Bajaj Finserv Limited (BFS) is the holding company for the financial services businesses of the Bajaj Group. It operates as a diversified, customer-centric financial services conglomerate with a significant presence across India. The company's vision is to provide a comprehensive suite of financial solutions that cater to the entire lifecycle needs of individuals, SMEs, and corporate clients. This ecosystem is built on a foundation of lending, insurance, and wealth management, delivered through a combination of physical presence and advanced digital platforms.

The group is structured around several key subsidiaries, each a major player in its respective domain. Bajaj Finance Limited (BFL), a listed entity in which BFS holds a majority stake, is one of India's largest and most diversified non-banking financial companies (NBFCs). Its subsidiary, Bajaj Housing Finance Limited (BHFL), focuses on mortgage and developer financing. The insurance vertical is comprised of Bajaj General Insurance Limited and Bajaj Life Insurance Limited, where BFS recently increased its stake to 75.01%, reinforcing its control and strategic direction. The company is also aggressively expanding into fintech and emerging financial sectors through wholly-owned subsidiaries like Bajaj Finserv Direct (a digital marketplace), Bajaj Finserv Health (a health-tech platform), and Bajaj Finserv Asset Management (a mutual fund business).

Bajaj Finserv's strategy is centered on achieving sustainable profitable growth and meaningful market share by actively engaging in the strategy, planning, and performance monitoring of its businesses. The company fosters a culture of innovation, agility, and ownership, driven by core principles such as customer obsession, continuous benchmarking, digitization, and efficient risk and capital management. With a customer base exceeding 13 crore, a presence in over 4,000 locations, and a distribution network of more than 550,000 partners, Bajaj Finserv has established a vast and deeply penetrated operational footprint, positioning it to capitalize on India's growing demand for financial services.

Official Website: http://www.bajajfinserv.in/

• Consolidated Performance (Q3 FY2026):

• Total consolidated revenue grew 23.9% year-over-year (YoY) to ₹39,708 crore.

• The company reported two significant one-time charges:

• An accelerated Expected Credit Loss (ECL) provision of ₹1,406 crore by Bajaj Finance Ltd. (BFL) to strengthen its balance sheet. BFS's share of this impact was ₹540 crore, net of tax.

• An exceptional charge of ₹379 crore (BFS share of ₹167 crore, net of tax) due to increased gratuity liabilities from the New Labour Codes.

• Adjusted Profit After Tax (PAT), before these one-time charges, grew 31.6% YoY to ₹2,936 crore.

• Reported PAT, after accounting for these charges, was ₹2,229 crore, remaining flat compared to Q3 FY2025.

• Consolidated Performance (9M FY2026):

• Total consolidated revenue for the nine months grew 15.8% YoY to ₹112,562 crore.

• Adjusted PAT grew 23.4% YoY to ₹7,969 crore.

• Reported PAT grew 12.6% YoY to ₹7,262 crore.

• Balance Sheet Strength:

• Consolidated net worth increased by 12.9% YoY to ₹79,267 crore as of December 31, 2025.

• The group demonstrates strong capital generation. Between April 2021 and December 2025, the key subsidiaries generated net capital of ₹8,315 crore after raising external capital of ₹19,801 crore and paying dividends of ₹12,236 crore.

• Subsidiary Contribution (Q3 FY2026 PAT before one-off charges):

• Bajaj Finance Limited (BFL) remains the primary profit driver, contributing ₹2,690 crore (post BFS stake).

• Bajaj General Insurance contributed ₹338 crore.

• Bajaj Life Insurance contributed ₹52 crore.

• Historical Trajectory (FY2015-FY2025):

• Over the last decade, consolidated Net Total Income has grown at a 22% CAGR.

• Consolidated PAT has grown at an 18% CAGR over the same period.

The company delivered strong operational performance with robust growth in revenue and adjusted profits, though reported earnings were impacted by prudent, one-time provisions to strengthen the balance sheet for the future.

• Integrated Financial Ecosystem:

• BFS operates as a collective of financial services and fintech businesses, offering a comprehensive suite of products covering asset acquisition (loans), asset protection (insurance), investment (mutual funds, deposits), and retirement planning.

• This model is powered by platforms like Bajaj Finserv Direct (digital marketplace) and Bajaj Finserv Health (health-tech), creating a holistic customer experience.

• Deep and Wide Distribution Network:

• The group has an extensive physical and digital reach with a presence in over 4,000 locations and a network of over 550,000 distributors, agents, and dealers.

• This allows for deep penetration into both urban and rural markets, a key differentiator in a diverse country like India.

