Bajaj Finserv Q1 Results FY26: PAT up 30% to ₹2,789cr

The headline: record quarterly profit for Q1 FY26

Bajaj Finserv reported a sharp rise in consolidated profit for Q1 FY26, led by contributions from its lending and insurance businesses. The company’s consolidated profit after tax (PAT) rose 30.47% year-on-year (YoY) to ₹2,789.05 crore, compared with ₹2,137.70 crore in Q1 FY25. Consolidated total income increased 13% YoY to ₹35,451 crore from ₹31,480 crore in the year-ago quarter. Management described the Q1 FY26 PAT as an all-time high quarterly figure for Bajaj Finserv. The update was shared alongside the group’s published results and commentary dated July 25, 2025.

Consolidated numbers: income up 13%, PAT up 30%

On a consolidated basis, the key movement was the faster growth in profits compared with income. Total income came in at ₹35,451 crore for Q1 FY26 versus ₹31,480 crore in Q1 FY25, a 13% increase. PAT rose to ₹2,789 crore from ₹2,138 crore, translating into roughly 30% growth. In management commentary, it was also flagged that profit before tax (PBT) growth on a consolidated basis was 21%. The company’s narrative emphasised broad-based performance across its core verticals.

Additional disclosed line items: total income and revenue from operations

Alongside the quarterly highlights, the provided disclosure also lists two large consolidated line items. Total income was stated at ₹150,530.38 crore, up 13.2% YoY. Total revenue from operations was stated at ₹150,501.77 crore, also up 13.2% YoY. These figures were presented separately from the Q1 FY26 consolidated total income of ₹35,451 crore, and were not further broken down in the provided material. Investors typically track such line items to understand how revenue recognition and other income components are moving across reporting periods.

Bajaj Finance: PAT rises 20% and AUM grows 25%

Bajaj Finance, the group’s consumer lending arm, reported a YoY rise in PAT of 20% to ₹4,699 crore. Assets under management (AUM) grew 25% YoY to ₹441,450 crore. The management commentary linked the momentum to demand across retail and SME segments. It also highlighted improved digital onboarding and branch expansion as operating drivers. The group note added that Bajaj Finance’s AUM continued its upward trajectory, supported by higher customer additions and deeper geographical reach.

General insurance (BAGIC): premium growth and profitability trends

Bajaj Allianz General Insurance Company (BAGIC) reported gross written premium (GWP) of ₹5,202 crore for Q1 FY26, up 9% YoY from ₹4,761 crore in Q1 FY25. The company also disclosed an adjusted view of growth excluding tender-driven crop and government health premium and the impact of an accounting change for long-term products. On that basis, Q1 FY26 GWP was stated at ₹5,358 crore compared with ₹4,664 crore in Q1 FY25, implying 15% growth and described as higher than the industry growth in the provided note.

On profitability, BAGIC’s PAT for Q1 FY26 was reported at ₹660 crore, up 15% YoY. Net earned premium was ₹2,229 crore versus ₹2,232 crore in Q1 FY25, indicating stability in earned premium despite higher written premium. In the Q1 FY26 management commentary, BAGIC was described as posting healthy underwriting profits with stable combined ratios, even with weather-related claims.

Life insurance (BALIC): PAT up 76%, premium mix shifts

Bajaj Allianz Life Insurance (BALIC) reported gross written premium of ₹5,478 crore for Q1 FY26, up 9% YoY. PAT rose sharply to ₹171 crore, up 76% YoY. The company also disclosed movement in premium mix: renewal premium increased 28% to ₹3,162 crore, while new business premium for Q1 FY26 stood at ₹2,316 crore compared with ₹2,541 crore in Q1 FY25. Management commentary pointed to strong growth in new business premiums and improved persistency ratios.

What management highlighted in the Q1 FY26 concall

In the Q1 FY26 concall commentary included in the provided material, Bajaj Finserv said performance was strong across life insurance, general insurance, and consumer lending. Demand in retail and SME segments was highlighted as a key support. The management also pointed to improved digital onboarding and branch expansion as operating levers. For life insurance, the emphasis was on premium growth and better persistency. For general insurance, the company referenced underwriting profits and stable combined ratios despite weather-related claims.

Snapshot table: key numbers cited in the disclosure

Context from other quarters mentioned in the material

The provided text also references results across other quarters, offering additional context on the group’s recent trajectory. For Q2 FY26, consolidated total income was listed at ₹37,403 crore compared with ₹33,704 crore in Q2 FY25, a change of 11%. For Q3 FY26, “net total income” was stated at ₹13,875 crore versus ₹11,673 crore in Q3 FY25, up 19%. Separately, for Q3 FY24, consolidated total income was reported at ₹29,038 crore, up 33% compared with ₹21,755 crore in Q3 FY23.

An additional data point cited was BAGIC’s gross direct premium underwritten of ₹2,063.22 crore for August. While this is not directly comparable to quarterly GWP figures, it provides a monthly indicator for premium flow.

Why the Q1 FY26 result matters for investors

The Q1 FY26 outcome shows stronger profit growth than income growth at the Bajaj Finserv consolidated level, with PAT rising about 30% against a 13% rise in total income. Subsidiary-level disclosures indicate that profitability improvements were not limited to one business line. Bajaj Finance reported both profit growth and AUM expansion, while both BAGIC and BALIC reported YoY PAT increases. The insurance disclosures also show detail on premium growth, adjustments excluding bulky government-linked lines, and earned premium stability.

Conclusion

Bajaj Finserv’s Q1 FY26 results show a 30% YoY rise in consolidated PAT to ₹2,789 crore, supported by a 13% rise in consolidated total income to ₹35,451 crore. Subsidiaries reported growth in lending AUM and profits, along with premium and profit expansion in general and life insurance. Management’s commentary focused on retail and SME demand, scaling distribution, and operational improvements such as digital onboarding. Investors are likely to track subsequent quarterly disclosures, given the additional Q2 FY26 and Q3 FY26 income figures cited in the same material.