Bajaj Finserv
Bajaj Finserv
Financial Services F&OKey Fundamentals
LargecapHolding CompanyFinancial ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company's median sales growth is 20.2% of last 10 years
Weaknesses
3- Stock is trading at 3.56 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 13.8% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Bajaj Finserv is a diversified financial services holding company with a market capitalisation of about Rs 2,81,681 crore. Its sales have compounded at 22% over 10 years and 15% on a TTM basis. Profit growth has slowed to 8% TTM against a 3-year CAGR of 16%, ROE has held steady at about 13-14%, and the stock has returned 0% over 5 years and -12% over the past year while trading at 3.64x book value.
- Revenue growth has been consistent over the long term, with 10-year compounded sales growth of 22%, 5-year growth of 20% and a 10-year median sales growth of 20.2%.
- Over the medium term, sales compounded at 22% over 3 years, in line with the 10-year trend, which suggests the business has not lost growth momentum at the top line.
- Over the long term, profit growth has been steady and has kept pace with the stock, with profits compounding at 18% over 10 years and the stock at 19% over the same period.
- Sales are still growing at 15% on a TTM basis, a double-digit rate on an already large base, as the market cap of about Rs 2,81,681 crore reflects.
- Returns have been stable, with ROE at 14% across the 3-, 5- and 10-year periods, which points to a durable, non-cyclical earnings profile.
- The reported P/E of 13.8x is modest compared with the historical 17-18% profit CAGR. Readers should check whether this figure is on a consolidated basis before relying on it.
- After a 5-year stock CAGR of 0% while profits compounded at 17%, earnings have grown into the valuation, so the stock is less stretched than it was 5 years ago.
- Profit growth is slowing: TTM profit growth of 8% is half the 3-year CAGR of 16% and well below the 15% TTM sales growth, which points to pressure on margins or credit costs.
- ROE is modest for a financial services franchise, at 13.8% over the last 3 years and down to 13% last year, which is low relative to the 3.64x price-to-book multiple.
- Shareholder returns have been poor recently: the stock returned 0% CAGR over 5 years, 4% over 3 years and -12% over the last year, despite double-digit business growth.
- At 3.64x book value with ROE of about 13-14%, the valuation implies a return on price of only about 3.8% (ROE divided by P/B), so it depends heavily on growth continuing.
- The company has a low interest coverage ratio, reflecting the heavy borrowings of its lending subsidiary. This makes earnings sensitive to changes in funding costs and interest rates.
- The dividend yield of 0.09% is negligible, so shareholder returns depend almost entirely on price appreciation, which has been flat over 5 years.
- Last year's ROE of 13% is below the 10-year average of 14%, and TTM profit growth has slowed to 8%, suggesting capital efficiency is not improving as the balance sheet grows.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Insurance arms post strong August Sep 7
Bajaj Life new business premium jumped 32% YoY to ₹1,954 crore in August, driven by group single premiums. Bajaj General Insurance premium rose 11% YoY.
- AMC CIO flags supportive macro backdrop Sep 11
Bajaj Finserv AMC CIO Nimesh Chandan sees macro, earnings, credit and sentiment cycles all improving. He cited Q1 FY27 GDP growth of 7.8%, 18% YoY Nifty profit growth, bank credit growth of 18.3% as of Aug 15, and record SIP inflows of ₹32,297 crore in August, all of which help the group's lending and AMC businesses.
- ₹219 crore large trade on BSE Sep 24
About 12,34,102 shares changed hands at ₹1,775.00 each, worth ₹219.05 crore in total. This is an unconfirmed real-time signal, and buyer and seller identities were not disclosed.
- Healthcare Fund manager reshuffle Sep 28
Bajaj Finserv Healthcare Fund's management changes from Sep 28, 2026, with Sorbh Gupta coming in and Vinay Bafna stepping out. The report is internally inconsistent: it also names Nimesh Chandan as a new manager. The change has little impact at the group level.
