 89 247 406 591 719 898 1,279 1,837 2,496 3,995 5,264 4,420 7,028 11,508 14,451 16,779 19,332 46% Ratios Opex to NTI 58.3% 50.9% 45.9% 45.5% 47.9% 45.2% 46.5% 45.3% 43.3% 41.7% 40.5% 35.6% 33.8% 31.0% 36.1% 36.5% 34.8% 33.9% 33.3% Loan loss to avg. AUF 3.51% 4.80% 6.56% 3.19% 1.31% 1.08% 1.18% 1.35% 1.41% 1.54% 1.40% 1.47% 2.98% 4.03% 2.31% 0.96% 1.33% 1.93% 2.09% Return on assets 0.7% 1.4% 2.8% 4.4% 4.2% 4.1% 3.6% 3.3% 3.5% 3.7% 3.7% 4.2% 4.1% 3.1% 4.2% 5.3% 5.1% 4.6% 4.3% Return on equity 2.0% 3.2% 8.0% 19.7% 24.0% 21.9% 19.5% 20.4% 20.9% 21.6% 20.1% 22.5% 20.2% 12.8% 17.4% 23.5% 22.1% 19.2% 18.1% Net NPA* 7% 5.50% 2.20% 0.80% 0.12% 0.19% 0.28% 0.45% 0.28% 0.44% 0.43% 0.63% 0.65% 0.75% 0.68% 0.34% 0.37% 0.44% 0.41% Provisioning coverage 30% 32% 55% 79% 89% 83% 76% 71% 77% 74% 70% 60% 60% 58% 58% 64% 57% 54% 60% CRAR (standalone) 40.7% 38.4% 25.9% 20.0% 17.5% 21.9% 19.1% 18.0% 19.5% 20.3% 24.7% 20.7% 25.0% 28.3% 27.2% 25.0% 22.5% 21.9% 21.6% Leverage ratio 2.6 2.5 3.8 5.9 6.4 5.3 6.2 6.8 6.3 6.6 5.4 6.3 5.1 4.7 4.9 5.1 4.9 4.7 4.8
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9-years financial snapshot – BHFL * ^ ₹ in crore 26* Capital infusion of ₹ 328 crore prior to FY18 , ₹ 2,000 crore on 3rd April 2024 via rights issue and ₹ 3,560 crore on 16th September 2024 through Fresh issue (IPO) Financials Snapshot FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR (9 yrs.) AUM (₹ Cr) 3,570 17,562 32,705 38,871 53,322 69,228 91,370 114,684 140,706 58% Total income 106 1,156 2,646 3,155 3,766 5,655 7,601 9,554 11,151 79% Interest expenses 47 685 1,616 1,966 2,155 3,211 4,692 5,979 6,760 86% Net Total Income (NTI) 59 471 1,030 1,189 1,611 2,444 2,909 3,575 4,391 71% Operating Expenses 44 297 339 329 471 630 703 747 867 45% Pre-provisioning operating profit 15 174 691 860 1,140 1,814 2,206 2,828 3,524 98% Loan Losses & Provision 4 25 124 247 180 114 45 58 191 62% PBT before exceptional item 11 149 567 613 960 1,700 2,161 2,770 3,333 104% Exceptional Item 13 Profit before tax 11 149 567 613 960 1,700 2,161 2,770 3,320 104% Profit after tax 10 110 421 453 710 1,258 1,731 2,163 2,560 100% Key Ratios: Opex to NTI 74.6% 63.1% 32.9% 27.7% 29.2% 25.8% 24.2% 20.9% 19.7% Loan loss to avg. loan assets 0.22% 0.24% 0.55% 0.80% 0.45% 0.21% 0.06% 0.07% 0.17% Return on average assets 0.6% 1.1% 1.9% 1.5% 1.8% 2.3% 2.4% 2.4% 2.3% Return on average equity 1.1% 4.2% 9.1% 7.8% 11.1% 14.6% 15.2% 13.4% 12.1% Gross NPA 0.00% 0.05% 0.08% 0.35% 0.31% 0.22% 0.27% 0.29% 0.27% Net NPA 0.00% 0.04% 0.05% 0.22% 0.14% 0.08% 0.10% 0.11% 0.11% Provision coverage ratio - 35% 38% 38% 54% 64% 64% 60% 60% CRAR 45.12% 25.81% 25.15% 21.33% 19.71% 22.97% 21.28% 28.24% 22.46% Leverage ratio 3.03 5.26 5.62 6.28 7.20 6.16 6.69 5.15 5.65 Capital infusion* 1,200 2,000 1,500 - - 2,500 - 5,560 -
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27 Product suite BAJAJ FINANCE LIMITED Retail-Urban MSME Commercial Retail-Rural Deposits Payments Partnership & Services 1. Consumer Durable Loans 2. Digital Product Loans 3. Lifestyle Product Loans 4. Lifecare Financing 5. EMI Card 6. Retail Spend Financing 7. 2W & 3W Financing 8. Personal Loan Cross-sell 9. Salaried Personal Loans 10.E-commerce Financing 11.Retailer Finance 12.Gold Loans 13.Solar Financing 1. Unsecured Loans to Self-employed 2. Unsecured Loans to Professionals 3. Business Loans Secured 4. Used Car Financing 5. Medical Equipment 6. Loan Against Property 7. New Car Financing 8. Commercial Vehicle 9. Auto & Other Leasing 10.Industrial Equipment Financing 1. Loan Against Securities 2. IPO Financing 3. Large Corporate Lending 4. Mid Corporate Lending 5. Emerging Corporate Lending 6. Financial Institution Lending 1. Consumer Durable Loans 2. Digital Product Loans 3. Lifestyle Product Loans 4. Personal Loans Cross- sell 5. Gold Loans 6. Loans to Professionals 7. Microfinance Group Lending 8. Tractor Finance 9. Affordable Housing Finance 1. Retail Term Deposits 2. Corporate Term Deposits Issuance 1. PPI 2. UPI 3. BBPS 4. FASTag 5. NCMC Card Acquiring 1. Merchant QR 2. EDC Machine 1. Life Insurance Distribution 2. General Insurance Distribution 3. Health Insurance Distribution 4. Pocket Insurance BAJAJ HOUSING FINANCE LIMITED 1. Salaried Home Loans 2. Salaried LAP 3. Near Prime & Affordable Housing Finance 4. Loan Against Property 5. Self Employed HL 6. Lease Rental Discounting (LRD) 7. Developer Finance 8. Construction Finance 9. Corporate LRD BAJAJ FINANCIAL SECURITIES LIMITED 1. Trading Account 2. Depository Services 3. Margin Trading Financing 4. Branch Broking 5. Retail Broking 6. IPOs and OFS 7. MF Distribution 8. PMS Distribution 9. Proprietary Trading 10. ESOP Financing 11. Commodity Derivative trading
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Executive summary – Bajaj Finance Overview • Focused on Consumer Finance, Personal loans, MSME, Gold Loan, Wheels financing and Commercial businesses. • Long-term strategy is to build a customer-centric company serving all needs of the customer, leveraging technology and AI to drive growth and efficiency and maintaining a strong risk culture to build a resilient and sustainable company. • Focused on cross sell, customer experience and product & process innovations to create a differentiated & profitable business model • AUM of ₹ 426,879 crore as of 30 September 2026 • AUM mix as of 30 September 2026 – Urban : Rural : SME : Commercial : Mortgage stood at 41% : 16% : 18% : 15% : 10% • Profit after tax of ₹ 5,536 crore in Q2 FY27 • Capital adequacy ratio (including Tier II capital) of 20.33% as of 30 Sep 2026. Tier I capital stood at 19.43% Consumer Finance • One of the largest consumer financing company in the country, offers financing of consumer electronics, digital products, e-Commerce, two wheelers & lifestyle products. • Our extensive distribution network, comprising over 244K+ point of sale across 1,515 urban and 2,576 rural locations. • EMI Card franchise stood at 100.38 MM cards in force (CIF) as of 30 September 2026. Personal Loans • Among the largest personal loan companies in India, focused on pre-approved and salaried personal loan offerings. • Continued focus on digital simplification, process automation and customer journey enhancement is driving stronger customer engagement and improved conversion rates. • AI driven voice initiatives and AI text bots generated disbursement of ₹ 2,744 crore in Q2 FY27. 28
