**MARKET BRIEF: BAJJAJ FINANCE Q3 FY26 PREVIEW** **Market Pulse & Stock Action** As of Tuesday, February 3, 2026, Bajaj Finance shares are witnessing robust buying interest, trading up approximately **6.7%** at **₹964**. The surge comes ahead of the company's Q3 FY26 earnings announcement scheduled for today. Investor sentiment appears buoyant, likely influenced by the strong performance of its subsidiary, Bajaj Housing Finance, which recently reported a **21%** rise in quarterly net profit. **Earnings Expectations: Strong Double-Digit Growth** Analysts forecast a solid quarter for the non-banking financial lender, projecting steady top-line and bottom-line expansion: * **Net Interest Income (NII):** Expected to grow by **17–21%** year-on-year, ranging between **₹10,988 crore** and **₹11,150 crore**. * **Profit After Tax (PAT):** Anticipated to rise by **17–21%**, with estimates placing the figure between **₹4,980 crore** and **₹5,150 crore**. **Key Operational Drivers** The projected financial growth is underpinned by consistent operational momentum reported in the company's quarterly business update: * **AUM Expansion:** Assets Under Management (AUM) are estimated to have grown **22%** year-on-year, crossing **₹4.85 lakh crore**. * **Loan Book Velocity:** New loans booked during the quarter rose **15%** to approximately **1.39 crore**. * **Customer Franchise:** The total customer base has expanded to over **115 million**, reflecting sustained demand across consumer and lending segments. **Strategic Watchlist** While the headline numbers are expected to be strong, market participants will closely monitor management commentary on **credit costs** and **asset quality**. Analysts expect credit costs to show gradual improvement, stabilizing around **1.95%** compared to the 2%+ range seen in previous quarters. Margins are projected to remain largely stable, supported by optimized borrowing costs despite a competitive lending environment. **Subsidiary Support** The positive earnings season kickoff by **Bajaj Housing Finance**—which posted a Q3 net profit of **₹665 crore** and AUM growth of **23%**—has set a constructive precedent for the parent company's consolidated results. ***