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Bajaj Finserv Q4 FY26 results: net profit up 9.9% to ₹5,226 crore, revenue up 5.2%
Bajaj Finserv Limited reported consolidated Q4 FY26 revenue of ₹38,494 crore, up 5.2% from a year earlier but down 3.1% sequentially. Net profit rose 9.9% year on year to ₹5,226 crore, while basic EPS increased to ₹15.9 from ₹15.1.
Key points
- Consolidated Q4 FY26 revenue was ₹38,494 crore, up 5.2% from Q4 FY25 and down 3.1% from Q3 FY26.
- Profit before tax was ₹6,917 crore, up 15.4% year on year and 16.8% sequentially.
- Consolidated net profit was ₹5,226 crore, up 9.9% year on year and 19.7% from the previous quarter.
- Basic EPS was ₹15.9, compared with ₹15.1 in Q4 FY25 and ₹14.0 in Q3 FY26.
- For FY26, revenue was ₹1,50,503.77 crore, while net profit was ₹19,669.47 crore and basic EPS was ₹61.3.
How did Bajaj Finserv perform in Q4 FY26?
Bajaj Finserv reported consolidated revenue of ₹38,494 crore for Q4 FY26, up ₹1,898 crore or 5.2% from Q4 FY25 but down ₹1,214 crore or 3.1% from Q3 FY26. Profit before tax was ₹6,917 crore, up 15.4% year on year and 16.8% sequentially. Net profit was ₹5,226 crore, compared with ₹4,756 crore a year earlier and ₹4,368 crore in the previous quarter.
Basic EPS rose to ₹15.9 from ₹15.1 in Q4 FY25 and ₹14.0 in Q3 FY26. Profit attributable to owners was ₹2,539 crore, up 5.0% year on year and 13.9% sequentially. EBITDA and EBITDA margin were not reported. On a standalone basis, revenue was ₹46.73 crore, down 27.7%, while PAT was ₹16.01 crore against ₹7.57 crore in the year-ago period.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 38,494 | 39,708 | 36,595 | +5.2% | −3.1% |
| Other income | 14.35 | 0 | 1.07 | +1241.1% | |
| Total expenses | 31,591 | 33,404 | 30,603 | +3.2% | −5.4% |
| Profit before tax | 6,917 | 5,925 | 5,993 | +15.4% | +16.8% |
| Tax | 1,702 | 1,559 | 1,246 | +36.6% | +9.2% |
| Net profit | 5,226 | 4,368 | 4,756 | +9.9% | +19.7% |
| EPS (₹) | 15.90 | 14.00 | 15.10 | +5.3% | +13.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Bajaj Finserv's costs and profit?
Total expenses were ₹31,591 crore, up ₹987.84 crore or 3.2% from Q4 FY25 and down ₹1,813 crore or 5.4% from Q3 FY26. Employee cost rose 26.4% year on year to ₹3,979 crore, while finance costs increased 14.0% to ₹7,291 crore. Depreciation fell 6.6% to ₹317.01 crore and other expenses declined 4.6% to ₹15,054 crore.
Other income increased by ₹13.28 crore to ₹14.35 crore from a year earlier, against no exceptional item in either Q4 FY26 or Q4 FY25. Tax expense rose ₹455.84 crore or 36.6% to ₹1,702 crore. The net profit margin increased from 13.0% to 13.6%, a rise of 0.6 percentage points; Q3 FY26 included an exceptional charge of ₹379.49 crore, while Q4 FY26 had no exceptional item.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Employee cost | 3,979 | 3,147 | +831.67 | +26.4% |
| Finance costs | 7,291 | 6,396 | +895.11 | +14.0% |
| Depreciation | 317.01 | 339.49 | −22.48 | −6.6% |
| Other expenses | 15,054 | 15,773 | −719.29 | −4.6% |
| Total expenses | 31,591 | 30,603 | +987.84 | +3.2% |
| Other income | 14.35 | 1.07 | +13.28 | +1241.1% |
| Tax | 1,702 | 1,246 | +455.84 | +36.6% |
Source: Company's results filing (XBRL).
How did Bajaj Finserv do in FY26 as a whole?