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Executive summary – Bajaj Finance MSME Business • Offers secured & unsecured loans to MSME and self-employed professionals, to meet their working capital and asset financing requirements. • Secured offerings include enterprise loans against property, affordable housing loans and medical and industrial equipment financing • Focused on affluent MSMEs with established financials & demonstrated borrowing track record • The business operates on a robust, data-driven underwriting model that leverages comprehensive banking information Gold Loan • Amongst top 5 gold loan lenders in NBFC sector in India • Rapidly scaling Gold loan franchise — present at 2,022 branches and will go to 2,700-2,800 by FY27 • Wider branch, digital footprint, sharper processes and customer-centric offerings drove a significant portfolio scale-up Wheels Financing • Offers new and used car finance, tractor finance, commercial vehicle finance to retail and corporate customers • New car finance operational across 110 locations, covering over 3,200 dealers & 26 OEMs • Used car finance with increased focus on Sale Purchase (SP) financing as against refinancing • Commercial vehicle finance caters LCV, MHCV category Commercial Business • Offers short, medium and long-term financing to mid market corporates • Focused on auto ancillaries, pharma, light engineering, specialty chemicals, financial institution groups, lease rental discounting and top mid-corporate clients in India Microfinance Business • Small-ticket group loans of ₹20,000–₹100,000 to women in low-income, largely unbanked households. • Present across 11 states through 480 branches as of 30 Sep 2026 • Portfolio quality remains healthy with GNPA at 0.47% and NNPA at 0.08% as of 30 Sep 2026 29
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Executive summary – Bajaj Finance 30 Loan against securities • Operates across 21 locations through branch and digital channels, providing seamless financing solutions • Offers short to medium-term loans against shares, bonds, mutual funds, insurance policies and deposits across retail, HNI, and promoter segments Deposits • Company accepts deposits from retail and corporate clients to enhance funding diversification while optimizing overall funding cost • Deposits contribute 19% of standalone borrowings and 14% of consolidated borrowings Treasury • Strategy is to create a balanced mix of wholesale and retail borrowings with a focus on long term borrowings • Cost of funds stood at 7.40% in Q2 FY27 • Borrowings stood at ₹ 370,644 crore with a diversified mix of 49% : 26% : 6% : 19% between money markets, banks, ECB and deposits as of 30 September 2026 Credit Quality • GNPA and NNPA as of 30 September 2026 stood at 1.33% and 0.53% respectively • Provisioning coverage ratio as of 30 September 2026 was 60% • Provisioning coverage on stage 1 & 2 stood at 181 bps as of 30 Sep 2026 Credit Rating • Credit rating for long term borrowing is AAA/Stable by CRISIL, ICRA, CARE & India Ratings • Credit rating for short term borrowing is A1+ by CRISIL, ICRA, CARE & India Ratings • Credit rating for FD program is AAA (Stable) by CRISIL & ICRA • Long term & short term issuer credit rating of BBB/Stable & A-2 respectively by S&P Global ratings • Corporate family rating of Baa3 with a stable outlook by Moody’s Ratings Regulated by • Reserve Bank of India • Securities and Exchange Board of India • Insurance Regulatory Development Authority of India (IRDAI)
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Executive summary – Bajaj Housing Finance 31 Overview • Subsidiary of Bajaj Finance Limited • Independent organization design having all dedicated functions and units to drive domain expertise, scalability and operating leverage • Offers full range of mortgage products such as home loans, loan against property and lease rental discounting to salaried & self-employed customers. It also offers construction finance and inventory finance to credit worthy developers • Focused on mass affluent and above customers (salaried and self employed) • AUM of ₹ 158,205 crore as of 30 Sep 2026. Profit after tax of ₹ 757 crore in Q2 FY27 • Capital adequacy ratio (including Tier II capital) was 21.24% as of 30 Sep 2026 Home Loans • Offers home loans to all customer segments: Salaried, self-employed, and professionals and all customer classes: Prime, Near Prime and Affordable for an average ticket size of 49.5 lakhs • Leveraging Developer Finance relationships: Key sourcing funnel for retail home loans • Focused on home loans – Purchase and Balance transfer directly as well as through channel partners • Micro market strategy to bifurcate locations into dedicated operational areas • Present in 182 locations as of 30 Sep 2026 • Home loan mix as of 30 Sep 2026 – Salaried : Self Employed : Professionals stood at 83% : 14% : 3% Loan Against Property • Offers LAP to all customer segments: Self-employed, salaried and professionals for an average ticket size of 99.9 lakhs • Focused on sourcing from both intermediaries as well as direct-to-customer channels • Present in 74 locations as of 30 Sep 2026
