Q2 FY27 results analysis · November 03, 2026
Bajaj Finserv Q2 FY27 Results Analysis: PAT Jumps 25%, AUM Growth Tops Guidance (BAJAJFINSV)
+25.4%PAT year on year, Rs. 5,952.01 Cr
Source: Quarterly results filing (BSE)
Quick summary
Bajaj Finserv Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 43,415.65 Cr (+16.66% YoY) and PAT growth of +25.40% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 43,415.65 Cr (+16.66% YoY) |
| PAT (Q2) | Rs. 5,952.01 Cr (+25.40% YoY) |
| EPS (Q2) | Rs. 17.22 (+22.56% YoY) |
Quarter Snapshot
Bajaj Finserv delivered 16.66% total income growth and 25.40% PAT growth, with BFL AUM (+26.46%) and BHFL AUM (+25%) both running above management's guided corridors and asset quality inside all ceilings. The weak spot is Bajaj General, where the combined ratio deteriorated to 104.5% on natcat claims and PAT fell 18.76%. The Rs.11,700 Cr QIP plus Rs.5,800 Cr preferential warrant raise pre-funds lending growth, while fair-value and OCI losses account for the quarter's QoQ decline.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Lending volumes | "flow environment consistent with the group's lending corridors… directionally ahead" | BFL AUM +26.46%; BFL PAT +28.68%; retail-financing PBT +24.74% | Played out |
| Funding costs | "lending spreads compressing at the margin… G-sec hardened ~21 bps" | finance costs grew +1.36 pp faster than interest income; NII +23.64% still matched NTI +23.04% | Partially |
| Bajaj General | "second consecutive combined-ratio quarter above 100%… a clear headwind" | 104.5% (102% ex-NATCAT Rs.75 Cr); PAT −18.76% | Played out |
| Life GST drag | "GST margin drag persists into Q2… PAT sensitive to capital-gains marks" | PAT Rs.55 Cr vs Rs.13 Cr — recovery stronger than the setup implied | Partially |
| BFL corridor 2nd data point | "in-line to ahead on the volume side" | +26.46% AUM, GNPA/NNPA below ceilings | Played out |
| SC motor-TP provisions (peer booked Rs.165 Cr) | watch-list | not addressed in the filing — remains open for the call | Not observable |
| General monthly-premium deceleration (Sept +6.49%) | implied softening of Q2 GWP | Q2 GWP +10.02% headline, +21% ex-tender crop/government health — core stronger than the monthly print implied | Contradicted |
| Property-rate hardening benefit | "hardening ~25–30%… per pre-call note (web-sourced, dated)" | natcat claims booked; ex-NATCAT ratio 102% — benefit not yet visible | Not observable |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Bajaj Life "sustainable and profitable growth" | management commentary (earnings calls) | VNB Rs.512 Cr (+39.51%); PAT Rs.55 Cr vs Rs.13 Cr | Confirmed |
| VNB growth will taper from ~50% average | management caution, Q3 FY26 earnings call | +39.51% this quarter | Confirmed |
| Focus on prudent underwriting despite soft market | management commentary (Q1 FY27 call) | combined ratio 104.5%, underwriting loss Rs.115 Cr widened; ex-NATCAT 102% — ratio held near 102% ex-cat, headline worse | Partially |
| Emerging-business burn as planned | management commentary in the press release | Rs.144 Cr Q2 loss, stated as envisaged | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| BFL AUM (Rs. Cr) | 4,62,261 | — | 5,84,624 |
| BFL GNPA % | 1.24 | — | 1.06 |
| BFL NNPA % | 0.60 | — | 0.42 |
| Bajaj General combined ratio % | 102.3 | 104.7 | 104.5 |
| Bajaj Life VNB (Rs. Cr) | 367 | 271 | 512 |
Key Investment Insights
Key Positives
- Consolidated total income grew 16.66% YoY to Rs.43,415.65 Cr; PBT grew 26.12% YoY
- Consolidated PAT grew 25.40% YoY to Rs.5,952.01 Cr; owners' PAT grew 22.88% to Rs.2,757.66 Cr
- BFL AUM grew 26.46% YoY to Rs.5,84,624 Cr, above the guided 22-24% corridor; BHFL AUM grew 25%
- BFL GNPA improved to 1.06% (from 1.24%) and NNPA to 0.42% (from 0.60%); CRAR 20.33%
- BFL PAT grew 28.68% YoY to Rs.6,367 Cr with NII up 23.64% and opex/NTI improving ~8 bps
- Bajaj Life VNB grew 39.51% YoY to Rs.512 Cr; shareholders' PAT recovered to Rs.55 Cr from Rs.13 Cr
- Lending impairment grew only 4.12% YoY vs 21.56% interest income growth, including a Rs.337 Cr macro buffer
- Company-adjusted owners' PAT of Rs.2,978 Cr grew 21.60% YoY, within ~100 bps of reported growth
Risk Factors
- Bajaj General PAT fell 18.76% YoY to Rs.420 Cr; combined ratio worsened to 104.5% from 102.3% on Rs.75 Cr net NATCAT claims
- Net loss on fair value change of Rs.(1,384.45) Cr swung from a Rs.2,051.68 Cr gain in Q1 FY27
- OCI net of tax was Rs.(1,976.95) Cr, offsetting roughly a third of PAT; owners' total comprehensive income was Rs.1,241.06 Cr
- Finance costs grew 22.92% YoY, ~1.36 pp faster than interest income growth of 21.56%
- PBT, PAT and owners' PAT all declined QoQ (−3.63%, −5.47%, −11.96%)
- Investments and others segment loss widened to Rs.(352.56) Cr from Rs.(226.83) Cr YoY
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