Q1FY26

Bajaj Finserv Ltd.

Result Update 05th Sep 2025

 India Equity Institutional Research II Result Update – Q1FY26 II 05th Sep, 2025 Page 2

Bajaj Finserv Ltd. Earnings momentum was led by broad-based growth across subsidiaries; outlook remains stable

CMP* Target Potential Upside Market Cap (INR Bn) Recommendation Sector
INR 2,002 INR 2,213 10.5% INR 3,199 ACCUMULATE NBFC

Result Highlights SHARE PRICE PERFORMANCE

Financial Highlights 130

In Q1FY26, the revenue from operations grew at a healthy pace of 13.0% YoY 121
(+-3.2% QoQ) to INR 354.5bn, stood below our estimates (-4.7%), majorly led
by slower growth momentum in premiums and other income. NII grew at a 112
slower pace of 10.6% YoY (-5.2% QoQ) to INR 286.3bn, stood sharply below
our estimates (-6.1%), led by miss on the top line and higher interest on 103
borrowings.
94
Pre-Provisioning Operating Profit (PPoP) grew at a robust pace of 21.5% YoY
(+12.0% QoQ) to INR 93.2bn, in-line with our estimates (+0.5%). Stronger 85

Aug-24

Jun-25

Aug-25
Oct-24

Dec-24

Feb-25

Apr-25
growth in PPoP was majorly led by slower growth in other operating expenses.
Consolidated net profit grew at 30.5% YoY (+15.4% QoQ) to INR 27.9bn, stood
sharply above our estimates (+7.6%), led by lower taxes and share of minority
BAJAJ FINSERV SENSEX
interest. Cost-to-income ratio during the quarter improved to 67.5%, down from
70.4% in Q1FY25, led by higher operating leverage.
MARKET DATA
Highlights across Subsidiaries
Shares outs (# Mn.) 1,598
Bajaj Finserv AMC launched the Equity Savings Fund, designed to invest across
Mkt Cap (INR Bn.) 3,199
equity, arbitrage, and debt instruments, with an aim of offering balanced returns
with reduced volatility, strengthening its diversified product suite. Bajaj Allianz 52 Week H/L (INR) 2,134/1,555
General Insurance booked capital gain of ~INR 4,500 Mn in Q1FY26, on Volume (3M Avg – In ‘000) 1,487
account of profit booking across debt and equity portfolios.
Face Value (INR) 1​
Valuation and Outlook
Bloomberg Code BJFIN IN
The management remained committed in driving sustainable and profitable
Note: All the market data is as of closing of previous day
growth across business verticals. Bajaj Allianz General Insurance continued to
focus on maintaining combined ratios around the 100.0% mark, while its Life SHARE HOLDING PATTERN (%)
Insurance arm’s witnessed expansion in margins led by ongoing product
Particulars (%) Jun-25 Mar-25 Dec-24
restructuring and cost optimization measures, with agency channel productivity
expected to further stabilize over the coming quarters. Promoters 58.8 60.6 60.6

We have revised our FY26E/FY27E BVPS estimate by -0.5%/-1.1%, FIIs 8.4 7.5 7.4
respectively, to account for elevated credit costs in Bajaj Finance and ongoing
DIIs 10.1 9.0 8.9
stress in the unsecured lending portfolio.
Others 22.7 22.9 23.1
We value Bajaj Finserv on a SOPT basis, valuing Bajaj Life Insurance at 2.5x
FY27E EV; valuing Bajaj General Insurance at 2.0x FY27E BV; valuing its stake Total 100.0 100.0 100.0
in Bajaj Finance at 4.8x FY27E ABV and its investments at INR 15 per share,
implying a target of INR 2,213 per share.

