Bajaj Finserv Management Guidance Tracker

12 forward-looking guidance items tracked across 3 quarters.

Growth

Q2 FY26Life insurance growth to resume from H2 FY26Active

After four quarters of flattish retail weighted received premium, management expects significant growth trajectory from Q3 onwards.

Q2 FY26BFL MSME AUM growth to be 10-12% for FY26Tracked

Bajaj Finance has cut unsecured MSME volumes by 25%, leading to slower AUM growth in that segment for the full year.

Q3 FY26VNB margin expansion to continue but taperActive

Management expects margin expansion to continue but at a slower pace due to base effects; GST impact pushed back strategy by 2-3 quarters.

Q4 FY26Bajaj Markets break-even by end of FY27Tracked

The marketplace business aims to achieve break-even by the end of the current fiscal year, with revenues recovering post-platform migration.

Q4 FY26Bajaj Finserv Health break-even in ~24 monthsTracked

The health business expects to reach operating break-even in about two years, based on current growth trajectory of 40-50%.

Q4 FY26AMC break-even at ~₹1 lakh crore AUMTracked

The asset management company expects to break even when AUM reaches approximately ₹1 lakh crore, with current equity mix at 59%.

Margins

Q2 FY26Life insurance NBM expansion of 400-600bps for FY26Tracked

Management reiterated confidence in margin expansion of 4-6 percentage points for the full year, though GST ITC impact may create noise in H2.

Q2 FY26GST ITC impact to be mitigated in two quartersActive

Management expects to fully mitigate the GST input tax credit impact on life insurance margins within the next two quarters through product and distribution actions.

Q3 FY26GST impact mitigation of ~325 bps by March 2026Active

Bajaj Life expects to mitigate about 3.25% of the 4.5% GST impact by Q4 FY26 through product and commission adjustments.

Q4 FY26Life insurance VNB margin trajectory positiveActive

Management expects continued margin expansion driven by product mix shift towards term and protection, with term aspirational target of 10%+ of mix.

Expansion

Q3 FY26Bajaj Finserv AMC to launch AIF and PMS by end FY27Tracked

A separate company (Bajaj Finserv Alternatives) will launch alternative investment funds and portfolio management services targeting high-net-worth clients.

Q3 FY26Bajaj Life setting up pension fund and GIFT City branchTracked

Regulatory approvals initiated for a pension fund management business and a branch in GIFT City.