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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 5/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +19% YoY · PAT +18% YoY · +9% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Bajaj General Insurance Product Mix (FY25)
Latest issuer-disclosed distribution across 7 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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%).
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
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.
"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).
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.
"GST exemption on retail life and health insurance premium is a tailwind"
Outcome check: Revenue YoY averaged 5.2% across 1 later quarter(s).
The company is confident of managing the short-term pressure from the withdrawal of input tax credit (ITC) in the next couple of quarters.
"confident of managing this in the next couple of quarters"
Outcome check: OPM moved from 35.0% to average 38.0% (+3.0 pp).
Bajaj Life expects another 2 quarters to settle the process of sharing the ITC burden with distributors and vendors.
"expect another 2 quarters for settling this entire process"
Outcome check: OPM moved from 35.0% to average 38.0% (+3.0 pp).
Bajaj Finserv is preparing to conclude the acquisition of Allianz's stake in its insurance companies in the next few months.
"conclude the acquisition of Allianz's stake"
Following the end of the flattish strategy in September 2025, Bajaj Life expects to see a positive trajectory on growth going forward.
"here on, you should see a trajectory on growth"
Outcome check: Revenue YoY averaged 5.2% across 1 later quarter(s).
Trend score and candlestick chart
61BullishSMA20 +3.5% / mo · MACD −
Technical chart
BAJAJFINSVdaily · 1Y · AUTO+3.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 46. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~3.4% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 23% 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.
Relative Strength & Trend Stage
- 9.5% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.2% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 19 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -11.9%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Financial Services: 7th pctile, median 62 · Large: 3rd pctile, median 73
5/6 claims checked. Use as directional, not final.
5/6 claims checked · 2 contradicted/failed claims
How to read this Trust Score
Weak Trust · medium confidenceRead 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.
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 0.93.
- ▸Only 1 years of positive FCF.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 30.70
- P/B
- 4.05
- EV/EBITDA
- 12.24
- Market Cap
- 315606.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 10.60%
- ROA
- 2.72%
- Dividend Y
- 0.08%
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
- 0.93
- 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
- 62%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
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.