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Revenue
₹38,494 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Bajaj Finserv's Q4 FY26 consolidated results were impacted by temporary MTM losses from insurance investments, with reported revenue growth of 6% to ₹3,858 crore and PAT growth of 5% to ₹2,539 crore. Excluding MTM, revenue grew 14% and PAT 24%. General insurance saw muted GWP growth due to tactical reduction in crop and motor amid pricing pressure, with combined ratio elevated at 113.6%. Life insurance showed strong VNB growth of 29% to ₹709 crore and NBM expansion to 24.5%, driven by protection and group business. Lending subsidiaries Bajaj Finance and Bajaj Housing Finance delivered robust AUM growth of 22% and 23% respectively. Emerging businesses like Bajaj Finserv Health grew revenue 41%, while Bajaj Markets saw planned degrowth due to platform migration. Management guided for improved growth in life insurance and break-even for Bajaj Markets by end of FY27. Key risk: persistency dips in life insurance and elevated claims in government health business could pressure profitability.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects continued margin expansion driven by product mix shift towards term and protection, with term aspirational target of 10%+ of mix.
- The marketplace business aims to achieve break-even by the end of the current fiscal year, with revenues recovering post-platform migration.
- The health business expects to reach operating break-even in about two years, based on current growth trajectory of 40-50%.
- The asset management company expects to break even when AUM reaches approximately ₹1 lakh crore, with current equity mix at 59%.
Risks flagged
- Persistency ratios declined across certain cohorts, in line with industry trends, which could impact future VNB if not reversed.
- Underwriting losses widened due to higher claims from government health schemes, though management considers it a timing variance.
- Analyst raised concern about pricing pressure; management acknowledged but said they will reduce exposure where pricing is inadequate.
- Management cited lack of clarity on IFRS 17 assumptions and tax implications, leading to forbearance request; could cause reporting volatility.
Key quotes
- The buyback not only concludes the buyout of Allianz stake but it also is expected to strengthen the ROE of both the insurance subsidiaries going forward.
- We can now clearly see that the benefits of our revamp strategy, Bajaj Life 2.0, are clearly visible in the financial outcomes.
- We are a company which is there for 100 of years, it is not a company which we are looking at short term... it will always do proven underwriting.
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