Shares of Bajaj Finance Ltd., one of India’s leading non-bank lenders, tumbled up to 8% on Tuesday, November 11, after the company reported its September quarter results post-market hours on Monday. The management reduced its full-year Assets Under Management (AUM) growth forecast to 22–23% from the earlier 24–25%, citing slower growth in mortgage and SME segments. SME growth is now expected at 10–12%, with MSME performance likely to bottom out in the first quarter of FY26.
Credit costs are projected to stay at the upper end of the 1.85–1.95% range before improving next year, prompting a 25% cut in unsecured MSME lending. Net Interest Income rose 22% year-on-year to ₹10,785 crore, while net profit increased 23.3% to ₹4,948 crore. Asset quality weakened slightly, with Gross NPA at 1.24% versus 1.03% in the previous quarter.
Brokerages offered mixed views: CLSA, HSBC, and Jefferies maintained “buy” ratings, while Morgan Stanley remained “overweight.” In contrast, Bernstein rated the stock “underperform.” Bajaj Finance shares opened 7.7% lower at ₹1,000.8 after closing 1.9% higher at ₹1,086.6 on Monday.