Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Maruti Suzuki reported a stellar Q3 FY26, with net sales surging to INR 47,500 crore (up ~29% YoY) and PAT at INR 3,800 crore (+4% YoY, impacted by a one-time provision of INR 594 crore for new labor codes).
Read Maruti 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 →Maruti Suzuki reported a stellar Q3 FY26, with net sales surging to INR 47,500 crore (up ~29% YoY) and PAT at INR 3,800 crore (+4% YoY, impacted by a one-time provision of INR 594 crore for new labor codes). The GST reform drove a 22% domestic volume growth, with retail sales hitting a record 683,000 units and inventory at just 3-4 days. Management highlighted robust demand across segments, a 7% increase in first-time buyers, and a healthy order book of 175,000 vehicles. However, margins faced headwinds from commodity inflation (PGM, aluminum, copper) and rare earth supply issues. Guidance includes two new plants (Kharkhoda and Gujarat D-line) coming online by mid-2026, each adding 250,000 units capacity. Key risk: sustainability of demand post-GST euphoria and potential steel price hikes.
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.
Domestic sales volume grew 22% YoY in Q3 FY26, rebounding from a 5.8% decline in H1.
Highest ever quarterly retail sales of over 683,000 units, driven by strong demand post-GST cut.
Healthy order book of around 175,000 vehicles, indicating sustained demand momentum.
First-time buyer proportion increased by 7 percentage points, signaling market expansion.
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%.
Kharkhoda second plant (April 2026) and Gujarat D-line (soon after) each add 250,000 units annual capacity.
Management guidance expansionOn track to achieve the export guidance of 400,000 units for the current fiscal year.
Management guidance growthCurrent CapEx run rate is about INR 10,000 crore annually; next year's budget to be finalized by March.
Management guidance capexManagement had given an initial sustainable volume growth figure of about 7%, to be reassessed in three months.
Management guidance growthManagement 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 expansionManagement acknowledged that Q3 demand included some postponed and preponed elements; sustainable demand level needs reassessment.
medium · management_commentaryPGM content is ~2% of net sales; steel prices may rise due to safeguard duty misuse. Hedging is calibrated and may not fully offset spikes.
high · management_commentaryRare earth element supply issues caused 20 bps margin impact; management expects resolution as India develops local magnet manufacturing.
low · management_commentaryPotential increase in duties in South Africa and other global trade/tariff issues pose risks to export growth.
medium · analyst_questionMotor 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_questionWe are happy that after a long time, the growth in passenger vehicle industry has bounced back after the government's historic GST reform.
We have a happy problem of meeting the market demand.
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.
