Bajaj Finance Q4 FY25: Revenue up 23%, PAT ₹4,546 cr

Why Bajaj Finance’s Q4 print matters

Bajaj Finance Limited’s March-quarter (Q4 FY25) performance landed with a familiar mix for investors: strong growth in revenue, profit and assets under management (AUM), alongside elevated provisioning. The company reported a 23% year-on-year (YoY) rise in consolidated revenue from operations to ₹18,456.85 crore, while net profit rose 19% YoY to ₹4,545.57 crore.

For a large NBFC, the market typically looks beyond headline profit to assess whether growth is being bought at the cost of higher credit risk. That is why the sharp increase in provisions and loan losses, and the trend in gross non-performing assets (GNPA), became key parts of the Q4 discussion.

Headline financials: revenue and profit expanded YoY

The company’s consolidated total income for Q4 FY25 was ₹18,468.74 crore, up from ₹14,931.84 crore in Q4 FY24, as per the consolidated financial table shared in the article text. Revenue from operations in Q4 FY25 was ₹18,456.85 crore versus ₹14,927.19 crore in Q4 FY24.

Net profit for the quarter was reported at ₹4,545.57 crore (up 19% YoY). The article also carries another reported net profit figure of ₹4,479.57 crore for Q4 FY25 in a separate results summary, indicating multiple reported versions within the provided material.

What drove revenue from operations in Q4

Within revenue from operations, interest income remained the largest contributor. Q4 FY25 interest income was ₹16,359.14 crore compared to ₹13,230.07 crore in Q4 FY24. Other line items such as fair value gains and income on derecognised loans also contributed.

On a full-year basis, total revenue from operations for FY25 was ₹69,683.51 crore, up from ₹54,973.89 crore in FY24. Total income for FY25 stood at ₹69,724.78 crore compared with ₹54,982.51 crore in FY24.

Net interest income (NII) growth stayed strong

The quick highlights in the provided text stated that net interest income (NII) grew 21% YoY to ₹8,013 crore. Elsewhere in the same material, another summary stated NII “jumped 22.38%” to ₹9,807 crore for Q4 FY25 from ₹8,013 crore reported in Q4 FY24.

Given the NBFC model, NII is a core indicator of the lending franchise’s scale and pricing power. The presence of different NII figures in the supplied text suggests the need for readers to track the specific exchange filing or source referenced for the final number.

Provisions and credit costs: the key area investors tracked

Credit costs were a clear focus. The highlights section said provisions stood at ₹1,310 crore, up 53% YoY. Another results summary in the same text said loan losses and provisions were ₹2,329 crore (up 77.78% YoY).

Separately, one part of the provided material stated the company made an additional provision of ₹359 crore due to redevelopment of its expected credit loss (ECL) model, and that excluding this adjustment, loan losses and provisions were ₹1,941 crore for the March quarter.

Asset quality: GNPA stability and the moving parts

On asset quality, the quick highlights cited a GNPA ratio of 1.12%, suggesting stability. A separate section in the supplied content stated that gross NPA improved to 0.96% at the end of the March quarter versus 1.12% in the prior quarter, while net NPA improved to 0.44% from 0.48%.

Even when GNPA stays within a tight band, the market tends to react to changes in provisioning intensity and management commentary on specific pockets such as rural and unsecured products.

AUM expansion and segment mix

AUM growth remained a key positive. The highlights section reported AUM expanded 26% YoY to ₹3,98,043 crore. The same material also flagged that the diversified portfolio continued to drive growth across consumer B2C, SME lending and commercial lending.

The rural B2C segment was flagged as a relative pressure point due to “elevated loan losses”, leading to a more cautious stance in that book, as per the segment commentary.

What management said

Management commentary in the supplied text pointed to satisfaction with Q4 performance, linking growth to a diversified portfolio and risk management. It also acknowledged challenges in the rural segment and said the company was working to mitigate risks and improve asset quality.

The stated strategy emphasis included a tilt toward secured lending and continued customer-base expansion.

Key numbers snapshot

Stock context and what the Street was pricing in

The provided text pegged Bajaj Finance at a current market price of ₹8,100 per share, down from a 52-week high of ₹9,230, with a 1-year return of -3%. It also noted that brokerages such as MOFSL, YES Securities and JM Financial had published Q4 FY26 preview estimates.

Consensus estimates cited in the material expected Q4 FY26 revenue in the ₹17,000-17,800 crore range, PAT of ₹4,400-4,700 crore, and NIM at 9.8-10.2%. AUM growth of 28-30% YoY was positioned as a key growth metric to track.

Market impact and what investors will watch next

From a market-impact lens, the numbers provide two simultaneous signals. First, strong topline growth and AUM expansion show demand and distribution strength across major lending segments. Second, the rise in provisions and loan losses raises questions about risk calibration, especially where the article flags pressure in rural B2C.

The material also highlighted that investors will watch management commentary closely for FY27 guidance, any change in margin trajectory, and updates on capital allocation such as dividends.

Conclusion

Bajaj Finance’s Q4 FY25 showed strong growth in revenue from operations at ₹18,456.85 crore and net profit of ₹4,545.57 crore, supported by expansion in AUM to ₹3,98,043 crore. At the same time, higher provisioning remained the main swing factor in how the market interprets the quarter. The next major catalyst referenced in the supplied text is the company’s Q4 FY26 results timeline and the management’s FY27 guidance commentary, which the Street expects to be the most market-moving element.