HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
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Research updated
Bajaj Finserv Ltd.
NSE: BAJAJFINSVFinancial ServicesFinancial Conglomerates
- Last close
- ₹1,667.60
- Day change
- −₹0.40 (−0.02%)vs
- Market cap
- ₹2.77 lakh crIndian rupees
- Research updated
- 2 reports
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About Bajaj Finserv
Bajaj Finserv Ltd. is a diversified financial services holding company that operates through subsidiaries and joint ventures across lending, insurance, and wealth-related businesses. The company supports retail, SME, commercial, and rural customers through financing solutions that include consumer loans, mortgages, deposits, and other credit products. It also participates in general insurance, life insurance, health-related services, asset management, and digital financial marketplaces that bring loans, cards, payments, investments, and lifestyle products together on a single platform. Bajaj Finserv Ltd. plays a significant role in India’s financial services market by connecting customers with borrowing, protection, savings, and investment offerings through a broad ecosystem of group companies and distribution channels. Headquartered in Pune, India, it serves as one of the Bajaj Group’s main platforms for financial products and services.
- Sector
- Financial Services
- Industry
- Financial Conglomerates
- Listing
- NSE: BAJAJFINSV
- Next results
- Chief executive
- Mr. Tarun Chugh
- Employees
- 1,13,732
- Headquarters
- Pune, India
- ISIN
- INE918I01026
- Website
- bajajfinserv.in
Public research · Report of
Business model & financial foundation
Bajaj Finserv (NSE: BAJAJFINSV), Diversified financial services holding company (consumer lending, general and life insurance): revenue of ₹1,50,504 crore in FY26 (+12.5% on FY25) and net profit of ₹9,801 crore.
- Revenue, FY26 (₹ crore)
- 1,50,504
- consolidated
- Revenue growth, FY26
- +12.5%
- on FY25
- Net profit, FY26 (₹ crore)
- 9,801
- to owners
- Return on equity, FY26
- 7.3%
- on average equity
- Market capitalisation (₹ crore)
- 2,77,258
- at the close of 17 Oct 2026
Company profile
Bajaj Finserv is the financial-services holding company of the Bajaj group. It owns 51.32% of Bajaj Finance, India's largest consumer NBFC, and 77.33% each of Bajaj General Insurance and Bajaj Life Insurance after buying out Allianz in FY26, plus smaller digital, health, asset-management and alternatives businesses. Lending supplies over 95% of consolidated profit before tax; the insurers supply float, protection franchises and embedded value.
| Item | Value |
|---|---|
| Legal name | Bajaj Finserv Limited |
| Exchange and ticker | NSE: BAJAJFINSV; BSE: 532978 |
| ISIN | INE918I01026 |
| CIN | L65923PN2007PLC130075 |
| Sector | Financial Services |
| Industry | Diversified financial services holding company (consumer lending, general and life insurance) |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | KKC & Associates LLP |
| Market capitalisation | ₹2,77,258 crore (17 Oct 2026) |
| Shares outstanding | 160.75 crore shares (FY26) |
| Price | ₹1,729 (close, 17 Oct 2026) |
| 52-week range | ₹1,597 - ₹2,195 (to 17 Oct 2026) |
| Website | https://www.aboutbajajfinserv.com |
Corporate structure and shareholding
Parent: Bajaj Holdings & Investment Ltd (promoter anchor/major shareholder, not formal parent).