TL;DR: Bajaj Finserv's operating momentum looks healthy. Its life insurance arm grew new business 32% in August and its general insurance arm grew premiums 11%, against a strong backdrop of credit growth and mutual fund inflows. None of these articles report company-specific headwinds. The main watchpoints are how much of Bajaj Life's growth comes from lumpy group single premiums, oil-price and global risks, and the fact that the top five Nifty contributors drove 60% of profit growth. If insurance growth holds and credit expansion stays near 18%, the near-term outlook stays constructive.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 23,280 | 26,023 | 29,038 | 32,041 | 31,480 | 33,704 | 32,042 | 36,433 | 35,288 | 37,403 | 39,708 | 38,494 | 42,037 |
| Expenses | 13,935 | 16,073 | 18,601 | 21,108 | 19,655 | 21,420 | 19,669 | 23,705 | 20,973 | 23,352 | 25,842 | 23,983 | 24,896 |
| Operating Profit | 9,345 | 9,950 | 10,438 | 10,933 | 11,825 | 12,283 | 12,373 | 12,728 | 14,315 | 14,050 | 13,866 | 14,511 | 17,141 |
| OPM % | 40% | 38% | 36% | 34% | 38% | 36% | 39% | 35% | 41% | 38% | 35% | 38% | 41% |
| Other Income | 3 | 0 | 2 | 4 | 3 | 3 | 3 | 10 | 13 | 3 | -378 | 25 | 5 |
| Interest | 4,020 | 4,449 | 4,777 | 5,154 | 5,592 | 6,046 | 6,276 | 6,396 | 6,807 | 6,901 | 7,232 | 7,291 | 7,834 |
| Depreciation | 202 | 209 | 232 | 257 | 267 | 275 | 288 | 339 | 317 | 327 | 330 | 317 | 380 |
| PBT | 5,125 | 5,292 | 5,431 | 5,527 | 5,968 | 5,966 | 5,812 | 6,002 | 7,204 | 6,825 | 5,926 | 6,928 | 8,932 |
| Tax % | 28% | 29% | 26% | 26% | 29% | 30% | 24% | 21% | 26% | 30% | 26% | 25% | 30% |
| Net Profit | 3,709 | 3,756 | 4,045 | 4,085 | 4,209 | 4,180 | 4,412 | 4,756 | 5,329 | 4,746 | 4,368 | 5,226 | 6,297 |
| EPS in Rs | 12.2 | 12.09 | 13.52 | 13.28 | 13.39 | 13.07 | 13.97 | 15.14 | 17.46 | 14.04 | 13.95 | 15.86 | 19.57 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 11,335 | 20,533 | 24,507 | 32,862 | 42,605 | 54,351 | 60,592 | 68,406 | 82,072 | 1,10,382 | 1,32,944 | 1,50,530 | 1,57,642 |
| Expenses | 5,823 | 13,795 | 15,794 | 22,074 | 27,569 | 36,094 | 40,950 | 46,951 | 52,204 | 69,497 | 83,420 | 93,433 | 98,074 |
| Operating Profit | 5,511 | 6,739 | 8,713 | 10,788 | 15,037 | 18,258 | 19,641 | 21,455 | 29,868 | 40,886 | 49,524 | 57,098 | 59,568 |
| OPM % | 49% | 33% | 36% | 33% | 35% | 34% | 32% | 31% | 36% | 37% | 37% | 38% | 38% |
| Other Income | 8 | 0 | 0 | 1 | 2 | 0 | -7 | 8 | 1 | -4 | -18 | -382 | -344 |
| Interest | 2,230 | 2,877 | 3,716 | 4,531 | 6,657 | 9,500 | 9,274 | 9,629 | 12,380 | 18,607 | 24,587 | 28,541 | 29,259 |
| Depreciation | 38 | 58 | 73 | 160 | 226 | 457 | 498 | 563 | 678 | 900 | 1,170 | 1,291 | 1,354 |
| PBT | 3,251 | 3,804 | 4,925 | 6,099 | 8,155 | 8,302 | 9,862 | 11,271 | 16,811 | 21,375 | 23,748 | 26,883 | 28,612 |
| Tax % | 26% | 27% | 30% | 32% | 34% | 28% | 25% | 26% | 27% | 27% | 26% | 27% | — |
| Net Profit | 2,409 | 2,775 | 3,450 | 4,176 | 5,374 | 5,994 | 7,367 | 8,314 | 12,210 | 15,595 | 17,558 | 19,669 | 20,637 |
