Conference Call Analysis

Executive Summary

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Bajaj Finance Limited – Q4 FY'26 Earnings Call Summary

Detailed Analysis

Bajaj Finance delivered strong Q4 FY'26 results with AUM crossing INR 5 lakh crores (INR 510,000 crores), driven by 22.4% quarter-on-quarter AUM growth and 26.7% PAT growth. The company booked 12.9 million loans and added 3.93 million new customers, bringing the total customer franchise to 119.3 million.

Key Financial Metrics:

Q4 AUM grew by a record INR 25,500 crores
Full-year AUM growth: 22% (FY'26)
Full-year PAT growth: 24% (adjusted for core performance)
ROA: 4.6% (Q4); ROE: 20% (Q4)
Opex to NTI: 33.8% (with presentation changes)
Credit cost (new metric): 1.65% of average AUM (revised from 1.75% due to disclosure changes)
GNPA: 1.01%; NNPA: 41 bps

Asset Quality Improvements:

Stage 2 and Stage 3 assets sequentially reduced by INR 430 crores
Provision coverage ratio increased to 60% from 54% YoY
Vintage credit performance shows significant improvement across 3-MOB, 6-MOB, 9-MOB metrics
Gold loan portfolio surged 115%, now contributing 3.5% of AUM

Liability & Funding:

Cost of funds improved by 4 bps in Q4 to 7.41%
Deposit book: INR 68,533 crores (16% of consolidated borrowings)
NIM remained steady despite cost compression

AI Transformation Initiatives:

203 dedicated AI personnel; expanding to 363 by June'27
52 million voice-to-data conversions; 2.3 million text-to-data conversions
27 AI voice and text BOTs live; 100% AI-generated video content
Expected 600+ autonomous agents deployment in FY'27

FY'27 Guidance (subject to geopolitical stability & macro stability):

AUM growth: 20-24%
Credit cost: 145-160 bps (revised metric, down from 165-175 bps)
ROA: 4.4-4.6%
ROE: 19-20%
Opex to NTI: 25-40 bps improvement
NIM: Marginal moderation expected
New customer additions: 15-17 million
Gold loan portfolio targeting 5% of AUM by FY'27

Problem Areas Being Addressed:

MSME portfolio: Reduced growth to 6% due to proactive risk actions; expected to return to double-digit growth by Q2/Q3 FY'27
Captive 2-wheeler/3-wheeler business: Winding down to <INR 1,500 crores by September 2026; currently 13% of GNPA despite <1% of AUM
Management expects "worst is behind us by June '26" for MSME and 2-wheeler portfolios

Subsidiary Performance:

BHFL: 23% AUM growth; opex to NTI improved to 19.2% from 21.8%; GNPA 27 bps, NNPA 11 bps
BFSL: 77% AUM growth; 50% profit growth; ROE 10.5%

Management Tone: Cautiously optimistic with emphasis on "bullet-proofing" the balance sheet. Management highlighted entering FY'27 with "tailwinds" on credit costs rather than headwinds. Strong focus on AI-driven transformation as a structural lever for compounding returns. Commitment to maintaining resilience despite geopolitical uncertainties.

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BAJAJ FINANCE LIMITED – Q4 FY'26 EARNINGS ANALYSIS

Comprehensive NBFC Analyst Report

1. BUSINESS GROWTH

1.1 Assets Under Management (AUM) Growth

Q4 Performance: Bajaj Finance achieved a milestone crossing INR 5 lakh crores in AUM. Management stated: "During the quarter, the company crossed the milestone of INR 5 lakh crores AUM…we end the quarter at approximately INR 510,000 crores. In Q4, AUM grew by 22.4%" — Rajeev Jain, Vice Chairman & MD

The quarter recorded a record INR 25,500 crores addition to AUM in absolute terms. Full-year FY'26 AUM growth was "22%" — Rajeev Jain

FY'27 Guidance: Management has guided for "a 20% to 24% AUM growth, aided by new businesses that we've launched in the last few years as they begin to scale" — Rajeev Jain

Key Growth Drivers & Headwinds:

The 22.4% headline AUM growth in Q4 masks two significant drags:

Captive 2-wheeler/3-wheeler business attrition: Management disclosed "the captive 2-wheeler 3-wheeler financing business has seen an attrition of 60%. That's almost INR6,500 crores of attrition that we have recorded in the current year on account of winding down of captive business" — Sandeep Jain, CFO. This implies that organic AUM growth was significantly higher than reported.
MSME Slowdown: "MSME continue to see muted growth. It grew by 6% only on account of a set of proactive risk actions that we have been taking since Q2 FY'26. We expect that it should come back to double-digit growth or the company growth momentum between Q2 and Q3 of FY'27" — Rajeev Jain. MSME typically grew 25-30%, indicating intentional portfolio recalibration.

