Bajaj Holdings & Investment Ltd (BAJAJHLDNG) Q2 FY27 Results Analysis: PAT Jumps 27.86%, OCI Drag Turns Comprehensive Income Negative

Cofacto Research Published November 03, 2026 3 min read

Neutral

Bajaj Holdings & Investment Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 183.65 Cr (-55.18% YoY) and PAT growth of +26.46% 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. 183.65 Cr (-55.18% YoY)
PAT (Q2)	Rs. 2,137.07 Cr (+26.46% YoY)
EPS (Q2)	Rs. 179.11 (+27.86% YoY)

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Consolidated equity pick-up	Ahead ("supports the consolidated equity pick-up… running ahead YoY, extending Q1 FY27's +24.58% momentum")	+40.15% YoY to Rs.2,266.84 cr; H1 +31.75%	Played out
OCI / MTM	Headwind ("a second consecutive negative OCI quarter is the directional risk")	Consol OCI Rs.(2,661.97) cr; owners' TCI Rs.(306.27) cr	Played out
Fresh exceptional/block-deal risk	None expected	No exceptional items in Q2/H1 FY27, either basis	Played out
Portfolio mark at 30 Sep vs the Rs.234,401 cr 30-Jun mark (per pre-call note, web-sourced)	Down (Nifty ~−4.9% in Q2)	MV Rs.240,146 cr — up Rs.5,745 cr vs the 30-Jun mark; NAV/share Rs.21,578 vs Rs.21,062	Contradicted
RBI Unregistered-CIC update	Watch item	Filing repeats "under review by the RBI" — not addressed in the filing; remains open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Income "will be earned predominantly through dividends and interest from such investments" (CIC-aligned mix)	Company note in the results filing	Directionally confirmed: interest+FV-gain lines collapsed (−74%/−94% YoY); dividend income now dominant in the own book	Confirmed
"Distribute a large part of the dividends it receives"	Distribution-policy commentary (prior-year report; reiterated via FY27 interim)	Rs.723 cr interim = 41.36% of H1 standalone PAT; Rs.2,165.74 cr paid in H1 vs Rs.1,665.80 cr received in Q2 alone	Confirmed
BFS "adjusted for mark to market… profit increased by 22%"	Press release	Not independently verifiable from this filing (BFS-level MTM split not disclosed here)	Too Early / Cannot assess

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q1 FY27	Q2 FY27
Share of associates	1,617.47	2,358.69	2,266.84
PAT (owners)	1,559.02	2,706.45	1,993.37
OCI net of tax	215.90	3,322.74	(2,661.97)
Standalone dividend income	2,204.95	348.41	1,665.80

Key Investment Insights

Key Positives

Consolidated PAT attributable to owners grew 27.86% YoY to Rs.1,993.37 crore in Q2 FY27; EPS Rs.179.11 vs Rs.140.08
Share of profits of associates grew 40.15% YoY to Rs.2,266.84 crore; H1 +31.75%
On the company's adjusted basis, H1 consolidated underlying PAT grew 28.24% (Rs.4,699.82 cr vs normalized Rs.3,665 cr)
Consolidated dividend income rose 36.62% YoY in Q2 and 312.03% in H1 (Rs.474.70 cr vs Rs.115.21 cr) from new insurance-stake dividends
Portfolio market value rose to Rs.240,146 crore at 30 Sep 2026, up Rs.4,295 crore in H1; NAV/share Rs.21,578 vs book value Rs.2,238 (9.6x gap)
Bajaj Auto Q2 PAT grew 61.92% YoY to Rs.3,436 crore; Bajaj Finserv +22.90% to Rs.2,758 crore
No borrowings on either basis; consolidated owners' equity Rs.73,790.65 crore
Subsidiary contribution flipped from −Rs.621.74 crore (Q2 FY26) to +Rs.589.34 crore (Q2 FY27)

Risk Factors

Consolidated OCI was Rs.(2,661.97) crore, taking owners' total comprehensive income to Rs.(306.27) crore vs +Rs.1,277.71 crore a year ago
Consolidated total income fell 55.18% YoY; interest income −74.43% and net fair-value gains −94.11%
Dividend received from associates fell to Rs.1,635.04 crore in H1 from Rs.2,217.32 crore
RBI Unregistered-CIC re-categorization application remains under review with no decision disclosed