Bajaj Finserv Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2012 • Insurance: 82.3% • Retail Financing: 16.1% • Investments and Others: 1.0%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 51.6% CAGR over last 5 years
- Solid return on assets for a lender - ROA of 15.2%
- Company has a healthy return on capital (ROCE) of 24.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.0%
- Latest quarter profit grew 238.7% YoY, showing strong momentum
- Company has delivered good sales growth of 44.2% CAGR over last 5 years
CONS
- Recent results are weak - TTM profit is down 59.1% versus prior year
- Stock is trading at 27.4x its book value
- Growth is decelerating - 3Y profit CAGR (25.0%) trails the 5Y trend (51.6%)
- Expensive relative to growth - PEG of 5.5
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1917.30 | 30.28 | 307163.22 | 0.08 | 62966.70 | 1081.55 | 420369.00 | 1091.26 | 11.88 | 40.79 |
| AIIL | 546.65 | 22.13 | 46422.91 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.75 | 10.74 | 28650.15 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13000.05 | 13.35 | 26301.84 | 0.66 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 266.10 | 22.71 | 25602.92 | 0.08 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13002.55 | 53.35 | 14860.05 | 1.69 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11435.95 | 92.40 | 12693.48 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 124.75 | 11.48 | 11938.08 | 2.61 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 437.25 | 19.95 | 9711.49 | 2.55 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 256.95 | 161.25 | 8857.93 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2282.95 | 7.87 | 7326.12 | 1.82 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| PILANIINVS | 4196.35 | 140.83 | 4646.30 | 0.21 | -47.26 | -17.55 | 14.44 | -70.70 | 1.41 | -9.33 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 588 | 999 | 45 | 40 | 903 | 1,206 | 67 | 61 | 426 | 1,461 | 57 | 43 | 1,534 | |
| 54 | 52 | 49 | 39 | 59 | 60 | 65 | 61 | 64 | 77 | 67 | 82 | 116 | |
| Operating Profit | 541 | 959 | 0 | 5 | 850 | 1,157 | 6 | 4 | 371 | 1,396 | -5 | -35 | 1,431 |
| OPM % | 92.04% | 96.02% | 0.79% | 11.31% | 94.13% | 95.89% | 8.78% | 6.42% | 87.06% | 95.51% | -8.44% | -82.43% | 93.28% |
| Other Income | 8 | 8 | 8 | 11 | 9 | 10 | 10 | 9 | 20 | 9 | 8 | 23 | 8 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 2 | 13 |
| 549 | 967 | 7 | 14 | 857 | 1,166 | 15 | 12 | 389 | 1,403 | 2 | -13 | 1,426 | |
| Tax % | 26.46% | 21.96% | 40.43% | 45.31% | 26.17% | 22.15% | 26.53% | 35.08% | 15.21% | 22.67% | 71.69% | 218.86% | 21.60% |
| Net Profit | 404 | 754 | 4 | 8 | 633 | 908 | 11 | 8 | 330 | 1,085 | 1 | 16 | 1,118 |
| 2 | 5 | 0 | 0 | 4 | 6 | 0 | 0 | 2 | 7 | 0 | 0 | 1 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 154 | 242 | 423 | 780 | 324 | 624 | 1,076 | 1,699 | 2,262 | 2,016 | 3,095 | |
| 60 | 84 | 121 | 130 | 142 | 162 | 170 | 194 | 246 | 290 | 343 | |
| Operating Profit | 94 | 158 | 302 | 649 | 181 | 462 | 907 | 1,506 | 2,016 | 1,726 | 2,753 |
| OPM % | 61.31% | 65.40% | 71.39% | 83.28% | 56.06% | 74.10% | 84.23% | 88.61% | 89.14% | 85.61% | 88.93% |
| 11 | 10 | 26 | 35 | 68 | 105 | 71 | 35 | 38 | 61 | 49 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 2 | 3 | 5 | 4 | 3 | 3 | 4 | 6 | 18 |
