Bajaj Finance Q4 FY26 Results: What Street Expects

Why Bajaj Finance’s Q4 print is in focus

Bajaj Finance’s March quarter (Q4 FY26) results are expected to be a key earnings event for the NBFC sector, coming after a sharp recovery in the stock over the past month. The shares have risen about 15% to 16% over one month, putting the spotlight back on growth, margins, and asset quality. Investors are also looking for management commentary on asset quality trends and credit costs, and updates on progress under LRS (Liberalised Remittance Scheme). Guidance and the tone of commentary on NIM trajectory are also key monitorables flagged by multiple brokerages.

The company has not officially disclosed the exact time for Q4 results, but prior quarters saw results released around the evening. Based on recent patterns cited by market trackers, Bajaj Finance typically posts numbers after market hours, usually after 3:30 PM.

Board meeting, dividend consideration, and fund-raising agenda

In a regulatory filing referenced by market reports, Bajaj Finance said its board would meet on Wednesday, April 29, 2026, to consider and approve the audited financial results for the quarter and year ended March 31, 2026. Alongside the earnings, the board is expected to consider recommending a dividend, if any, for the financial year ended March 31, 2026.

The board agenda also includes considering the raising of funds through debt instruments, including non-convertible debentures, as part of a proposed increase in the overall borrowing limit. This is proposed under Section 180(1)(c) of the Companies Act, 2013, subject to shareholder approval.

Stock performance: monthly rebound, but mixed longer-term references

Bajaj Finance shares were reported to have gained roughly 15% over the past month. On Tuesday, the stock edged up 0.17% to close at ₹923.40, versus the previous close of ₹921.85. Another data point in the coverage noted the stock was still down 4.63% in 2026 so far, despite the recent rally.

Separate market notes also cited different reference points for the stock and market capitalisation. One report said the stock closed 0.5% higher at ₹855.10 on April 7, with market capitalisation at ₹5,31,399.95 crore. Another note referenced a current market price of about ₹8,100 in early April, alongside a 1-year return of -3%.

What analysts expect: NII and profit growth above 20%

Analyst expectations across brokerages broadly point to 20% plus year-on-year growth in net interest income (NII) and net profit for Q4, with margins largely steady to mildly lower by 5 to 7 basis points sequentially.

Axis Securities expects net profit of ₹5,581 crore for Q4, up 22.8% year-on-year from ₹4,546 crore. It estimates NII of ₹11,883 crore, up 21.2% year-on-year from ₹9,807 crore, and pre-provision operating profit at ₹9,745 crore, up 22.3% year-on-year. Axis Securities expects NIM to be steady.

JM Financial expects net profit of ₹5,701 crore, up 25.4% year-on-year, with NII at ₹11,896 crore, up 21.3% year-on-year. Kotak Institutional Equities said it bakes in quarter-on-quarter flat spreads of 8.6% as higher yields are offset by marginally higher cost of borrowings.

Margins and credit costs: the tightrope for Q4

Multiple brokerages highlighted credit costs and the NIM trajectory as the key swing factors. Kotak Institutional Equities expects fee income growth of 24% year-on-year. It also expects the cost-to-average AUM ratio to remain moderate at 3.74% (down 14 basis points year-on-year and down 12 basis points quarter-on-quarter). Kotak pencilled in credit costs of 1.93% for 4QFY26E, compared with a range of 1.98% to 3.06% in the previous four quarters, and estimated NIM at 9.5%, down 7 basis points.

Motilal Oswal Financial Services (MOFSL) expects margin to decline 5 basis points quarter-on-quarter to 9.5%. It also expects credit costs, as a percentage of AUM, to decline to 1.9%. MOFSL estimates Q4 net profit at ₹5,633 crore (up 23.9% year-on-year) and NII at ₹11,832 crore (up 20.7% year-on-year).

Operating momentum: AUM growth, loans booked, and customers

Bajaj Finance delivered AUM growth of 22% in Q4, according to the reports. PL Capital, in its sector preview, also expects robust AUM growth of 22% year-on-year.

PL Capital added operational datapoints for the quarter: new loans booked grew 20.5% year-on-year to 12.9 million, and Bajaj Finance added 3.9 million new customers. This took the total customer base to 119.3 million.

On credit costs, PL Capital said it expects credit cost to be elevated as MSME is seeing stress, and added that recovery might be delayed due to the Gulf War.

Q3 FY26 context: profit volatility and AUM scale

Q3 FY26 numbers referenced in the coverage show a mixed picture depending on whether exceptional items are included and whether figures are standalone or consolidated. One section cited consolidated Profit After Tax (PAT) of ₹4,066.01 crore in Q3 FY26, down 5.6% year-on-year, while revenue grew 17.5%. It also said that excluding exceptional items such as an accelerated Expected Credit Loss (ECL) charge and provisions for new labour codes, consolidated PAT rose 23% year-on-year to ₹5,317 crore.

Another reported set of standalone numbers said net profit rose 23.60% to ₹4,580.52 crore in Q3 FY26, while standalone revenue from operations rose 18.20% to ₹15,694.74 crore.

On scale, consolidated AUM was cited at approximately ₹485,883 crore as of December 31, 2025, representing 22% year-on-year growth.

Key monitorables: asset quality, LRS progress, and guidance

With the stock moving sharply over the past month, investors are expected to look beyond the headline profit number. Commentary on asset quality trends and credit costs is expected to be closely parsed, especially against the backdrop of MSME stress cited by PL Capital.

The market is also tracking progress on LRS-linked initiatives, as referenced in earnings previews, along with growth guidance and any commentary that helps interpret NIM stability and spreads.

Summary table: brokerage estimates for Q4 FY26

Other reported metrics and reference points

What to watch after the results

Apart from the audited numbers, the dividend recommendation, if any, will be watched as part of capital allocation. The proposed fund-raising plan through debt instruments and the borrowing-limit increase proposal will also be important for investors assessing balance sheet flexibility.

The next directional cues for the stock are likely to come from how management frames credit costs, asset quality trends, and the NIM trajectory, along with any update on LRS progress and forward-looking guidance once Q4 numbers are released.