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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Bajaj Finance is a diversified, platform-led lender; Shriram Finance is more concentrated in vehicle finance, particularly commercial vehicles. Their FY2024–25 disclosures show different business mixes and useful risk indicators, but they do not establish that either company is categorically safer. Compare them on the same reporting period and accounting basis, and look beyond assets under management (AUM) to credit costs, capital, funding and asset quality.
How do their business models differ?
Bajaj Finance: a diversified financial-services platform
Bajaj Finance describes a broad strategy serving consumer, MSME, commercial and rural customers. Its offerings span loans and adjacent services including deposits, payments, insurance, investments and broking, with physical and digital channels supporting customer acquisition and cross-selling. That breadth provides a different portfolio profile from a lender centred on vehicle finance; it does not, by itself, prove lower risk or better underwriting.
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Shriram Finance: a vehicle-led retail lending franchise
Shriram Finance lends across several categories, but commercial vehicles are its largest disclosed FY2025 segment. Its other material lines include passenger vehicles, MSME credit, construction and farm equipment, two-wheelers, gold loans and personal loans. This mix makes vehicle use, borrower cash flows and collateral values important questions when assessing its exposure, alongside performance in its other segments.
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What do the FY2024–25 figures show?
The figures below refer to the fiscal year ended 31 March 2025, except where a date is specified. Bajaj’s cited totals are consolidated. Shriram’s figures are company-reported AUM and segment AUM; check its audited report for the precise accounting basis and definitions before calculating comparative ratios.
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| Measure | Bajaj Finance | Shriram Finance |
|---|---|---|
| AUM | ₹416,661 crore consolidated AUM in FY2025; up 26% year over year. (Bajaj Finance Limited FY2024–25 annual report, 31 March 2025) | ₹263,190.27 crore AUM as of 31 March 2025. (Shriram Finance Limited FY2024–25 annual report, investor relations) |
| Portfolio detail | Broad consumer, MSME, commercial and rural strategy; a directly comparable segment breakdown is not stated here. (Bajaj Finance Limited FY2024–25 annual report, 31 March 2025) | Commercial vehicles: ₹118,560.50 crore; passenger vehicles: ₹54,104.49 crore; construction equipment: ₹17,878.16 crore; farm equipment: ₹5,206.60 crore; MSME: ₹37,413.55 crore; two-wheelers: ₹15,580.56 crore; gold loans: ₹4,836.70 crore; personal loans: ₹9,609.71 crore. Each figure is AUM as of 31 March 2025. (Shriram Finance Limited FY2024–25 annual report, investor relations) |
| Profit and credit costs | Consolidated PAT: ₹16,779 crore, up 16% year over year; impairment on financial instruments: ₹7,966 crore; pre-impairment operating profit: ₹30,028 crore. (Bajaj Finance Limited FY2024–25 annual report, FY2025) | FY2025 NIM: 8.55%. NIM is not profit after operating expenses and credit losses. (Shriram Finance Limited FY2024–25 annual report, FY2025) |
| Asset quality | Consolidated gross NPA: 0.96%; consolidated net NPA: 0.44% at 31 March 2025. (Bajaj Finance Limited FY2024–25 annual report, 31 March 2025) | Matched NPA figures and definitions are not stated in the cited Shriram overview. (Shriram Finance Limited FY2024–25 annual report, investor relations) |
| Capital and returns | Consolidated CRAR: 21.93%, including Tier I adequacy of 21.09%, at 31 March 2025; FY2025 consolidated ROAA: 4.57%, ROAE: 19.19%. (Bajaj Finance Limited FY2024–25 annual report, FY2025) | A directly comparable capital and return set is not stated in the cited Shriram overview. (Shriram Finance Limited FY2024–25 annual report, investor relations) |
AUM describes the size of the lending book, not how much risk-adjusted value it generates. Growth should be read alongside impairment, delinquencies, provisions, capital needs and funding costs. The disclosures above offer different indicators, not a complete matched comparison.
How should you compare the risks?
1. Portfolio concentration and borrower cash flows
Shriram’s commercial-vehicle AUM was ₹118,560.50 crore of its ₹263,190.27 crore total AUM at 31 March 2025. For this exposure, examine how borrower repayment capacity may respond to vehicle utilisation, freight or operating conditions, and what collateral could realise under stress. These are analytical questions, not conclusions quantified by the segment table. Bajaj’s broader product mix changes the concentration lens, but diversification alone cannot establish resilience.
2. Credit quality and the cost of growth
Gross NPA, net NPA, delinquencies, write-offs, provisions and impairment each describe a different part of credit performance. Bajaj reported FY2025 consolidated gross and net NPA of 0.96% and 0.44% at 31 March 2025, and ₹7,966 crore of impairment on financial instruments for the year. Do not infer that Shriram’s asset quality is better or worse without equivalent figures calculated on a matched period, scope and definition.
Bajaj’s FY2024–25 annual report says: “The Company’s business model continues to generate healthy pre-impairment operating profits enabling it to withstand higher credit losses in times of stress such as these.” This is management’s description of its model, not independent validation of how it would perform in a future downturn.
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3. Capital available to absorb losses
Bajaj reported consolidated CRAR of 21.93% at 31 March 2025, including Tier I adequacy of 21.09%. Capital ratios should be compared only after checking regulatory definitions and whether each figure is standalone or consolidated. The cited Shriram overview does not provide a matched capital figure, so these disclosures alone cannot rank the two companies on capital strength.
4. Funding, liquidity and tenor
NBFC risk also depends on the availability, cost and maturity of funding. Shriram’s FY2025 annual report discusses liquidity planning, longer-term borrowings, marketable assets, undrawn lines and securitisation or direct assignment. When comparing the firms, review the equivalent detail in both full reports: funding costs, borrowing maturities, asset-liability mismatches, repricing exposure and liquidity buffers. Shriram reported FY2025 NIM of 8.55%; a margin figure does not, on its own, show funding resilience or profitability after credit losses and operating expenses.
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5. Distribution, collections and underwriting
Bajaj highlights physical and digital platforms and cross-selling; Shriram describes retail and vehicle-finance reach. Distribution can affect acquisition and servicing costs, while underwriting and collection practices affect realised credit outcomes. Company descriptions of channels do not establish which lender has better underwriting. Look for comparable outcomes—such as delinquencies, write-offs and credit costs—rather than treating reach or product breadth as a proxy.
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The FY2025 disclosures here do not support a categorical safety ranking. Bajaj provides more of the cited asset-quality, capital and return measures, while Shriram’s disclosed AUM breakdown makes its vehicle-led concentration especially visible. Missing matched Shriram ratios are not evidence of either stronger or weaker performance. A fair assessment requires the same period, accounting scope and definitions for both companies, plus a view of funding and credit performance through changing conditions.
Keep the reporting dates aligned
Fiscal 2025 means the year ended 31 March 2025. Shriram’s company profile later reported AUM of ₹313,798.4 crore and 3,225 branches as of 30 June 2026 (company profile). Those are a later company-reported snapshot, not a matched comparison with Bajaj’s FY2025 audited figures. Do not combine them as though they cover the same period.
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