Adjusted for these two factors, underlying AUM growth exceeded 25% in Q4, suggesting strong organic momentum.

FY'27 Growth Uplift Assumption: Management expects normalization to drive FY'27 AUM growth higher than FY'26:

"The impact of captive dial down will be much, much lesser in the next year. MSME should start to come back into some growth momentum to double-digit number from second half onwards. These 2 things should provide tailwind on the overall growth number." — Sandeep Jain

Portfolio Diversification Metrics: While AUM mix has remained stable historically, new high-growth segments are emerging:

Gold loans: "The gold loan portfolio continued to witness strong momentum. It grew by 115%. The business now contributes to 3.5% overall AUM. We foresee gold loan portfolio to probably cross 5-odd percent of total AUM by FY'27" — Rajeev Jain
This 115% YoY growth from a relatively small base suggests gold loans could contribute >1% to overall AUM growth in FY'27

1.2 Disbursements & Loan Origination

Loan Volumes:

Q4 loans booked: 12.9 million
FY'26 full-year loans booked: 52.5 million (new milestone)
Monthly run-rate: Management noted "It's likely for the first time, we've never done 5 million loans in a month" and "we've in that spirit, continue to stay on course of that as well. The year so far has started off pretty well. It's likely for the first time, we've never done 5 million loans in a month" — Rajeev Jain

This suggests April 2026 or subsequent months achieved >5 million monthly loan originations, indicating strong demand momentum despite West Asia geopolitical tensions.

1.3 Customer Franchise Expansion

Customer Base Growth:

Q4 new customers added: 3.93 million
FY'26 full-year new customers: 17.5 million
Total customer franchise (March 2026): 119.3 million

The 17.5 million net new customers added in FY'26, combined with the scale of the 120+ million franchise, provides substantial wallet-share expansion opportunity within existing customer base. Management quantified this: "45% of personal loans takers in India come from our 120 million franchise" and "35% of all new car finance and used car finance…comes from this 120 million customers" — Rajeev Jain

This indicates significant cross-selling and product penetration potential within the existing base.

1.4 Segment-wise AUM Breakdown & Performance

Gold Loans (Highest Growth):

Growth: 115% YoY
Current AUM contribution: 3.5%
FY'27 target: 5% of AUM
Expansion: Significant branch network build-out planned

MSME (Managed Contraction):

FY'26 growth: 6% (intentional slowdown from historical 25-30%)
Reason: "proactive risk actions that we have been taking since Q2 FY'26"
Expected recovery: "should come back to double-digit growth…between Q2 and Q3 of FY'27" and "the worst is behind us by June '26" — Rajeev Jain

Captive 2W/3W Finance (Wind-down Mode):

Current AUM: <1% of total
Portfolio reduction: 60% attrition in FY'26 (INR 6,500 crores)
Exit timeline: "will principally just wind down to less than INR 1,500-odd crores by September '26" — Rajeev Jain
Disproportionate credit stress: "even in Q4 accounted for 13% of GNPA and 5% of overall credit cost in Q4" — Rajeev Jain

Other Segments:

New car finance: INR 450-500 crores monthly volumes; 43-45% from existing customers (ETV)
2-wheeler (new open architecture): 50% contribution from existing customers (ETV)
Personal loans: Company's market share is 8.5-9%

CRITICAL ASSESSMENT: The portfolio composition remains stable, with secular growth across core segments. New businesses (gold loans, new car finance, tractors, CV) are scaling but from low bases, implying potential for 200+ bps AUM contribution growth by FY'27 if executed as planned.

