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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹39,708 Cr
verified against source
Revenue YoY
24%
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 strong Q3 FY26 with consolidated total income up 24% YoY to INR 39,708 crore and PAT (before exceptional items) up 32% YoY to INR 2,936 crore. The life insurance business delivered its highest-ever VNB of INR 405 crore (+59% YoY) with NBM expanding to 19% (vs 15.1% last year), driven by the successful Bajaj Life 2.0 strategy. General insurance maintained a healthy combined ratio of 97.9% (vs 101.1% last year), though underwriting loss widened due to labor code impact and upfront acquisition costs. Lending subsidiaries BFL and BHFL posted robust AUM growth of 22% and 23% respectively. The Allianz stake buyout was completed, strengthening group control. Guidance points to continued margin expansion in life insurance and resumption of revenue growth at Bajaj Markets from Q4. Key risk: motor OD loss ratios remain elevated due to pricing pressure and GST-related IDV reduction, which may persist if industry pricing correction is delayed.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects margin expansion to continue but at a slower pace due to base effects; GST impact pushed back margin targets by 2-3 quarters.
- Revenue growth expected to resume from Q4 onwards after software migration to SFDC is completed in Q3.
- Plans to start alternative investment funds and portfolio management services targeting high-net-worth clients, subject to regulatory approvals.
- Process of regulatory approvals initiated for a pension fund management business and a branch in GIFT City.
Risks flagged
- Motor own-damage loss ratios remain high across the industry due to IDV reduction from GST and rising repair costs; pricing correction may take time.
- Persistency ratios declined in line with industry trends; management acknowledged the issue and is working on it, but it could pressure future renewal premiums.
- Underwriting loss increased to INR 137 crore from INR 43 crore last year, impacted by labor code charge and higher acquisition costs on new business.
- Fire insurance pricing has softened due to good loss ratios and no major catastrophes, which could pressure margins if loss ratios revert.
Key quotes
- We are possibly among the top five to six companies, the only one which is truly diversified.
- The combined ratio for Bajaj General will be among the lowest in the multiline market, with the ROE reasonably above 22%, excluding the surplus capital at 200% solvency.
- We may not necessarily focus just on growth on agency. This is just the strategy is getting cooked as we go.
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