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Bajaj Finance shares rose during intraday trading on October 5, 2026, after the company reported strong provisional September-quarter business metrics. Its assets under management (AUM) reached ₹5.85 lakh crore, up 26.5% year over year. JPMorgan reportedly kept its Overweight rating and raised its target price to ₹1,310 from ₹1,295. The target is a brokerage opinion, not a promised share price or a guaranteed return.
Why did Bajaj Finance shares rise?
The immediate trigger was the company’s provisional business update for the quarter ended September 30, 2026. The update showed continued AUM growth and an expanding customer base, which investors could view as signs of resilient lending activity. Reports also said JPMorgan raised its target price, adding a positive analyst signal to the news flow.
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The share-price figures reported on October 5 are snapshots from different points in the session, not closing prices. Financial Express reported a 4.28% rise to ₹988.85 in morning trade. NDTV Profit reported a 3.9% gain to ₹986 as of 9:40 a.m., after an intraday high of ₹987.95. Moneycontrol later reported a high of ₹995.80, nearly 5% higher, and a price of ₹982.05, up 3.56%. Financial Express, NDTV Profit and Moneycontrol captured different moments in the trading session.
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What did Bajaj Finance report for Q2 FY27?
The figures below are provisional operating data reported for the September quarter; they are not the company’s complete quarterly financial results.
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| Metric | September-quarter update |
|---|---|
| AUM | ₹5.85 lakh crore at September 30, 2026, up 26.5% year over year and 6.9% sequentially, as reported by Financial Express and NDTV Profit. |
| New loans booked | 13.45 million, up 11% year over year, according to Financial Express and NDTV Profit. |
| Customer franchise | 128.85 million, up 16.5% year over year, according to NDTV Profit. Financial Express separately reported 4.4 million new customers and cited a rounded 129 million franchise in Jefferies commentary. |
| Deposit book | ₹69,750 crore, as reported by Moneycontrol; Financial Express reported the rounded figure of ₹69,800 crore. |
Moneycontrol reported that AUM increased by ₹37,800 crore during July–September and gave the year-earlier AUM as ₹4.62 lakh crore. The outlet rounded current AUM to about ₹5.84 lakh crore, while Financial Express and NDTV Profit reported ₹5.85 lakh crore. Moneycontrol, Financial Express and NDTV Profit reported the operating figures.
What did JPMorgan change?
Moneycontrol and NDTV Profit reported that JPMorgan maintained its Overweight rating and increased its target price to ₹1,310 from ₹1,295. Moneycontrol attributed the move to broad-based growth and momentum it expected to continue, and reported that the brokerage saw a possible upgrade to FY27 growth guidance. NDTV Profit also summarized the brokerage’s view that customer-acquisition guidance and management guidance could improve, with net interest margin outlook in focus. The JPMorgan note was not directly available in these reports, so these are summaries attributed to the outlets, not direct quotations from the brokerage. Moneycontrol and NDTV Profit reported the rating and target revision.
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Moneycontrol said ₹1,310 represented more than 38% implied upside against the prior session’s closing price. That is a calculation based on a broker target and a historical reference price, not a forecast certainty. A target price is an analyst’s estimate, and it can differ from the market price or be revised as assumptions change.
Why the loan-booking number tempers the growth story
AUM growth was strong, but the number of new loans booked grew more slowly than in the previous quarter. Financial Express reported 11% year-over-year growth in new loans, compared with 20% in the June quarter. Jefferies cited the prior-year September quarter’s 26% loan-booking growth and an earlier festive season as part of the explanation for the tougher comparison. The figures therefore describe two different aspects of the business: a rapidly growing managed portfolio and slower growth in loan volumes against a strong base.
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Financial Express reported that Jefferies retained a Buy rating and a ₹1,280 target, and forecast 23% AUM growth in FY27 and FY28. These are Jefferies’ views and forecasts, not company guidance. The outlet also carried Jefferies analysts Prakhar Sharma and Vinayak Agarwal’s assessment that AUM growth had risen to 26% year over year from 24% in June, while loan-booking growth slowed partly because of the festive-season comparison. Financial Express reported the Jefferies commentary.
What to make of the capital-raise reports
Moneycontrol reported a planned raise comprising ₹11,700 crore through a qualified institutional placement and ₹5,800 crore in preferential warrants to promoter Bajaj Finserv, describing the total as nearly ₹18,000 crore. NDTV Profit rounded the proposed amount to ₹17,500 crore. Because the reported totals differ and the primary company filing was not directly reviewed, these figures should be treated as attributed reports rather than a reconciled final amount. A capital raise can be relevant to investors because it may affect funding capacity and share dilution, but the reports do not establish the final terms or quantify that effect. Moneycontrol and NDTV Profit reported the proposal.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the October 5 move does—and does not—show
The day’s rise reflected investors’ reaction to provisional operating data and broker commentary. It does not establish how Bajaj Finance performed across the full quarter financially, nor does an intraday share-price move show that the market accepted any one analyst’s target. The October 5 reports did not include the complete Q2 financial results or a direct copy of the company’s exchange filing. For investors assessing the update, the key distinction is between company-reported operating metrics, brokerage forecasts and targets, and the share price at a particular moment in trading.
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