Announcement
Announcement under Regulation 30 (LODR)-Acquisition 1 Oct - Board approves up to Rs 5,800 crore warrant subscription in Bajaj Finance Ltd via preferential allotment.
Source: Bse
Bajaj Finserv Limited (BAJAJFINSV)
Large CapFinancial Services stocks · Large cap · NSE
Bajaj Finserv is a diversified financial services group in India, offering consumer and housing finance, general and life insurance, asset management, health-tech, and digital marketplace services. It aims to be a lifecycle partner to Indian customers, leveraging technology and data.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result31 Jul, 05:32 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -10.3% / mo · MACD + · near 52W low
Stock trend: 34
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BAJAJFINSVD candles · FIT view-4.0%Latest close ₹1700.00 on 2026-10-19
Bar
-1.7%
RSI
33
MACD hist
3.94
52W pos
17%
2026-10-19O ₹1730.00H ₹1734.20L ₹1694.00C ₹1700.00Vol 9.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BAJAJFINSVNifty Financial ServicesNifty 500
- BAJAJFINSV
- -8.7%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -3.1 pp
Chart stats
19 Oct 2026- From 52W high
- -22.6%
- 52W range position
- 17%
- ATR (14)
- 2.3%
- Volume vs 20D
- 0.99x
- Avg traded value
- ₹173 Cr
- 20D price channel
- ₹1,694 - ₹1,864.8
₹2,195
₹1,597 - ₹2,195
₹38.4
Latest completed session
20-session average
24.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is consistent.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED19
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +19.1% · PAT +18.2% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model-5.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Weak Trust48
medium confidence · 5/6 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +19% YoY · PAT +18% YoY · +9% QoQ
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹42,037 Cr | +19.1% | +9.2% |
| EBITDA | ₹17,141 Cr | +19.7% | +18.1% |
| Operating margin | 41.0% | +0 bps | +300 bps |
| PAT | ₹6,297 Cr | +18.2% | +20.5% |
| PAT margin | 15.0% | -12 bps | +140 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 26.90
- P/B
- 3.53
- EV/EBITDA
- 11.58
- Market Cap
- 275675.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 10.60%
- ROA
- 2.72%
- Dividend Y
- 0.09%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 5.52
- Interest Coverage
- 2.04×
- Altman Z
- 0.89
- Book Value
- 487.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -55301.00 Cr
- EPS TTM
- 63.42
Shareholding
- Promoter Hold
- 58.72%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 21%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 42.0k+9.2% vs prev
Net Profit
₹ CrLatest: 6,297+20.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 33. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~11.4% over last month) — short-term momentum negative.
- RSI(14) at 33 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 23% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
33
RS percentile
Stage 1 Base / Transition
1M return
-8.2%
3M return
-8.7%
6M return
-7.8%
1Y return
-20.6%
RS 1D
-1
RS 20D
-10
Sector rank
#9
Industry rank
#20
Stage evidence
- Price is within 7.0% of the 30-week proxy.
- The 30-week proxy changed -1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 87.45-0.66%
RS vs Nifty 50087
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth14/25
Quality3/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
19
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
19/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 14/25 to the score.
- Quality contributes 3/20 to the score.
- Valuation contributes 1/30 to the score.
Main drags
- Altman Z is 0.9, in distress territory.
- Fair-value margin of safety is negative at -5.1%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
26.9
PB
3.5
EV/EBITDA
11.6
ROE
13.2%
ROCE
10.6%
FCF Yield
—
Debt/Equity
5.5
MoS
-5.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
19
Previous: 19
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-5.1%
Previous: -5.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
19
19
19
19
19
19
19
19
19
19
19
19
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹833.62
-103.9% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹1,617.21
-5.1% MoS
PEG
1.62
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HDBFS
Large
HDB Financial Services Limited
NBFC
match 162
35
14.4
14.7%
+44%
WATCHLIST
ABCAPITAL
Mid
Aditya Birla Capital Limited
NBFC
match 159
24
26.0
12.0%
+3%
OVERVALUED
AFSL
Small
Abans Financial Services Limited
NBFC
match 152
72
8.0
8.3%
+69%
UNDERVALUED
BAJAJHFL
Large
Bajaj Housing Finance Limited
NBFC
match 136
27
24.7
12.1%
+4%
OVERVALUED
PFC
Large
Power Finance Corporation Limited
NBFC
match 135
60
4.4
20.7%
+83%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T15:09:58.966Z
Management commentary snapshot
Bajaj Finserv reports strong consolidated AUM growth of 22% YoY to $77.56B and PAT growth of 22% YoY to $1.077B for FY2026, driven by its diversified financial services portfolio.
