Transcript of conference call held in respect of Financial Results for the Quarter ended 30 June 2026.

04 August 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 June 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 15 July 2026, the transcript of Q1 FY2027 investors conference call held on 30 July 2026 at 6:30 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 Corporate Office: 4th Floor, Bajaj Finserv Corporate Office, Off Pune - Ahmednagar Road, Viman Nagar, Pune - 411 014, Maharashtra, India Corporate Office Extn.: 3rd Floor, Panchshil Tech Park, Viman Nagar, Pune – 411 014, Maharashtra, India Tel: +91 20 7157 6403 | Fax: +91 20 7157 6364 Registered Office: C/o Bajaj Auto Limited complex, Mumbai - Pune Road, Akurdi, Pune - 411 035, Maharashtra, India Corporate ID No.: L65910MH1987PLCO42961 | Email ID: investor.service@bajajfinserv.in “Bajaj Finance Limited Q1 FY '27 Earnings Conference Call” July 30, 2026 MANAGEMENT: MR. RAJEEV JAIN – VICE CHAIRMAN AND MANAGING DIRECTOR – BAJAJ FINANCE LIMITED MR. ANURAG CHOTTANI– CHIEF OPERATING OFFICER– BAJAJ FINANCE LIMITED MODERATOR: MR. ANUJ SINGLA – JP MORGAN Page 1 of 22 Bajaj Finance Limited July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Bajaj Finance Limited Q1 FY '27 Earnings Conference Call hosted by JP Morgan. This event is not for the members of the press. If you are a member of the press, please disconnect and reach out separately. Please note that this call and your questions will be recorded and the recording will be made available publicly. By participating in the event, you consent to such recording, distribution and publication. 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 now hand the conference over to Mr. Anuj Singla from JP Morgan. Thank you, and over to you, sir. Anuj Singla: Thank you, Neerav. Good evening, everyone. This is Anuj Singla from JPMorgan. Thank you very much for joining us for the Bajaj Finance Q1 FY '27 Earnings Call. To discuss the earnings, 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. On behalf of JP Morgan, I would like to thank Bajaj Finance management for giving us the opportunity to host them. I now invite Rajeev for his opening remarks, post which we will open the floor for Q&A. With that, over to you, Rajeev. Rajeev Jain: Thank you, Anuj. Thank you, JP Morgan team. Unfortunately, Sandeep is not here. There is a bereavement in his family. So he's not here. I was just speaking to him and I told him the first time in 19 years since I know that he was not there for AGM. When he was not even CFO, he was always there assisting the CFO, but it was unavoidable. Very good evening. I have the senior management team members, the rest of them are all here. Welcome to BFL Q1 earnings call. The investor deck has been uploaded on our website. I hope you've had a chance to go through the same. I'll quickly focus on key updates for the quarter and management assessment before Q&A. I expect to take about 15-odd minutes. Page 2 of 22 Bajaj Finance Limited July 30, 2026 Let's jump to panel number five. Excellent quarter, I would say. I mean, I've used this word after a long time, probably six - seven quarters, across all metrics actually, volume momentum, new customer addition. We added 5 million new customers. AUM, we added a record INR37,000 crores of AUM in a quarter. Profit growth was strong at 28% and ROE crossed 20% despite the overhang still there on account of BHFL dilution. So, a pretty good quarter, I would say. ROA came in at 4.7% and ROE at 20.4%. Opex to NTI came in at 33.4%, marginally higher than last year. It will smoothen out as I cover over the next few panels. Panel six, seven and eight is what I'll quickly cover the key high points. AUM growth was secular and broad-based, as you can see from the composition summary later in the deck. Gold loan business sustained its strong momentum, grew by 112%. Business is now 4% of AUM. By year-end we foresee 2,700 to 2,800 branches, all goes well, maybe 3,000 branches and AUM of between INR29,000 crores and INR31,000 crores, all organic. Rural consumer finance and urban consumer finance grew by 49% and 38% due to organic volume growth on one hand, but also increase in SKU prices. So out of, let's say, 40% average growth, 20% is on account of SKU price increase and 20% is organic growth. We foresee further risk in terms of SKU prices going up is what the indication that we are principally getting from OEMs, let's see. MSME grew by 2%. As you're aware, since last July, we've been pruning business due to sort of risk actions that we've taken. It should come back into growth momentum by Q3 or so. NIMs remained steady in Q1. Deposit book came in at INR68,500 crores. It's now 15% of the balance sheet. Opex to NTI came in at 33.4%. The marginal increase principally reflects our accelerated investments in gold loan and MFI branch expansion as well as impact of new labor code. So new labor code contributed to 10 basis points, INR60 crores. Since you count decimals, I'm making the point on decimals. So, labor code, gold loan and MFI branches. Overall, we are confident of delivering 25 to 40 basis points improvement for FY '27 in opex to NTI. Fulltime employee head count stood at 73,261. We added 1,650 employees. Excluding gold loan and MFI, the net addition was 811. On credit quality now, credit performance principally remained quite strong with loan loss to average AUF in the new frame that we talked about Page 3 of 22 Bajaj Finance Limited July 30, 2026 improving to 1.54% versus same time during the same period, 1.87%. Now both numbers are comparable. As a measure of prudence, we've recognized an additional management and macroeconomic provision of INR296 crores during current quarter on account of what's happening geopolitically and the monsoon uncertainty. Of course, monsoon has covered a lot of ground, I would say, in the last 15- odd days, but I think we still have some distance to cover on monsoon before we say that the super El Nino did not impact the country. If you exclude this provision because this is a macroeconomic overlay of provision, loan loss to AUF for the current quarter would have been 1.31%. New Stage 2 and Stage 3 contribution was 1.87% from 1.94% in the previous quarter. We expect continued improvement at this juncture on this metric over the coming quarters. Vintage performance, which is principally how the portfolio churns across 3MOB, 6MOB, 9MOB continue to reflects, significant and sustained improvement and is now running below FY '20 our pre-COVID benchmark. I keep reminding people within the company and otherwise that pre-COVID remains my benchmark. People say our size was smaller. I don't agree with that point. I've made this point many times. Acr [Showing first 8,000 characters — download PDF for full document]