Analysts/Institutional Investor Meet/Con. Call Updates

23 October 2026 To To The Manager The Manager Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1. Block G, Dalal Street, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 051 SCRIP CODE: 500034 SCRIP CODE: BAJFINANCE – EQ Dear Sir/Madam, Sub: Transcript of Conference Call held in respect of the Financial Results for the quarter ended 30 September 2026 Ref: Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘SEBI Listing Regulations’) r/w Clause 15 of Part A of Schedule III to the SEBI Listing Regulations In furtherance of our letter dated 13 October 2026, the transcript of Q2 FY2027 investors conference call held on 19 October 2026 at 6:00 p.m. IST has been uploaded on the website of the Company at https://www.aboutbajajfinserv.com/finance-investor-relations- quarterly-earnings-call Also, enclosed is the transcript (pdf) as attachment for ease of reference. Kindly take the above on record. Thanking you, For Bajaj Finance Limited R. Vijay Company Secretary Email ID: investor.service@bajajfinserv.in Encl.: As above https://www.aboutbajajfinserv.com/finance-about-us Registered Office: 4th Floor, Bajaj Finserv House, Off Pune-Ahmednagar Road, Viman Nagar, Pune – 411014 Corporate Office Extn.: 3rd Floor, Panchshil Tech Park, Viman Nagar, Pune - 411 014 Tel: +91 20 7157 6403 | Fax: +91 20 7157 6364 Corporate ID No.: L65910MH1987PLC042961 | Email ID: investor.service@bajajfinserv.in “Bajaj Finance Limited Q2 FY27 Earnings Conference Call” October 19, 2026 MANAGEMENT: MR. RAJEEV JAIN – VICE CHAIRMAN AND MANAGING DIRECTOR – BAJAJ FINANCE LIMITED MR. SANDEEP JAIN – CHIEF OPERATING OFFICER AND CHIEF FINANCIAL OFFICER – BAJAJ FINANCE LIMITED Page 1 of 19 Bajaj Finance Limited October 19, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Bajaj Finance Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. I'm pleased to welcome Mr. Rajeev Jain, Vice Chairman and Managing Director; and Mr. Sandeep Jain, COO and CFO; and other senior members of the management team. I now invite Mr. Rajeev Jain for his opening remarks, post which we will open the floor for the Q&A session. Thank you, and over to you, Mr. Jain. Rajeev Jain: Thank you for hosting us. Very good evening to all of you, or good morning, depending on the geography you're in. Welcome to the BFL Q2 earnings call. The investor deck for Q2 has been uploaded on our website. I hope you had a chance to go through the same. I'll quickly focus on key updates for the quarter and our management assessment before Q&A. I expect to between 15 to 20 odd minutes. Let's quickly jump to Panel 4 in terms of the quarter went by. Overall, I would say it is an excellent quarter with strong performance across all key metrics, of AUM, new customer addition, credit cost, profit growth, ROA and ROE. AUM, as you can see, grew by 26.5% to INR 5,84,624 crores, delivering net AUM addition of close to INR 38,000 crores in the quarter. PBT grew by 29% to INR 8,537 crores in Q2. This is before the macroeconomic provision that we've created of another INR 337 crores to grew by 34% to INR 8,874 crores. PAT grew by 29% to INR6,367 crores. Before macro overlay provision, it grew by 34% to INR6,619 crores. In Q2, company booked just a tad below INR13.5 million new loans and added 4.5 million new customers. Overall customer franchise stood at just a tad below 129 million customers. ROA for the quarter came in at 4.6% and ROE came in at 20.6%. Opex to total income was 33% and net NPA came in at 42 basis points. Overall, I would say, a pretty good quarter for the firm and first half for the firm. In general, AUM growth was pretty secular. I'll quickly go through -- I've jumped actually to Panel 52. If you see, the growth is pretty secular, urban consumer finance grew by 43%, rural consumer finance by 63%. MFI grew on a low base, grew 54%, CV and Tractor on low base grew 89%, LAS grew 42%, captive book, as you're aware, as I've been talking for the last 2 quarters, continues to wind down and would create significant tailwinds for us in terms of credit costs as you move forward is now down to just INR2,400-odd crores. Page 2 of 19 Bajaj Finance Limited October 19, 2026 MSME grew by 3%. It should now start to grow actually. So, we should start to see as we get in the second half, a double-digit kind of growth momentum in the business. Gold loan book portfolio continued to grow, it's now 4.1% of balance sheet. It was just a tad above INR24,000 crores as of Q2. We added 320 odd gold loan branches during the quarter. Total network is now across 2,000 branches. It's at 2,022 branches, and we remain quite clear about ending the year with close to 2,800 on stand-alone gold branches. The rest of the business, as you can see, grew in the corridor of 20% to 30%. So, overall pretty secular growth across all lines of business, in a way, if I look at the gross loan growth because capital book is dialing down, you should add another INR1,000-odd crores that's virtually INR39,000 crores of book growth that we are principally talking about. These are fascinating numbers even for me, I would say. I didn't imagine we'll be growing quarterly between INR38,000 crores and INR39,000 crores on a run rate basis because that's been the case for the last two quarters now. I'll go back to panel 5, 6 and 7 to quickly give you highlights of the quarter. New loans grew 11% to 13.5 million. There is some level of noise in year-on-year number because last year's season was earlier this year’s season is later. We are well on track to deliver between 60 million to 62 million new loans in FY27. We added, as I said, 4.42 million new customers during the quarter. We are clear about adding between 18 MM to 20 MM customers to the franchise in FY27. Overall franchise I talked about, stood at 129 million and Cross-Sell franchise stood at 82 million. Liquidity buffer remained strong at just a tad below 20,000 crores. Cost of funds came down sequentially by 9 basis points and came in at 7.31%. Deposit book is 14%. We've increased rates in Q2. And hopefully, we will see some momentum here as we move forward. Opex to total income improved to 33%. And despite continued investments that we are making in gold loan branches, MFI branches and technology transformation. We remain pretty comfortable place to deliver a 25 to 40 basis point improvement in FY27 on opex-to-NTI. Now on credit quality, loan loss to average AUF improved to 1.56% from 1.88% last year. As a measure of prudence, we recognized, as I said, a macroeconomic overlay of 337 crores. Excluding this provision, the loan losses and provisions actually declined year-on-year by 12% and loan loss to average AUF in the process would look to be like 1.32%. You may see here that the Stage 2 and Stage 3 assets actually increased by 1,601 crores. It actually includes a 1,047 crores increase in Stage 2 in the gold loan business, due to the short tenure schemes that we have actually launched when the new RBI guidelines came out and that has had an impact. We have since August stopped doing short-tenor schemes as a firm. We don't see any credit cost impact Page 3 of 19 Bajaj Finance Limited October 19, 2026 as a result of it already out of the 1,099 crores, which is close to 1,100 crores came from gold loan in Stage 2, 550 crores has already been resolved and has flown back to Stage 1. So, it's a transient movement for the quarter is really what we see it to be and don't see any impact on credit costs or even otherwise or in terms of auction and so on and so forth. Vintage credit [Showing first 8,000 characters — download PDF for full document]