Risks
4 risks
Risk Intelligence
Elevated credit costs in two-wheeler and MSME segments
View Risks →Bajaj Finserv — Q2 FY26
Bajaj Finserv reported a solid Q2 FY26 with consolidated total income up 11% to ₹37,400 crore and PAT up 8% to ₹2,244 crore (12% ex-MTM).
bullish
high
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Bajaj Finserv reported a solid Q2 FY26 with consolidated total income up 11% to ₹37,400 crore and PAT up 8% to ₹2,244 crore (12% ex-MTM). The life insurance arm (Bajaj Life) delivered a standout performance: VNB surged 50% to ₹367 crore and NBM expanded to 17.1% (vs 10.8% last year), driven by product mix shift and cost optimization. General insurance GWP grew 9% (13.6% ex-1/n impact) with combined ratio at 102.3%, though underwriting loss widened to ₹92 crore due to higher acquisition costs. Lending subsidiaries (BFL, BHFL) posted strong AUM growth of 24% each, with BFL PAT up 23%. Management guided for life insurance growth to resume from H2 and expects to mitigate GST ITC impact over two quarters. Key risk: elevated credit costs in two-wheeler and MSME segments persist, though BFL has cut unsecured MSME volumes by 25%.
बजाज फिनसर्व ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कुल आय 11% बढ़कर ₹37,400 करोड़ और मुनाफा 8% बढ़कर ₹2,244 करोड़ हुआ। जीवन बीमा कंपनी (बजाज लाइफ) ने शानदार काम किया - नए बिजनेस का मूल्य 50% बढ़कर ₹367 करोड़ और मार्जिन 10.8% से 17.1% हो गया। सामान्य बीमा का प्रीमियम 9% बढ़ा, लेकिन नए ग्राहकों पर ज्यादा खर्च के कारण अंडरराइटिंग घाटा ₹92 करोड़ हुआ। लोन देने वाली कंपनियों (BFL, BHFL) का कर्ज पोर्टफोलियो 24% बढ़ा। कंपनी का कहना है कि जीवन बीमा में दूसरी छमाही से सुधार होगा। दोपहिया और छोटे कारोबारों को लोन देने में जोखिम बना हुआ है, इसलिए BFL ने छोटे कारोबारों को दिए जाने वाले असुरक्षित लोन में 25% कटौती की है।
Risks4 trackedTranscriptfull text
Research workspace
Focused Modules
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Life Insurance VNB
₹367 Cr
+50% YoY
New business value for Bajaj Life Insurance, highest ever reported for a quarter.
Life Insurance NBM
17.1%
+630bps YoY
New business margin expanded sharply due to product mix and cost optimization.
General Insurance GWP Growth (ex-1/n)
13.6%
+4.2pp vs industry
Gross written premium growth excluding 1/n accounting impact, outperforming industry.
BFL AUM Growth
₹4.62 Lakh Cr
+24% YoY
Assets under management for Bajaj Finance, driven by diversified lending.
Fast read
Guidance and risk preview
After four quarters of flattish retail weighted received premium, management expects significant growth trajectory from Q3 onwards.
BFL's net losses and provisions were up 19% YoY, with credit costs remaining elevated due to stress in two-wheeler and MSME portfolios.
View Risks →