Bajaj Finserv (BAJAJFINSV) Q3 25/26 earnings summary

Executive summary

• Consolidated total income for Q3 FY26 grew 24% year-over-year to ₹39,708 crore; adjusted profit after tax before exceptional items rose 32% to ₹2,936 crore, but reported PAT was flat at ₹2,229 crore due to one-time charges from accelerated ECL provision and New Labour Codes.

• The group completed the acquisition of Allianz SE's 23% stake in its insurance subsidiaries, increasing its holding to 75.01% in both Bajaj General and Bajaj Life, and initiated a buyback for the remaining 3%.

• Bajaj Finance’s customer franchise grew by 4.76 million and new loans booked reached 13.90 million in Q3 FY26.

• Major one-time items included an accelerated ECL provision of ₹1,406 crore and a ₹379 crore charge for New Labour Codes, with a net profit impact of ₹540 crore and ₹167 crore, respectively.

Financial highlights

• Q3 FY26 consolidated profit after tax before one-time items was ₹2,936 crore, up 32% year-over-year; adjusted PAT up 13% including realized equity gains.

• Bajaj Finance AUM up 22.1% to ₹485,883 crore; PAT before exceptional items up 23.3% to ₹5,227 crore.

• Bajaj Housing Finance AUM up 23.2% to ₹133,412 crore; PAT before exceptional items up 23.2% to ₹675 crore.

• Bajaj General Insurance gross written premium up 12% to ₹7,389 crore; adjusted PAT up 8% to ₹430 crore; combined ratio improved to 97.9%.

• Bajaj Life Insurance gross written premium up 23.5% to ₹7,854 crore; VNB up 59% to ₹405 crore; new business margin at 19%.

• Bajaj Finserv AMC AUM reached ₹30,250 crore as of 31 December 2025, fastest in industry.

Outlook and guidance

• Expectation of resumed revenue growth for Bajaj Markets from Q4 as software migration completes.

• Credit cost outlook for FY2027 is optimistic, with improved portfolio quality and robust risk management.

• Bajaj Life expects continued positive margin trajectory, with GST impact largely mitigated by March; margin expansion and VNB growth to taper but remain positive.

• AMC to expand into alternatives and PMS by FY27, subject to regulatory approvals.

• Focus remains on strengthening balance sheet resilience and growing emerging businesses.