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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 on insurance investment portfolios due to geopolitical tensions. Reported revenue grew 6% YoY to INR 38,508 crore and PAT grew 5% to INR 2,539 crore, but excluding MTM, revenue growth was 14% and PAT growth 24%. Bajaj General Insurance saw muted GWP growth due to tactical reduction in crop and motor, with combined ratio elevated at 113.6% due to timing variances. Bajaj Life Insurance reported retail WR premium growth of 9.7% and VNB growth of 29%, with NBM expanding to 24.5%. Lending subsidiaries Bajaj Finance and Bajaj Housing Finance delivered strong AUM growth of 22% and 23% respectively. Emerging businesses like Bajaj Finserv Health grew revenue 41%, while Bajaj Markets revenue declined due to platform migration. Management guided for improved growth in life insurance and a path to breakeven for Bajaj Markets and Bajaj Finserv Health. Key risk: persistency dips in life insurance and elevated competitive intensity in general insurance could pressure profitability.
Colored figures show movement against the previous available record.
Guidance to track
- Management indicated growth in H2 FY26 should be exceeded in FY27, driven by new bancassurance partners and agency channel recovery.
- Based on current trajectory, the health business expects to reach operating breakeven within two years.
- With platform migration complete and new revenue structures, Bajaj Markets aims to break even by the end of the current fiscal year.
- AMC is actively considering PMS and SIF/AIF products, with launches expected in the next 1.5 years.
Risks flagged
- Persistency dips observed across the industry and Bajaj Life, partly due to early gratification products. Management expects further sector decline.
- Industry combined ratio deteriorated 6-7% YoY; Bajaj General reduced exposure to crop and motor due to pricing pressures.
- Management cited lack of clarity on assumptions and tax implications, leading to forbearance request. Transition delayed to FY28.
- Revenue declined to INR 95 crore from INR 129 crore YoY due to planned migration and DLG compliance. Recovery expected in FY27.
Key quotes
- Made in India, made for India, and made by India.
- Directionally, we can tell you we are in a positive trajectory and all those changes are resulting in the positive margin, we're not gonna indicate any margin.
- We are a company which is there for 100 years. It is not a company which we are looking at a short term... It will always do prudent underwriting.
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