Bajaj Finserv reported a consolidated net profit after tax (PAT) of ₹6,297 crore for the quarter ended June 30, 2026, marking an 18% year-on-year increase. Consolidated total income rose by 19% to ₹42,037 crore, reflecting strong operational momentum across its insurance and lending subsidiaries despite a challenging macroeconomic environment. The results underscore the group’s diversified business model, which continues to deliver balanced growth even as individual segments face sector-specific pressures such as pricing constraints in general insurance and capital gain volatility.

The earnings call, held on July 31, 2026, was hosted by JM Financial Limited in compliance with Regulation 30 of the SEBI Listing Regulations. Management highlighted that while stand-alone insurance results are reported under Indian GAAP, consolidated figures adhere to Ind AS standards. The company noted that its insurance subsidiaries will transition to Ind AS from April 1, 2027, following regulatory forbearance granted by the IRDAI.

Subsidiary Performance Highlights

Bajaj Finance Limited, the group’s largest subsidiary, recorded a 27.6% increase in PAT to ₹6,081 crore. Asset under management (AUM) grew by 24% to ₹5,46,944 crore, supported by a 20% rise in new loan books to 1.61 crore units. Net total income increased by 22% to ₹15,224 crore. The company maintained strong asset quality, with gross non-performing assets (GNPA) at 0.96% and net NPA at 0.39%, both lower than the same period last year. Operating expenses as a percentage of net total income stood at 33.4%, up slightly from 33.1% last year due to gold loan branch expansion, though management expects efficiency gains from AI implementation to improve this ratio by 25–40 basis points in the current financial year.

Bajaj Housing Finance Limited also delivered solid results, with PAT growing by 23% to ₹715 crore. AUM expanded by 24%, driven by disbursements across home loans, loans against property, lease rental discounting, and developer finance. Net interest income rose by 9% to ₹968 crore, while operating efficiencies improved, with opex to net total income declining to 19.6% from 21.2% year-on-year. GNPA and NNPA remained low at 0.29% and 0.12%, respectively.

Insurance Segment Dynamics

In the insurance vertical, Bajaj General Insurance Limited saw gross written premium (GWP) grow by 11.3% to ₹5,789 crore, aligning with industry growth. However, the underwriting loss widened to ₹130 crore from ₹116 crore last year, primarily due to higher health loss ratios and de-growth in the fire segment. The combined ratio elevated to 104.7%, though management stated this remains best-in-class given market pricing pressures. Profit declined to ₹478 crore from ₹660 crore last year, largely due to lower realized capital gains. AUM decreased to ₹35,000 crore following a share buyback and high dividend payout totaling ₹3,515 crore.

Bajaj Life Insurance Limited demonstrated strong top-line growth, with GWP surging by 35% to reflect continued renewal premium growth of about 18%. Retail weighted received premium grew by 17.5% to ₹1,474 crore, outpacing industry growth of 16.2%. New business value (NBV) jumped by 87% to ₹271 crore, with the new business margin expanding by 4.8 percentage points to 15.9%, despite a 2.9% GST impact on margins. Retail protection business contributed 12% to overall retail business, growing at 60% year-on-year. However, PAT fell to ₹51 crore from ₹171 crore last year, attributed to lower capital gains and GST costs.

Emerging Businesses and Strategic Initiatives

Bajaj Finserv Direct Limited reported operating revenue of ₹107 crore, a 32% increase, driven by trail-based revenue structures that provide greater predictability. Total disbursements reached ₹2,269 crore. Management reaffirmed its target to achieve quarterly breakeven in Q3 or Q4 of FY27 and full-year breakeven in FY28.

Bajaj Asset Management Limited grew its AUM by 26% to ₹31,444 crore, retaining the 26th position among mutual fund houses in India. The equity mix stood at 63%, with non-group AUM constituting 91% of the total. Systematic Investment Plan (SIP) folios increased by 69% year-on-year.

Bajaj Finserv Health Limited executed approximately 6 million healthcare transactions, up from 5.6 million last year, but saw a slight revenue degrowth due to partnership restructuring aligned with recent RBI regulations on NBFC business conduct. The company plans to require approximately ₹200–300 crore in capital over the next six quarters to support technology and network expansion.

What the Numbers Show

A notable divergence exists between the group’s operational strength and its bottom-line performance in the insurance segment. While Bajaj Life and Bajaj Finance delivered robust growth in key operational metrics like AUM, NBV, and loan book size, their profits were suppressed by lower realized capital gains. This highlights the sensitivity of the group’s current earnings to external market conditions rather than core operational weaknesses. Furthermore, the strategic shift towards trail-based revenues in emerging businesses like Bajaj Markets suggests a deliberate move towards sustainable, non-linear income streams, potentially stabilizing future profitability despite initial revenue dips during restructuring phases.

Bajaj Finserv witnessed two notable block trades on the National Stock Exchange (NSE), with a combined transaction value of ₹146.92 crores. Block trades of this nature typically involve large institutional participants transacting significant share quantities outside the regular market order book.

NSE Block Trade Details

The two block trades recorded for Bajaj Finserv are summarised below:

Key Highlights

• The first block trade involved approximately 448,624 shares transacted at ₹2088.10 per share, aggregating to ₹93.68 crores.
• The second block trade covered approximately 253,960 shares at a price of ₹2096.20 per share, amounting to ₹53.24 crores.
• Both trades were executed on the NSE platform.
• The second trade was executed at a marginally higher price of ₹2096.20 compared to ₹2088.10 in the first trade, reflecting a difference of ₹8.10 per share between the two transactions.