For FY26, consolidated revenue was ₹1,50,503.77 crore, up ₹16,682.72 crore or 12.5% from FY25. Total income was ₹1,50,530.38 crore, compared with ₹1,33,822.12 crore in FY25. Profit before tax increased 13.2% to ₹26,866.69 crore.
FY26 net profit was ₹19,669.47 crore, up ₹2,111.83 crore or 12.0% from ₹17,557.64 crore in FY25. Basic EPS increased from ₹55.6 to ₹61.3, a rise of ₹5.7 or 10.3%.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 1,50,504 | 1,33,821 | +12.5% |
| Profit before tax | 26,867 | 23,730 | +13.2% |
| Net profit | 19,669 | 17,558 | +12.0% |
| EPS (₹) | 61.30 | 55.60 | +10.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2026, total assets were ₹7,58,497.54 crore, compared with ₹7,07,514.96 crore at 30 September 2025. Total equity was ₹1,40,965.28 crore, against ₹1,35,741.21 crore at the previous balance-sheet date, while cash rose from ₹2,322.73 crore to ₹3,598.59 crore. Borrowings were not reported.
FY26 operating cash flow was negative ₹55,301.41 crore, compared with negative ₹62,113.25 crore in FY25. Investing cash flow was negative ₹12,634.87 crore against negative ₹7,986.54 crore, and financing cash flow was ₹66,610.32 crore against ₹70,191.31 crore. Capital expenditure was ₹1,014.29 crore, down from ₹1,323.22 crore.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 7,58,498 | 7,07,515 |
| Total equity | 1,40,965 | 1,35,741 |
| Cash and equivalents | 3,599 | 2,323 |
| Inventories | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | −55,301 | −62,113 |
| Cash from investing | −12,635 | −7,987 |
| Cash from financing | 66,610 | 70,191 |
| Capital expenditure | 1,014 | 1,323 |
Source: Company's results filing (XBRL).
How has Bajaj Finserv done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. It peaked at ₹39,708.06 crore in Q3 FY26 before easing to ₹38,493.79 crore in Q4 FY26, while the lowest quarterly revenue in the series was ₹31,479.93 crore in Q1 FY25.
Net profit reached its low of ₹4,180.15 crore in Q2 FY25 and its high of ₹5,329.17 crore in Q1 FY26. It fell to ₹4,367.57 crore in Q3 FY26 and recovered to ₹5,226.26 crore in Q4 FY26. EBITDA-margin data were not available for the quarterly series.
Which businesses drove the quarter?
Retail financing reported revenue of ₹21,606.51 crore for Q4 FY26, up 17.0% from ₹18,468.74 crore in the year-ago quarter. Segment EBIT was ₹7,218.61 crore against ₹5,616.2 crore previously, with an EBIT margin of 33.4%.
Insurance revenue was ₹17,058.51 crore, down 6.7% from ₹18,292.23 crore, while EBIT moved from ₹648.05 crore to a loss of ₹10.24 crore and the EBIT margin was negative 0.1%. Investments and others recorded revenue of ₹496.33 crore, up 10.2%, and EBIT of negative ₹279.83 crore. Windmill revenue was ₹2.43 crore, down 14.1%, with EBIT of negative ₹0.44 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Insurance | 17,059 | −6.7% | −10.24 | -0.1% |
| Insurance | 17,059 | −6.7% | −10.24 | -0.1% |
| Investments and others | 496.33 | +10.2% | −279.83 | -56.4% |
| Investments and others | 496.33 | +10.2% | −279.83 | -56.4% |
| Retail financing | 21,607 | +17.0% | 7,219 | 33.4% |
| Retail financing | 21,607 | +17.0% | 7,219 | 33.4% |
| Windmill | 2.43 | −14.1% | −0.44 | -18.1% |
| Windmill | 2.43 | −14.1% | −0.44 | -18.1% |
Source: Company's results filing (XBRL segment data).
What did Bajaj Finserv's management say?
Management said the Allianz buyback was completed in March 2026, leaving Bajaj General and Bajaj Life 100% Bajaj-owned. It also said Bajaj Finance crossed ₹5 lakh crore AUM, up 22%, while Bajaj Life VNB grew 29% to ₹709 crore and NBM reached 24.5%. The general insurance combined ratio was 113.6%, against 104.8% a year earlier.