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Lease Rental Discounting • Offers LRD to high net-worth individuals and developers against commercial property leased to corporate lessees • Customer base spans across commercial real estate developers, listed REITs, Private Equity and Sovereign funds • LRD transactions are backed by rentals through escrow mechanism • Present in 18 locations as of 30 Sep 2026 Developer Financing • Offers construction finance and inventory finance mainly to category A and A+ developers in India • Act as sourcing funnel for retail home loans • Present in 18 locations as of 30 Sep 2026 Credit Quality • GNPA and NNPA as of 30 Sep 2026 stood at 0.29% and 0.12% respectively Treasury • Strategy is to create a balanced and sustained mix of borrowings • Borrowings stood at ₹ 118,259 crore with a mix of 35% : 56% : 9% between banks, money markets and NHB as of 30 Sep 2026 • In Q2, cost of funds was 7.04% Credit Rating • Credit rating for long term borrowing is AAA/Stable by CRISIL & IND AAA/Stable by India Ratings • Credit rating for short term borrowing is A1+ by CRISIL & IND A1+ by India Ratings Regulated by • Reserve Bank of India and supervised by National Housing Bank • Securities and Exchange Board of India • Insurance Regulatory Development Authority of India (IRDAI) 32 Executive summary – Bajaj Housing Finance
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Executive summary – Bajaj Financial Securities 33 Overview • A 100% subsidiary of Bajaj Finance Limited • Offers a wide range of capital market products - Broking, Depositary services, Margin Trade Financing (MTF), ESOP Financing, IPOs and Distribution of Mutual Funds, PMS, and AIF. The Company launched Commodity derivatives product for its customer. • Broking business caters to two different business segments – Branch and Retail • AUM as of 30 September 2026 stood at ₹ 12,058 crore (MTF: ₹ 10,498 crore and ESOP financing: ₹ 1,560 crore) • Net total income was ₹ 160 crore in Q2 FY27 • Profit after tax was ₹ 64 crore in Q2 FY27 Branch Broking • Business oriented towards delivering relationship-based broking solutions to UHNI & HNI client segment • Focused on building MTF relationship. • MTF book stood at ₹ 9,160 crore as of 30 September 2026 • Present in 43 locations as of 30 September 2026 • Added 5K UHNI/HNI clients in Q2 FY27. Total client base stood at 100K as of 30 September 2026 Retail Broking • Added 116K trading and demat accounts in Q2 FY27 with focus to add accounts with higher propensity to trade. • Total retail client base stood at 1.51 MM as of 30 September 2026 • Crossed 1,700+ network of partners and affiliates online accounts • Working with 460+ Independent Business Advisor (IBAs) • MTF book stood at ₹ 1,338 crore as of 30 September 2026 Credit Rating • Credit rating for long term borrowing is AAA/Stable by CRISIL Ratings • Credit rating for short term borrowing is A1+ by CRISIL & IND A1+ by India Ratings Regulated by • Securities and Exchange Board of India
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Financial performance— Q2 FY27 Financial statement summary – Bajaj Finance Limited Financial statement summary – Consolidated 34 Section 03 3.1 3.2 3.3 Financial statement summary – Bajaj Housing Finance Limited Financial statement summary – Bajaj Financial Securities Limited 3.4
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Financial summary – Consolidated Financials snapshot Q2 FY27 Q2 FY26 Y-o-Y H1 FY27 H1 FY26 H-o-H FY26 Assets under management 5,84,624 4,62,261 26% 5,84,624 4,62,261 26% 5,09,975 Assets under finance 5,74,174 4,52,527 27% 5,74,174 4,52,527 27% 4,98,944 Interest income 21,936 17,796 23% 42,449 34,941 21% 72,776 Interest expenses 8,601 7,011 23% 16,544 13,928 19% 28,666 Net interest income 13,335 10,785 24% 25,905 21,013 23% 44,110 Non-interest income 2,639 2,197 20% 5,293 4,428 20% 9,214 Net total income (NTI) 15,974 12,982 23% 31,198 25,441 23% 53,324 Operating expenses 5,275 4,297 23% 10,361 8,420 23% 17,776 Pre-provisioning operating profit 10,699 8,685 23% 20,837 17,021 22% 35,548 Loan losses and provisions 2,166 2,080 4% 4,160 4,049 3% 9,482 Share of profit of associates 4 3 33% 9 4 125% 16 Profit before exception items and tax 8,537 6,608 29% 16,686 12,976 29% 26,082 Exceptional items - - - - - 265 Profit before tax 8,537 6,608 29% 16,686 12,976 29% 25,817 Profit after tax 6,367 4,948 29% 12,447 9,713 28% 19,332 Ratios Operating expenses to NTI 33.0% 33.1% 33.2% 33.1% 33.3% Annualised Loan Loss to Average AUF 1.56% 1.88% 1.55% 1.88% 2.09% Annualised Return on Average AUF 4.6% 4.5% 4.6% 4.5% 4.3% Annualised Return on Average Equity 20.6% 19.1% 20.7% 19.2% 18.1% Earning per share - Basic (₹) for the period 10.07 7.85 19.69 15.41 30.60 35*Q2 FY27 includes a prudent management and macro-economic provision - ₹337 crore. Excl. this, loan losses and provisions declined 12% YoY to ₹1,829 crore and loan loss to avg AUF 1.32% ₹ in Crore
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Financial summary – Bajaj Finance Financials snapshot Q2FY27 Q2 FY26 Y-o-Y H1 FY27 H1 FY26 H-o-H FY26 Assets under management 4,26,879 3,38,121 26% 4,26,879 3,38,121 26% 3,72,986 Assets under finance 4,22,268 3,32,545 27% 4,22,268 3,32,545 27% 3,67,226 Interest income 18,549 14,969 24% 35,918 29,459 22% 61,357 Interest expenses 6,399 5,243 22% 12,273 10,464 17% 21,417 Net interest income 12,150 9,726 25% 23,645 18,995 24% 39,940 Non-interest income 2,371 2,036 16% 4,804 4,094 17% 8,497 Net total income (NTI) 14,521 11,762 23% 28,449 23,089 23% 48,437 Operating expenses 4,969 4,022 24% 9,758 7,873 24% 16,641 Pre-provisioning operating profit 9,552 7,740 23% 18,691 15,216 23% 31,796 Loan losses and provisions 2,131 2,037 5% 4,107 3,966 4% 9,290 Profit before exceptional items and tax 7,421 5,703 30% 14,584 11,250 30% 22,506 Exceptional items - - - - 1,166 Profit Before Tax 7,421 5,703 30% 14,584 11,250 30% 23,672 Profit After Tax 5,536 4,251 30% 10,882 8,384 30% 17,804 Ratios Operating expenses to NTI 34.2% 34.2% 34.3% 34.1% 34.3% Annualised Loan Loss to Average AUF * 2.09% 2.49% 2.08% 2.49% 2.77% Annualised Return on Average AUF 5.4% 5.2% 5.5% 5.3% 5.3% Annualised Return on Average Equity 20.2% 18.4% 20.3% 18.5% 18.6% Earning per share – Basic (₹) 8.90 6.84 17.49 13.50 28.65 36 ₹ in Crore *Q2 FY27 includes a prudent management and macro-economic provision of ₹ 337 crore. Excluding this, loan losses and provisions were ₹ 1,794 crore, a decline of 12% as against Q2 FY26