The group demonstrates robust growth across its core lending and insurance segments, supported by strong capital adequacy. However, the aggressive expansion into emerging businesses like health-tech and marketplace, while strategic, shows initial losses and requires careful monitoring for profitability.
Current business mix
Bajaj General Insurance Product Mix (FY25)
Latest issuer-disclosed distribution across 7 reported categories.
Property, Liability and Engineering19.0%
Motor30.0%
Health-Retail5.0%
Health-Group15.0%
Health-Government schemes10.0%
Crop Insurance8.0%
Others13.0%
Growth engines
Diversified Lending Businesses
Bajaj Finance is India's largest NBFC with $40.987B AUM. Bajaj Housing Finance is among the largest HFCs with $15.462B AUM, growing at 29% CAGR over 5 years.
General Insurance Outperformance
Bajaj General is the 3rd largest multi-line insurer, with 5-year GWP CAGR of 11% vs. industry 9.6% and a superior 5-year average combined ratio of 99.9%.
Life Insurance Market Share Gains
Bajaj Life is the fastest growing Life Insurance company in the last 5 years on RWRP (30% CAGR vs. industry 10%), increasing market share from 3.3% to 5.9% (FY21-FY25).
Emerging Businesses Scaling
Bajaj Finserv Asset Management is the fastest AMC to reach $3bn AUM. Bajaj Finserv Health handles ~2MM health transactions a month.
Capacity and execution
Bajaj Finance Locations & Branches
Bajaj Finance expanded to 4,050+ locations and 5,000+ branches by FY26.
Bajaj General Insurance Agents & POSP
Bajaj General has 71,800+ agents and 92,300+ Point of Sale Persons (POSP) as of FY26.
Bajaj Life Insurance Branches & Agents
Bajaj Life has a pan India distribution reach with presence in 598 branches and 164K+ agents.
Bajaj Finserv Health Network
Bajaj Finserv Health has 130,000+ doctors on its platform, 11,500+ hospital doctors, and 6,500+ lab touch points.
Tailwinds
IFRS 17 Implementation for Insurance
Significant tailwinds expected from IFRS 17 implementation (effective 01 Apr 2027), primarily driven by discounting of claims and deferment of acquisition expenses.
Indian Healthcare Market Opportunity
Indian Healthcare Expenditure is $81,319 MM, 3.73% of GDP, with a total addressable international outsourced market of over $212 bn.
Indian Mutual Fund Industry Growth
India's retail mutual fund penetration is set to grow over 4x from 4% in 2026 to 15% by 2047, with total AUM potentially reaching $30,670 MM by 2047.
Risk radar
Profitability of Emerging Businesses
Bajaj Finserv Health, Bajaj Finserv Direct, and Bajaj Finserv Asset Management reported negative PAT for FY2026.
Capital Consumption in Bajaj Life Insurance
Bajaj Life Insurance showed net capital consumed of $159 MM since 01 April 2021.
Capital Consumption in Bajaj Housing Finance
Bajaj Housing Finance showed net capital consumed of $262 MM since 01 April 2021.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Financial services companies benefit from both YoY comparisons for understanding seasonal trends and long-term growth, and QoQ for assessing sequential momentum in disbursements, AUM, and operational efficiency.
Sector KPIs management disclosed
Consolidated AUM Growth (FY16-FY26 CAGR)
Consolidated AUM grew at a 22% CAGR from $10.719 MM in FY16 to $77.560 MM in FY26.
Consolidated PAT Growth (FY16-FY26 CAGR)
Consolidated PAT grew at a 22% CAGR from $205 MM in FY16 to $1,077 MM in FY26.
Bajaj Finance AUM (FY26)
Bajaj Finance is the largest NBFC in India with AUM of $40,987 MM as of 31 March 2026.
Bajaj Housing Finance AUM (FY26)
Bajaj Housing Finance has AUM of $15,462 MM as of 31 March 2026.
Management forward view
Long Range Strategy (2025-30) Aspirations
Management aspires for consolidated Total Income of $2.3-2.6 Thousand MM, PAT of $2.3-2.6 Thousand MM, and a customer franchise of ~220 MM by 2030.
Bajaj Finance ROE Target
Bajaj Finance aims to deliver a sustainable ROA of 4.3%-4.7% and ROE of 19%-21% in the long term.
