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Bajaj Finserv Ltd

| Standalone Financial Results (Unaudited/Audited) for the Quarter and Year Ended March 31, 2026

Report Source

⬤30th Apr 26

Summary : Bajaj Finserv achieved record income and profit, completed key acquisitions, and increased dividends despite market volatility.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone FY26 Total Expenses: ₹295.75 crore (Employee Benefits: ₹203.12 cr, Other: ₹87.03 cr).
  2. Consolidated FY26 Total Expenses: ₹1,23,284.20 crore (Employee Benefits: ₹14,122.17 cr, Finance Costs: ₹28,231.78 cr, Claims Paid: ₹26,731.23 cr).
  3. Standalone FY26 Total Income: ₹2,076.82 crore (Interest: ₹190.42 cr, Dividend: ₹1,788.45 cr, Other: ₹97.95 cr).
  4. Consolidated FY26 Total Income: ₹1,50,530.38 crore (Interest: ₹79,955.95 cr, Fees & Commission: ₹6,797.78 cr, Insurance Premium: ₹63,134.10 cr).
  5. Standalone Net cash from operating activities: ₹1,610.02 crore (FY26) vs ₹1,723.80 crore (FY25).
  6. Standalone Net cash used in investing activities: (₹1,720.68) crore (FY26) vs (₹1,722.68) crore (FY25).
  7. Consolidated Net cash from operating activities: (₹55,301.41) crore (FY26) vs (₹61,750.42) crore (FY25).
  8. Consolidated Net cash flow from financing activities: ₹66,610.32 crore (FY26) vs ₹69,828.48 crore (FY25).
  9. Standalone Total Assets: ₹10,349.67 crore (FY26) vs ₹8,524.82 crore (FY25).
  10. Standalone Other Equity: ₹10,021.53 crore (FY26) vs ₹8,212.29 crore (FY25).
  11. Consolidated Total Assets: ₹7,58,497.54 crore (FY26) vs ₹6,52,231.61 crore (FY25).
  12. Consolidated Other Equity: ₹77,754.66 crore (FY26) vs ₹72,235.71 crore (FY25).
  13. Both standalone and consolidated audited financial results are presented.

Corporate Overview

  1. Pan-India presence
  2. Market volatility led to significant mark-to-market (MTM) losses on Debt and Equity portfolios.
  3. One-time charge of ₹379 crore due to New Labour Codes.
  4. Accelerated ECL provision of ₹1,406 crore impacted profits.
  5. Emerging businesses incurred losses of ₹539 crore for FY26.
  6. Underwriting loss of ₹96 crore in Q4 FY26 for Bajaj General, due to higher government health claims and lower crop business.
  7. Reliance on Appointed Actuary's Certificate and management's representation for actuarial valuations.
  8. Unregistered Core Investment Company (CIC) and holding company for diversified financial services businesses under the Bajaj group.
  9. Vision to be a diversified financial services group with pan-India presence, offering life-cycle financial solutions.
  10. Involves asset acquisition/enhancement through financing, asset/family protection through insurance, healthcare needs, savings/wealth management, and retirement planning.
  11. Participates in financing through Bajaj Finance Limited (BFL) and in life, general, and health insurance through Bajaj General and Bajaj Life.
  12. Emerging businesses include Bajaj Finserv Health, Bajaj Finserv Direct, Bajaj Finserv Asset Management, Bajaj Financial Securities, and Bajaj Alternate Investment Management.
  13. Positive and confident, highlighting all-time high consolidated total income and profit.
  14. Emphasizes significant milestones and strategic acquisitions.
  15. Serves crores of customers, aiming to be a Lifecycle partner for financial goals.
  16. Finance and insurance businesses
  17. Emerging businesses
  18. Interest income
  19. Dividend income
  20. Rental income
  21. Fees and commission income
  22. Net gain/(loss) on fair value change
  23. Premium and other operating income from insurance business
  24. Completed acquisition of Allianz's 26% stake, achieving 100% ownership of insurance subsidiaries.
  25. Bajaj Alternate Investment Management Limited is obtaining regulatory approvals to commence business.

Risk Factors

  1. Market volatility caused significant MTM losses.
  2. One-time charge from new Labour Codes.
  3. Accelerated ECL provisioning impacted profits.
  4. Underwriting losses in general insurance.

Key Drivers

  1. Achieved 100% ownership of insurance subsidiaries.
  2. Bajaj Finance AUM crossed ₹5 lakh crore.
  3. Increased dividend payout to shareholders.
  4. New alternate investment management business.

Auditor’s Report

  1. Unmodified opinion on both standalone and consolidated financial results.
  2. Reliance on Appointed Actuary's certificate for actuarial valuation of insurance liabilities (Claims Incurred but Not Reported, Claims Incurred But Not Enough Reported) for Bajaj General Insurance Limited.
  3. Reliance on Appointed Actuary's certificate and management's representation for Bajaj Life Insurance Limited's actuarial valuation and other adjustments.

Board Commentary

  1. Re-appointment of KKC & Associates LLP as Statutory Auditors for a second term of 5 consecutive years, subject to AGM approval.
  2. Recommended a dividend of ₹1.50 (150%) per equity share for FY26.
  3. Includes a special payout of ₹0.20 (20%) for Bajaj Group's 100th year celebration.
  4. Total dividend amount is ₹240 crore (previous year ₹160 crore).
  5. Dividend to be credited/dispatched on or before August 4, 2026.
  6. Market volatility leading to MTM losses on investment portfolios.
  7. One-time charge due to New Labour Codes.
  8. Accelerated ECL provisioning.
  9. Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  10. Impact of New Labour Codes released on November 21, 2025, resulting in a one-time charge.
  11. Acquisition of 23% equity stake from Allianz SE in two insurance subsidiaries (Bajaj General and Bajaj Life) for ₹939.44 crore.
  12. Acquisition of 50% equity stake in Bajaj Financial Distributors Limited (BFDL) from Allianz SE for ₹12.50 crore.

Corporate Governance

  1. Adherence to Code of Ethics issued by ICAI.
  2. Statement of compliance with ethical requirements regarding independence provided to governance.
  3. Audit Committee reviewed and approved results.

Management Discussion & Analysis

Future Strategy

  1. Broadening the group's strategy into other asset classes through new AIFs.

Industry Overview

  1. Largest ever acquisition in the Indian insurance sector, signifying renewed commitment.
  2. Bajaj General is the 3rd largest general insurer by gross direct premium.
  3. Bajaj Life maintained 6th rank in retail weighted received premium among private players.

Macroeconomic Outlook

  1. Operating in a dynamic economic environment.

Operational Focus Areas

  1. Strengthening balance sheet resilience.
  2. Recalibrating ECL parameters and introducing minimum floors for sensitive inputs.
  3. Focus on growing emerging businesses.

Performance Drivers

  1. Achieved all-time high consolidated total income and profit for the year.
  2. Bajaj Finance crossed 50 million new loans and ₹5 lakh crore in AUM.
  3. Bajaj Finance's consolidated profit after tax increased by 22%.
  4. Bajaj Housing Finance recorded 18% growth in profit after tax.
  5. Bajaj Life improved profitability (VNB) in a challenging environment, with new business premium up 26%.

Risk Control Measures

  1. Strengthening provisioning framework to enhance balance sheet resilience.

Critical Risks

  1. Market volatility causing significant mark-to-market (MTM) losses on investment portfolios.
  2. Impact of one-time charge from new Labour Codes.
  3. Accelerated ECL provisioning affecting profitability.
  4. Underwriting losses in general insurance due to claims and crop business.