Bajaj Finserv Q4 FY2026: Adjusted growth stays strong amid MTM volatility

Consolidated total revenue was 38,508 crore and consolidated PAT was 2,539 crore in Q4 FY2026.

Management stated insurance investment portfolios saw temporary MTM losses due to geopolitical tensions, which reduced reported revenue and PAT; adjusted metrics are gross of such MTM movements.

For Q4 FY2026, revenue mix was: Bajaj Finance 56%, Bajaj Life 24%, Bajaj General 20%, Others 1%, BFS standalone 0%, and inter-company eliminations -2%.

Bajaj Finance reported AUM of 5,09,975 crore and PAT of 5,464 crore for Q4 FY2026.

Total GWP was 4,322 crore (flat YoY), GWP excluding crop and government health was 4,111 crore (up 8.3%), PAT was 365 crore, and combined ratio was 113.6%.

VNB was 709 crore and VNB margin was 24.5% in Q4 FY2026.

Management said both insurance companies plan to seek a one-year forbearance and transition to Ind AS from 1 April 2027.