| Entity | Holding | Business |
|---|---|---|
| Bajaj Finance Ltd | 51.32% | Listed NBFC (NSE: BAJFINANCE): consumer, SME, commercial, rural and mortgage lending; AUM Rs5.85 lakh cr Sep 2026 |
| Bajaj Housing Finance Ltd | 86.7% | Listed housing finance company, 86.70% held by Bajaj Finance (step-down subsidiary) |
| Bajaj General Insurance Ltd | 77.33% | Unlisted general insurer (formerly Bajaj Allianz General); 7.1% market share FY26; promoter group holds the balance |
| Bajaj Life Insurance Ltd | 77.33% | Unlisted life insurer (formerly Bajaj Allianz Life); embedded value Rs25,299 cr FY26 |
| Bajaj Finserv Direct Ltd | 80.1% | Digital marketplace (Bajaj Markets); balance 19.90% held by Bajaj Finance |
| Bajaj Finserv Health Ltd | 100% | Health-tech and health services |
| Bajaj Finserv Asset Management Ltd | 100% | Mutual fund asset manager |
| Bajaj Alternate Investment Management Ltd | 100% | Alternative investment funds |
| Bajaj Reinsurance Ltd | 100% | Reinsurer incorporated 17 Oct 2026 with Rs1 cr capital; IRDAI licence pending |
BHIL is the promoter anchor/major shareholder, not a formal holding-control parent: 38.41% at 30 Jun 2026 (S21; S26, 28 Apr 2026). Parent field retains its name as a group reference, not a control designation. Allianz exited in FY26: 23% bought by BFS/promoters 8 Jan 2026, 3% via insurer buybacks 12 Mar 2026 (group deal Rs24,180 cr); BFS insurer stake 74% -> 75.01% -> 77.33%.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 58.81% | 58.71% | 58.71% | |
| Promoter holding pledged | 0.01% | |||
| Foreign institutions | 7.86% | 7.14% | 6.86% | |
| Domestic institutions | 10.93% | 11.85% | 12.15% | |
| of which mutual funds | 7.73% | 8.35% | 8.46% | |
| Retail | 9.74% | 9.43% | 9.47% | |
| Other | 12.66% | 12.87% | 12.81% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Definition contracts (bind every reader).
- Owners contribution bridge. Owners PAT = BFL contribution + General contribution + Life contribution + net holding (Others + BFS standalone + signed intercompany eliminations). Intercompany dividends are eliminated, never added as income. FY26: 9,774 + 1,061 − 161 − 873 = 9,801 rounded (exact owners PAT 9,800.97). FY25: 8,542 + 1,147 + 142 − 959 = 8,872. Q1FY27: 3,071 + 405 + 133 − 477 = 3,132 (exact 3,132.35).
- FY24 contribution detail is missing. Only the FY24 total 8,148 is available; component split (BFL/General/Life/others/standalone/interco) not retrieved — GP51. No statutory-PAT substitution.
- Statutory vs Ind AS insurer metrics.
- Life ANP = 100% regular + 10% single incl. group fund, fiscal year (FY26 8,489; FY25 7,941); the rolling July–June figures in S4 are not substitutes.
- Revenue = consolidated revenue from operations as originally reported (FY26 150,503.77; FY25 133,821.05; FY24 110,381.91). The vendor revenue line is a different definition (GP27–GP37).
- "EBITDA" in the model is synthetic pre-finance pre-tax earnings (PBT − other income − exceptional − associates + depreciation + finance cost). It is a reconstruction for the platform key line, not an industrial EBITDA measure and carries no economic meaning for a lender/insurer.
Where profit comes from. Lending dominates: BFL contribution was 9,774 of 9,801 owners contribution in FY26; the insurers added 1,061 (General) and −161 (Life), and the net holding/emerging line was −873. BFL FY26 AUM 509,975, attributable PAT 19,017; Q1FY27 AUM 546,944. General FY26 GWP 23,326, combined ratio 102.8%; Life FY26 ANP 8,489, VNB 1,626, NBM 19.2%.