Management said life insurance growth in FY27 was expected to be better than in H2 FY26, supported by bancassurance partnerships with Federal, AU and Yes Bank and an agency channel that grew 8% quarter on quarter. Bajaj Life management described the life insurance VNB margin trajectory as directionally positive but declined to provide a specific FY27 percentage.
Management set a break-even AUM target of ₹1 lakh crore for the AMC and plans to launch PMS and SIF products within 18 months. It expects Bajaj Finserv Health operating break-even in about 24 months, based on LRS estimates. Both insurance companies plan to seek FY27 forbearance and transition to Ind AS from 1 April 2027.
How did Bajaj Finserv shares react?
The filing appeared after market hours. From the price when the filing appeared, the stock was unchanged after five minutes, up 0.6% after 15 minutes and up 0.5% after 30 minutes. On the reaction day, it closed up 0.7% from the previous close.
By the next day's close, the stock was up 6.9% from its pre-results close, and by the fifth session it was up 9.4%. The Holding Company industry median was up 0.3% on the reaction day, 5.7% by the next close and 9.9% by the fifth close, leaving Bajaj Finserv’s excess moves of 0.4, 1.2 and negative 0.5 percentage points, respectively. The Nifty 100 was up 6.1% by the fifth close.
Earlier reaction-day moves were positive on 4 February 2026, 11 October 2025, 23 October 2024 and 24 July 2024, at 0.3%, 0.8%, 0.8% and negative 1.6%, respectively. The 25 July 2025 move was negative 2.2%, while the 29 April 2025 and 30 January 2025 moves were negative 5.5% and negative 2.1%.
| After the filing | Stock | Holding Company median |
|---|---|---|
| 5 minutes | +0.0% | |
| 15 minutes | +0.6% | |
| 30 minutes | +0.5% | |
| Reaction day | +0.7% | +0.3% |
| Next day | +6.9% | +5.7% |
| 5 days | +9.4% | +9.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 4 February 2026 | +0.3% |
| 11 October 2025 | +0.8% |
| 25 July 2025 | −2.2% |
| 29 April 2025 | −5.5% |
| 30 January 2025 | −2.1% |
| 23 October 2024 | +0.8% |
| 24 July 2024 | −1.6% |
| 26 April 2024 | −3.6% |
Source: MarketPing price-reaction measurement.
How did other Holding Company companies do?
Fourteen other Holding Company companies that filed this quarter had a median revenue growth of 16.0%, compared with Bajaj Finserv’s 5.2% consolidated revenue growth. Nine of those peers grew faster than Bajaj Finserv, while five grew slower than the company.
Among the 14 peers for which profit was compared, nine reported higher profit. The peer comparison is as of 5 November 2026.
| Bajaj Finserv revenue growth (YoY) | +5.2% |
|---|---|
| Median of 14 other Holding Company companies | +16.0% |
| Companies with slower revenue growth than Bajaj Finserv | 5 of 14 |
| Companies with faster revenue growth than Bajaj Finserv | 9 of 14 |
| Companies whose net profit rose | 9 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Bajaj Finserv's revenue in Q4 FY26?
Revenue from operations was ₹38,494 crore, up 5.2% from ₹36,595 crore in Q4 FY25 (consolidated).
Did Bajaj Finserv make a profit in Q4 FY26?
Yes. Net profit was ₹5,226 crore, against a net profit of ₹4,756 crore in Q4 FY25.
What was Bajaj Finserv's EPS in Q4 FY26?
Basic earnings per share were ₹15.90, against ₹15.10 in Q4 FY25.
How did Bajaj Finserv shares react to the Q4 FY26 results?
On the reaction day the stock moved +0.7% from the previous close; the median Holding Company stock moved +0.3%.
When did Bajaj Finserv announce its Q4 FY26 results?
On 6 April 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving The Audited Financial Results For Quarter And Financial Year Ended 31 March 2026 And Recommendation Of Dividend, If Any. (BSE, 6 April 2026) · PDF
- Outcome of Board Meeting (NSE, 30 April 2026) · PDF
- The earnings call (7 May 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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