We reiterate our “ACCUMULATE” rating on the stock, driven by expected ramp- 15.4% 22.7%
up across the emerging verticals, providing the earnings visibility and
momentum. Revenue CAGR PAT CAGR
KEY FINANCIALS between FY25-27E between FY25-27E
Particulars (INR Mn) FY24 FY25 FY26E FY27E FY28E
NII 9,19,824 10,95,114 12,10,489 14,60,131 17,73,236
Operating Profit 2,60,005 3,16,778 3,74,475 4,60,317 5,87,730
PAT (Post Minority Interest) 81,478 88,723 1,07,927 1,33,642 1,73,152
EPS (INR/share) 51.1 55.6 67.5 83.6 108.4
BVPS (INR/share) 378.8 453.4 519.6 602.3 709.6
Source: Company, DevenChoksey Research

RESEARCH ANALYST Phone: +91-22-6696 5555 | Ext-519

Ishank Gupta, fundamental-research2@[Link] [Link]
 India Equity Institutional Research II Result Update – Q1FY26 II 05th Sep, 2025 Page 3

Bajaj Finserv Ltd.

Key Con-call Highlights:
Bajaj Allianz General Insurance
▪ During Q1FY26, its Gross Written Premium (GWP) grew by 9.0% YoY to INR 52.0bn, while the growth stood at 10.0% YoY
(Ex crop and government health segments), underscoring healthy traction in its core business lines.
▪ Adjusted for the 1/n amortization impact, core business GWP grew at a healthy pace of 15.0% YoY, outperforming the
industry growth of 14.0%. The growth was broad-based driven by sustained momentum across key business segments
including commercial lines (fire, marine, engineering, and liability), motor and retail health insurance, underscoring its
diversified growth strategy.
▪ Its AUM (represented by cash and investments) grew at 11.0% YoY from INR 316.5bn in Q1FY25 to INR 352.0bn as of
Q1FY26, led by its prudent capital allocation and resilient investment performance. Return on Equity (ROE) improved
marginally from 21.3% in Q1FY25 to 21.4% in Q1FY26, while its combined ratio moderated from 103.7% in Q1FY25 to
103.6% in Q1FY26, reflecting stable underwriting performance amidst regulatory transition.
▪ Bajaj General Insurance continued to maintain one of the lowest grievance ratios in the industry, reaffirming its customer-
centric approach and service quality.
Bajaj Allianz Life Insurance
▪ During Q1FY26, the Gross Written Premium (GWP) grew by 9.0% YoY from INR 50.2bn in Q1FY25 to INR 54.8bn in Q1FY26,
driven by steady traction across both new business and renewal segments.
▪ Value of New Business (VNB) grew at a stronger pace of 39.0% YoY to INR 1,450 Mn in Q1FY26, driven by a calibrated shift
toward high-margin segments and improved product mix.
▪ Retail protection premium grew at a rapid pace of 53.0% YoY, contributing ~9.0% to the retail weighted received premium
(RWRP), reflecting heightened focus on high-margin, risk-oriented product offerings.
▪ Bajaj Life Insurance’s net profit grew strongly at 76.0% YoY to INR 1,710 Mn. in Q1FY26, driven by higher investment income
on account of capital gain booked in its investment book. Further, stronger growth was led by higher focus on product
restructuring, cost rationalization, and calibrated channel optimization initiatives.
Bajaj Housing Finance Ltd.
▪ Bajaj Housing Finance witnessed a stronger growth in its AUM book, which grew at 24.0% YoY during Q1FY26, led by
stronger distribution network, partially offset by weaker momentum in the real estate market and evolving dynamics led by
elevated competitive intensity driving higher portfolio attrition.
▪ Higher traction in AUM was led by broad based growth across segments, with Home loans growing at 21.0% YoY, while loans
against property (LAP) witnessing a higher growth of 30.0% YoY. Lease rental discounting book grew at a healthy pace of
29.0% YoY, while the developer finance grew by 32.0% YoY, reflecting balanced momentum across secured asset classes.
▪ Its Net Interest Income (NII) grew at a robust pace of 33.0% YoY to INR 8,870 Mn. in Q1FY26, tracking healthy AUM growth
rate and due to effective margin management. Net profit increased by 21.0% YoY to INR 5,830 Mn., supported by stable
operating metrics, while its ROA and ROE remained steady, reflecting consistency in performance and disciplined capital
allocation.
Bajaj Finserv Health Ltd.
▪ Bajaj Finserv Health processed 5.8 Mn. health transactions during Q1FY26, a sharp rise from 2.1 Mn in Q1FY25. The strong
scale-up was primarily driven by the execution of large government contracts and the launch of outpatient (OPD) services in
partnership with multiple insurers.
▪ It continued to expand its healthcare ecosystem during Q1FY26, comprising a robust network of over 130,000 doctors,
15,500+ hospitals, and approximately 4,000 diagnostic lab touchpoints, strengthening its integrated service capabilities across
the care delivery value chain.
Bajaj Finserv AMC
▪ Its AMC’s AUM registered an exponential growth of 107.0% YoY (+23.0% QoQ) to INR 250.0bn, reflecting continued stronger
investor traction on account of superior fund performance.
▪ As of Q1FY26, the non-group share stood at a healthy 83.0% of the total AUM, underscoring the franchise’s growing retail
relevance and strong external distribution capability.