• Technology and Data Analytics at the Core:

• All group companies heavily invest in technology, AI, and data analytics to drive operational efficiency, enhance risk assessment, and create frictionless customer journeys.

• Bajaj Finance's "FINAI" vision aims to transform it into an AI-first company, while Bajaj General and Bajaj Life use AI for everything from sales to claims processing.

• Customer Obsession and Innovation:

• A core strategic principle is a relentless focus on the customer, reflected in high Net Promoter Scores (NPS), low grievance ratios, and seamless digital experiences.

• The company has a track record of product innovation, including the EMI Card, Flexi loans, and Pay Per Use insurance covers.

• Efficient Risk and Capital Management:

• The group maintains a culture of prudent risk management, leading to best-in-class asset quality (low NPAs at BFL) and underwriting profitability (low combined ratio at Bajaj General).

• All lending and insurance companies hold the highest credit ratings (AAA/A1+), and the insurance businesses maintain solvency ratios far above regulatory requirements.

Bajaj Finserv's unique strength lies in its integrated ecosystem of market-leading businesses, powered by deep distribution, cutting-edge technology, and a disciplined approach to risk and capital management.

• Rapid Digitization and Financial Inclusion:

• India's financial services landscape is being transformed by the "India Stack" (Aadhaar, UPI), which has powered massive financial inclusion and digital transaction growth (21.63 billion monthly UPI transactions as of Dec 2025).

• The fintech market is projected to reach $1 trillion in AUM by 2030, with digital lending expected to cross ₹11,310 crore.

• Under-penetration in Insurance:

• Despite being a fast-growing economy, India's insurance penetration remains significantly lower than that of other Asian and global economies.

• Life insurance penetration stands at 2.7% of GDP, compared to 7.5% in Taiwan and 6.5% in Singapore.

• Non-life insurance penetration is even lower at 1.0% of GDP, compared to 5.3% in South Korea. This gap represents a substantial long-term growth opportunity.

• Growing Mutual Fund Industry:

• The Asset Management (Mutual Fund) industry in India is poised for significant expansion, driven by rising incomes and financial literacy.

• Retail mutual fund penetration is expected to grow from 3.6% in 2025 to 15% by 2047, with total industry AUM projected to grow exponentially.

• Healthcare Ecosystem Opportunity:

• India's healthcare expenditure is ₹7.4 lakh crore (3.73% of GDP), but it remains a highly fragmented market with significant out-of-pocket spending.

• There is a rising focus on OPD & preventive care, and the government's Ayushman Bharat Digital Mission is creating a national digital health infrastructure, presenting opportunities for health-tech platforms.

The Indian financial services sector offers a vast and long-term growth runway, driven by favorable demographics, rapid digitization, rising incomes, and significant under-penetration in key segments like insurance and wealth management.

• Consolidated Growth:

• For Q3 FY2026, consolidated revenue grew 23.9% YoY, and adjusted PAT grew 31.6% YoY.

• The 10-year CAGR (FY2015-FY2025) for consolidated PAT is a robust 18%.

• Bajaj Finance Ltd. (BFL):

• Assets Under Management (AUM) grew 22.1% YoY to ₹485,883 crore.

• The customer franchise expanded by 18.8% YoY to 11.54 crore.

• Adjusted PAT for Q3 FY2026 grew 23.1% YoY to ₹5,227 crore.

• Insurance Businesses:

• Bajaj General: Gross Written Premium (GWP) grew 11.5% in Q3 FY2026. Excluding crop and government health business, growth was a strong 17.2%.

• Bajaj Life: GWP grew 23.5% in Q3 FY2026, driven by a 20.9% growth in renewal premiums. Retail Weighted Received Premium (RWRP) grew 19.9%, and the Value of New Business (VNB) surged by 59.4%.

• Bajaj Housing Finance Ltd. (BHFL):

• AUM grew 23.2% YoY to ₹133,412 crore.

• Disbursements saw a strong increase of 31.6% YoY.

• Emerging Businesses:

• Bajaj Finserv AMC: AUM grew by an impressive 73.5% YoY to ₹30,250 crore.

• Bajaj Financial Securities: PAT grew 80% YoY on an adjusted basis, and the customer franchise grew 37.4% to 13.5 lakh.

The group continues to demonstrate strong, broad-based growth across all its core and emerging businesses, driven by robust AUM expansion, customer acquisition, and premium growth.

• Exploiting New Business Lines:

• The company is actively prospecting and building new initiatives, such as crop and government health insurance, surety bonds, and green financing.

• Bajaj Life is in the process of setting up a Pension Fund Management business and a branch in GIFT City to tap into new markets.

• Digital and Fintech Expansion: