# Bajaj Finance (BAJFINANCE.NSE)

Canonical: https://gigainvestors.com/s/BAJFINANCE.NSE

Analysis as of: 2026-10-16T07:33:23.305Z. Financial observations: FY2016–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 965.25 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.15×

Chart: Net income; fiscal year observations.

- FY2017: INR 18B

- FY2018: INR 25B

- FY2019: INR 40B

- FY2020: INR 53B

- FY2021: INR 44B

- FY2022: INR 70B

- FY2023: INR 115B

- FY2024: INR 145B

- FY2025: INR 166B

- FY2026: INR 190B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 17.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 15.7%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2017: 19.1%

- FY2018: 15.7%

- FY2019: 20.3%

- FY2020: 16.3%

- FY2021: 12.0%

- FY2022: 16.1%

- FY2023: 21.4%

- FY2024: 19.1%

- FY2025: 17.4%

- FY2026: 16.8%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 31.6%

- Book return interval: 10 years

- Starting book value per share: INR 13.76

- Ending book value per share: INR 181.14

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 27.4%

- FY2018: 59.0%

- FY2019: 25.7%

- FY2020: 65.2%

- FY2021: 11.5%

- FY2022: 19.7%

- FY2023: 25.7%

- FY2024: 43.2%

- FY2025: 27.4%

- FY2026: 21.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Unreported buybacks treated as zero; retained-earnings test is conservative

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 0.6%

- Share growth excluding flagged crisis recapitalisations: 1.5%

- Five-year share growth excluding flagged crisis recapitalisations: 0.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.34×

- Book value created per share: INR 167.37

- Earnings retained per share after dividends and buybacks: INR 124.72

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 102

- FY2018: 107

- FY2019: 107

- FY2020: 110

- FY2021: 112

- FY2022: 112

- FY2023: 112

- FY2024: 113

- FY2025: 115

- FY2026: 115

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: -33.0%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

## Holders

## Price story

Up 29% since Oct 2023 · net income +14.3%

Story as of 2026-10-16T09:59:55.889Z; price observation 2026-10-15.

### Net income · FY2026

net income +14.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 18B 

- FY2018: INR 25B 

- FY2019: INR 40B 

- FY2020: INR 53B 

- FY2021: INR 44B 

- FY2022: INR 70B 

- FY2023: INR 115B 

- FY2024: INR 145B 

- FY2025: INR 166B 

- FY2026: INR 190B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in non banking financial company (nbfc); annual sales are INR 819.9 billion.

- Source: https://www.screener.in/company/BAJFINANCE/consolidated/ (filed 2026-10-16T07:33:23.305Z); FY2026: revenue 819850000000.

### Why customers stay

It earns 17.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.305Z); 10-year return on tangible equity observations [[2017,0.19125],[2018,0.1574962140333165],[2019,0.202822764888054],[2020,0.16283098243009156],[2021,0.11972479549271359],[2022,0.1607759705350811],[2023,0.21413838050871822],[2024,0.1906353217925815],[2025,0.17403452573865827],[2026,0.16843587665572812]]; median 0.1712352011971932. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.305Z); Dividend observations: [[2017,380000000],[2018,1970000000],[2019,2300000000],[2020,9430000000],[2021,30000000],[2022,6030000000],[2023,12070000000],[2024,18150000000],[2025,22250000000],[2026,34770000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 7.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.305Z); Closing price 965.25 INR; reporting-to-trading FX 1; FY2026 annual sales per share 131.53296261239944; price multiple 7.338464677058883. FY2026 cash earnings/share 30.19790501656413. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 91.98 per share

- 2016-12: INR 84.22 per share

- 2017-01: INR 103.69 per share

- 2017-02: INR 110.82 per share

- 2017-03: INR 117.11 per share

- 2017-04: INR 127.62 per share

- 2017-05: INR 132.70 per share

- 2017-06: INR 137.31 per share

- 2017-07: INR 170.31 per share

- 2017-08: INR 178.19 per share

- 2017-09: INR 183.80 per share

- 2017-10: INR 180.06 per share

- 2017-11: INR 172.71 per share

- 2017-12: INR 175.67 per share

- 2018-01: INR 167.79 per share

- 2018-02: INR 164.02 per share

- 2018-03: INR 176.76 per share

- 2018-04: INR 190.77 per share

- 2018-05: INR 210.99 per share

- 2018-06: INR 229.63 per share

- 2018-07: INR 269.79 per share

- 2018-08: INR 285.66 per share

- 2018-09: INR 216.80 per share

- 2018-10: INR 238.26 per share

- 2018-11: INR 253.77 per share

- 2018-12: INR 264.52 per share

- 2019-01: INR 257.48 per share

- 2019-02: INR 264.90 per share

- 2019-03: INR 302.50 per share

- 2019-04: INR 309.60 per share

- 2019-05: INR 346.71 per share

- 2019-06: INR 368.11 per share

- 2019-07: INR 325.20 per share

- 2019-08: INR 333.25 per share

- 2019-09: INR 404.61 per share

- 2019-10: INR 402.76 per share

- 2019-11: INR 407.42 per share

- 2019-12: INR 423.48 per share

- 2020-01: INR 436.59 per share

- 2020-02: INR 446.58 per share

- 2020-03: INR 221.58 per share

- 2020-04: INR 231.81 per share

- 2020-05: INR 195.37 per share

- 2020-06: INR 283.10 per share

- 2020-07: INR 325.13 per share

- 2020-08: INR 348.78 per share

- 2020-09: INR 327.86 per share

- 2020-10: INR 330.90 per share

- 2020-11: INR 490.88 per share

- 2020-12: INR 529.52 per share

- 2021-01: INR 473.45 per share

- 2021-02: INR 526.49 per share

- 2021-03: INR 514.98 per share

- 2021-04: INR 545.19 per share

- 2021-05: INR 562.79 per share

- 2021-06: INR 601.59 per share

- 2021-07: INR 622.81 per share

- 2021-08: INR 752.45 per share

- 2021-09: INR 766.81 per share

- 2021-10: INR 740.02 per share

- 2021-11: INR 699.72 per share

- 2021-12: INR 697.73 per share

- 2022-01: INR 700.03 per share

- 2022-02: INR 700.23 per share

- 2022-03: INR 725.99 per share

- 2022-04: INR 667.18 per share

- 2022-05: INR 608.22 per share

- 2022-06: INR 540.05 per share

- 2022-07: INR 720.91 per share

- 2022-08: INR 730.63 per share

- 2022-09: INR 733.58 per share

- 2022-10: INR 714.41 per share

- 2022-11: INR 672.09 per share

- 2022-12: INR 657.52 per share

- 2023-01: INR 588.64 per share

- 2023-02: INR 611.21 per share

- 2023-03: INR 561.67 per share

- 2023-04: INR 628.01 per share

- 2023-05: INR 698.98 per share

- 2023-06: INR 716.06 per share

- 2023-07: INR 730.03 per share

- 2023-08: INR 716.30 per share

- 2023-09: INR 781.08 per share

- 2023-10: INR 749.27 per share

- 2023-11: INR 712.19 per share

- 2023-12: INR 732.78 per share

- 2024-01: INR 686.29 per share

- 2024-02: INR 649.53 per share

- 2024-03: INR 724.53 per share

- 2024-04: INR 692.35 per share

- 2024-05: INR 669.77 per share

- 2024-06: INR 711.55 per share

- 2024-07: INR 680.70 per share

- 2024-08: INR 720.02 per share

- 2024-09: INR 770.30 per share

- 2024-10: INR 688.97 per share

- 2024-11: INR 657.59 per share

- 2024-12: INR 682.30 per share

- 2025-01: INR 788.51 per share

- 2025-02: INR 853.03 per share

- 2025-03: INR 894.56 per share

- 2025-04: INR 863.45 per share

- 2025-05: INR 918.05 per share

- 2025-06: INR 936.50 per share

- 2025-07: INR 881.20 per share

- 2025-08: INR 877.85 per share

- 2025-09: INR 998.90 per share

- 2025-10: INR 1,042.80 per share

- 2025-11: INR 1,037.50 per share

- 2025-12: INR 986.80 per share

- 2026-01: INR 929.85 per share

- 2026-02: INR 995.90 per share

- 2026-03: INR 801.55 per share

- 2026-04: INR 937.00 per share

- 2026-05: INR 908.25 per share

- 2026-06: INR 1,004.75 per share

- 2026-07: INR 1,141.20 per share

- 2026-08: INR 1,057.00 per share

- 2026-09: INR 959.40 per share

- 2026-10: INR 965.25 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations