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 3.93 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
anthropic claude-opus-4.6 2d agoBajaj Finserv Ltd, with a market cap of ₹3,05,289 Cr and a PE of 14.9x, is a diversified financial services conglomerate that has delivered a 22% compounded sales CAGR over the last 10 years alongside an 18% profit CAGR over the same period. However, the stock has declined 5% over the past year, ROE stands at a modest 13-14% range, and it trades at roughly 4x book value.
- Strong long-term revenue trajectory with 10-year compounded sales CAGR of 22%, indicating consistent business expansion across lending, insurance, and asset management verticals
- Robust 10-year compounded profit CAGR of 18%, demonstrating the company's ability to convert top-line growth into earnings over extended periods
- Median sales growth of 20.2% over the last 10 years reflects a durable and repeatable growth engine rather than a one-off spike
- TTM revenue growth of 15% shows the company continues to grow at a healthy pace even on a larger base, sustaining double-digit momentum
- PE ratio of 14.9x is moderate for a diversified financial services holding company, suggesting the stock is not trading at an excessive earnings multiple relative to its growth history
- 5-year compounded sales CAGR of 20% and profit CAGR of 17% indicate that the medium-term growth trajectory remains intact and broadly consistent with the longer 10-year trend
- Market cap of ₹3,05,289 Cr provides significant scale advantages, institutional investor comfort, and index inclusion benefits that support liquidity
- ROE has remained stagnant at 13-14% over 3, 5, and 10-year periods, and dipped to 13% last year, indicating limited improvement in capital efficiency despite scale gains
- Stock trades at 3.96x price-to-book, which is elevated given the sub-14% ROE — the spread between PB and ROE suggests the market may be pricing in growth that has yet to materialize in returns
- Low interest coverage ratio flagged as a known concern, which in a rising or volatile rate environment could pressure profitability across the group's lending subsidiaries
- Stock price CAGR of -5% over the past 1 year indicates recent underperformance and negative near-term sentiment despite continued earnings growth
- TTM profit growth of only 8% represents a notable deceleration from the 3-year CAGR of 16% and 5-year CAGR of 17%, raising questions about margin sustainability
- Dividend yield of just 0.08% is negligible, offering virtually no income return to shareholders and suggesting limited near-term capital return policy
- 5-year stock CAGR of only 3% significantly lags the 5-year profit CAGR of 17%, indicating that valuation compression has offset underlying earnings growth over a meaningful period
- 3-year stock CAGR of 8% trails the 3-year profit CAGR of 16%, reinforcing the pattern of the market re-rating the stock downward even as fundamentals grow
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Oil price and geopolitical risk Sep 11
CIO Nimesh Chandan flagged Middle East crisis and oil price volatility as ongoing concerns, though India has managed impact through source diversification and partial pass-through of price increases.
- Earnings growth concentration risk Sep 11
Top 5 contributors accounted for 60% of the increase in Nifty profits in Q1 FY27, suggesting broad-based earnings recovery is still nascent.
- Four bullish cycles aligning Sep 11
Bajaj Finserv AMC CIO identifies macro (7.8% GDP growth Q1 FY27), earnings (18% Nifty profit growth), credit (18.3% bank credit growth), and sentiment cycles all turning positive simultaneously for Indian equities.
- Insurance subsidiaries strong growth Sep 7
Bajaj General Insurance premiums grew 11% YoY in August while Bajaj Life new business surged 32% to ₹1,954 crore, driven by group single premiums.
- MOFSL Buy, ₹2,490 target Aug 18
Motilal Oswal maintained Buy rating with ₹2,490 target price, citing shift from market-share chasing to higher-quality profitable growth across lending, insurance, and digital businesses.
- New business diversification push Aug 18
Board approved entry into reinsurance (initially India-focused), with plans to expand into wealth management and pensions, while health, markets, and AMC businesses are narrowing losses.
- Insurance mix improving profitability Aug 18
Bajaj Life reducing ULIP dependence in favor of protection, guaranteed-return, and annuity products; General Insurance maintaining strong combined ratio while walking away from uneconomic volumes.
- Record mutual fund inflows Sep 11
Domestic equity MF inflows rose 19% MoM to ₹29,328 crore in August with SIP inflows hitting record ₹32,297 crore, supporting broader market participation.
- Analyst meet scheduled Aug 20 Aug 17
Bajaj Finserv scheduled an in-person institutional investor and analyst meet in Pune on August 20, 2026, limited to publicly available information.
TL;DR: Bajaj Finserv is firing on multiple cylinders — insurance subsidiaries are delivering strong premium growth with improving product mix, the AMC business is scaling, and new ventures in reinsurance, wealth management, and pensions diversify the earnings base. Motilal Oswal's ₹2,490 target reflects confidence in the group's shift toward profitable growth over volume. Key risks are external — oil price volatility and concentrated earnings recovery across broader markets. The trend is clearly improving, with all four macro cycles identified by the CIO aligning favorably for both the company and Indian equities heading into H2 FY27.
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 | 36,595 | 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 | 23,868 | 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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