Bajaj Holdings & Investment Limited is the Bajaj Group's listed holding company, whose earnings come almost entirely from dividends, interest and its equity stakes in Bajaj Auto, Bajaj Finserv and the group insurers. This quarter's print will speak to two things: whether the consolidated share of associate profits extends Q1 FY27's +24.58% YoY growth on the back of strong investee results, and how much the ~4.9% Q2 fall in Indian equities weighs on the mark-to-market OCI line of its Rs. 234,401 Cr portfolio.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 411.28 Cr (standalone total income, Q1 FY27) |
| Previous quarter PAT | Rs. 344.09 Cr standalone; Rs. 2,708.08 Cr consolidated (Q1 FY27) |
| Market cap | Rs. 113,189.66 Cr |
| CMP | Rs. 10,160.0 |
The Board of Directors is scheduled to 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, intimated under Regulation 29(1)(a). The trading window for designated persons remains closed from 1 October to 5 November 2026 (both days inclusive) under SEBI (PIT) Regulations.
An interim dividend of Rs. 65 per equity share (650%) for the financial year ending 31 March 2027 was declared on 15 September 2026, with a record date of Monday, 21 September 2026 and credit on or before 13 October 2026. This mirrors the Rs. 65 interim declared on 16 September 2025 for FY26. Watch for any further interim declaration alongside the Q2 results.
The quarter's story is a tug-of-war between a growing equity pick-up from associates and a falling market marking down the FVTOCI portfolio. Every major investee's Jul-Sep 2026 print landed ahead of its year-ago quarter — Bajaj Auto standalone PAT rose 35.25% YoY to Rs. 3,353.76 Cr, Bajaj Finance PAT grew 29% with AUM up 26.5% to Rs. 5,84,750 Cr, Bajaj Finserv PAT rose 7.5% and Maharashtra Scooters PAT rose 9.81% — supporting the consolidated share of associates extending Q1 FY27's +24.58% YoY momentum. The offset is the market line: the Nifty 50 fell about 4.9% over Q2 FY27, the sharpest Q2 drop in over a decade, with a -5.67% September alone, pointing the 30 September portfolio mark down from the Rs. 234,401 Cr (10.64x cost) level of 30 June 2026 after Q1's already-negative standalone OCI of Rs. (663.32) Cr. On the standalone book, Q1's Rs. 348.41 Cr dividend income — the first receipt from the newly acquired 18.10% insurance stakes — sets the run-rate to watch against the year-ago base, which remains distorted by the Rs. 1,982.99 Cr exceptional gain on the June 2025 Bajaj Finserv block deal. The RBI application (filed 12 November 2025) to re-categorise from NBFC-ICC to an Unregistered Core Investment Company remains under review, and the company's stated income-mix shift stays contingent on that outcome. Management has given no quantified guidance — only the open-ended intent to earn income 'predominantly through dividends and interest from group investments' and to distribute a large part of the dividends it receives.
RBI Unregistered CIC application: The pivotal structural item given the stated income-mix shift.
Standalone PAT and dividend income run-rate
OCI / mark-to-market on the FVTOCI portfolio
Associate income trajectory and portfolio metrics
Dividend cadence and exceptional items
Standalone PAT of Rs. 344.09 Cr was down 83.10% YoY only because the year-ago quarter included a Rs. 1,982.99 Cr exceptional gain on the sale of Bajaj Finserv equity shares, so the comparison is not like-for-like. Consolidated PAT was Rs. 2,708.08 Cr, down 22.71% YoY on the same prior-year base effect.
Yes, on an underlying basis — standalone total income rose 33.67% YoY to Rs. 411.28 Cr in Q1 FY27, driven by dividend income of Rs. 348.41 Cr (nil in Q1 FY26) including the first receipts from the newly acquired 18.10% insurance stakes. Consolidated share of associates also grew 24.58% YoY to Rs. 2,358.69 Cr.
The application, filed on 12 November 2025 with Board approval, seeks voluntary surrender of the NBFC-ICC Certificate of Registration and reclassification as an Unregistered Core Investment Company, and remains under review by the RBI. The company has sold about Rs. 14,000 Cr of financial investments over the last 15 months to align the portfolio with CIC guidelines requiring at least 90% of net assets in group companies.
As of 30 June 2026, the portfolio had a market value of Rs. 234,401 Cr against a cost of Rs. 22,025 Cr — 10.64x cost. NAV per share stood at Rs. 21,062 versus a book value of Rs. 2,425, a multiple of 8.69x.