Bajaj Finserv reported a 25.4% year-on-year increase in consolidated profit after tax (PAT) to ₹5,952 crore for the second quarter of FY2026-27, compared with ₹4,746 crore in the corresponding quarter last year. Consolidated revenue increased 16.7% to ₹43,416 crore from ₹37,215 crore. The financial services group’s performance was supported by growth in its lending business, higher interest income and an expanding customer base. Its assets under management (AUM) also increased 26.5% to approximately ₹5.85 trillion as of September 30, 2026.
However, the headline profit figure includes earnings attributable to minority shareholders in subsidiaries such as Bajaj Finance. Profit attributable specifically to Bajaj Finserv’s owners increased approximately 23% to ₹2,758 crore from ₹2,244 crore. Performance across the group’s businesses was mixed: Bajaj Finance reported strong lending growth, Bajaj Life Insurance recorded higher value of new business, while Bajaj General Insurance’s quarterly profit declined. The results highlight the contribution of the group’s lending and insurance businesses to its overall financial performance.
Bajaj Finserv Q2 FY27 Results: Key Financial Highlights
The September-quarter results showed double-digit growth in revenue and profitability.
| Financial metric | Q2 FY27 | Q2 FY26 | YoY change |
|---|---|---|---|
| Consolidated revenue | ₹43,416 crore | ₹37,215 crore | +16.7% |
| Consolidated profit after tax | ₹5,952 crore | ₹4,746 crore | +25.4% |
| Profit attributable to owners | ₹2,758 crore | ₹2,244 crore | +22.9% |
| Interest income | ₹23,824 crore | — | +21.6% |
| Total expenses | ₹34,812 crore | — | +14.5% |
| Assets under management | ₹5.85 trillion | — | +26.5% |
Figures are consolidated unless otherwise specified. Minor differences may arise from rounding.
The difference between consolidated PAT and profit attributable to owners is important. Bajaj Finserv consolidates the financial results of its subsidiaries, including Bajaj Finance, but does not own 100% of every subsidiary. Consequently, part of the consolidated profit belongs to minority shareholders.
For investors evaluating Bajaj Finserv itself, profit attributable to owners provides a more relevant measure of earnings belonging to the parent company’s shareholders.
First-Half FY27 Performance Remains Strong
Bajaj Finserv also reported growth in revenue and profitability for the first six months of FY2027.
| Financial metric | H1 FY27 | H1 FY26 | YoY change |
|---|---|---|---|
| Consolidated revenue | ₹85,453 crore | ₹72,518 crore | +17.8% |
| Consolidated profit after tax | ₹12,249 crore | ₹10,076 crore | +21.6% |
| Profit attributable to owners | ₹5,890 crore | — | — |
The first-half performance indicates that growth was not limited to the September quarter. Revenue and consolidated profitability both increased at double-digit rates during the April–September period.
Bajaj Finance Drives Lending Business Growth
Bajaj Finance, the group’s largest lending subsidiary, remained an important contributor to its performance.
The company reported a 29% year-on-year increase in consolidated profit after tax to ₹6,367 crore in Q2 FY27, compared with ₹4,948 crore a year earlier.
Its net total income increased 23% to ₹15,974 crore from ₹12,982 crore.
| Bajaj Finance metric | Q2 FY27 | Q2 FY26 | YoY change |
|---|---|---|---|
| Consolidated profit after tax | ₹6,367 crore | ₹4,948 crore | +29% |
| Net total income | ₹15,974 crore | ₹12,982 crore | +23% |
| Assets under management | ₹5.85 trillion* | ₹4.62 trillion | +26% |
| New loans booked | 13.45 million | 12.2 million | Higher |
| New customers added | 4.42 million | — | — |
| Loan losses and provisions | ₹2,166 crore | ₹2,080 crore | +4% |
Bajaj Finance’s reported AUM was approximately ₹5.84 trillion; the group-level figure is rounded to ₹5.85 trillion.
Bajaj Finance booked approximately 13.45 million new loans during the quarter, compared with 12.2 million in the corresponding period last year. It also added 4.42 million customers to its franchise.
The increase in lending activity demonstrates continued demand for consumer and business credit. However, loan losses and provisions also increased 4% to ₹2,166 crore, indicating that credit costs remain an important metric to monitor as the loan portfolio expands.
The company’s gross non-performing asset ratio improved to 1.06% from 1.24% a year earlier, while its net NPA ratio declined to 0.42% from 0.60%.