RESEARCH ANALYST Phone: +91-22-6696 5555 | Ext-519

Ishank Gupta, fundamental-research2@[Link] [Link]
 India Equity Institutional Research II Result Update – Q1FY26 II 05th Sep, 2025 Page 4

Bajaj Finserv Ltd.

Story in Charts

Life Insurance's GWP growth has trended down led by General Insurance's GWP grew at a modest pace on
continued deferral in GST cuts decision making a higher base
28.5%
27.2%
80,000

52.6% 60.0%

46.1% 50.0%

23.7%
70,000

22.6%
21.3% 60,000 31.8%
40.0%

24.2% 30.0%

16.4% 50,000

20.0%

12.9% 40,000 9.3%

10.0%

0.7%

58,710
9.2% 30,000

0.0%

20,000 -12.8%
-10.0%

-19.6%
53,380

54,640

81,830

50,180

65,440

63,610

92,370

54,790

72,980

45,360

49,620

47,610

66,260

43,260

52,020
10,000

-20.0%

- -30.0%
Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26

Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26
GWP (INR Mn.) Growth % YoY GWP (INR Mn.) Growth % YoY

Growth in Revenue from operations have trended down Growth momentum in Bajaj Finance AUM has been
led by weaker momentum in the insurance verticals impacted by subdued consumer demand

34.7%
35.6% 35.2% 33.6%
33.5% 32.9%

29.5% 31.1%

25.1%
28.8%
28.0%

26.1%
24.7%
14.2%
12.6%
10.3%
2,903

3,110

3,304

3,541

3,739

3,980

4,167

4,415
Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26
Q2FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q1FY26

AUM (INR Bn.) YoY Growth (%)

Source: Company, DevenChoksey Research

RESEARCH ANALYST Phone: +91-22-6696 5555 | Ext-519

Ishank Gupta, fundamental-research2@[Link] [Link]
 India Equity Institutional Research II Result Update – Q1FY26 II 05th Sep, 2025 Page 5

Bajaj Finserv Ltd.

Result Snapshot

Particulars (In INR Mn) Consolidated Q1FY26 Q4FY25 Q1FY25 Q-o-Q Y-o-Y

Revenue from Operations 3,54,391 3,65,952 3,14,801 -3.2% 12.6%

Interest expense 68,071 63,958 55,920 6.4% 21.7%

Net interest income 2,86,320 3,01,994 2,58,881 -5.2% 10.6%

Non-interest income 123 12 0 921.7% nm

Total income 2,86,442 3,02,006 2,58,881 -5.2% 10.6%

Employee costs 31,938 31,472 28,944 1.5% 10.3%

Other operating expenses 1,61,347 1,87,383 1,53,290 -13.9% 5.3%

Operating expenses 1,93,285 2,18,855 1,82,234 -11.7% 6.1%

Operating Profit 93,158 83,152 76,647 12.0% 21.5%

Loan Losses and Provisions 21,128 23,219 16,987 -9.0% 24.4%

Share of Profit from JVs 6 90 24 -93.1% -74.3%

Profit before tax 72,036 60,023 59,684 20.0% 20.7%

Tax expense 18,745 12,460 17,591 50.4% 6.6%

Net profit 53,292 47,563 42,093 12.0% 26.6%

Minority Interests 25,401 23,397 20,716 8.6% 22.6%

Profit for Shareholders 27,891 24,166 21,377 15.4% 30.5%

Source: Company, DevenChoksey Research

Motor segment has continued to account for highest share of ULIP has continued to contribute highest share in
General Insurance's GWP Mix (Q1FY26) overall Life Insurance's GWP Mix (Q1FY26)

Health
(retail), 5.0% Par, 22.0%
Others,
10.0%
Motor
(Retail),
33.0%
ULIP, 45.0%
Annuity,
Group 5.0%
Health,
18.0%

Agri (Crop Non Par

Insurance), Savings,
2.0% 19.0%
Non Par
Protection,
Prop,
9.0%
Liability,
Engg, 33.0%
Motor (Retail) Agri (Crop Insurance) Prop, Liability, Engg
ULIP Non Par Protection Non Par Savings Annuity Par
Group Health Others Health (retail)

Source: Company, DevenChoksey Research

RESEARCH ANALYST Phone: +91-22-6696 5555 | Ext-519

Ishank Gupta, fundamental-research2@[Link] [Link]
 India Equity Institutional Research II Result Update – Q1FY26 II 05th Sep, 2025 Page 6

Bajaj Finserv Ltd.

Change in Estimates:

Bajaj Finserv Q1FY26 performance stood mixed, as its total income stood at INR 354.5bn, stood below our estimates by 4.7%, while
its PPoP came in at INR 93.2bn, in-line with our estimates (+0.5%), and its consolidated net profit stood at INR 27.9bn, stood
sharply above our estimates (+7.6%), led by lower taxes and share of minority interest. The cost-to-income ratio moderated to
67.5%, reflecting enhanced cost efficiency and disciplined operational execution.

We expect resilient performance across all its key subsidiaries and will remain integral to Bajaj FinServ's long-term growth trajectory.
Although Bajaj Finance contributed nearly ~55.0% to the consolidated revenues in Q1FY26, emerging stress in the MSME and two-
wheeler book, in the near term we expect a marginal moderation in the overall performance.

Bajaj Finserv remains firmly positioned for long-term value creation, anchored by a robust multi-line financial services portfolio.
Strong traction across insurance, lending, and AMC verticals underscores the company’s execution strength. With Bajaj Life
Insurance 2.0 gaining momentum, and Bajaj General Insurance sustaining underwriting discipline, future growth is expected to
remain resilient, led by continued investments in tech platforms, higher cost efficiencies, and rapid expansion in the distribution
network.

We have revised our FY26E/FY27E BVPS estimate by -0.5%/-1.1%, respectively, to account for elevated credit costs in Bajaj
Finance and ongoing stress in the unsecured lending portfolio. We expect a gradual improvement in the performance of
the emerging businesses—particularly in health, AMC, and insurance—over the upcoming quarters.

New Estimates Old Estimates Variation

FY26E FY27E FY28E FY26E FY27E FY28E FY26E FY27E FY28E

NII 12,10,489 14,60,131 17,73,234 12,97,517 15,61,755 na -6.7% -6.5% nm

PPOP 3,74,475 4,60,317 5,87,733 3,94,814 4,82,835 na -5.2% -4.7% nm

PAT 1,07,927 1,33,642 1,73,153 1,11,860 1,39,463 na -3.5% -4.2% nm

EPS 67.5 83.6 108.4 70.1 87.3 na -3.6% -4.2% nm

BVPS 519.6 602.3 709.6 522.5 608.8 na -0.5% -1.1% nm

Source: Company, DevenChoksey Research and Analysis

Valuation:
We value Bajaj Finserv on a SOPT basis, valuing Bajaj Life Insurance at 2.5x FY27E EV; valuing Bajaj General Insurance at 2.0x
FY27E BV; valuing its stake in Bajaj Finance at 4.8x FY27E ABV and its investments at INR 15 per share, implying a target of INR
2,213 per share. The stock is currently trading at a PB multiple of 3.6x, which is lower than its 3-year avg. PB of 4.3x and 7-year
avg. PB of 5.6x.

We reiterate our “ACCUMULATE” rating on the stock, driven by expected ramp-up across the emerging verticals, providing the
earnings visibility and momentum.

