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Revenue
₹37,403 Cr
verified against source
Revenue YoY
11%
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 reported a solid Q2 FY26 with consolidated revenue up 11% to INR 37,400 crore and PAT up 8% to INR 2,244 crore (12% ex-MTM). The life insurance arm was the standout: VNB surged 50% to INR 367 crore and NBM expanded to 17.1% (from 10.8% last year), driven by product mix shift and cost optimization. General insurance GWP grew 9% (13.6% ex-one-off), though combined ratio remained above 100% at 102.3% due to upfront acquisition costs. Lending subsidiaries (BFL, BHFL) delivered strong AUM growth of 24% each with stable asset quality. Management guided for life insurance growth to re-accelerate in H2 and expects to mitigate GST ITC impact over two quarters. Key risk: elevated credit costs in unsecured MSME and two/three-wheeler segments at BFL.
Colored figures show movement against the previous available record.
Guidance to track
- After four quarters of flattish top line, management expects significant growth trajectory above industry from Q3 onwards, supported by GST tailwinds.
- Management expects to manage the GST input tax credit burden through product restructuring and distributor negotiations within the next two quarters.
- Excluding GST impact, management expected NBM expansion of 4-6% for the full year, but GST noise may affect H2.
- Bajaj Finance cut unsecured MSME volumes by 25%, leading to full-year AUM growth of only 10-12% in that segment.
Risks flagged
- BFL's net losses and provisions were up 19% YoY, with credit costs elevated in MSME and two/three-wheeler segments, though management is cutting volumes.
- The loss of input tax credit on GST is expected to impact NBM by ~450bps annualized if unmitigated. Management is working on mitigation but impact may persist for two quarters.
- Motor OD loss ratio increased to 71% in Q2, above historical trends. Management termed it a quarterly blip but it bears watching.
- Combined ratio stood at 102.3% (101.4% ex-one-off), impacted by upfront acquisition costs for long-term motor policies. Management expects it to remain near 100%.
Key quotes
- We have cut about 25% of its unsecured MSME volumes, and thus the AUM growth for MSME lending will be close to about only 10%-12% for the full year, 2026.
- The VNB for Q2 is reported at INR 367 crore, as against INR 245 crore for the same period last year, a significant 50% increase versus last year.
- We are now preparing to conclude the acquisition of Allianz's stake in our insurance companies in the next few months.
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