Market Brief: Bajaj Finance Q3 FY26 Outlook **Earnings Expectations** Bajaj Finance is positioned for a steady operational quarter in Q3 FY26. Street estimates project **21%** year-on-year growth in Net Interest Income (NII) and approximately **20%** growth in Profit After Tax (PAT). Analysts anticipate these gains will be driven by robust loan expansion and stable margins, despite moderation in specific segments like MSME and mortgages. **Key Operational Metrics** Recent business updates indicate sustained momentum in asset accumulation. Assets Under Management (AUM) have swelled to approximately **₹4.86 lakh crore**, reflecting a **22%** annual increase. The lender continues to widen its reach, with its customer franchise expanding to over **115 million**. New loan bookings remained healthy, supporting the forecast for consistent top-line delivery. **Asset Quality & Margins** Credit costs are a focal point for investors, with expectations that they will ease to below **2%** (around **1.95%**) for the quarter. Gross Stage 3 assets are projected to remain stable at **1.2%**, with Net Stage 3 assets at **0.6%**, signaling manageable stress levels. Margins are likely to hold steady or improve marginally as borrowing costs moderate. **Market Reaction** Ahead of the earnings announcement scheduled for **February 3, 2026**, Bajaj Finance shares are trading near **₹902**, down approximately **2%** in recent sessions. The stock has seen a 52-week high of **₹1,102** and a low of **₹778**, with a current market capitalization of roughly **₹5.61 lakh crore**. Investor sentiment remains cautious but optimistic regarding the lender's ability to navigate slower growth in unsecured segments while capitalizing on strong consumer demand.