| EPS in Rs | 10.62 | 11.71 | 14.21 | 16.65 | 20.23 | 21.17 | 28.09 | 28.63 | 40.29 | 51.07 | 55.57 | 61.24 | 63.42 |
| Div. Payout % | 2% | 1% | 1% | 1% | 1% | 2% | 1% | 1% | 2% | 2% | 2% | 2% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | 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 | 80 | 80 | 159 | 159 | 160 | 160 |
| Reserves | 11,009 | 13,519 | 16,071 | 20,403 | 23,660 | 31,222 | 35,750 | 40,167 | 46,248 | 60,169 | 72,236 | 77,755 |
| Borrowings | 26,312 | 36,062 | 48,282 | 65,695 | 99,754 | 1,27,212 | 1,28,461 | 1,61,179 | 2,12,265 | 2,88,933 | 3,55,855 | 4,29,914 |
| Other Liabilities | 50,827 | 54,290 | 64,181 | 75,337 | 84,934 | 92,791 | 1,15,554 | 1,31,987 | 1,46,729 | 1,88,154 | 2,23,269 | 2,50,666 |
| Total Liabilities | 88,228 | 1,03,951 | 1,28,614 | 1,61,514 | 2,08,428 | 2,51,304 | 2,79,845 | 3,33,413 | 4,05,401 | 5,37,415 | 6,51,519 | 7,58,495 |
| Fixed Assets | 1,261 | 1,274 | 1,645 | 1,792 | 2,097 | 3,216 | 3,182 | 3,586 | 4,336 | 5,455 | 6,297 | 6,729 |
| CWIP | 3 | 11 | 4 | 28 | 66 | 45 | 129 | 113 | 191 | 220 | 314 | 321 |
| Investments | 51,367 | 53,698 | 62,658 | 69,428 | 81,679 | 91,821 | 1,13,654 | 1,19,222 | 1,36,176 | 1,70,127 | 1,90,130 | 1,94,414 |
| Other Assets | 35,598 | 48,969 | 64,306 | 90,266 | 1,24,587 | 1,56,223 | 1,62,879 | 2,10,493 | 2,64,698 | 3,61,613 | 4,54,778 | 5,57,031 |
| Total Assets | 88,228 | 1,03,951 | 1,28,614 | 1,61,514 | 2,08,428 | 2,51,304 | 2,79,845 | 3,33,413 | 4,05,401 | 5,37,415 | 6,51,519 | 7,58,495 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -10,731 | -9,795 | -10,922 | -19,580 | -27,076 | -23,369 | 4,547 | -33,670 | -39,480 | -65,502 | -61,750 | -55,301 |
| Investing | 3,709 | -886 | 151 | -922 | -6,903 | -9,948 | -3,684 | 1,445 | -13,945 | -14,132 | -7,987 | -12,635 |
| Financing | 6,839 | 11,602 | 12,513 | 19,590 | 34,535 | 34,479 | 1,687 | 32,326 | 51,016 | 82,709 | 69,828 | 66,610 |
| Net Cash Flow | -183 | 921 | 1,742 | -911 | 555 | 1,162 | 2,551 | 101 | -2,409 | 3,075 | 92 | -1,326 |
| Free Cash Flow | -10,731 | -9,795 | -10,922 | -19,883 | -27,646 | -24,239 | 4,096 | -34,420 | -40,603 | -66,811 | -63,466 | -56,619 |
| CFO/OP | -195 | -145 | -125 | -162 | -161 | -113 | 34 | -142 | -117 | -146 | -111 | -84 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 17 | 12 | 19 | 19 | 19 | 18 | 17 | 16 | 15 | 20 | 23 | 23 |
| Cash Conversion Cycle | 17 | 12 | 19 | 19 | 19 | 18 | 17 | 16 | 15 | 20 | 23 | 23 |
| Working Capital Days | -741 | -341 | -301 | -750 | -644 | -417 | -490 | -493 | -444 | -406 | -377 | -364 |
| ROCE % | 15% | 14% | 14% | 13% | 13% | 11% | 10% | 10% | 11% | 12% | 11% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Bajaj Finserv Ltd. is the holding company for the various financial services businesses under the Bajaj group. It serves millions of customers by providing solutions for asset acquisition through financing, asset protection through general insurance, family and income protection in the form of life and health insurance, and retirement and savings solutions.[1]
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