Bajaj Life Insurance Product Mix Aspiration
Bajaj Life aspires for a product mix (Protection: Non-par: Par: ULIP) of ~10%: ~25%: ~30%: ~35% by FY2028.
Bajaj General Insurance ROE Target
Bajaj General targets 25%+ ROE (calculated as per regulatorily required solvency of 150%).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Profitability of Emerging Businesses | Bajaj Finserv Health, Direct, and AMC are currently loss-making (FY26 PAT negative). | Evidence of these emerging businesses achieving profitability and contributing positively to group earnings. |
| Capital Generation/Consumption | Bajaj Life and BHFL have consumed net capital since April 2021. | Reversal of capital consumption trends and sustained capital generation from these subsidiaries. |
| Bajaj General Insurance Combined Ratio | 5-year average combined ratio of 99.9% (FY21-FY25), outperforming industry. | Continued maintenance of industry-leading combined ratio to ensure underwriting profitability. |
| Bajaj Finance Cross-sell Franchise Growth | Cross-sell franchise of 75.5 MM (FY26). | Progress towards the FY30 aspiration of 120-130 MM cross-sell customers, indicating deeper customer engagement. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
revenue outlookcontradictedquantified
AUM growth for MSME lending will be close to about only 12% to 13% for the full year FY26 due to cutting unsecured MSME volumes.
Timeframe: full year '26Direction: negativeConfidence: high
"AUM growth for MSME lending will be close to about only 12% to 13%"
Outcome check: Revenue YoY averaged 5.2% across 1 later quarter(s).
demand outlookpartially delivered
GST exemption on retail life and health insurance premium is expected to act as a tailwind for the industry in the medium to long term.
Timeframe: medium to long termDirection: positiveConfidence: medium
"GST exemption on retail life and health insurance premium is a tailwind"
Outcome check: Revenue YoY averaged 5.2% across 1 later quarter(s).
margin outlookfailed
The company is confident of managing the short-term pressure from the withdrawal of input tax credit (ITC) in the next couple of quarters.
Timeframe: next couple of quartersDirection: positiveConfidence: high
"confident of managing this in the next couple of quarters"
Outcome check: OPM moved from 35.0% to average 38.0% (+3.0 pp).
operational efficiencydelivered
Bajaj Life expects another 2 quarters to settle the process of sharing the ITC burden with distributors and vendors.
Timeframe: another 2 quartersDirection: positiveConfidence: medium
"expect another 2 quarters for settling this entire process"
Outcome check: OPM moved from 35.0% to average 38.0% (+3.0 pp).
project executionnot yet verifiable
Bajaj Finserv is preparing to conclude the acquisition of Allianz's stake in its insurance companies in the next few months.
Timeframe: next few monthsDirection: positiveConfidence: high
"conclude the acquisition of Allianz's stake"
revenue outlookpartially delivered
Following the end of the flattish strategy in September 2025, Bajaj Life expects to see a positive trajectory on growth going forward.
Timeframe: from September 2025 onwardsDirection: positiveConfidence: high
"here on, you should see a trajectory on growth"
Outcome check: Revenue YoY averaged 5.2% across 1 later quarter(s).
Trust Score
48Weak Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Management has 60% delivered/partly-delivered outcomes on 5 checked claims, with 2 adverse claim outcomes. It ranks around the 5th percentile of the scored universe and 7th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
Mixed Trust: 5/6 extracted management claims have outcome checks; 20% were fully delivered and 2 were partially delivered. 2 claim(s) were contradicted or failed. Key concern: Operating cash flow is negative at ₹-55301 Cr.
Computed 21 Oct 2026
management-trust-v1
18 extracted concalls · 5/6 claims matched
Score band
Weak Trust
Management or financial behaviour needs caution. Demand stronger valuation compensation.
Relative rank
5th percentile
overall median 67 · Financial Services: 7th pctile, median 62 · Large: 3rd pctile, median 73
Evidence depth
Early sample
5/6 claims checked. Use as directional, not final.
Claim delivery
60% delivered or partly delivered
5/6 claims checked · 2 contradicted/failed claims
How to read this Trust Score
Weak Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 58.7%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-55301 Cr.
- ▸Debt/equity is 5.52.
- ▸Altman Z is 0.89.
- ▸Only 1 years of positive FCF.
Continue researching Bajaj Finserv Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Change in Registered Office Address 1 Sep - Announcement text is unreadable; material details cannot be determined.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Newspaper publication under Regulation 30 of SEBI (LODR) Regulations, 2015
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 8 Jul - Bajaj Finserv filed FY2026 BRSR with SGS assurance report and annual report disclosure.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.