TL;DR

• Q3FY26 concall shows Bajaj Finance using AI to directly generate revenue, not just cut costs
• AI-powered call centers contributed nearly 10 percent of total disbursements
• 800 plus autonomous agents deployed across key business functions
• 47 percent productivity gains in digital development reported
• AI adoption theme is reshaping both NBFCs and power sector plays in India

Q3FY26 Concall Insights: How Bajaj Finance Is Turning AI Into a Revenue Engine

When investors think of the AI trade, they usually think of IT companies. But the Q3FY26 concall insights from Bajaj Finance tell a very different story.

The real AI winners may not be the tool makers. They are the enterprises that industrialize AI at scale. And this quarter, Bajaj Finance demonstrated how AI can evolve from a buzzword into a measurable revenue engine.

At a time when the Indian market is debating valuation pressures in IT and rotating toward power and infrastructure, Bajaj Finance’s AI-led transformation offers a case study in execution.

Bajaj Finance Q3FY26 Concall: From Experiment to Execution

Company Overview: Bajaj Finance

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Bajaj Finance is one of India’s leading non-banking financial companies, regulated by the Reserve Bank of India as an NBFC. Known for consumer lending, SME finance, and digital lending platforms, the company has consistently invested in technology to strengthen underwriting, cross-selling, and risk management.

In its Q3FY26 concall, management did not just discuss AI adoption. They quantified it.

Voice to Value: Monetising Idle Data

One of the standout revelations from the concall was the scale at which AI is being deployed in customer engagement.

AI systems analyzed over 20 million customer calls. From this data, 100,000 new loan offers were generated.

Earlier, such call recordings would sit idle in servers. Now, they are being converted into actionable credit opportunities. This is not cost optimization. This is revenue generation.

For investors, this signals a shift from digitisation to data monetisation.

Direct Revenue Impact: ₹1,600 Crore Disbursements

AI-powered call centers reportedly drove approximately ₹1,600 crore in disbursements during the quarter. That accounts for nearly 10 percent of total loan volumes.

This is critical. Many companies speak about AI improving efficiency. Bajaj Finance showed that AI can directly influence top-line growth.

In a competitive NBFC environment where margins depend on underwriting quality and cross-selling efficiency, such AI-led lead conversion creates a structural advantage.

Content at Scale: 2.7 Lakh AI Generated Videos

Marketing transformation was another highlight.

Management revealed that 100 percent of banners and videos are now AI generated. Around 2.7 lakh videos were created in just one quarter.

For a retail-focused lender that depends heavily on targeted campaigns across cities and product categories, content velocity matters. AI enables hyper-personalised campaigns without ballooning marketing costs.

This also aligns with the broader shift toward digital customer acquisition in India’s financial ecosystem.

The Agentic Future: 800 Plus Autonomous Agents

Perhaps the most forward-looking insight from the Q3FY26 concall was the deployment of 800 plus autonomous agents across Sales, HR, IT, and Risk functions.

This is not simple chatbot automation. These are task-specific AI systems designed to assist in underwriting checks, HR screening, internal ticket resolution, and workflow optimisation.

In regulated sectors like NBFCs, automation must comply with RBI guidelines on data security and risk governance. Bajaj Finance’s structured deployment suggests a compliance-first approach.

Tech Efficiency: 47 Percent Productivity Gains

Management indicated productivity gains of up to 47 percent in digital development.

For a financial services company constantly upgrading apps, loan management systems, and risk engines, such efficiency gains can shorten product launch cycles and reduce operational bottlenecks.

In a rising interest rate environment or margin pressure cycle, operating leverage becomes crucial. AI-driven productivity can protect return on assets and return on equity over the long term.

The Broader AI Trade: Why Power May Outperform IT

The Q3FY26 concall insights also fit into a larger thematic shift in Indian markets.

The Power Play

AI data centers are energy intensive. India’s data center capacity is projected to cross 9 GW by 2030. As demand for high density computing rises, so does demand for stable power supply.

Power companies are no longer seen as slow moving utilities. They are becoming core infrastructure enablers for the AI economy.

This explains why power stocks are gaining investor attention even as some IT majors face margin pressure.

The IT Reality Check

Traditional IT services operate on time and material billing models. As AI automates coding, testing, and maintenance, revenue growth visibility becomes uncertain.

Valuations in the IT sector are being reassessed in light of automation risks and slower headcount growth.

The investment thesis is evolving. Do not just buy the software. Consider the fuel that runs the hardware.

In this context, Bajaj Finance stands out because it is not selling AI tools. It is embedding AI into its core lending engine.

Impact on Indian Markets

AI adoption by large NBFCs signals a structural shift in financial services.

If AI improves underwriting, reduces NPAs, and enhances cross selling, credit costs could remain stable even during economic slowdowns. That strengthens investor confidence in the sector.

At the index level, financials hold significant weight in Nifty and Sensex. Efficiency gains in leading NBFCs and banks can support earnings growth and market stability.

For retail investors, the takeaway is simple. Earnings quality and technological integration now matter as much as loan book growth.

What Should Investors Watch Next

• Sustainability of AI driven disbursement growth
• Impact on credit cost and asset quality
• Capital adequacy and regulatory compliance
• Competitive response from other NBFCs and banks

Q4FY26 commentary will be crucial in assessing whether AI contribution scales further or stabilises at current levels.

Frequently Asked Questions

1. What were the key highlights from Bajaj Finance Q3FY26 concall?
AI analyzed 20 million calls, generated 100,000 loan offers, drove ₹1,600 crore disbursements, and deployed 800 plus autonomous agents across functions.

2. How does AI improve profitability for NBFCs?
AI enhances underwriting accuracy, improves lead conversion, reduces operational costs, and boosts cross selling efficiency.

3. Why is the AI trade shifting toward power stocks?
AI data centers require large amounts of electricity. Growing data capacity increases demand for stable power infrastructure.

4. Is AI adoption a regulatory risk for financial companies?
NBFCs must comply with RBI guidelines on data security, governance, and risk management. Structured AI deployment with strong oversight reduces regulatory risk.

5. Should investors prefer AI users over AI developers?
Companies that integrate AI into core operations may generate stronger long term returns than firms merely selling AI tools. Execution matters more than hype.

Conclusion

The Q3FY26 concall insights from Bajaj Finance reveal a powerful shift. AI is no longer an experimental tool. It is a revenue engine.

As markets rotate between IT, power, and financials, investors must focus on companies that embed technology into business fundamentals.

At Swastika Investmart, our SEBI registered research team tracks such structural shifts with data driven insights, advanced research tools, and investor education support.

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