Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Grasim reported a strong Q3 FY26 with consolidated revenue of INR 44,312 crore (+25% YoY) and EBITDA of INR 6,215 crore (+33% YoY), driven by robust performance across building materials, financial services, and core businesses.
Read Grasim analysis →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.
Read Bajajfinsv analysis →Grasim reported a strong Q3 FY26 with consolidated revenue of INR 44,312 crore (+25% YoY) and EBITDA of INR 6,215 crore (+33% YoY), driven by robust performance across building materials, financial services, and core businesses. Birla Opus paints gained 300 bps revenue market share YoY, with volume up 70% YoY, and the B2B platform Birla Pivot crossed an INR 8,500 crore annualized run rate, ahead of its FY27 guidance. The chemicals business saw stable demand, while the renewables and financial services segments posted strong growth. Management maintained its target of INR 10,000 crore revenue for Birla Opus by FY28 and guided for breakeven at Birla Pivot by FY27 exit. Key risks include sustained discounting pressure in the paints industry and potential margin compression from raw material volatility in chemicals.
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.
Sales volume rose 70% year-on-year in Q3 FY26.
Revenue market share expanded by more than 300 bps year-on-year.
Crossed INR 8,500 crore annualized revenue run rate, ahead of FY27 guidance.
Current capacity reached 194.06 million metric tons, targeting 240.8 MTPA by March 2028.
Highest-ever value of new business for Bajaj Life, driven by retail protection and group protection growth.
New business margin expanded from 15.1% last year, reflecting improved product mix and cost efficiencies.
Improved from 101.1% last year, among the lowest in the multiline market, indicating strong underwriting discipline.
Fastest to cross INR 30,000 crore AUM in ~2.5 years; equity mix at 56%, non-group share at 87%.
Management reiterated achieving INR 10,000 crore revenue in the third full year of operations (FY28).
Management guidance revenueTargeting to become a profitable number two player within three years of full-scale operation.
Management guidance marginsBirla Pivot expects to exit FY27 at breakeven level.
Management guidance growthTargeting renewable energy share in chemicals to reach over 40% by end of FY27.
Management guidance otherManagement expects margin expansion to continue but at a slower pace due to base effects; GST impact pushed back margin targets by 2-3 quarters.
Management guidance marginsRevenue growth expected to resume from Q4 onwards after software migration to SFDC is completed in Q3.
Management guidance revenuePlans to start alternative investment funds and portfolio management services targeting high-net-worth clients, subject to regulatory approvals.
Management guidance expansionProcess of regulatory approvals initiated for a pension fund management business and a branch in GIFT City.
Management guidance expansionIndustry revenue growth lags volume growth due to high discounting and focus on low-value segments, which could pressure realizations.
medium · management_commentaryManagement noted they avoided low-margin LER volumes due to margin squeeze; ECH price volatility could impact profitability.
medium · analyst_questionAnalyst raised concerns about dealers stopping business; management acknowledged active dealer rates of 70-75% and focus on collections.
low · analyst_questionSubdued performance in cellulosic fashion yarn due to cheaper imports from China creating oversupply.
medium · management_commentaryMotor own-damage loss ratios remain high across the industry due to IDV reduction from GST and rising repair costs; pricing correction may take time.
medium · analyst_questionPersistency ratios declined in line with industry trends; management acknowledged the issue and is working on it, but it could pressure future renewal premiums.
medium · management_commentaryUnderwriting loss increased to INR 137 crore from INR 43 crore last year, impacted by labor code charge and higher acquisition costs on new business.
low · data_observationFire insurance pricing has softened due to good loss ratios and no major catastrophes, which could pressure margins if loss ratios revert.
low · analyst_questionBirla Opus, the third largest decorative paints player, expanded its revenue market share by more than 300 basis points year-on-year.
We are not simply building a website, we're building a reliability at scale. We are making complex procurement feel effortless, dependable, and repeatable.
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.
