Bajaj Finserv (BAJAJFINSV) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated total income rose 16.7% to ₹43,416 crore; PAT increased 25.4% to ₹5,952 crore and PAT attributable to owners grew 22.9% to ₹2,758 crore.

• H1 FY27 consolidated total income rose 17.8% to ₹85,453 crore; PAT increased 21.6% to ₹12,249 crore and PAT attributable to owners grew 17.0% to ₹5,890 crore.

• Lending and life insurance growth supported results; general insurance faced CAT claims, lower investment gains and elevated claims ratios, while emerging businesses had mixed performance.

Financial highlights

• Q2 consolidated profit before exceptional items and tax was ₹8,604 crore, including a ₹379 crore New Labour Codes charge; basic and diluted EPS were ₹17.22 and ₹17.12.

• Adjusted for unrealised investment MTM and including realised equity gains booked in OCI, Q2 PAT was ₹2,978 crore, up 22%; H1 adjusted PAT was ₹5,990 crore, up 13%.

• Standalone net worth was ₹12,902 crore, up 29.1%; consolidated net worth was ₹83,974 crore, up 9.8%, and standalone surplus funds were ₹4,702 crore.

• Standalone H1 PAT was ₹2,576 crore versus ₹1,415 crore, including a ₹20 crore Section 80M tax-provision write-back.

Outlook and guidance

• FY2030 aspirations: consolidated total income of ₹315,000–₹340,000 crore, PAT of ₹21,000–₹24,000 crore and a 220 million customer franchise.

• AMC targets operating breakeven by FY2029, marketplace by FY2028 and insurance marketplace by FY2027; specified ventures expect less than ₹500 crore additional burn over three years.

• Bajaj Life cited 20.8% rolling 12-month NBM as a reasonable baseline; management said the quarter’s 4.5 percentage-point margin expansion is unlikely to recur at the same pace.

• Emerging businesses recorded Q2 losses of ₹144 crore, as envisaged; Bajaj Reinsurance was incorporated in October 2026 and will seek regulatory approvals.