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Bajaj Finance allots ₹498 crore in secured NCDs at 7.79% coupon
Our read
Bajaj Finance's long-tenor NCD issue is more likely to strengthen funding resilience and support continued loan growth than to materially alter near-term earnings, with margin performance hinging on deployment yields and future rate trends.
For strategy teams
Bajaj Finance’s private NCD placement expands durable capital for scaling lending and potential strategic opportunities, reinforcing its ability to fund growth without immediate equity dilution.
Watch
Quarterly loan-book growth versus borrowing growth and liquidity coverage.
The report,
Bajaj Finance allotted Rs 498.22 crore of secured NCDs via private placement at a 7.79% annual coupon, maturing in 2036. The Bajaj group financier also reported Q1FY27 profit growth of 27.4% to Rs 5,986 crore.
Reported figures
From the report. Source details below
| Rs 5,307 crore NCDs allotted on July 6, | 2026 |
|---|---|
| Q1FY27 net interest income: | Rs 12,571 crore, up 23% YoY |
Also in the report
- Aug. 18, 2026 allotment date
- July 4, 2036 maturity date
Other figures
- 50,000 secured NCDs
What to watch next
- Net interest margin trend, especially relative to the 7.79% fixed NCD coupon and broader funding-cost movement.
- Asset-liability maturity gaps, fixed-versus-floating liability mix and future NCD issuance cadence.
- Credit-cost, GNPA/NNPA and delinquency trends in unsecured consumer and SME portfolios.
- RBI policy-rate changes, bond yields and any shift in NBFC funding-market risk appetite.
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Deploy incremental liquidity toward higher-yield consumer finance, SME and secured lending segments while maintaining asset-liability maturity discipline.
- Continue diversifying liabilities through bank borrowings, deposits, NCDs and other market instruments to support loan-book growth.
- Use strong profitability to reinforce capital buffers and provision coverage as credit exposure expands.
- Potentially undertake further tranche-based long-tenor issuance if credit demand remains robust and market borrowing costs stay favorable.
The source
First seen