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Financial summary – Bajaj Housing Finance 37 Financials snapshot Q2 FY27 Q2 FY26 Y-o-Y H1FY27 H1FY26 H-o-H FY26 Assets under management 158,205 126,749 25% 158,205 126,749 25% 140,706 Assets under Finance 139,862 113,059 24% 139,862 113,059 24% 123,745 Interest income 3,052 2,614 17% 5,908 5,107 16% 10,512 Interest expenses 1,997 1,658 20% 3,885 3,264 19% 6,760 Net interest income 1,055 956 10% 2,023 1,843 10% 3,752 Non-interest income 199 134 49% 406 257 58% 639 Net total income (NTI) 1,254 1,090 15% 2,429 2,100 16% 4,391 Operating Expenses 239 214 12% 470 429 10% 867 Pre-provisioning operating profit 1,015 876 16% 1,959 1,671 17% 3,524 Loan losses and provisions 35 43 (19%) 51 81 (37%) 191 Profit before exceptional item and tax 980 833 18% 1,908 1,590 20% 3,333 Exceptional charge of new labour code 13 Profit before tax 980 833 18% 1,908 1,590 20% 3,320 Profit after tax 757 643 18% 1,472 1,226 20% 2,560 Ratios Operating expenses to NTI 19.1% 19.7% 19.3% 20.4% 19.7% Annualised Loan Loss to Average AUF 0.10% 0.16% 0.08% 0.15% 0.17% Annualised Return on Average AUF 2.2% 2.3% 2.2% 2.3% 2.3% Annualised Return on Average Equity 12.7% 12.2% 12.6% 11.9% 12.1% Earning per share – Basic (₹) 0.91 0.77 1.77 1.47 3.07 ₹ in Crore
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Financial summary – Bajaj Financial Securities 38 ₹ in Crore *Others include dividend income, other operating income and other income Financials snapshot Q2 FY27 Q2 FY26 Y-o-Y H1 FY27 H1 FY26 H-o-H FY26 Assets under finance 12,058 7,597 59% 12,058 7,597 59% 7,984 Interest income 323 205 58% 596 358 66% 871 Interest expenses 206 110 87% 385 200 93% 491 Net interest income 117 95 23% 211 158 34% 380 Fees and commission income 45 35 29% 93 72 29% 147 Net gain on fair value changes (2) 2 - (3) 21 - 47 Others* 0 1 - 0 3 - 4 Net total income 160 133 20% 301 254 19% 578 Operating Expenses 73 68 7% 149 135 10% 302 Pre-provisioning operating profit 87 65 34% 152 119 28% 276 Loan losses and provisions 1 1 - 2 2 - 3 Profit before tax 86 64 34% 150 117 28% 273 Profit after tax 64 47 36% 114 87 31% 203 Ratios Operating expenses to Net total income 45.6% 51.1% 49.5% 53.1% 52.2% Annualised Return on Average Equity 11.59% 12.04% 10.41% 11.39% 12.01% Earning per share – Basic (₹) 0.45 0.41 0.81 0.83 1.68 ₹ in Crore
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Section 04 Resilient business model – Consolidated Behaviouralized ALM – Bajaj Finance Limited 39 4.1 4.2 4.3 Consolidated liability mix 4.5 Disciplined ALM Management – Bajaj Finance Limited 4.6 Conservative leverage standards – Consolidated Asset liability management 4.4 Behaviouralized ALM – Bajaj Housing Finance Limited
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14.6% 19.7% 16.3% 21.3% 25.1% 24.8% 23.2% 21.5% 21.1% 21.2% 20.5% 20.6% 20.7% 20.0% 19.4% 5.7% 5.0% 4.4% 3.7% 3.2% 2.5% 1.8% 1.0% 0.8% 0.8% 0.7% 0.9% 0.9% 0.9% 0.9% 20.3% 24.7% 20.7% 25.0% 28.3% 27.2% 25.0% 22.5% 21.9% 22.0% 21.2% 21.5% 21.6% 20.9% 20.3% 6.6 5.4 6.3 5.1 4.7 4.9 5.1 4.9 4.7 4.7 4.8 4.8 4.8 4.9 5.1 2 2.5 3 3.5 4 4.5 5 5.5 6 6.5 7 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Mar'17 Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 Tier 1 Capital Tier 2 Capital Total Capital Adequacy Ratio (CRAR) Leverage Ratio *Standalone leverage is approximately 4.4X as of 30 Sep 2026 Capital Adequacy Ratios (CRAR) are on standalone basis @All figures till FY18 are as per Previous GAAP and from Mar’19 onwards numbers are as per Ind AS Conservative leverage standards * Denotes point at which the Company initiated its capital raising plan Leverage Threshold 7.0 7.0 7.0 7.0 6.0 6.07.0 7.07.0 6.0 6.0 40 5.5
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41 Resilient business model – Consolidated @All figures till FY18 are as per previous GAAP and from Mar’19 onwards numbers are as per Ind AS. Jun’25, Sep’25 and Dec’25 figures are for the quarter *Excluding accelerated ECL provision and one-time charge of New Labour Codes, as applicable * 9.00% 8.24% 8.27% 8.39% 7.84% 6.81% 7.04% 7.74% 7.97% 7.79% 7.52% 7.45% 7.41% 7.40% 7.31% 3.7% 3.9% 4.1% 4.1% 3.1% 4.2% 5.3% 5.1% 4.6% 4.5% 4.5% 4.6% 4.6% 4.7% 4.6% 36.0% 38.4% 27.2% 35.4% 46.5% 42.5% 37.8% 27.3% 27.1% 28.0% 26.9% 27.6% 29.5% 29.2% 27.7% 41.7% 40.5% 35.6% 33.8% 31.0% 36.1% 36.5% 34.8% 33.9% 33.1% 33.1% 33.3% 33.8% 33.4% 33.0% Mar'17 Mar'18 Mar '19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 COF ROA Fee Income to PBT Opex to Net Total Income
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In Q2, daily average LCR was 214% as against regulatory requirement of 100% Behaviouralized ALM as of 30 Sep 2026 – BFL 42 Particulars 1-7 D 8-14 D 15-30 D >1-2 M >2-3 M >3-6 M >6 M-1 Y >1-3 Y >3-5 Y >5 Y Total Cash & Investments 16,471 31 9,708 719 2,621 4,442 1,831 961 - 14,878 51,662 Advances 16,208 4,481 9,882 24,550 22,279 57,526 75,206 1,51,854 43,136 33,135 4,38,258 Other inflows 16,481 44 1,058 622 100 1,201 2,207 4,469 295 9,185 35,663 Total Inflows (A) 49,161 4,556 20,648 25,891 25,000 63,168 79,243 1,57,285 43,431 57,198 5,25,582 Cumulative Total Inflows (B) 49,161 53,717 74,365 1,00,256 1,25,256 1,88,424 2,67,668 4,24,953 4,68,384 5,25,582 Borrowings 17,909 2,291 9,161 11,911 17,694 31,639 71,743 1,26,185 44,141 45,288 3,77,962 Capital Reserves and Surplus - - - - - - - - - 1,10,909 1,10,909 Other Outflows 5,444 2,251 6,307 5,193 1,359 1,622 2,307 3,686 4,465 4,078 36,712 Total Outflows (C) 23,353 4,543 15,468 17,103 19,053 33,261 74,050 1,29,871 48,606 1,60,275 5,25,583 Cumulative Total Outflows (D) 23,353 27,896 43,364 60,467 79,520 1,12,780 1,86,830 3,16,702 3,65,307 5,25,583 Mismatch (E = A - C) 25,807 14 5,180 8,787 5,948 29,907 5,193 27,414 (5,175) (1,03,076) Cumulative mismatch (F = B-D) 25,807 25,821 31,001 39,789 45,736 75,644 80,837 1,08,251 1,03,076 - Cumulative mismatch as % (F/D) 111% 93% 71% 66% 58% 67% 43% 34% 28% - Permissible cumulative gap % (10%) (10%) (20%) Additional borrowings possible 49,600 ₹ in Crore
