Bajaj Finserv Q2 FY27: consol PAT +25% YoY to ₹5,952 Cr, owners' profit misses Street

Bajaj Finserv's consolidated total income rose 17% YoY to ₹43,416 Cr and total group profit after tax rose 25% YoY to ₹5,952 Cr for the quarter ended 30 September 2026, per the company's own press release. Because Bajaj Finance is only 51.3%-owned and the insurance subsidiaries carry minority stakes, profit attributable to BFS's own shareholders was lower at ₹2,758 Cr — still up 23% YoY, but down 12% sequentially from Q1 FY27's ₹3,132 Cr (EPS fell to ₹17.22 from ₹19.60 QoQ, though up from ₹14.05 YoY). Against the pre-result Street band of roughly ₹3,300–3,500 Cr for owners' PAT, the print came in below range — a miss even as YoY growth held in the low-20s%. Group-level NPM (PAT/total income) was 13.7%, expanding from 12.7% a year earlier but down from 15.0% in Q1 FY27, a quarter that was itself unusually strong (market reports put Q1 FY27 group PAT growth near +182% YoY, pointing to a one-off or mark-to-market boost that didn't repeat). Bajaj Finance, the group's dominant profit contributor, grew consolidated PAT 29% YoY to ₹6,367 Cr on 26% AUM growth to ₹5,84,624 Cr, with loan losses up a modest 4% and gross NPA improving to 1.06% from 1.24%. Bajaj Life Insurance's net value of new business — its core profitability metric — grew 40% YoY to ₹512 Cr on 29% growth in new business premium, consistent with the preview's thesis of accelerating insurance momentum. Working the other way, Bajaj General Insurance's PAT fell 19% YoY to ₹420 Cr as its claim ratio rose to 83.7% from 75.8% on ₹75 Cr of NATCAT claims, pushing the combined ratio to 104.5% from 102.3% (102% excluding NATCAT). Management's prior commentary carried no numeric FY27 revenue or margin guidance, only product-level breakeven timelines for Finserv Direct and Bajaj Finserv Health (Q3/Q4 FY27 and FY28/FY29 respectively); this quarter's combined emerging-businesses loss of ₹144 Cr was described by management as "as envisaged," consistent with that trajectory. The quarter also confirms several pre-result watch items: Bajaj Reinsurance Limited was incorporated in October 2026 as a wholly owned subsidiary, the Allianz exit is now reflected in the renamed Bajaj General Insurance and Bajaj Life Insurance entities, and Bajaj General Insurance named Deepak Reddy CEO designate (23 October 2026). Separately, Bajaj Finance's board approved a ₹11,700 Cr QIP alongside a ₹5,800 Cr preferential warrant issue to Bajaj Finserv (1 October 2026), which BFS has flagged intent to fully subscribe — a capital commitment to watch over the next few quarters. Management's own release headlines both the ₹5,952 Cr group PAT (+25%) and the ₹2,758 Cr owners'-attributable PAT (+23%) side by side, and separately discloses that excluding unrealised mark-to-market swings on the insurers' equity book, owners' PAT would have grown 22% YoY to ₹2,978 Cr — a cleaner read broadly consistent with the headline growth rate.