Bajaj Finserv is a diversified financial services group spanning lending (Bajaj Finance, Bajaj Housing Finance), life and general insurance, asset management and digital marketplaces, reporting into a quarter where credit growth is running near 19% but funding costs and insurance pricing are turning. The print will speak most loudly to whether Bajaj General's combined ratio — 104.7% in Q1 FY27 — deteriorates further after the Gujarat floods, and whether Bajaj Housing Finance's 24.3% AUM growth keeps running above its own 21-23% FY27 corridor.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 42,037 Cr (+19.1% YoY) |
| Previous quarter PAT | Rs. 6,297 Cr (+18.2% YoY); PAT attributable to owners Rs. 3,132 Cr (+12.3%) |
| Market cap | Rs. 266,160.74 Cr |
| CMP | Rs. 1668.0 |
As intimated on 5 October 2026, the Board of Bajaj Finserv will meet on Tuesday, 3 November 2026, to approve the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The trading window for designated persons remained closed from 1 October to 5 November 2026 (both days inclusive) under SEBI PIT Regulations.
The quarter's central test is whether the group's lending momentum holds while its insurance arms absorb a harder operating backdrop: non-food bank credit grew 18.8% YoY as on August 31, 2026, with NBFC credit at 15.8% and NBFC retail loans at 22.0%, while the 10-year G-sec yield hardened from 6.84% at end-July to 7.05% on September 21, 2026 — a funding-cost headwind for lenders like Bajaj Housing Finance, whose cost of funds already stood at 7.2% with a gross spread of 1.7% in Q1. On lending, Bajaj Housing Finance's Q1 AUM growth of 24.3% ran above the top of its 21-23% FY27 corridor, and Bajaj Finance's FY27 guidance of 22-24% AUM growth and 15-17 million customer additions gets its second data point. In general insurance, the Gujarat floods — estimated by the industry at around Rs. 5,000 crore of losses — make a second consecutive combined-ratio quarter above 100% (vs 104.7% in Q1) the directional base case, though the same event is hardening property rates 25-30% through discount cuts per Bajaj General's own commercial underwriting head. In life insurance, the GST margin drag (an estimated 450 bps gross impact, ~325 bps mitigated) persists into the December quarter per peers, while Bajaj Life's own September new business grew 33.19% YoY and its solvency stood at 285% at Q1. The call should also update the Bajaj Markets breakeven run-rate, guided to Q3 or Q4 of FY27.
Bajaj Finance FY27 guidance tracking: Q2 FY27 is the second data point against the FY27 corridors issued with Q4 FY26 results.
Bajaj Housing Finance corridor tracking
Bajaj General combined ratio and natcat impact
Bajaj Life VNB momentum and solvency
Platform breakevens, reinsurance and leadership transition
Management attributes the elevated ratio to accounting treatment — upfront expensing of acquisition costs, '1/n' adjustments and new business strain from long-term business — and says the ratio would be significantly below 100% under internationally followed accounting. It also notes Bajaj General outperforms the industry ratio (115%-120%) by 15 percentage points and delivered ROE of around 24% for Q2 vs an industry average of 3% assuming a 200% solvency requirement.
Management guided at Q1 FY27 to breakeven in Q3 or Q4 of FY2028, with full-year breakeven the year after. The health business is growing at 40%-50% quarter-on-quarter and requires INR 200-300 crore of capital over the next 6 quarters.
Management has guided to Bajaj Markets breaking even in Q3 or Q4 of FY27, and on a full-year basis in the coming year. The digital marketplace is fully capitalized and, as a distributor, is insulated from balance-sheet impacts.
Yes — Q1 FY27 AUM growth of 24.3% to Rs. 149,624 Cr ran above the top of its own 21-23% FY27 corridor by 1.3 pp. In FY26, the company met or beat all nine of its assessment corridors, including AUM growth of 23% against a 21-23% assessment.
Bajaj Life's PAT fell 70.2% YoY to Rs. 51 Cr on lower capital gains and the GST impact, even as VNB rose 86.6% to Rs. 271 Cr with a 15.9% VNB margin. Management has cautioned that the recent VNB margin increase 'won't continue' at that level, though the trajectory remains positive.