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In Q2, daily average LCR was 146% as against regulatory requirement of 100% Behaviouralized ALM as of 30 Sep 2026 – BHFL 43 Particulars 1-7 D 8-14 D 15-30 D >1-2 M >2-3 M >3-6 M >6 M-1 Y >1-3 Y >3-5 Y >5 Y Total Cash & Investments 172 - 85 4 7 58 2167 - - - 2,493 Advances 1,539 579 1,659 3,024 2,955 8,476 15,115 41,539 24,289 40,687 1,39,862 Other inflows 1,150 1 2,513 933 1,908 3,881 6798 12,096 8,735 11,178 49,193 Total Inflows (A) 2,861 580 4,257 3,961 4,870 12,415 24,080 53,635 33,024 51,865 1,91,548 Cumulative Total Inflows (B) 2,861 3,441 7,698 11,659 16,529 28,944 53,024 1,06,659 1,39,683 1,91,548 Borrowings 704 - 1,674 1,746 2,216 8,612 14,893 40,068 29,104 19,242 1,18,259 Total Equity - - - - - - - - - 24,023 24,023 Other Outflows 911 374 2,049 1,975 1,786 4,540 8,430 14,858 8,641 5,702 49,266 Total Outflows (C) 1,615 374 3,723 3,721 4,002 13,152 23,323 54,926 37,745 48,967 1,91,548 Cumulative Total Outflows (D) 1,615 1,989 5,712 9,433 13,435 26,587 49,910 1,04,836 1,42,581 1,91,548 Gap (E = A - C) 1,246 206 534 240 868 (737) 757 (1,291) (4,721) 2,898 Cumulative mismatch (F = B-D) 1,246 1,452 1,986 2,226 3,094 2,357 3,114 1,823 (2,898) 0 Cumulative mismatch as % (F/D) 77% 73% 35% 24% 23% 9% 6% 2% (2%) 0% Permissible cumulative gap % (10%) (10%) (20%) Additional borrowings possible 3,909 ₹ in Crore
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Disciplined ALM Management - BFL 44 120% 51% 220% 216% 31% 93% 59% 56% 65% 87% 66% 36% 46% 71% 96% 57% 54% 80% 32% 31% 43% 57% 69% 62% 64% 49% 51% 43% Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 Cumulative gap upto 1 month Cumulative gap upto 12 month
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45All figures till FY18 are as per Previous GAAP and Mar’19 onwards numbers are as per Ind AS Consolidated liability mix 12% 13% 17% 20% 19% 21% 21% 20% 19% 18% 17% 16% 15% 14% 25% 34% 36% 31% 28% 33% 30% 28% 26% 26% 28% 30% 30% 30% 45% 36% 36% 35% 40% 34% 32% 35% 40% 40% 38% 37% 37% 40% 6% 4% 3% 3% 2% 2% 1% 1% 1% 1% 1% 1% 1% 0% 12% 13% 5% 7% 8% 9% 14% 12% 10% 11% 12% 11% 12% 11% 3% 4% 3% 1% 2% 4% 4% 4% 4% 5% 5% 5% Mar'18 Mar'19 Mar'20 Mar'21 Mar'22 Mar'23 Mar'24 Mar'25 Jun'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 Deposits Bank Loans (incl. CC/OD/WCDL/PTC) NCD Subordinate Debt Short term borrowings (CP, STL, CBLO) ECB
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Customer franchise and distribution reach Geographic presence 46 Section 05 5.1 5.2 5.3 Customer franchise Strong distribution reach5.4 Product per customer
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Total Franchise Credit segment filter Overall Cross sell franchise Non delinquent customers Cross sell franchise Q1 FY27 106.72 MM 124.43 MM 102.12 MM 91.14 MM 79.22 MM (63.7%)* Customer franchise Q2 FY26 110.64 MM 94.32 MM 90.47 MM 80.65 MM 71.32 MM (64.5%)* Q2 FY27 111.16 MM 128.85 MM 105.92 MM 94.58 MM 82.36 MM (63.9%)* Customer franchise addition 47*Represents cross sell franchise as a % of total franchise Q1 FY27 5.10 MM Q1 FY26 4.69 MM Q3 FY26 4.76 MM Q4 FY26 3.93 MM Q2 FY26 4.13 MM Q2 FY27 4.42 MM
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Product Per Customer (PPC) 48 Our customer-centric strategy, characterized by strong customer trust and relevant product offerings, will help gain the wallet share of existing customers. Product Per Customer (PPC) is a business metric used to determine average number of products or services (active or closed) a customer has availed over the lifetime with BFL. We are deeply investing in customer centricity strategy to improve this metric organically over time. Product offerings are classified into 4 product segments: 1. Lending: All lending products of the company 2. Distribution of products and services: All value-added products and services of BFL and partners 3. Deposits: Fixed Deposits 4. Payments: UPI, PPI, BBPS, Merchant QR, FASTag Base product is included in PPC calculation 2.53 2.52 2.48 2.52 2.56 2.93 3.04 2.97 2.90 2.85 0.01 0.02 0.02 0.02 0.020.34 0.49 0.57 0.62 0.68 As of FY23 As of FY24 As of FY25 As of FY26 As of H1 FY27 Product Per Customer Lending Distribution of products and services Deposits Payment 5.81 6.07 6.05 6.07 6.11 1.34 1.43 1.61 1.64 1.67 2.26 0.001 0.006 0.006 0.54 0.61 0.78 MOB-12 MOB-18 MOB-24 Product Per Customer - MOB View Lending Distribution of Products and Services Deposits Payment 3.51 3.72 4.65 12 MOB – Q2 FY26, 18 MOB – Q4 FY25 and 24 MOB – Q2 FY25
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49 Geographic presence Map not to scale Geographic Presence 30 Sep 2023 30 Sep 2024 30 Sep 2025 31 Dec 2025 31 Mar 2026 30 Jun 2026 30 Sep 2026 Urban lending locations 1,469 1,596 1,539 1,535 1,527 1,515 1,515 Rural lending locations 2,465 2,649 2,500 2,517 2,571 2,558 2,576 Total Bajaj Finance presence 3,934 4,245 4,039 4,052 4,098 4,073 4,091 Net additions in the period 356 43 (153) 13 46 (25) 18 Gold loan branches 770 985 1,272 1,369 1,507 1,701 2,022 MFI branches 12 314 416 445 447 447 480
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50 Strong distribution reach Active distribution 30-Sep-23 30-Sep-24 30-Sep-25 31-Dec-25 31-Mar-26 30-Jun-26 30-Sep-26 Consumer durable stores – Urban 38,850+ 45,300+ 52,650+ 52,650+ 53,050+ 56,200+ 57,550+ Consumer durable stores – Rural 43,350+ 56,650+ 66,250+ 66,800+ 68,400+ 70,700+ 72,700+ Digital product stores 37,100+ 43,700+ 48,250+ 48,950+ 49,500+ 50,150+ 50,550+ Lifestyle retail stores 14,650+ 18,200+ 22,400+ 23,250+ 23,650+ 24,700+ 25,650+ EMI card – retail spends stores 26,450+ 29,950+ 30,800+ 29,150+ 27,900+ 27,850+ 26,950+ 2W and 3W, sub-dealers & ASSC 10,050+ 9,250+ 9,950+ 10,050+ 10,050+ 10,100+ 10,350+ New Auto dealers 1,750+ 2,250+ 2,000+ 2,150+ 2,250+ 2,250+ 2,150+ Commercial Vehicle – 50+ 100+ 100+ 100+ 100+ 100+ Tractor Finance dealers – 750+ 1,100+ 1,150+ 1,200+ 1,200+ 1,250+ DSA/Independent Financial Agents 8,900+ 9,700+ 8,050+ 6,450+ 6,200+ 6,500+ 6,650+ Overall active distribution network 1,81,100+ 2,15,800+ 2,41,550+ 2,40,700+ 2,42,300+ 2,49,750+ 2,53,900+ Net addition in the period 37,800 8,600 2,750 (850) 1,600 7,450 4,150