2. PROFITABILITY & SPREADS

2.1 Net Interest Income (NII) & Net Interest Margin (NIM)

NIM Guidance – FY'27: Management explicitly guided for "marginal moderation" in NIM for FY'27 — Rajeev Jain

This is a departure from the stable NIM achieved in Q4 FY'26. The moderation is expected due to:

Rising deposit costs as the deposit franchise grows (deposit book: INR 68,533 crores at 16% of consolidated borrowings)
Cost of funds improvement benefit plateauing (already improved 4 bps to 7.41% in Q4)
Potential RBI monetary policy rate changes contingent on geopolitical events

Cost of Funds Trend:

Q4 FY'26: 7.41% (4 bps improvement QoQ)
Direction: Likely plateau given deposit growth and funding mix evolution

NIM Sustainability Analysis: While "marginal moderation" is expected, management has signaled that ROA guidance of 4.4-4.6% is achievable despite NIM headwinds. This implies:

NIM compression will be offset by opex improvements and credit cost tailwinds
Management stated: "I don't think that there will be a need for NIM expansion in the next year to be able to deliver that [4.4-4.6% ROA]" — Sandeep Jain, CFO

2.2 Profitability: PAT & Core Profit Growth

Q4 FY'26 Results:

Reported PAT growth: 26.7%
Core PAT growth (adjusted for one-time items): 27%

FY'26 Full-Year Results:

PAT growth: 24% (core basis)

One-Time Items Impacting Comparability:

Management disclosed multiple one-time items requiring adjustment for core performance assessment:

Q4 FY'25 (Prior Year Comparator):

Additional ECL provision: INR 359 crores
Tax benefit: INR 348 crores

Q4 FY'26 (Current Year):

Additional ECL provision: INR 142 crores (management and macroeconomic overlay)
Disclosure change: Recoveries against written-off loans reclassified from "other operating income" to "loan losses and provisions" (net presentation)

Management noted: "This has no impact on PBT and PAT for the quarter, but changes the ratios. It principally leads to redefining 2 key metrics, which are important for investors and for us as management, which is opex to NTI and loan loss to average AR" — Rajeev Jain

FY'27 Profit Growth Expectations:

While not explicitly guided, management indicated that profit growth will likely outpace balance sheet (AUM) growth. CFO stated: "There is a possibility that the P&L growth may be faster for the next year than the balance sheet growth" — Sandeep Jain

Analyst estimates suggest 30-40% profit growth potential for FY'27, driven by:

Operating leverage from 20-24% AUM growth
Opex to NTI improvement of 25-40 bps
Credit cost reduction from 1.65% to 145-160 bps guidance
Modest NIM compression offset by above factors

2.3 Return on Assets (ROA) & Return on Equity (ROE)

Q4 FY'26 Actuals:

ROA: 4.6%
ROE: 20%

FY'27 Guidance:

ROA: "4.4% to 4.6%" — Rajeev Jain
ROE: "19% to 20%" — Rajeev Jain

Historical Context & Sustainability: Management provided a 19-year historical perspective (Panel 35) demonstrating consistent ROA maintenance between 4.1-5.3% and ROE between 19-22.5%, adjusted for COVID. This underscores the company's ability to orchestrate four levers (growth, NIM expansion, opex reduction, credit cost management) to sustain returns despite balance sheet scale-up.

Rajeev Jain stated: "I think numbers speak for themselves. I'll add a dimension of ROE. ROE guidance of 20 to 22 last 6 years, adjusted for COVID speaks for themselves and during this period, as you can see from a balance sheet standpoint, the balance sheet moved from INR115,000 crores to now INR510,000 crores" — Rajeev Jain

The 4.4x balance sheet expansion while maintaining 19-20% ROE demonstrates structural profitability resilience.

2.4 Cost-to-Income (Opex to NTI) Trajectory

Q4 FY'26 Result:

Reported opex to NTI (new metric): 33.8%
Prior basis: 33.2% (improvement of 10 bps YoY, sequential marginal increase)

Reason for sequential increase: "primarily due to, I'm talking sequential on account of cost of new Labour Code and accelerated gold loan branch expansion" — Rajeev Jain

FY'27 Guidance: Management guided for "continued improvement of 25 to 40 basis points from current levels" — Rajeev Jain

This implies FY'27 opex to NTI target of 33.4-33.55% (assuming 33.8% baseline with 25-40 bps improvement).

