BHIL Q1: consol PAT ₹2,708 Cr, ~28% higher adjusted; reported -23% on prior-year BFS gain

Bajaj Holdings & Investment (BHIL) reported Q1 FY27 consolidated PAT of ₹2,708 Cr (₹2,706 Cr attributable to owners), down 22.7% from the year-ago ₹3,504 Cr. That headline decline is entirely a base effect: Q1 FY26 carried a ₹1,522 Cr exceptional gain from BHIL selling 1.04 crore Bajaj Finserv shares. Strip that out on both sides and consolidated profit is up ~28.5% (₹2,706 Cr vs ₹2,106 Cr) — the number that reflects the underlying business. Standalone PAT was ₹344 Cr against a reported ₹2,036 Cr (which included a ₹1,983 Cr BFS-sale gain); on a like-for-like basis standalone rose from ₹194 Cr, lifted by ₹348 Cr of dividend income booked this quarter.

BHIL is a pure holding company, so its ₹419 Cr of total income is almost incidental — the profit engine is the ₹2,358.69 Cr equity-pickup share of associates, up 24.6% YoY from ₹1,893 Cr. That in turn is driven by the two anchors: Bajaj Auto's consolidated PAT rose 46% to ₹3,226 Cr (standalone EBITDA margin 20.9%) and Bajaj Finserv's consolidated PAT rose 12% to ₹3,132 Cr (+5% adjusted for insurance-subsidiary mark-to-market swings); Maharashtra Scooters contributed just ₹3 Cr vs ₹35 Cr. Consolidated EPS was ₹243.18 vs ₹313.27, tracking the same one-off distortion.

The stock went into the print at ₹11,335, up 4.4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 3 consecutive quarters.

BHIL is not covered on a quarterly-PAT consensus basis — it trades on NAV and a holding-company discount rather than an earnings estimate, and management issues no formal guidance. The quarter confirms the strength already visible in the associate prints (Bajaj Auto's 46% and Bajaj Finance's 28% jumps) flowing up into the pickup line. Disclosed NAV was ₹21,062 per share against a book value of ₹2,425, with the investment portfolio marked at ₹2,34,401 Cr. Alongside the result the board's ₹130/share dividend (declared in May) and the 81st AGM sit on the same 31 July date; separately, BHIL's application to re-categorise as an Unregistered Core Investment Company (filed 12 November 2025) remains under RBI review — a structural item to track but with no bearing on this quarter's numbers.