Entity Valuation Methodology Holding Value per share

Bajaj Allianz Life Insurance 2.5x FY27 EV 74.0% 358.0

Bajaj Allianz General Insurance 2.0x FY27 BV 74.0% 151.0

Bajaj Finance 4.8x FY27 ABV 51.4% 2,079.0

Others Equity Investment 100.0% 15.0

Total Value of Equity 2,588.0

Hold-Co. Discount (%) 15.0%

SOTP Target of Bajaj Finserv 2,213.0

Source: Company, DevenChoksey Research and Analysis

RESEARCH ANALYST Phone: +91-22-6696 5555 | Ext-519

Ishank Gupta, fundamental-research2@[Link] [Link]
 India Equity Institutional Research II Result Update – Q1FY26 II 05th Sep, 2025 Page 7

Bajaj Finserv Ltd.

Relative Valuation

Revenue Net Profit

Company CMP MCAP Adj. EPS P/B ROE
CAGR CAGR

FY25-27E FY25-27E
INR INR Bn. FY25 FY26E FY27E FY26E FY27E
(%) (%)

Bajaj Finserv 2,002 3,199 13.0% 22.7% 22.7% 3.9x 3.3x 17.1% 18.1%
Domestic Peers
LIC 888 5,619 6.8% 6.1% 0.5% 3.3x 2.6x 34.7% 29.4%
HDFC Life 777 1,674 12.2% 30.4% 19.1% 8.9x 8.1x 11.8% 12.1%
SBI Life 1,817 1,821 15.1% 8.8% 14.6% 9.5x 8.3x 15.7% 17.1%
ICICI Prudential Life 616 892 10.6% 66.7% 20.9% 6.6x 6.0x 11.8% 12.4%
Mean 11.2% 28.0% 13.8% 7.1x 6.2x 18.5% 17.7%
Median 11.4% 19.6% 16.8% 7.7x 7.0x 13.8% 14.7%

Source: Company, Bloomberg, Deven Choksey Research and Analysis

Valuation Charts

3-year NTM P/B Chart 5-year NTM P/B Chart

6.5x
7.5x

6.5x
5.5x
5.5x

4.5x 4.5x

3.5x
3.5x
5-yr Avg. NTM P/B - 4.6x
2.5x
3-yr Avg. NTM P/B - 4.3x

2.5x 1.5x
Jun-21

Dec-23
Aug-20

Apr-22

Oct-24

Aug-25
Feb-23
Aug-22

Aug-23

Aug-24

Aug-25
Feb-23

Feb-24

Feb-25

3-Year Fwd PBV 3-Year Avg. STD +1 5-Year Fwd PBV 5-Year Avg. STD +1

STD +2 STD -1 STD -2 STD +2 STD -1 STD -2

Source: Bloomberg, DevenChoksey Research

RESEARCH ANALYST Phone: +91-22-6696 5555 | Ext-519

Ishank Gupta, fundamental-research2@[Link] [Link]
 India Equity Institutional Research II Result Update – Q1FY26 II 05th Sep, 2025 Page 8

Bajaj Finserv Ltd.

Financials:
Exhibit 1: Profit & Loss Statement Exhibit 3: Key Ratios
INR Bn FY25 FY26E FY27E FY28E Key Ratios FY25 FY26E FY27E FY28E
Revenue from
1,338 1,481 1,781 2,143 Growth Rates
Operations
Finance Cost 243 271 321 369 AUM (BAF) (%) 25.0% 17.0% 24.0% 20.0%

Net Interest Income 1,095 1,210 1,460 1,773 Borrowings (%) 18.4% 21.2% 17.0% 17.0%
Other Income 0 0 0 0 NII (%) 19.1% 10.5% 20.6% 21.4%
Operating Income 1,095 1,211 1,460 1,773 PAT (%) 12.6% 21.5% 25.3% 29.6%
- Employee expense 121 136 164 193 B/S Ratios
- Other operating
658 701 836 993 Advances/Total Assets 63.9% 66.0% 66.1% 65.6%
expense
Operating Expense 778 836 1,000 1,186 BFL - CAR (%) 21.6% 20.7% 19.8% 19.8%