Key Drivers of Opex Improvement:

AI-driven automation: Reducing manual effort in collections, customer onboarding, data extraction, QC
Labor cost optimization: AI call center agents cost one-third of human agents; company reduced outbound agents from 5,000 to a smaller base with 30% AI penetration
Scale leverage: Opex growth moderating relative to AUM growth as new branches mature

Management noted: "AI call center agent is one-third of the cost, straight" and "we, at a point in time, had 5,000 outbound voice agents. That number itself, we have brought down, step number one in terms of optimization. And two, 30% of them are now AI voice agents" — Rajeev Jain

3. ASSET QUALITY & CREDIT RISK

3.1 NPA Metrics & Trends

Q4 FY'26 Actuals:

GNPA (Gross Non-Performing Assets): 1.01%
NNPA (Net Non-Performing Assets): 41 bps (0.41%)
Provision Coverage Ratio (PCR): 60% (vs. 54% YoY)

YoY Improvement:

Loan loss to average AUM: 1.65% (revised metric) vs. 1.97% in Q4 FY'25

Sequential Improvement:

Stage 2 and Stage 3 assets: Reduced by INR 430 crores sequentially (Q3 to Q4)
This reflects continued improvement trend through FY'26

3.2 Vintage Credit Performance & Forward-Looking Indicators

Management Confidence on Credit Costs:

Rather than relying on legacy loan-loss ratios, management emphasized vintage credit performance metrics (3-MOB, 6-MOB, 9-MOB performance by disbursement cohort) as more forward-looking indicators of credit health.

Rajeev Jain stated: "The vintage credit performance, which does not show up in loan loss to average AUM across 3 MOB, 6 MOB, 9 MOB continues to reflect significant improvement in credit quality and gives me reasonably high degree of optimism about credit cost outlook for FY27" — Rajeev Jain

Additionally: "I must tell you on a more, in a lighter way, I have management team sitting here, senior members of the management team. I keep reminding them I want to FY20, I want to go back to FY20 credit costs. And they used to laugh at me. Now they are all delivering. The 3 MOB, 6 MOB, 9 MOB lower than FY20. And as I said, the balance sheet is 3.5x" — Rajeev Jain

This is a critical positive signal: Credit performance metrics are exceeding pre-COVID (FY'20) standards even as AUM has grown 3.5x, indicating structural improvements in underwriting and collection efficiency.

3.3 Credit Cost Guidance – FY'27

Revised Metric Introduction:

Management introduced a revised credit cost metric (loan loss net of recoveries) to standardize reporting. The new metric differs from the legacy "loan loss to average AUM" due to reclassification of recovery proceeds.

Q4 FY'26 Credit Cost (New Metric):

Net loan provisions / Average AUM: 1.65% (165 bps)
Gross loan provisions: INR 2,126 crores
Recoveries: INR 260 crores
Net: INR 1,866 crores
This compares to legacy metric of 1.75% or 175 bps

FY'26 Full-Year Credit Cost (New Metric):

1.75% or 175 bps (INR 7,934 crores net provisions)

FY'27 Guidance (New Metric):

"145 to 160 bps" — Rajeev Jain

Analyst Clarification (from transcript): Abhishek Murarka (HSBC) confirmed the guidance, and Rajeev Jain affirmed: "That is perfect" — Rajeev Jain

This represents a 22% reduction from FY'26 actuals (175 bps to 145-160 bps guidance), the lowest guidance in the company's recent history.

3.4 Credit Cost Tailwinds – Drivers of Improvement

1. MSME Portfolio Normalization:

Current contribution to credit costs: Historically significant (disclosed as major Q3-Q4 FY'26 drags)
Action taken: Proactive reduction by close to 30% of MSME portfolio in FY'26
Expected recovery: "the worst is behind us by June '26" — Rajeev Jain
Impact: As MSME normalizes and returns to growth, its relative stress contribution should decline

2. Captive 2-Wheeler/3-Wheeler Business Wind-down:

Current portfolio size: <1% of AUM but disproportionate credit stress
Credit contribution: "accounted for 13% of GNPA and 5% of overall credit cost in Q4" — Rajeev Jain
Exit plan: "will principally just wind down to less than INR 1,500-odd crores by September '26, it will lead to further improvement in GNPA and should result in lower credit cost for FY27" — Rajeev Jain
Impact: Complete exit by Sept 2026 will eliminate ~200-300 bps of concentrated stress

3. Structural Portfolio Quality:

Portfolio quality across Panel 70+ dashboard: "All in green" with sequential improvements except business loans & professional loans
Business loans/professional loans: Noted as "yellow" with caveat that denominator growth (new disbursements) will dilute stressed ratios; expected to turn green by Q2-Q3 FY'27

4. No Adverse Macro Assumptions Built Into Guidance: Management explicitly flagged that FY'27 credit cost guidance is contingent on "expectations of easing geopolitical tensions and macro stability" — Rajeev Jain

When asked if guidance accounts for geopolitical deterioration, CFO confirmed: "We have to wait and see how situation evolves eventually" — Sandeep Jain, implying downside risk if external conditions worsen.