Bajaj Housing Finance and Financial Services Also Expand
Other lending and financial services businesses also contributed to the group’s performance.
Bajaj Housing Finance reported an 18% increase in profit after tax to ₹757 crore from ₹643 crore in Q2 FY26.
Its assets under management reached approximately ₹1.58 trillion, representing 25% year-on-year growth.
Bajaj Financial Securities also reported 36% profit growth during the quarter.
These businesses provide Bajaj Finserv with exposure to different segments of financial services, including housing finance, investment products and securities-related services.
Housing finance is particularly important because it provides exposure to India’s residential property market and long-term household borrowing.
Bajaj General Insurance Profit Falls 18.8%
Bajaj General Insurance reported a decline in quarterly profitability despite increasing its premium income.
Its profit after tax fell 18.8% to ₹420 crore in Q2 FY27 from ₹517 crore a year earlier.
Gross written premium increased 10% to ₹7,056 crore. Excluding the impact of large tender-driven crop and government health insurance businesses, premium growth was approximately 21%.
| Bajaj General Insurance metric | Q2 FY27 | Q2 FY26 | YoY change |
|---|---|---|---|
| Gross written premium | ₹7,056 crore | — | +10% |
| Profit after tax | ₹420 crore | ₹517 crore | -18.8% |
The divergence between premium growth and profit performance indicates that higher business volumes do not automatically translate into higher earnings.
Insurance profitability can be influenced by claims, underwriting expenses, investment income and the mix of policies sold.
For Bajaj Finserv, the general insurance business therefore represented a weaker profit contributor during the quarter compared with the group’s lending operations.
Bajaj Life Insurance Reports 40% Growth in New-Business Value
Bajaj Life Insurance delivered stronger growth in its new-business performance.
Its value of new business (VNB) increased 40% year on year to ₹512 crore from ₹367 crore.
New-business premium increased 29% to ₹5,170 crore.
VNB measures the expected profitability of new insurance policies written during a particular period. It is an important indicator because it focuses on the value generated by newly acquired business rather than simply the amount of premiums collected.
The increase suggests that Bajaj Life improved the value generated from its new policy sales during the quarter.
The company also commenced operations in GIFT City in October 2026, providing another avenue for expanding its insurance business.
Mark-to-Market Changes Affect Reported Earnings
Bajaj Finserv also disclosed the effect of unrealised mark-to-market (MTM) movements in the equity portfolios of its insurance subsidiaries.
The company reported an after-tax unrealised MTM loss of ₹177 crore in Q2 FY27, compared with ₹161 crore in the year-ago quarter.
These changes can affect reported earnings because investments are periodically valued at prevailing market prices, even when the underlying securities have not been sold.
Bajaj Finserv also provided an alternative profit measure that adjusts for unrealised MTM movements and includes realised equity gains booked under other comprehensive income.
On this basis, consolidated profit attributable to owners stood at ₹2,978 crore, up 22% from ₹2,449 crore in Q2 FY26.
This alternative measure helps investors understand the effect of investment-market fluctuations, but it should be considered alongside the company’s reported accounting profit rather than as a replacement for it.
The Bigger Picture
Bajaj Finserv’s Q2 FY27 results demonstrate the importance of its diversified financial services model. Bajaj Finance continues to generate substantial lending growth, while housing finance and life insurance provide additional earnings opportunities. The general insurance business, however, experienced a decline in quarterly profit, showing that performance can vary significantly across the group’s subsidiaries.
The results also highlight the difference between consolidated profit and earnings attributable to parent-company shareholders. Investors should monitor both figures, alongside lending growth, credit costs, insurance profitability and investment-related valuation changes. Sustained revenue growth will be important, but the quality and consistency of earnings will determine the group’s longer-term financial performance.
Looking Ahead
Bajaj Finserv enters the second half of FY2027 with strong growth in its lending business and an expanding AUM base. The company’s ability to maintain loan growth while controlling credit costs will be particularly important for Bajaj Finance. Investors will also watch whether Bajaj General Insurance can improve its profitability and whether Bajaj Life can sustain its growth in new-business value.
The next few quarters will show how effectively the group converts its expanding customer base and financial services operations into consistent shareholder earnings. Strong lending activity and life insurance growth provide support, but insurance claims, funding costs, credit provisions and market-related investment movements will remain important factors influencing its results.
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