| Segment | revenue, FY26 (₹ crore) | Share | pbt, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Insurance total (includes investment and other income) | 68,860 | 45.7% | 2,172 | 8.1% |
| Retail financing | 81,990 | 54.5% | 25,601 | 95.2% |
| Investments and others | 3,619 | 2.4% | -902.6 | -3.4% |
| Windmill | 24.0 | 0.0% | 12.5 | 0.0% |
| Inter-segment revenue elimination | -3,963 | -2.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Finance (BAJFINANCE) | |
| Aditya Birla Capital (ABCAPITAL) | Diversified financial holding with lending plus life and health insurance |
| ICICI Lombard General Insurance (ICICIGI) | |
| Jio Financial Services (JIOFIN) | Diversified financial-services group entering lending, insurance and reinsurance with Allianz |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total revenue from operations | 61,516 | 73,846 | 1,10,382 | 1,33,821 | 1,50,504 |
| Other operating costs (vendor classification) * | 7,808 | 7,727 | 9,460 | 13,640 | 16,235 |
| EBIT * | 20,769 | 29,013 | 39,775 | 48,058 | 55,115 |
| Finance costs | 9,498 | 12,201 | 18,400 | 24,310 | 28,232 |
| Profit before tax | 11,271 | 16,811 | 21,375 | 23,748 | 26,883 |
| Total tax expense | 2,957 | 4,602 | 5,780 | 6,191 | 7,214 |
| Profit after tax before NCI attribution | 8,314 | 12,210 | 15,595 | 17,558 | 19,669 |
| Diluted EPS (₹) | 28.60 | 40.00 | 50.70 | 55.00 | 61.00 |
| Other income | 1.09 | 1.07 | 26.6 | ||
| Total expenses | 89,016 | 1,10,092 | 1,23,284 | ||
| Exceptional items | n.r. | 0.00 | -379.5 | ||
| Profit attributable to non-controlling interests | 7,448 | 8,685 | 9,869 | ||
| Profit attributable to owners of the company | 8,148 | 8,872 | 9,801 | ||
| Depreciation, amortisation and impairment | n.r. | 1,170 | 1,291 | ||
| Share of profit/(loss) of joint venture and associates | n.r. | 18.0 | 16.5 | ||
| Employee benefits expenses | n.r. | 12,070 | 14,122 | ||
| Impairment on financial instruments | n.r. | 7,070 | 9,480 | ||
| Claims incurred pertaining to insurance business | n.r. | 24,671 | 26,731 | ||
| Fees and commission expense | n.r. | 8,716 | 10,732 | ||
| Other expenses | n.r. | 6,931 | 7,542 | ||
| Reinsurance ceded | 11,875 | 13,127 | |||
| Net change in insurance/investment contract liabilities | 12,402 | 12,027 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 66,320 | 77,598 | 1,03,776 | 1,28,434 | 1,40,965 |
| Funding liabilities including deposits and subordinated debt | 1,30,380 | 1,67,599 | 2,28,782 | 2,84,452 | 4,28,248 |
| Cash and cash equivalents * | 4,087 | 2,594 | 5,765 | 5,817 | 3,599 |
| Trade receivables * | 3,005 | 3,459 | 5,974 | 8,319 | 9,332 |
| Trade payables * | 4,009 | 5,205 | 6,277 | 7,965 | 9,052 |
| Net property, plant and equipment * | 1,442 | 1,857 | 2,690 | 3,260 | 3,772 |
| Capital work in progress * | 53.6 | 61.8 | 82.1 | 728.5 | 1,050 |
| Total assets * | 5,37,930 | 6,52,232 | 7,58,498 | ||
| Equity attributable to owners of the parent | 77,915 | ||||
| Non-controlling interest in equity | 63,051 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -60,140 | -67,503 | -1,06,829 | -61,750 | -55,301 |
| Free cash flow (vendor definition) * | -34,580 | -40,700 | -70,110 | -63,977 | -56,750 |