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Business segment wise AUM Business segment wise AUM – Consolidated Mortgages and BHFL 51 Section 06 6.1 6.2 Business segment wise AUM - Consolidated
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52 Business segment wise AUM – Consolidated ₹ in Crore *Loan against securities book includes Margin Trade Facility (MTF) book Particulars Consolidated as of 30 Sep 2025 BFL as of 30 Sep 2026 BHFL as of 30 Sep 2026 Consolidated as of 30 Sep 2026 Growth YoY Composition as of 30 Sep 2025 Composition as of 30 Sep 2026 % Change YoY Captive 2W & 3W Finance 7,086 2,387 0 2,387 (66%) 1.53% 0.41% (1.1%) Open Market 2W & 3W Finance 7,177 8,991 0 8,991 25% 1.55% 1.54% 0.0% Urban Consumer Finance 33,550 48,098 0 48,098 43% 7.26% 8.23% 1.0% Urban Personal Loans 96,701 1,13,450 1,621 1,15,237 19% 20.92% 19.71% (1.2%) Rural Consumer Finance 8,838 14,392 0 14,392 63% 1.91% 2.46% 0.5% Rural Personal Loans 22,646 29,244 0 29,244 29% 4.90% 5.00% 0.1% MFI Lending 1,745 2,680 0 2,680 54% 0.38% 0.46% 0.1% Gold Loans 11,789 24,195 0 24,195 105% 2.55% 4.14% 1.6% MSME Lending 51,718 52,998 86 53,084 3% 11.19% 9.08% (2.1%) CV & Tractor Finance 2,662 5,044 0 5,044 89% 0.58% 0.86% 0.3% Car Loans 13,070 16,919 0 16,919 29% 2.83% 2.89% 0.1% Commercial Lending 31,359 35,271 0 35,271 12% 6.78% 6.03% (0.8%) Loan Against Securities 29,508 30,057 0 41,949 42% 6.38% 7.18% 0.8% Mortgages 1,44,412 43,152 1,56,498 1,87,133 30% 31.24% 32.01% 0.8% Total 4,62,261 4,26,879 1,58,205 5,84,624 26% 100.00% 100.00% CIF 75.2 100.4 33%
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53 Business segment wise AUM - Mortgages ₹ in Crore Consolidated mortgages Particulars AUM as of 30 Sep 25 AUM as of 30 Sep 26 Growth YoY Composition as of 30 Sep 25 Composition as of 30 Sep 26 Home Loans 70,911 86,530 22% 49% 46% Loan Against Property 30,648 43,784 43% 21% 23% Lease Rental Discounting 27,925 39,915 43% 19% 21% Developer Finance 14,928 16,904 13% 10% 9% Total 1,44,412 1,87,133 30% 100% 100% Bajaj Housing Finance Limited Particulars AUM as of 30 Sep 25 AUM as of 30 Sep 26 Growth YoY Composition as of 30 Sep 25 Composition as of 30 Sep 26 Home Loans 69,845 85,224 22% 55% 54% Loan Against Property 12,985 16,382 26% 10% 10% Lease Rental Discounting 27,290 37,988 39% 22% 24% Developer Finance 14,928 16,904 13% 12% 11% Other Loans 1,701 1,707 0% 1% 1% Total 1,26,749 1,58,205 25% 100% 100%
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Update on credit quality 54 Section 07 7.1 7.2 Provisioning Coverage - Consolidated Stagewise ECL provisioning – Consolidated Provisioning Coverage - BHFL 7.4 Stagewise ECL provisioning - BHFL 7.3 7.5 Portfolio credit quality - Consolidated
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Provisioning Coverage - Consolidated 55 ₹ in Crore *Loan against securities book includes Margin Trade Finance (MTF) book Particulars AUM GNPA NNPA PCR GNPA % NNPA % 30 Sep 26 (%) 30-Sep-25 30-Jun-26 30-Sep-26 30-Sep-25 30-Jun-26 30-Sep-26 Captive 2W & 3W Finance 2,387 503 269 46% 12.08% 15.37% 18.45% 7.12% 8.94% 10.80% Open Market 2W & 3W Finance 8,991 173 96 44% 2.43% 1.55% 1.88% 1.17% 0.87% 1.05% Urban Consumer Finance 48,098 309 40 87% 0.73% 0.40% 0.63% 0.16% 0.05% 0.08% Urban Personal Loans 1,15,237 1,692 477 72% 1.60% 1.19% 1.43% 0.69% 0.36% 0.41% Rural Consumer Finance 14,392 78 11 86% 0.78% 0.31% 0.53% 0.16% 0.04% 0.07% Rural Personal Loans 29,244 349 50 86% 1.65% 0.84% 1.13% 0.53% 0.11% 0.16% MFI Lending 2,680 13 2 83% 0.86% 0.41% 0.47% 0.23% 0.07% 0.08% Gold Loans 24,195 169 161 5% 0.59% 0.35% 0.70% 0.56% 0.33% 0.66% MSME Lending 53,084 1,608 610 62% 2.47% 2.82% 2.98% 1.26% 1.08% 1.15% CV & Tractor Finance 5,044 45 25 44% 0.42% 0.87% 0.88% 0.26% 0.47% 0.49% Car Loans 16,919 200 128 36% 1.47% 1.10% 1.17% 0.92% 0.71% 0.75% Commercial Lending 35,271 60 33 45% 0.04% 0.18% 0.17% 0.01% 0.10% 0.09% Loan Against Securities 41,949 8 5 40% 0.02% 0.02% 0.02% 0.01% 0.01% 0.01% Mortgages 1,87,133 989 546 45% 0.54% 0.55% 0.55% 0.32% 0.29% 0.30% Total 5,84,624 6,196 2,453 60% 1.24% 0.96% 1.06% 0.60% 0.39% 0.42% Financial sustainability metric <1.4% <0.5%
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56 Stagewise ECL provisioning - Consolidated ₹ in Crore Particulars Gross Assets Receivable ECL Provision PCR % Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Captive 2W & 3W Finance 1,904 318 503 41 63 234 2.14% 19.71% 46.50% Open Market 2W & 3W Finance 8,956 70 173 118 13 77 1.32% 19.16% 44.36% Urban Consumer Finance 48,254 449 309 396 249 269 0.82% 55.52% 87.03% Urban Personal Loans 1,14,625 1,625 1,692 2,355 921 1,215 2.05% 56.69% 71.79% Rural Consumer Finance 14,464 87 78 114 55 67 0.79% 63.11% 86.41% Rural Personal Loans 30,061 518 349 1,033 352 299 3.44% 67.99% 85.68% MFI Lending 2,708 26 13 40 16 11 1.47% 63.15% 82.98% Gold Loans 22,958 1,099 169 16 7 8 0.07% 0.67% 5.00% MSME Lending 51,848 486 1,608 1,344 310 998 2.59% 63.84% 62.08% CV & Tractor Finance 4,992 63 45 26 11 20 0.52% 16.80% 43.95% Car Loans 16,770 107 200 69 17 72 0.41% 16.05% 36.10% Commercial Lending 35,204 73 60 35 4 27 0.10% 5.50% 44.72% Loan Against Securities 42,117 6 8 13 0 3 0.03% 6.52% 40.36% Mortgages 1,79,514 692 989 493 160 443 0.27% 23.11% 44.81% Total as of 30 Sep 2026 5,74,375 5,619 6,196 6,093 2,178 3,743 1.06% 38.79% 60.41% Total as of 30 Sep 2026 (excl Gold loans) 5,51,417 4,520 6,027 6,077 2,171 3,735 1.10% 48.03% 61.97% Total as of 30 June 2026 5,37,054 4,972 5,241 5,697 2,304 3,127 1.06% 46.34% 59.67% Total as of 30 Sep 2025 4,49,817 4,721 5,687 3,331 1,421 2,945 0.74% 30.10% 51.79%
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Provisioning Coverage - BHFL 57 ₹ in Crore Particulars AUM 30 Sep 26 GNPA NNPA PCR (%) GNPA % NNPA % 30 Sep 25 30 Jun 26 30 Sep 26 30 Sep 25 30 Jun 26 30 Sep 26 Home Loans 85,224 294 130 55.60% 0.32% 0.34% 0.36% 0.15% 0.15% 0.16% Loan Against Property 16,382 71 24 66.15% 0.59% 0.62% 0.61% 0.29% 0.25% 0.21% Lease Rental Discounting 37,988 4 2 47.81% - - 0.02% - - 0.01% Developer Finance 16,904 20 5 76.79% 0.03% 0.12% 0.12% 0.00% 0.06% 0.03% Other loans 1,707 21 4 84.17% 1.08% 1.11% 1.18% 0.25% 0.19% 0.19% Total 1,58,205 410 165 59.80% 0.26% 0.29% 0.29% 0.12% 0.12% 0.12%
