1. We have jointly audited the accompanying standalone financial statements of Bajaj Finance Limited ('the
Company'), which comprise the Standalone Balance Sheet as at 31 March 2026, and the Standalone
Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of
Changes in Equity and the Standalone Statement of Cash Flows for the year then ended, and notes to the
standalone financial statements, including material accounting policy information and other explanatory
information (together known as 'standalone financial statements').

2. In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013 ('the
Act') in the manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India, of the standalone state of affairs of the Company as at 31 March 2026,

and standalone total comprehensive income (comprising of profit and other comprehensive income),
standalone changes in equity and its standalone cash flows for the year then ended.

Basis for opinion

3. We conducted our joint audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the
'Auditor's Responsibilities for the Audit of the standalone financial statements' section of our report.

We are independent of the Company in accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.

Key audit matters

4. Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the standalone financial statements of the current period. These matters were addressed in the
context of our audit of the standalone financial statements as a whole and in forming our opinion thereon,
and we do not provide a separate opinion on these matters. We have determined the matters described
below to be the key audit matters to be communicated in our report.

Assessment of impairment loss allowance based on expected credit loss (ECL) on Loans (refer note no. 9 of the
standalone financial statements)

Assessment of impairment loss allowance based on expected credit loss (ECL) on Loans (refer note no. 9 of the
standalone financial statements)

Information Technology ('IT') Systems and Controls impacting Financial Reporting

Other information

5. The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Annual Report, but does not include the standalone financial
statements and our auditor's report thereon. The Annual Report is expected to be made available to us
after the date of this auditor's report.

Our opinion on the standalone financial statements does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent with
the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.

When we read the Annual Report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and take appropriate action as
applicable under the relevant laws and regulations.

Responsibilities of Management and those charged with governance for the standalone financial

statements

6. The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act
with respect to the preparation of these standalone financial statements that give a true and fair view of
the standalone financial position, standalone financial performance, standalone changes in equity and
standalone cash flows of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.

7. I n preparing the standalone financial statements, Board of Directors is responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.

8. Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the standalone financial statements

9. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report
that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone financial statements.

10. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting

a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls with reference
to standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by Management.

• Conclude on the appropriateness of Management's use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the standalone financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Company to cease to continue as a
going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements,
including the disclosures, and whether the standalone financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

11. We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.

12. We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

13. From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the standalone financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that
a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

14. As required by the Companies (Auditor's Report) Order, 2020 ('the Order'), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure B a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

15. As required by section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge
and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it
appears from our examination of those books.

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (Including other
Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone
Statement of Cash Flows dealt with by this report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting
Standards specified under section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31 March 2026, taken
on record by the Board of Directors, none of the directors is disqualified as on 31 March 2026, from
being appointed as a director in terms of section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls with reference to standalone financial
statements of the Company and the operating effectiveness of such controls, refer to our separate
Report in 'Annexure A'.

(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our
information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its
standalone financial statements - refer note no. 43 to the standalone financial statements;

ii. The Company has made provision, as required under the applicable law or Indian Accounting
Standards, for material foreseeable losses, if any, on long-term contracts including derivative
contracts - refer note no. 7 and note no. 9 to the standalone financial statements;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company during the year.

iv. (a) The Management has represented that, to the best of its knowledge and belief, as

disclosed in note no. 51 to the standalone financial statements, no funds have been
advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the Company to or in any other person(s) or entity(ies),
including foreign entities ('Intermediaries'), with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall, whether directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company ('Ultimate Beneficiaries') or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(b) The Management has represented that, to the best of its knowledge and belief, as
disclosed in the note no. 51 to the standalone financial statements, no funds have been
received by the Company from any person(s) or entity(ies), including foreign entities
('Funding Parties'), with the understanding, whether recorded in writing or otherwise, that
the Company shall, whether directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party ('Ultimate
Beneficiaries') or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and

(c) Based on such audit procedures that we considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (a) and (b) contain any material misstatement.

v. The dividend declared and paid by the Company during the year in respect of the prior year
ended 31 March 2025 is in accordance with section 123 of the Act to the extent it applies to
declaration and payment of dividend. The interim dividend declared and paid by the Company
during the year is in accordance with section 123 of the Act to the extent it applies to
declaration and payment of interim dividend.

Further, as stated in note no. 46 (iii) to the standalone financial statements, the Board of
Directors of the Company have proposed final dividend for the year which is subject to approval
of the members at the ensuing Annual General Meeting.

vi. Based on our examination, which included test checks, the Company has used an accounting
software for maintaining its books of account which has a feature of recording audit trail (edit
log) facility and that has operated throughout the year for all relevant transactions recorded in
the software. During the course of our audit, we did not notice any instance of audit trail feature
being tampered with. Further, the audit trail has been preserved by the Company as per the
statutory requirements for record retention.

16. The Company has paid/provided for managerial remuneration in accordance with the requisite approvals
mandated by the provisions of section 197 read with Schedule V to the Act.

For Price Waterhouse LLP For Kirtane & Pandit LLP

Chartered Accountants Chartered Accountants

Firm Registration Number: 301112E/E300264 Firm Registration Number: 105215W/W100057

Sharad Agarwal Suhas Deshpande

Partner Partner

Membership Number: 118522 Membership Number: 031787

UDIN: 26118522UKDKGP3924 UDIN: 26031787GJYGKH9441

Pune Pune

29 April 2026 29 April 2026