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Entity-Specific Rating Rationales

24 Feb 2026

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH October 2025 Series

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH October 2025 Series

23 Feb 2026

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH FEB 2026 SERIES

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH FEB 2026 SERIES

19 Nov 2025

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH November 2025 Series

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by PHARAOH November 2025 Series

23 Oct 2025

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by Pharaoh October 2025 Series Trust

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new and used passenger vehicle loan receivables issued by Pharaoh October 2025 Series Trust

16 Jun 2025

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

Bajaj Finance Ltd.: Rating confirmed as final for PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

08 Apr 2025

Bajaj Finance Ltd.: [ICRA]AAA (Stable) assigned to Rs. 15,000-crore NCD programme; ratings reaffirmed

Bajaj Finance Ltd.: [ICRA]AAA (Stable) assigned to Rs. 15,000-crore NCD programme; ratings reaffirmed

11 Mar 2025

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

Bajaj Finance Ltd.: Provisional [ICRA]AAA(SO) assigned to PTCs backed by new passenger vehicle loan receivables issued by Pharaoh PTC Mar 2025 Series I Trust

25 Oct 2024

Bajaj Finance Ltd.: Ratings reaffirmed; [ICRA]AAA (Stable) assigned to Rs. 10,000-crore NCD programme and rating withdrawn for Rs. 452.50-crore sub-debt programme

Bajaj Finance Ltd.: Ratings reaffirmed; [ICRA]AAA (Stable) assigned to Rs. 10,000-crore NCD programme and rating withdrawn for Rs. 452.50-crore sub-debt programme

07 May 2024

Bajaj Finance Ltd.: Ratings reaffirmed; rated amount enhanced for CP programme

Bajaj Finance Ltd.: Ratings reaffirmed; rated amount enhanced for CP programme

18 Oct 2023

Bajaj Finance Ltd.: Ratings reaffirmed; rated amount enhanced

Bajaj Finance Ltd.: Ratings reaffirmed; rated amount enhanced


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Entity-Specific Credit Perspective Reports

25 Feb 2026

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

24 Nov 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

29 Oct 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

06 May 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (Non-SF)

19 Mar 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

30 Jan 2025

Bajaj Finance Ltd.

Bajaj Finance Ltd. (SF)

23 Jun 2023

Bajaj Finance Ltd.

Bajaj Finance Ltd. (Non-SF)

Ratings

Description
Short Term
Medium Term
Long Term
Issuer
Series A1 PTC -- -- [ICRA]AAA(SO) --
Series A1 PTCs -- -- Provisional [ICRA]AAA(SO) --
Series A1 PTC -- -- Provisional [ICRA]AAA(SO) --
Series A1 PTC -- -- [ICRA]AAA(SO) --
Non-Convertible Debenture -- -- [ICRA]AAA(Stable) --
Subordinated Debt -- -- [ICRA]AAA(Stable) --
Commercial Paper [ICRA]A1+ -- -- --
Fixed Deposit -- -- [ICRA]AAA(Stable) --

Our Analysts

Analyst 1

Ritu Rita

Analyst 2

Anubhav Agrawal

Sector Head

Manushree Saggar
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Rating Rationales

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19 Feb 2026 04:00 PM

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