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58 Stagewise ECL provisioning - BHFL ₹ in Crore Particulars Gross Assets Receivable ECL Provision PCR % Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Home Loans 81,594 360 294 118 99 164 0.14% 27.31% 55.60% Loan Against Property 11,497 64 71 61 17 47 0.53% 26.84% 66.15% Lease Rental Discounting 28,000 - 4 126 - 2 0.45% - 47.81% Developer Finance 16,994 - 20 94 - 15 0.56% - 76.79% Other loans 1,697 16 21 5 5 17 0.27% 32.70% 84.17% Total as of 30 Sep 2026 139,782 440 410 404 121 245 0.29% 27.44% 59.80% Total as of 30 Jun 2026 131,106 416 380 401 117 222 0.30% 28.33% 58.53% Total as of 30 Sep 2025 1,13,001 391 298 380 85 166 0.34% 21.76% 55.64%
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Urban Personal Loans 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 0.0% 0.5% 1.0% 1.5% 2.0% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket Portfolio credit quality – Consolidated 59 Digital ProductConsumer Durable & Lifestyle Portfolio credit quality after adjusting ECL provisions | Feb’20 has been retained as a pre covid benchmark Rural Consumer finance Stage 1 2 Stage 1 2 Stage 1 2 Stage 1 2 98.65% 99.59% 99.38% 99.40% 99.48% 99.55% 99.67% 99.68% 99.57% 0.89% 0.32% 0.51% 0.49% 0.37% 0.32% 0.27% 0.27% 0.35% 98.49% 99.54% 99.25% 99.16% 99.36% 99.45% 99.59% 99.55% 99.45% 0.97% 0.38% 0.65% 0.70% 0.45% 0.41% 0.35% 0.39% 0.46% 99.33% 99.64% 99.62% 99.48% 99.50% 99.59% 99.77% 99.78% 99.63% 0.32% 0.28% 0.30% 0.42% 0.33% 0.24% 0.17% 0.18% 0.29% 98.00% 98.79% 98.45% 98.25% 98.26% 98.76% 98.85% 98.87% 98.96% 1.43% 0.96% 1.09% 1.25% 1.04% 0.79% 0.76% 0.76% 0.62%
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0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 0% 1% 1% 2% 2% 3% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Feb'20 Mar'23 Mar-24 Mar-25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 98.80% 98.49% 98.03% 98.00% 98.13% 98.74% 99.12% 99.16% 99.26% 0.66% 1.23% 1.65% 1.68% 1.33% 0.98% 0.76% 0.73% 0.57% 99.01% 99.25% 98.77% 98.55% 98.03% 98.33% 98.39% 98.33% 98.37% 0.60% 0.42% 0.62% 0.70% 0.66% 0.53% 0.53% 0.51% 0.36% Loan against property Portfolio credit quality – Consolidated 60 Business & Professional loansRural Personal Loans MFI business (business sourced in MFI branches) has been separated from Rural B2C Loans | Portfolio credit quality after adjusting ECL provisions | Feb’20 has been retained as a pre covid benchmark Home loans Stage 1 2 Stage 1 2 Stage 1 2 Stage 1 2 99.60% 99.56% 99.53% 99.42% 99.27% 99.25% 99.36% 99.31% 99.30% 0.11% 0.27% 0.33% 0.39% 0.52% 0.55% 0.45% 0.50% 0.51% 97.06% 98.84% 99.10% 98.88% 98.89% 98.90% 98.35% 98.31% 98.23% 0.30% 0.73% 0.57% 0.51% 0.39% 0.39% 0.66% 0.72% 0.75%
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0.0% 0.1% Feb'20 Mar'23 Mar-24 Mar-25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 0.0% 0.1% 0.2% 0.3% Feb'20 Mar'23 Mar-24 Mar-25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% Feb'20 Mar'23 Mar-24 Mar-25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket Portfolio credit quality – Consolidated 61MFI business started from Sep’23 | Portfolio credit quality after adjusting ECL provisions | Feb’20 has been retained as a pre covid benchmark Gold loans MFI lending Commercial Lending Loan Against Securities Stage 1 2 Stage 1 2 Stage 1 2 Stage 1 2 97.93% 96.01% 96.14% 98.97% 98.79% 99.01% 99.19% 98.98% 94.83% 1.09% 3.66% 3.25% 0.75% 0.65% 0.60% 0.50% 0.69% 4.51% 0.00% 0.00% 100.0% 98.81% 99.22% 99.42% 99.57% 99.60% 99.56% 0.00% 0.00% 0.00% 0.98% 0.54% 0.45% 0.33% 0.33% 0.36% 99.79% 99.79% 99.88% 99.95% 99.97% 99.98% 99.85% 99.89% 99.78% 0.21% 0.10% 0.08% 0.02% 0.01% 0.01% 0.12% 0.01% 0.15% 100.00% 99.99% 100.00% 99.95% 99.95% 99.96% 99.92% 99.96% 99.96% 0.00% 0.00% 0.00% 0.04% 0.03% 0.03% 0.06% 0.03% 0.02%
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0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket Portfolio credit quality – Consolidated 62 Open Market 2W & 3W Finance TW & 3W portfolio in rundown | Portfolio credit quality after adjusting ECL provisions | Feb’20 has been retained as a pre covid benchmark Car loans CV and Tractor Finance Captive 2W & 3W Finance Stage 1 2 Stage 1 2 Stage 1 2 Stage 1 2 98.09% 99.40% 99.03% 98.62% 98.26% 98.32% 98.55% 98.66% 98.70% 0.82% 0.31% 0.56% 0.67% 0.80% 0.81% 0.59% 0.61% 0.53% 86.00% 91.53% 93.25% 86.50% 82.42% 82.09% 81.49% 80.20% 78.03% 11.27% 5.12% 4.71% 9.87% 10.31% 10.18% 10.21% 10.47% 10.70% 0.00% 0.00% 0.00% 99.29% 98.31% 98.18% 98.77% 98.26% 98.46% 0.00% 0.00% 0.00% 0.64% 1.43% 1.24% 0.82% 1.27% 1.04% 100% 99.86% 98.74% 97.41% 97.65% 98.31% 98.44% 98.39% 98.30% 0.0% 0.03% 0.97% 1.94% 1.16% 0.76% 0.64% 0.73% 0.63% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 0.0% 0.5% 1.0% 1.5% 2.0% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Feb'20 Mar'23 Mar'24 Mar'25 Sep'25 Dec'25 Mar'26 Jun'26 Sep'26 1st Bucket 2nd Bucket 3rd Bucket 4th Bucket 5th Bucket 5+ Bucket
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Section 08 Omnipresence summary overview 63 8.1 Omnipresence metrics 8.2 Customer franchise - Key financial metrics
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Omnipresence metrics - Strong growth momentum across Geography and Digital metrics 64 Particulars Unit Q2 FY26 Q1 FY27 Q2 FY27 YoY Geography New locations added # (153) (25) 18 - Locations - Cumulative # 4,039 4,073 4,091 1% App + Web Metrics App downloads # in MM 21.65 24.02 24.45 13% App Net installs – Cumulative # in MM 78.3 90.8 94.0 20% Total traffic on Web # in MM 161 164 159 (1%) Web domain authority # 68 69 65 (4%) App Payments metrics UPI handles - Cumulative # in MM 47.88 61.24 66.10 38% Bill pay transactions # in MM 7.14 6.97 6.26 (12%) QRs at merchant PoS – Cumulative # in MM 3.86 3.99 4.00 4% Rewards issued # in MM 33.6 25.4 25.9 (23%)