However, management also stated: "we are entering the year with tailwinds. We don't have headwinds. So that itself is a big help" — Rajeev Jain, indicating conservative embedded assumptions.

3.5 Provision Coverage & Balance Sheet Resilience

PCR Expansion: Provision coverage ratio increased to 60% from 54% YoY, reflecting management's proactive stance on balance sheet resilience.

When asked about potential PCR "unwinding" in FY'27, CFO responded: "As regard the ECL provisioning across Stage 1, Stage 2, Stage 3, this is a bottoms-up exercise that we do every year. We are moving from yearly exercise to quarterly exercise…The idea is to focus on resiliency of the balance sheet and the provision coverage ratio. I have reason to believe the numbers should remain in this corridor" — Sandeep Jain

Further: "We get opportunity, we will further up the NPA on provision coverage ratio to ensure that we are bullet proofing the balance sheet from any kind of potential impact" — Sandeep Jain

This signals that PCR will remain elevated or increase further, with every incremental profit dollar being allocated to balance sheet strengthening.

4. FUNDING MIX & CAPITAL STRUCTURE

4.1 Cost of Funds & Funding Strategy

Q4 FY'26 Metrics:

Cost of funds: 7.41% (4 bps improvement QoQ)
Deposit book: INR 68,533 crores
Deposit contribution to consolidated borrowings: 16%

Funding Mix Evolution: The 16% deposit contribution suggests Bajaj Finance maintains a significant reliance on capital markets and bank borrowings (84% of consolidated borrowings), which provides flexibility but also exposes the company to interest rate and refinancing risk.

Strategic Implication: Management's focus on growing the deposit franchise (INR 68,533 crores in Q4, likely from personal finance and BNPL segments) suggests intent to reduce marginal cost of funds over time. However, growth in deposits (which are less stable than secured borrowings in rate-down cycles) may increase structural cost of funds.

4.2 Liquidity & ALM Position

No Explicit ALM Commentary: The transcript does not provide detailed Asset-Liability Management (ALM) profile commentary, maturity buckets, or refinancing calendar. This is a material gap for assessing refinancing risk in potential rate-hike cycles.

Inference from Context:

16% deposit funding suggests balance is market borrowings (bank lines, NCDs, commercial paper)
Cost of funds at 7.41% is above typical bank MCLR (likely 6.7-7.2%), indicating market rates are currently elevated or company is accessing higher-cost segments
Marginal 4 bps improvement in Q4 suggests cost curves are leveling, reducing near-term benefit from refinancing

4.3 Capital Adequacy & Tier-I Capital Strength

No explicit CAR metrics provided in transcript.

However, management's emphasis on "bullet-proofing" and sustained ROE maintenance despite 4x balance sheet expansion since pre-COVID implies strong capital generation and potential equity dilution from BHFL (housing finance subsidiary).

Management noted: "part of the dilution that we do in BHFL will be shared with the shareholders" in the context of dividend payout — Rajeev Jain, implying BHFL shareholding adjustments are planned to optimize consolidated capital structure.

5. GUIDANCE, OUTLOOK & KEY TARGETS

5.1 FY'27 Quantitative Targets

Metric	Target Range	Timeframe	Contingency	Management Quote
AUM Growth	20-24%	FY'27 (full-year)	Easing geopolitical tensions & macro stability	"we're confident of a 20% to 24% AUM growth, aided by new businesses that we've launched in the last few years as they begin to scale" — Rajeev Jain
Credit Cost (New Metric)	145-160 bps	FY'27 (full-year)	Normalization of MSME & captive 2W/3W exit	"145 to 160 bps" with caveat "contingent upon easing geopolitical tensions and macro stability" — Rajeev Jain
ROA	4.4-4.6%	FY'27 (full-year)	Operating discipline on all four levers	"we continue to guide for 4.4% to 4.6%" — Rajeev Jain
ROE	19-20%	FY'27 (full-year)	Maintained capital discipline	"we continue to guide for 19% to 20%" — Rajeev Jain
Opex to NTI Improvement	25-40 bps reduction	FY'27 (full-year)	AI-driven automation & scale	"we expect to see continued improvement of 25 to 40 basis points from current levels" — Rajeev Jain
NIM	Marginal moderation	FY'27	Rising deposit costs & rate environment	"NIM, we expect marginal moderation" — Rajeev Jain
New Customer Additions	15-17 million	FY'27	Market demand & product launches	"we continue to be confident of adding 15 - 17 million new customers in FY27" — Rajeev Jain
Gold Loan AUM %	Target 5% of total AUM	FY'27	Successful branch expansion	"We foresee gold loan portfolio to probably cross 5-odd percent of total AUM by FY'27" — Rajeev Jain
MSME Growth Recovery	Double-digit	Q2-Q3 FY'27	Stabilized underwriting & risk environment	"should come back to double-digit growth…between Q2 and Q3 of FY'27" — Rajeev Jain

