Bajaj Finserv Q2 FY27 Results Analysis: PAT Jumps 25%, AUM Growth Tops Guidance (BAJAJFINSV)

Cofacto Research Published November 03, 2026 4 min read

Positive

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

Read our full results preview.

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