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65 Particulars Unit Q2 FY26 Q1 FY27 Q2 FY27 YoY App + Web business metrics EMI cards acquired # in MM 0.20 0.16 0.17 (16%) Easy EMI Loans* # in MM 0.13 0.38 0.35 168% Personal loan disbursed In ₹ Cr 5,426 6,219 6,526 20% Gold loan origination In ₹ Cr 687 1,758 1,606 133% Flexi loan transactions # in MM 3.00 3.02 3.12 4% DMS receipts # in MM 2.52 2.65 3.17 26% Digital EMI card metrics EMI cards acquired digitally # in MM 1.02 0.71 0.67 (34%) EMI cards acquired digitally – CIF # in MM 10.2 12.6 13.1 29% B2B loans from digital EMI cards # in MM 0.56 0.85 0.70 24% Omnipresence metrics - Strong growth momentum across Geography and Digital metrics *Easy EMI Loans for B2B went LIVE in Aug’25. It is a digital loan application process for New-to-Bajaj customers to avail pre-approved loan limit.
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Customer franchise - Key financial metrics 66 Particulars @ Unit FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY26 H1 FY27 YoY New loans booked In MM 23.5 27.4 16.9 24.7 29.6 36.2 43.4 52.5 25.7 29.6 15% New customer addition In MM 8.3 8.1 6.0 9.0 11.6 14.5 18.2 17.5 8.8 9.5 8% Existing customer mix % 64.8% 70.4% 64.6% 63.5% 60.9% 59.9% 58.0% 66.6% 65.6% 67.8% Total franchise in MM 34.5 42.6 48.6 57.6 69.1 83.6 101.8 119.3 110.6 128.8 16% Cross sell franchise in MM 20.7 24.1 26.9 32.8 40.6 50.8 64.4 75.5 71.3 82.4 16% AUM per cross sell franchise ₹ 56,066 60,983 56,879 58,617 60,991 65,146 64,649 67,537 64,815 70,985 10% PAT per cross sell franchise ₹ 1,933 2,182 1,644 2,145 2,837 2,847 2,591* 2,740* 1,362 1,511 11% * Before one time actions
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Disclaimer This presentation has been prepared by and is the sole responsibility of Bajaj Finance Limited (together with its subsidiaries, "Bajaj Finance" or the Company). By accessing this presentation, you agree to be bound by the terms set out below. This presentation is for information purposes only and does not constitute, and should not be construed as, an offer, invitation, solicitation or recommendation to purchase or subscribe for any securities of the Company in any jurisdiction. This presentation is not a prospectus, offering document or private placement memorandum under any applicable law, including in India. No representation or warranty, express or implied, is made as to the accuracy, fairness, completeness, or reliability of the information contained herein, and no reliance should be placed on it. The information is provided as of the date of this presentation and may be subject to change without notice. The Company undertakes no obligation to update, revise or supplement this presentation. Recipients should conduct their own independent assessment and analysis of the Company. This presentation is provided solely for information and may not be copied, reproduced, published, distributed, or transmitted, in whole or in part. Distribution of this presentation may be restricted by law in certain jurisdictions, and recipients are responsible for complying with such restrictions. Certain statements contained in this presentation may constitute forward-looking statements. Such statements can generally be identified by words and phrases such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "objective", "goal", "plan", "potential", "project", "pursue", "shall", "should", "will", "would" or similar expressions. These statements are based on current expectations and involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. Such factors include, among others, changes in regulations, capital adequacy requirements, asset quality, collateral values, fraud, operational or cyber- security incidents, interest rate movements, market conditions, and broader economic developments. The Company undertakes no obligation to update any forward-looking statements. This presentation may have been converted into markdown (.md) format using artificial intelligence tools and may contain discrepancies, formatting inconsistencies, or omissions. This presentation is for general information purposes only. 67
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Glossary Abbreviation Expansion Abbreviation Expansion ALM Asset liability management LRD Lease rental discounting AMO After market order MF Mutual funds AR Augmented reality MFI Microfinance ASSC Authorised sales & support centre MSME Micro, Small & Medium Enterprises AUM Assets under management MTF Margin Trading Facility AUF Assets under finance NII Net interest income BBPS Bharat bill payment system NIM Net interest margin BL Business loan NNPA Net non performing assets CC Cash credit NPA Non performing assets CIF Cards in force OD Overdraft COF Cost of funds ONDC Open Network for Digital Commerce CV Commercial vehicle OTR One time restructuring CX Customer experience PAT Profit after tax DF Developer finance PBT Profit before tax DMS Debt management services PCR Provision coverage ratio DSA Direct sourcing agency PL Personal loan ECB External commercial borrowing PMS Portfolio Management Services ECL Expected credit loss POA Power of Attorney EDC Electronic data capture machine PPI Prepaid instruments FII Foreign institutional investor QR Quick response FPC Fair Practice Code ROA Return on assets FPI Foreign Portfolio Investor ROE Return on equity GMV Gross merchandise value SME Small & Medium Enterprise GNPA Gross non performing assets STP Straight through process HL Home loan T1 Trade + 1 Day HNI High Networth Individual T2 Trade + 2 Days ICD Inter corporate deposits UHNI Ultra High Networth Individual IPO Initial Public Offer UI User Interface LAFD Loan against fixed deposit UPI Unified payment interface LAP Loan against property UX User Experience LAS Loan against securities WCDL Working capital demand loan LCR Liquidity Coverage Ratio XIRR Extended Internal Rate of Return 68