NSE: BAJAJFINSV · BSE: 532978
BAJAJ FINSERV LTD.
Operates as a holding company for financial services businesses in India, with consolidated revenue of Rs 150,503.77 crore in FY26. The largest segment is retail financing, contributing 53.1% of segment revenue at Rs 81,989.5 crore — this covers Bajaj Finance's lending book (consumer finance, SME loans, commercial lending, mortgages) and Bajaj Housing Finance. Insurance is the second largest segment at 44.6% share (Rs 68,859.96 crore), combining Bajaj Life Insurance and Bajaj General Insurance, both of which became 100% Bajaj-owned after the March 2026 Allianz stake buyback. Smaller lines include an investments and others book and a windmill power operation that contribute negligible revenue. The largest input cost is other operating expenses at 39.5% of revenue, with employee costs at 9.4% — consistent with a services-led financial model where materials are not an input. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail financing (53%), Insurance (45%), Investments and others (2%), Windmill (0%). Diversified financial holding company with asset-light services and insurance subsidiaries; revenue is dominated by lending and insurance premiums.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 68,406 | 82,071 | 1,10,382 | 1,33,821 | 1,50,504 |
| EBITDA (ex other income) | 21,299 | 29,688 | 40,665 | 49,209 | 56,363 |
| margin % | 31.1 | 36.2 | 36.8 | 36.8 | 37.4 |
| Owners' profit | 4,557 | 6,417 | 8,148 | 8,872 | 9,801 |
| EPS, as reported (₹) | 286.30 | 40.30 | 51.20 | 55.60 | 61.30 |
| ROE % · ROCE % | 12.5 · — | 15.7 · — | 15.0 · — | 13.7 · — | 14.0 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (33,670) | (39,480) | (68,674) | (62,113) | (55,301) |
| Capex | (651) | (779) | (961) | (1,323) | (1,014) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33,704 | 32,042 | 36,595 | 35,439 | 37,403 | 39,708 | 38,494 | 42,037 |
| Profit before tax | 5,963 | 5,808 | 5,993 | 7,203 | 6,822 | 5,925 | 6,917 | 8,927 |
| Net profit | 4,180 | 4,412 | 4,756 | 5,329 | 4,746 | 4,368 | 5,226 | 6,297 |
| EPS (₹) | 13.10 | 14.00 | 15.10 | 17.50 | 14.10 | 14.00 | 15.90 | 19.60 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Insurance | 68,860 | 44.4 |
| Investments and others | 3,619 | 2.3 |
| Retail financing | 82,530 | 53.2 |
| Windmill | 24 | 0.0 |
| Total, before eliminations | 1,55,033 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. ◆ | 2,64,611 | 26.0 | 1.88 | — | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,16,414 | 13.1 | 1.41 | — | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD | 16,267 | 62.9 | 8.92 | 39.9 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 11,971 | 16.8 | 2.01 | — | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED | 10,849 | 10.4 | 0.96 | — | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED | 2,078 | 24.6 | 1.46 | 6.0 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED | 1,486 | 3.8 | 0.17 | — | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L | 1,384 | 10.7 | 0.62 | — | 12.4 | — | 12.2 | 18.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.0 | 10.7 | 11 of 13 | 17% |
| P/B | 1.9 | 1.4 | 10 of 14 | 31% |
| ROE | 13.9 | 10.1 | 2 of 14 | 92% |
| EBITDA margin | 40.8 | 29.6 | 4 of 14 | 77% |
| Revenue growth | 18.6 | 18.6 | 8 of 15 | 50% |
| Profit growth | 18.1 | 18.1 | 8 of 15 | 50% |
| Market cap | 264611 | 1203 | 1 of 16 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Deepak Reddy named CEO Designate of Bajaj General Insurance | compliance | low | — | — |
| 19 Oct 2026 · Bajaj Finserv Q2FY27 results call set for 3 Nov 2026 | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Bajaj Finserv incorporates wholly owned subsidiary Bajaj Reinsurance Limited | strategic transactions | high | — | — |
| 16 Oct 2026 · Insurance subsidiaries show strong premium growth in September 2026 | business updates | medium | — | — |
| 6 Oct 2026 · Quarterly certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Board meeting on 3 Nov 2026 to approve Q2 and H1 FY26-27 results | results | low | — | — |
| 1 Oct 2026 · Bajaj Finserv to invest up to Rs 5,800 crore in Bajaj Finance via warrants | fund raising | high | — | — |
| 30 Sept 2026 · Bajaj Finserv: Senior Management Personnel superannuates | management changes | medium | — | — |
| 28 Sept 2026 · Trading window closes Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 7 Sept 2026 · Monthly insurance business update - August 2026 | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.