| Profit before Tax | 104 | 167 | 326 | 682 | 245 | 563 | 975 | 1,537 | 2,049 | 1,781 | 2,817 |
| Tax % | 32.67% | 15.30% | 5.77% | 2.20% | 27.06% | 24.68% | 24.84% | 23.87% | 23.94% | 19.61% | 21.23% |
| Net Profit | 70 | 142 | 307 | 667 | 179 | 424 | 733 | 1,170 | 1,559 | 1,432 | 2,219 |
| EPS | 4.40 | 8.90 | 19.30 | 41.90 | 11.20 | 26.66 | 4.60 | 7.34 | 9.77 | 8.96 | — |
| Dividend Payout % | 39.77% | 19.66% | 12.95% | 11.93% | 26.70% | 15.01% | 17.39% | 13.62% | 10.24% | 16.75% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 24%
- 5 Years:
- 44%
- 3 Years:
- 23%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 24%
- 5 Years:
- 52%
- 3 Years:
- 25%
STOCK PRICE CAGR
- 10 Years:
- 21%
- 5 Years:
- 3%
- 3 Years:
- 7%
- 1 Year:
- -6%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 17%
- 3 Years:
- 20%
- Last Year:
- 17%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 80 | 80 | 80 | 80 | 80 | 80 | 159 | 159 | 160 | 160 |
| 2,686 | 2,800 | 3,052 | 3,423 | 3,618 | 4,070 | 4,775 | 5,973 | 7,642 | 9,343 | |
| 2 | 2 | 2 | 3 | 2 | 0 | 0 | 2 | 2 | 3 | |
| Trade Payables | 2 | 3 | 5 | 2 | 2 | 2 | 2 | 3 | 8 | 3 |
| 45 | 34 | 46 | 84 | 166 | 287 | 381 | 513 | 713 | 841 | |
| Total Liabilities | 2,814 | 2,918 | 3,185 | 3,592 | 3,869 | 4,438 | 5,318 | 6,651 | 8,525 | 10,350 |
| 68 | 67 | 68 | 153 | 153 | 105 | 110 | 108 | 122 | 122 | |
| Capital Work in Progress | 1 | 8 | 33 | 0 | 2 | 4 | 4 | 4 | 5 | 13 |
| 2,672 | 2,758 | 2,937 | 3,340 | 3,495 | 4,191 | 5,078 | 6,401 | 7,884 | 9,654 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | |
| Cash & Bank | 2 | 12 | 60 | 4 | 124 | 22 | 7 | 21 | 18 | 7 |
| 71 | 73 | 86 | 95 | 94 | 116 | 118 | 115 | 495 | 553 | |
| Total Assets | 2,814 | 2,918 | 3,185 | 3,592 | 3,869 | 4,438 | 5,318 | 6,651 | 8,525 | 10,350 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 80 | 174 | 336 | 657 | 244 | 753 | 1,029 | 1,344 | 1,724 | 1,610 | |
| Cash from Investing | -264 | -104 | -237 | -575 | -149 | -565 | -805 | -1,304 | -1,723 | -1,721 |
| Cash from Financing | -1 | -28 | -28 | -119 | -0 | -48 | 3 | -25 | -4 | 100 |
| -223 | 11 | 48 | -56 | 20 | -3 | -14 | 14 | -3 | -11 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Bajaj Finserv Limited has informed the Exchange regarding 'information pertaining to the unlisted insurance subsidiaries of the Company'.
2026-09-01 - Bajaj Finserv Limited has informed the Exchange regarding change in Registered Office of the company.
2026-08-17 - Bajaj Finserv Limited has informed the Exchange about Schedule of meet
2026-08-07 - Bajaj Finserv Limited has informed the Exchange about Schedule of meet
2026-08-07 - Bajaj Finserv Limited has informed the Exchange regarding 'information pertaining to the unlisted insurance subsidiaries of the Company'.
2026-08-05 - Bajaj Finserv Limited has informed the Exchange about Transcript of earnings call held on 31 July 2026.
2026-08-03 - Bajaj Finserv Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 31, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-31 - Bajaj Finserv Limited has informed the Exchange about Link of Recording
2026-07-31 - Bajaj Finserv Limited has informed the Exchange regarding Proceedings of 19th Annual General Meeting held on July 31, 2026
News
Recent coverage and analyst commentary for BAJAJFINSV
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