Bajaj Finserv Limited · Research view

Bajaj Finserv Limited

NSE: BAJAJFINSVBSE: 532978ISIN INE918I01026Face value ₹1consolidated

₹1,730

−0.87% · 2026-10-01 · 52-wk ₹1,632–₹2,177

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

StrengthTalking point

Compounding revenue

Revenue compounded at 21.8% a year over 4 years (₹68,406 → ₹1,50,504).

Importance 59 / 95 · growth

StrengthTalking point

Book value compounding

Net worth compounded at 20.7% a year over 4 years (₹66,320 → ₹1,40,965).

Importance 58 / 95 · financial health

Context

Stock has lagged the business

Over 4 years profit compounded at 24.0% a year while the stock returned 3.9% a year — but FY2022 profit (₹8,314) was well below the through-cycle level (~₹15,595), so this rate is inflated by the recovery from a low base.

Importance 50 / 95 · business vs stock

Section 03 · The company

Who is this company?

Classified by the exchange under Financial Services › Financial Services › Finance › Holding Company.

Market cap: ₹2.77 L cr
FY2026 revenue: ₹1,50,504 cr
FY2026 net profit: ₹19,669 cr
Net worth: ₹1,40,965 cr
Total debt: —net cash
EPS (basic): ₹123.03
Listed: NSE · BSE
Reporting: Ind-AS (NBFC)Apr–Mar

Peer set used on this page: 2 holding company.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated

RevenueNet profit

Strength

Revenue compounded at 21.8% a year over 4 years (₹68,406 → ₹1,50,504).

Rule REVENUE_CAGR_STRONG

Revenue growth per year: +21.8%over 4 years
Revenue growth: +12.5%vs last year
Net profit growth: +12.0%vs last year
Change in net profit since FY22: +137%

Net profit grew 12.0% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 revenue was ₹42,037 cr, up 18.6% from ₹35,439 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 net profit was ₹6,297 cr, up 18.2% from ₹5,329 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 EBIT was ₹16,761 cr, up 19.6% from ₹14,010 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	33,704	—	4,180	—	12.4%
Q3 FY25	32,042	+10.3%	4,412	+9.1%	13.8%
Q4 FY25	36,595	+14.2%	4,756	+16.4%	13.0%
Q1 FY26	35,439	+12.6%	5,329	+26.6%	15.0%
Q2 FY26	37,403	+11.0%	4,746	+13.5%	12.7%
Q3 FY26	39,708	+23.9%	4,368	−1.0%	11.0%
Q4 FY26	38,494	+5.2%	5,226	+9.9%	13.6%
Q1 FY27	42,037	+18.6%	6,297	+18.2%	15.0%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹1,57,642 crTTM
EBITDA: ₹59,582 crTTM
EBIT: ₹58,229 crTTM
PBT: ₹28,591 crTTM
Net profit: ₹20,637 crTTM

C. Corporate actions

30 Jun 2026DividendFinal Dividend - Rs. - 1.5000 — ₹1.50/share

27 Jun 2025DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

21 Jun 2024DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share

30 Jun 2023DividendFinal Dividend - Rs. - 0.8000 — ₹0.80/share

13 Sept 2022Bonus issueBonus issue 1:1 — 1:2

13 Sept 2022Stock splitStock Split From Rs.5/- to Rs.1/- — 5:1

30 Jun 2022DividendDividend - Rs. - 4.0000 — ₹4.00/share

8 Jul 2021DividendDividend - Rs. - 3.0000 — ₹3.00/share

3 Mar 2020DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share

11 Jul 2019DividendDividend - Rs. - 2.5000 — ₹2.50/share

5 Jul 2018DividendDividend - Rs. - 1.7500 — ₹1.75/share

6 Jul 2017DividendDividend - Rs. - 1.7500 — ₹1.75/share

16 Mar 2016DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share

9 Jul 2015DividendDividend - Rs. - 1.7500 — ₹1.75/share

3 Jul 2014DividendDividend - Rs. - 1.7500 — ₹1.75/share

4 Jul 2013DividendDividend - Rs. - 1.5000 — ₹1.50/share

6 Sept 2012Rights issueRight Issue of Equity Shares

5 Jul 2012DividendDividend - Rs. - 1.5000 — ₹1.50/share

29 Jun 2011DividendDividend - Rs. - 1.2500 — ₹1.25/share

8 Jul 2010DividendDividend - Rs. - 1.0000 — ₹1.00/share

2 Jul 2009DividendDividend - Rs. - 1.0000 — ₹1.00/share

27 Jun 2008DividendDividend - Rs. - 1.0000 — ₹1.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Margin and return trends are shown above.

EBITDA margin now: 37.7%
5-year range: 31.2–37.7%
ROE FY2026: 14.6%
ROCE FY2026: —

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Strength

Net worth compounded at 20.7% a year over 4 years (₹66,320 → ₹1,40,965).

Rule NET_WORTH_COMPOUNDING

Operating cash flow vs net profit₹ crore · FY22–FY26

Operating cash flowNet profit

Total debt: —
Operating cash flow ÷ net profit: -2.81×FY2026
Free cash flow: ₹−56,185 cr
Current ratio: —

Section 08 · Relative position

How does it compare with peers?

Ranked against 2 holding company (FY2026, consolidated). No peer-relative rule fired for this company.

Not enough peers in this set report the underlying metrics yet for a ranking.

P / E: 13.4×TTM to Jun 26
P / B: 2.0×latest book
P / S: 1.8×TTM sales
Earnings yield: 7.5%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 14.1× · P/S 1.8× · ROE 14.6%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Context

Rule STOCK_LAGGED_EARNINGS · recovery

Business vs stock — 5-year compound annual rate

1-year return: −13.8%
3-year return: +12.3%
5-year return: +0.7%
From 52-wk high: −20.5%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹1,946
vs 200-day avg: Below₹1,892
RSI (14): 21.8oversold
MACD histogram: -17.8
From 52-wk high: −20.5%
From 52-wk low: +6.0%
30-day volatility: 18.7%ann.
6-month return: +1.5%

RSI (14) · 0–10021.8 — oversold

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Nothing is flagged for review for this company.

The price-adjusted series does not correct for a rights issue (ex-date 2012-09-06) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY22	FY23	FY24	FY25	FY26
Revenue	68,406	82,071	1,10,382	1,33,821	1,50,504
Total income	68,439	82,072	1,10,383	1,33,822	1,50,530
EBITDA	21,332	29,689	40,667	49,210	56,769
Profit before tax	11,271	16,810	21,367	23,730	26,867
Net profit	8,314	12,210	15,595	17,558	19,669
EPS (₹)	522.4	76.7	97.8	110.0	123.0
Net worth	66,320	77,598	1,03,776	1,28,434	1,40,965
Operating cash flow	−33,670	−39,480	−68,674	−62,113	−55,301
Free cash flow	−34,161	−40,259	−69,512	−63,288	−56,185

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	20.0	34.5	21.2	12.5
Profit growth YoY	—	46.9	27.7	12.6	12.0
Profitability
EBITDA margin %	31.2	36.2	36.8	36.8	37.7
Net margin %	12.1	14.9	14.1	13.1	13.1
Return on equity %	12.5	17.0	17.2	15.1	14.6
Return on capital %	—	—	—	—	—
Leverage & cash
Debt to equity	—	—	—	—	—
Cash flow ÷ profit	-4.05	-3.23	-4.40	-3.54	-2.81
Current ratio	—	—	—	—	—