India · Delayed Price · Currency is INR Bajaj Finserv Earnings Call Transcripts
Fiscal Year 2026
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Consolidated income grew 6% year-over-year, with adjusted growth at 14% excluding temporary MTM losses. Insurance subsidiaries are now fully owned, lending and AMC businesses posted strong growth, and new product launches are planned across segments.
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Q3 FY26 saw 24% income growth and strong performance across insurance, lending, and asset management, despite one-time impacts from labor code and ECL provisions. Insurance subsidiaries' buyback and AMC's rapid AUM growth were key highlights.
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Q2 FY26 saw 11% revenue and 8% profit growth, with insurance and lending segments outperforming industry benchmarks. Bajaj Life achieved record margins and VNB, while regulatory and GST changes present both challenges and tailwinds for future growth.
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Consolidated income rose 13% and PAT 30% year-over-year, with insurance and lending arms delivering strong growth and profitability. Insurance margins and VNB improved, while lending AUM and asset quality remained robust. AMC AUM more than doubled year-over-year.
Fiscal Year 2025
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Consolidated income and PAT grew 14% year-over-year, with insurance and lending segments outperforming industry benchmarks in core lines. Regulatory changes impacted reported growth, but underlying business momentum and profitability remain strong.
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The acquisition of Allianz's 26% stake in the insurance JVs gives the group full ownership, enabling strategic flexibility, improved capital efficiency, and the ability to pursue new growth opportunities. The deal, valued at INR 24,180 crore, is self-funded and expected to close within 15 months, pending regulatory approvals.
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Consolidated income grew 10% and profit after tax rose 3% year-over-year, with insurance and lending segments delivering strong profitability and robust asset quality. Product and regulatory changes led to muted life insurance growth, but profitability and solvency remain strong.
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Consolidated revenue grew 30% year-over-year, with strong profit growth and market share gains in insurance and finance. Margin pressures persist in life and health insurance due to product mix and industry trends, while capital adequacy and surplus funds remain robust.
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Q1 FY25 delivered strong growth in insurance and lending, with consolidated PAT up 10% and robust AUM expansion. One-time items and regulatory changes impacted margins, but medium-term outlook remains positive, with continued investments in emerging businesses and digital platforms.