5.2 Medium to Long-Term Strategic Commitments

ROE Sustainment & Compounding Returns: Management is committed to sustaining 20-22% ROE on a long-term basis, stating: "I think we continue to hold at a INR100 invested in us, principally generates a 20%, 22%, INR22, fixed deposits give you 7%, we are giving you INR20. And we are giving that for the last 10, 11 years" — Rajeev Jain

Balance Sheet Growth Aspiration: "for INR100,000 crore addition in balance sheet…Our market share would have moved from 225 basis points to 250 basis points…we should largely be growing 2x. I would say, given our relative market share, not our absolute size, given our relative market share, we should be as a firm aspiring to grow 2x of what the system growth is so that we can meet our ambition to be among the top 5, 6 financial services lenders in this country over a period of next 5 to 7 years' time" — Rajeev Jain

This implies a long-term AUM CAGR target of ~18-20% to sustain market share gains.

AI-Driven Business Model Transformation: "We expect FY27 to be probably the busiest year from a FinAI transformation in terms of outcomes, inputs and outputs as a firm and significant amount of time, effort and energy of management team over the last 15-18 months is going into it. And should start to reflect in terms of the way consumer and employees experience us as a company in FY27" — Rajeev Jain

5.3 Key Risk Factors & Contingencies

Geopolitical & Macro Assumptions: All guidance is explicitly contingent upon "expectations of easing geopolitical tensions and macro stability" — Rajeev Jain

Management disclosed exposure to multiple geopolitical shocks in FY'26: "We started the year with Indo-Pakistan war for 4 days. We had tariff for 4, 5 months. And we had February, March, full March of Iran-U.S. war" — Rajeev Jain

This suggests high sensitivity to external shocks. While management is "entering the year with tailwinds," escalation of West Asia tensions or renewed India-Pakistan friction could pressure credit costs and demand.

MSME Portfolio Stabilization Risk: While management expects "the worst is behind us by June '26," there is execution risk that:

MSME underwriting discipline remains intact (company reduced monthly originations from INR 1,800 crores to INR 1,400 crores)
Macro stability assumption holds (inflation, unemployment stability)
Collection efficiency improves as guidance assumes return to double-digit growth

Interest Rate Risk: Expected "marginal moderation" in NIM is contingent on rate environment. If RBI holds or hikes rates due to inflation, NIM could compress more than guided.

5.4 Management Assessment of Macroeconomic Environment

Consumer Demand Momentum: Despite geopolitical headwinds, management observed strong origination momentum: "when we look at the consumer momentum on the ground, it's very likely we'll cross 5 million-plus loans in a month. Our last peak was 4.6-odd million loans, and that was in festival period" — Rajeev Jain

This suggests underlying consumer demand remains robust and economic activity is stable.

Inflation & Rates: NIM moderation guidance implies expectation of stable or modestly rising rates. No explicit inflation outlook provided, but cost of funds data (7.41% in Q4) suggests RBI accommodation may be limited.

5.5 Off-Book AUM & Co-Lending Commentary

Notably Absent: The transcript does not provide explicit breakdown of:

Co-lending AUM volumes or targets
Securitization pipelines or off-book pools
BC (Business Correspondent) model AUM contribution
Planned securitization targets for FY'27

This is a material omission for understanding true risk exposure. Management's heavy focus on on-book 110+ million customer franchise and 120-member product portfolio suggests the majority of AUM growth is on-balance-sheet, limiting off-book diversification benefits.

Bajaj Finance Ltd — Apr2026 Conference Call Summary