Operating Profit 317 374 460 588 Tier I (%) 20.7% 19.9% 19.2% 19.2%
Provisions 79 83 94 114 21.0% 20.5% 20.5% 20.5%
Bajaj Housing - CAR (%)
Share of Profits from JVs 0 0 0 0
PBT 237 291 366 474 Leverage 6.3 5.8 6.1 6.3

Tax Expense 62 78 99 128 Operating efficiency

PAT 176 213 267 346 Cost/Income (%) 71.1% 69.1% 68.5% 66.9%
Minority Interests 87 105 134 173 Opex/total assets (%) 11.9% 11.3% 10.9% 10.7%
Profit for Shareholders 89 108 134 173 Opex/total interest earning
13.7% 12.6% 12.7% 12.3%
Diluted EPS (INR) 55.6 67.5 83.6 108.4 assets
Bajaj Finance - Asset
Exhibit 2: Balance Sheet quality
INR Bn FY25 FY26E FY27E FY28E
Gross NPA (%) 1.0% 1.1% 1.2% 1.2%
Source of Funds
Share Capital 2 2 2 2 Net NPA (%) 0.4% 0.5% 0.5% 0.5%

Reserves & Surplus 722 829 961 1,132 PCR (%) 54.2% 54.8% 56.1% 56.1%
Net worth 724 830 962 1,134 Credit cost (%) 2.2% 1.9% 1.9% 1.9%
Minority Interest 560 666 799 973 Bajaj Allianz Life
Total Equity 1,284 1,496 1,762 2,107 Insurance

Borrowings 1,321 1,601 1,873 2,191 VNB 1152.0 1161.2 1242.8 1429.3

Deposits 714 889 1,144 1,339 VNB Margin 11.5% 13.0% 13.0% 13.0%
Debt Securities 1,477 1,481 1,888 2,360 EV 21,726 23,805 27,168 30,889
Insurance Contract RoEV 13.0% 12.9% 12.6% 12.7%
1,347 1,510 1,999 2,499
Liabilities
Other Liabilities & Bajaj Allianz General
379 434 499 579 Insurance
Provisions
Total Equities And Growth in Investments 5.2% 13.0% 13.0% 13.0%
6,522 7,410 9,165 11,074
Liabilities
Uses of Funds 0 0 0 0 RoE 13.5% 14.7% 14.6% 14.2%
Cash & Bank Per share data / Valuation
157 146 178 188
Balances
Receivables + EPS (INR) 55.6 67.5 83.6 108.4
4,168 4,889 6,055 7,262
Loans/Advances
Net Investments 1,901 2,018 2,521 3,150 BVPS (INR) 453.4 519.6 602.3 709.6
Deferred Tax P/E (x) 34.9 28.5 23.0 17.8
19 19 19 19
Assets
P/BV (x) 4.3 3.7 3.2 2.7
Goodwill in
8 11 12 14
Consolidation Profitability
Fixed Assets 45 47 54 63
RoA (%) 2.7% 2.9% 2.9% 3.1%
Other Assets 224 282 326 377
RoE (%) 12.3% 13.0% 13.9% 15.3%
TOTAL ASSETS 6,522 7,410 9,165 11,074
Source: Company, DevenChoksey Research

RESEARCH ANALYST Phone: +91-22-6696 5555 | Ext-519

Ishank Gupta, fundamental-research2@[Link] [Link]
 India Equity Institutional Research II Result Update – Q1FY26 II 05th Sep, 2025 Page 9

Bajaj Finserv Ltd.

Bajaj Finserv Ltd. Rating Legend (Expected over a 12-month period)

CMP TP Our Rating Upside

Date Recommendation
(INR) (INR)
05-Sep-25 2,002 2,213 ACCUMULATE Buy More than 15%

02-May-25 1,954 2,133 ACCUMULATE Accumulate 5% – 15%

31-Jan-25 1,736 2,075 BUY
Hold 0 – 5%
25-Oct-24 1,707 1,995 BUY
Reduce -5% – 0
01-Aug-24 1,652 1,935 BUY
02-May-24 1,615 1,880 BUY Sell Less than – 5%

ANALYST CERTIFICATION:
I, Ishank Gupta (CA), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my views about the subject
issuer(s) or securities. I also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
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