This document is a regulatory filing containing the transcript of the Q1 FY2027 Earnings Conference Call for Bajaj Finserv Limited, held on Friday, 31 July 2026 at 5:15 p.m. (IST). The call was hosted by JM Financial Limited and featured extensive management commentary on the financial and operational performance of Bajaj Finserv and its key subsidiaries.

Management Participants:

  • Mr. S. Sreenivasan – President, Insurance and Special Projects – Bajaj Finserv Limited
  • Mr. Ramandeep Singh Sahni – Chief Financial Officer – Bajaj Finserv Limited
  • Mr. Tapan Singhel – Managing Director and Chief Executive Officer – Bajaj General Insurance Limited
  • Mr. Tarun Chugh – Managing Director and Chief Executive Officer – Bajaj Life Insurance Limited
  • Mr. Avais Karmali – Chief Financial Officer – Bajaj General Insurance Limited
  • Mr. Vipin Bansal – Chief Financial Officer – Bajaj Life Insurance Limited
  • Mr. Ashish Panchal – Managing Director and Chief Executive Officer – Bajaj Finserv Direct Limited
  • Mr. Deepak Matai – Chief Executive Officer – Bajaj Finserv Health Limited
  • Mr. Ganesh Mohan – Managing Director – Bajaj Asset Management Limited

Moderator: Mr. Raghvesh from JM Financial Limited.

The transcript was uploaded to the company's website on 5 August 2026 in compliance with SEBI Listing Regulations (Regulation 30 r/w Clause 15 of Part A of Schedule III).

Financial Period Discussed: Quarter ended 30 June 2026 (Q1 FY2027).

Key Financial Highlights Disclosed in the Transcript:

Consolidated Bajaj Finserv Ltd. (BFS):

  • Consolidated Total Income: ₹42,037 crore (19% YoY growth)
  • Consolidated Profit After Tax (PAT): ₹6,297 crore (18% YoY growth)

Bajaj General Insurance Limited:

  • Gross Written Premium (GWP): ₹5,789 crore (11.3% YoY growth)
  • Underwriting Loss: ₹130 crore (vs. ₹116 crore YoY)
  • Combined Ratio: 104.7% (elevated due to de-growth in fire segment and higher government health business loss ratios)
  • Profit: ₹478 crore (vs. ₹660 crore YoY, impacted by lower capital gains)
  • Annualized ROE (ex-surplus capital): 17.3%
  • Assets Under Management (AUM): ₹35,000 crore (reduced due to buyback and dividend payout actions totaling ₹3,515 crore)
  • Solvency Ratio: 254%

Bajaj Life Insurance Limited:

  • Retail Weighted Received Premium: ₹1,474 crore (17.5% YoY growth)
  • Retail Protection Contribution: 12% of retail business (60% YoY growth)
  • Group Protection Business Growth: 95% YoY
  • Value of New Business (VNB): ₹271 crore (87% YoY growth)
  • New Business Margin: 15.9% (vs. 11.1% YoY; expanded by 4.8% despite a 2.9% GST impact)
  • Gross Written Premium (GWP) Growth: 35% YoY (driven by 18% renewal premium growth)
  • Profit After Tax: ₹51 crore (vs. ₹171 crore YoY, impacted by lower capital gains and GST)
  • Assets Under Management (AUM): ₹1,43,744 crore (up 10% YoY)
  • Solvency Ratio: 285%

Bajaj Finance Limited (Material Subsidiary):

  • New Loans Booked: 1.61 crore (20% YoY growth)
  • AUM: ₹5,46,944 crore (24% YoY growth)
  • Net Total Income: ₹15,224 crore (22% YoY growth)
  • PAT: ₹6,081 crore (27.6% YoY growth)
  • Opex to Net Total Income: 33.4% (vs. 33.1% YoY)
  • Loan Loss Provision: ₹1,993 crore (vs. ₹1,969 crore YoY)
  • Loan Loss to AUM Ratio: 1.54% (vs. 1.87% YoY)
  • GNPA: 0.96% | NNPA: 0.39%
  • Capital Adequacy: 20.9% (as of 30 June 2026)

Bajaj Housing Finance Limited (Subsidiary of Bajaj Finance):

  • AUM Growth: 24% YoY
  • Net Interest Income: ₹968 crore (9% YoY growth)
  • Opex to Net Total Income: 19.6% (vs. 21.2% YoY)
  • GNPA: 0.29% | NNPA: 0.12%
  • PAT: ₹715 crore (23% YoY growth)
  • Capital Adequacy Ratio: 21.59% (as of 30 June 2026)

Emerging Businesses:

Bajaj Finserv Health Limited:

  • Healthcare Transactions: 6 million (vs. 5.6 million YoY)
  • Provider Network: 1,30,000+ doctors, 15,000+ hospitals, 7,000+ lab touch points

Bajaj Finserv Direct Limited (Bajaj Markets):

  • Total Disbursement: ₹2,269 crore (up from ₹2,046 crore QoQ and ₹1,209 crore YoY)
  • Unique Partner Count: 103
  • Operating Revenue: ₹107 crore (32% growth)

Bajaj Asset Management Limited:

  • AUM: ₹31,444 crore (26% YoY growth)
  • Equity Mix: 63%
  • Non-Group AUM Share: 91%
  • SIP Book Growth: 66% YoY | SIP Folios Growth: 69% YoY

Strategic Updates & Forward-Looking Statements:

  • The Board approved setting up a reinsurance company. Necessary regulatory approvals will be sought.
  • An Alternate Investments company has commenced operations with PMS products; real estate and AI AIF launches are expected in the coming quarter.
  • Bajaj Finserv Direct Limited (Bajaj Markets) expects to break even in Q3 or Q4 FY2027.
  • Bajaj Finserv Health Limited expects to break even in Q3 or Q4 FY2028.
  • Bajaj Asset Management Company targets reaching ₹1 lakh crore AUM in the next 3 years.
  • Both insurance companies will transition to Ind AS accounting from 1 April 2027.

Compliance Language: The management affirmed that any forward-looking statements are estimates and do not constitute an assurance of future performance.

Additional Notes Section

  • The document is an enclosed transcript (pdf) of the conference call, submitted for ease of reference.
  • The transcript contains detailed management commentary and a Q&A session with analysts from Nomura, Wealth Managers India, Avendus Spark, Motilal Oswal, Investec, and JM Financial.
  • The summary includes all financial data and strategic themes explicitly disclosed in the transcript.