Bajaj Finserv (BAJAJFINSV) Q3 25/26 earnings summary

Executive summary

• Consolidated total income for Q3 FY26 rose 24% year-over-year to ₹39,708 crore; adjusted profit after tax before exceptional items was ₹2,936 crore, up 32%, but reported PAT was ₹2,229 crore due to one-time charges for accelerated ECL provision and New Labour Codes.

• The group completed the acquisition of Allianz SE's 23% stake in its insurance subsidiaries, raising its holding to 75.01% in Bajaj General and Bajaj Life, and initiated a buyback for the remaining 3%.

• Bajaj Finance’s customer franchise grew by 4.76 million and new loans booked reached 13.90 million in Q3 FY26.

• Two exceptional items impacted results: accelerated ECL provision (₹1,406 crore, net PAT impact ₹540 crore) and New Labour Codes charge (₹379 crore, net PAT impact ₹167 crore).

Financial highlights

• 9M FY26 consolidated revenue rose 15.8% year-over-year to ₹112,562 crore; adjusted PAT up 23.4% to ₹7,969 crore.

• Bajaj Finance AUM up 22.1% year-over-year to ₹485,883 crore; adjusted PAT up 23.1% to ₹5,227 crore.

• Bajaj General Insurance gross written premium up 12% to ₹7,389 crore; adjusted PAT up 8% to ₹430 crore; combined ratio improved to 97.9%.

• Bajaj Life Insurance gross written premium up 23.5% to ₹7,854 crore; VNB up 59% to ₹405 crore.

• Bajaj Finserv Asset Management AUM reached ₹30,250 crore as of 31 December 2025.

Outlook and guidance

• Insurance subsidiaries expect strengthened ROE and ROEV post buyback.

• Credit cost outlook for FY2027 is optimistic, with improved portfolio quality and robust risk management.

• Bajaj Markets expects revenue growth to resume from Q4 as software migration completes.

• AMC plans to expand into alternatives and PMS by FY27, subject to regulatory approvals.

• Focus remains on strengthening balance sheet resilience and growing emerging businesses.