| Dividends paid (the provider's sign: an outflow is negative) * | -400.3 | -744.8 | -1,183 | -1,542 | -1,848 |
| PPE and intangible purchases (outflow negative) | -491.3 | -681.9 | -1,312 | -1,864 | -1,448 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted shares (crore shares) | 159.14 | 159.14 | 159.28 | 161.17 | 160.75 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations | 33,704 | 32,042 | 36,595 | 35,439 | 37,403 | 39,708 | 38,494 | 42,037 |
| Other operating costs (vendor classification) * | 1,702 | 1,765 | 6,449 | 1,645 | 1,811 | 2,086 | 1,972 | 2,002 |
| EBIT * | 12,012 | 12,088 | 12,398 | 14,010 | 13,726 | 13,159 | 14,219 | 16,766 |
| Finance costs | 6,046 | 6,276 | 6,396 | 6,807 | 6,901 | 7,232 | 7,291 | 7,834 |
| Profit before tax | 5,966 | 5,812 | 6,002 | 7,204 | 6,825 | 5,926 | 6,928 | 8,932 |
| Total tax expense | 1,786 | 1,400 | 1,246 | 1,874 | 2,079 | 1,559 | 1,702 | 2,636 |
| Profit after tax before NCI attribution | 4,180 | 4,412 | 4,756 | 5,329 | 4,746 | 4,368 | 5,226 | 6,297 |
| Diluted EPS (₹) | 13.00 | 13.90 | 15.00 | 17.30 | 13.90 | 13.80 | 15.79 | 19.49 |
| Exceptional items | n.r. | 0.00 | n.r. | 0.00 | 0.00 | -379.5 | 0.00 | 0.00 |
| Other income | 0.00 | 0.00 | 1.07 | 12.3 | 0.00 | 0.00 | 14.4 | 0.00 |
| Total expenses | 27,741 | 26,233 | 30,603 | 28,248 | 30,581 | 33,404 | 31,591 | 33,110 |
| Profit attributable to non-controlling interests | 2,093 | 2,181 | 2,340 | 2,540 | 2,502 | 2,138 | 2,688 | 3,164 |
| Profit attributable to owners of the company | 2,087 | 2,231 | 2,417 | 2,789 | 2,244 | 2,229 | 2,539 | 3,132 |
| Depreciation, amortisation and impairment | 379.7 | |||||||
| Share of profit/(loss) of joint venture and associates | 5.11 | |||||||
| Employee benefits expenses | 3,845 | |||||||
| Impairment on financial instruments | 1,993 | |||||||
| Insurance claims (release label: Claims paid) | 6,080 | |||||||
| Fees and commission expense | 2,926 | |||||||
| Other expenses | 2,002 | |||||||
| Reinsurance ceded | 3,185 | |||||||
| Net change in insurance/investment contract liabilities | 4,866 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.8% | 20.0% | 49.5% | 21.2% | 12.5% |
| Net margin | 7.4% | 6.6% | 6.5% | ||
| Return on equity | 9.0% | 7.6% | 7.3% | ||
| Return on capital employed | 11.6% | 13.1% | 13.8% | 12.9% | 11.2% |
| Return on assets | 1.5% | 1.5% | 1.4% | ||
| Borrowings less cash (₹ crore) | 1,26,293 | 1,65,006 | 2,23,017 | 2,78,635 | 4,24,649 |
| Interest cover | 2.19x | 2.38x | 2.16x | 1.98x | 1.95x |
| Asset turnover | 0.21x | 0.22x | 0.21x | ||
| Receivable days | 18 | 17 | 20 | 23 | 23 |
| Payable days (on revenue) | 24 | 26 | 21 | 22 | 22 |
| Cash conversion | -13.1x | -6.96x | -5.64x | ||
| Capex intensity | 0.8% | 0.9% | 1.2% | 1.4% | 1.0% |
| Free cash flow (₹ crore) | -60,631 | -68,185 | -1,08,141 | -63,614 | -56,750 |
| Dividend payout | 14.5% | 17.4% | 18.9% | ||
| EPS, diluted (₹) | 28.60 | 40.00 | 50.70 | 55.00 | 61.00 |
| Book value per share (₹) | 4,16,74,62,834 | 4,87,61,56,388 | 6,51,52,46,906 | 7,96,91,07,428 | 8,76,89,59,676 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 2 Nov 2026.
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