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Bajaj Finserv Margin Trend — Quarter by Quarter

Bajaj Finserv's EBITDA margin moved from 38.0% in Q2 FY26 to 38.0% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2638.0%—
Q3 FY2635.0%—
Q2 FY2638.0%—

What management said about ebitda margin

G

Q4 FY26 · Life insurance VNB margin trajectory positive

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

G

Q3 FY26 · VNB margin expansion to continue but taper

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

G

Q3 FY26 · GST impact mitigation of ~325 bps by March 2026

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

G

Q2 FY26 · Life insurance NBM expansion of 400-600bps for FY26

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

G

Q2 FY26 · GST ITC impact to be mitigated in two quarters

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.