Whalesbook
Q3 FY26 mein Bajaj Finance ka profit after tax 6% saal-dar-saal kam ho gaya. Analysts ki expectations se toh yeh 21% neeche raha. Iska main reason hai company ne accelerated expected credit loss (ECL) provisions par kharcha badha diya, jo lagbhag ₹1,406 crore hai.
Ek taraf se ₹1,416 crore ka one-time gain bhi hua hai Bajaj Housing Finance ki stake sale se, jo RBI ke public shareholding norms follow karne ke liye kiya. Par yeh paisa P&L mein nahi, seedha net worth mein add hua, isliye profit par iska effect nahi dikha.
Lekin operational performance solid hai. Net interest income aur pre-provision operating profit dono 20% tak badhe hain, jo market ki expectation ke hisaab se hi hain. Agar yeh extra provisions na hoti, toh credit cost actually 10% kam ho jata.
Company management keh raha hai ki yeh jo extra provisioning hai, yeh intentional hai. Balance sheet ko aur mazboot banane ke liye, aur future shocks se bachane ke liye. Customer leverage bhi badh raha hai, isliye yeh precaution le rahe hain. Yeh trend shayad agle 2-3 saal tak chal sakta hai.
Bajaj Finance FY27 tak credit costs ko 165-175 basis points ke range mein stabilize karne ka aim kar raha hai. Aur future ke liye, company AI ko use karne wali hai. Isse credit costs kam honge, productivity badhegi, aur customers ko better experience milega.
Stock jo pehle 6.67% badh kar ₹964 par band hua tha, aaj thoda flat hai. Company ka P/E ratio lagbhag 32x hai, jo HDFC Bank (22x) aur ICICI Bank (24x) se zyada hai. Analysts ka view thoda divided hai. Kuch ne short-term earnings pressure ke liye target kam kiye hain, par kuch log long-term risk management aur growth ko dekh kar positive hain. History mein bhi markets ne aise companies ko reward kiya hai jo earnings kam hone par bhi asset quality manage karti hain.