Bajaj Finserv (BAJAJFINSV) Q4 25/26 earnings summary

Executive summary

• Achieved record consolidated total income of ₹1,50,530 crore for FY26, with adjusted revenue up 15% to ₹1,54,563 crore and adjusted PAT up 20.4% to ₹11,211 crore, reflecting strong business momentum despite temporary MTM losses in insurance investments.

• Consolidated reported profit after tax rose 10% to ₹9,801 crore; adjusted PAT for Q4 FY26 was ₹3,032 crore, up 24.2% year-over-year.

• Completed acquisition and buyback of Allianz's stake, resulting in 100% ownership of both insurance subsidiaries.

• Board recommended a dividend of ₹1.50 per share, including a special payout for the Bajaj Group's centenary.

Financial highlights

• Bajaj Finance AUM crossed ₹5 lakh crore, with consolidated PAT up 22% to ₹19,017 crore for FY26; Q4 PAT at ₹5,464 crore.

• Bajaj General Insurance GWP was flat at ₹4,322 crore in Q4; PAT stable at ₹365 crore; solvency ratio at 302%.

• Bajaj Life Insurance retail weighted received premium grew 9.7% to ₹2,550 crore; VNB up 29% to ₹709 crore in Q4; net value of new business up 41% to ₹1,626 crore for FY26; solvency at 266%.

• Bajaj Housing Finance AUM up 22.7% to ₹140,706 crore; PAT up 14% to ₹670 crore; capital adequacy at 22.46%.

• Bajaj Finserv Health revenue grew 41% year-over-year; 6.5 million healthcare transactions.

• Bajaj Finserv AMC average AUM grew 52% year-over-year to ₹30,627 crore; revenue up 58.3% to ₹19 crore.

Outlook and guidance

• Focus on sustainable and profitable growth, leveraging technology and digital platforms across all businesses.

• Insurance subsidiaries to transition to Ind AS from April 2027 after seeking one-year forbearance.

• Life insurance expects continued margin expansion and growth, with product mix targeting par at ~25%, annuity/non-par at 25-30%, term at 10%+, and ULIP at 40%.

• AMC business targets break-even at ₹1 lakh crore AUM; plans to launch PMS and SIF within 1.5 years.

• Bajaj Finserv Health expects operating break-even in about two years; Bajaj Markets aims for break-even by year-end as revenue stabilizes post-migration.