Bajaj Finance is the most misunderstood large-cap in the Nifty. The bulls treat it as a growth stock. The bears treat it as an NBFC. Both are half-right and half-wrong. Q2 FY26 is a good moment to look at what the business actually is, because the growth and the funding-cost pressure are, for the first time in years, in visible tension.
AUM growth accelerates — the demand is back
AUM growth of 28% year-on-year, up from 24% the previous quarter and 21% the quarter before that. In an environment where credit growth for the broader system is running at 15–16%, this is a genuine acceleration.