BHIL portfolio reaches Rs 2.40 lakh crore; RBI review pending

Bajaj Holdings & Investment Limited (BHIL) reported an investment portfolio market value of Rs 2.40 lakh crore on 30 September 2026, up from Rs 2.16 lakh crore on 31 March 2026, led by strategic group-company equity valued at Rs 2.38 lakh crore. Its application to become an unregistered core investment company remained under Reserve Bank of India review.

What drove BHIL’s portfolio to Rs 2.40 lakh crore?

BHIL’s strategic equity investments in group companies drove the Rs 2.40 lakh crore portfolio market value at 30 September 2026. These investments were valued at Rs 2.38 lakh crore, compared with Rs 2.13 lakh crore at 31 March 2026, accounting for nearly all of the Rs 24,331 crore increase in the total portfolio market value over the six-month period.

The strategic portfolio’s cost rose to Rs 19,841 crore from Rs 19,471 crore, while its market value increased by Rs 24,988 crore. The difference between cost and market value reflects the valuation of the group-company holdings at the reporting date, rather than operating income reported by BHIL.

BHIL’s other portfolio categories did not contribute to the six-month market-value increase. Debt securities were valued at Rs 1,368 crore on 30 September 2026, down from Rs 1,757 crore at 31 March 2026, while investment properties remained unchanged at Rs 371 crore. Equity shares classified as “others” had a Rs 268 crore market value on 31 March 2026 but were shown as nil on 30 September 2026.

How does BHIL’s market value compare with investment cost?

BHIL’s portfolio had a cost of Rs 21,371 crore against a market value of Rs 2.40 lakh crore on 30 September 2026. At 31 March 2026, the corresponding figures were Rs 21,660 crore and Rs 2.16 lakh crore, meaning total cost decreased by Rs 289 crore while reported market value increased by Rs 24,331 crore.

The cost composition shows that strategic equity remained the central holding. Its Rs 19,841 crore cost at 30 September 2026 was the largest component of the Rs 21,371 crore total, while debt securities cost Rs 1,368 crore and investment properties cost Rs 162 crore. BHIL describes itself as essentially a holding company with Bajaj Group investments, with income expected predominantly through dividends and interest from those investments.

The standalone income statement illustrates that holding-company model. Dividend received was Rs 2,014 crore in the first half of financial year 2026-27, or H1 FY27, compared with Rs 2,205 crore in H1 FY26. Total income declined to Rs 2,124 crore from Rs 2,822 crore, as H1 FY26 included Rs 258 crore of net profit on debt securities and Rs 359 crore of interest and other income, versus Rs 8 crore and Rs 102 crore respectively in H1 FY27.

Standalone profit after tax was Rs 1,748 crore in H1 FY27, compared with Rs 4,217 crore in H1 FY26. The earlier period included Rs 1,983 crore of profit on sale of Bajaj Finserv Ltd. equity shares, whereas no such profit was recorded in H1 FY27. BHIL’s other comprehensive income, net of tax, was negative Rs 1,978 crore in H1 FY27, resulting in total comprehensive income of negative Rs 230 crore.

What is the status of BHIL’s RBI CIC application?

BHIL’s application to re-categorise itself as an unregistered core investment company, or CIC, was under review by the Reserve Bank of India, or RBI, as of its 3 November 2026 half-yearly report. BHIL filed the application on 12 November 2025 and stated that its investment portfolio is aligned with the RBI’s CIC Directions.

The report does not state a decision date, approval, rejection or condition attached to the RBI review. It says only that the application remains under review. Accordingly, the disclosed regulatory position is a pending application, alongside BHIL’s statement that its portfolio aligns with the applicable CIC Directions.

BHIL continued to describe itself as a holding company in its H1 FY27 report. Its stated model is to hold investments in the Bajaj Group and earn income predominantly through dividends and interest, a structure reflected in the Rs 2,014 crore of dividend income reported for the half year ended 30 September 2026.

Which holdings underpin BHIL’s strategic investment portfolio?

BHIL’s principal consolidated holdings include Bajaj Auto Ltd., Bajaj Finserv Ltd. and Bajaj Nivesh Ltd. BHIL consolidated a 37.29% stake in Bajaj Auto, a 40.75% stake in Bajaj Finserv and a 51% stake in Bajaj Nivesh in the half-yearly report, using equity pick-up for the first two and full line-by-line consolidation for Bajaj Nivesh.

The 37.29% Bajaj Auto stake consists of BHIL’s direct 34.77% holding plus Bajaj Nivesh’s 2.52% holding. The 40.75% Bajaj Finserv stake similarly comprises BHIL’s direct 38.38% holding and Bajaj Nivesh’s 2.37% stake. BHIL also held an 18.10% equity stake in each of Bajaj General Insurance Ltd. and Bajaj Life Insurance Ltd.

These investee businesses reported higher operating figures in H1 FY27. Bajaj Auto recorded turnover of Rs 38,178 crore, up 35%, and profit after tax of Rs 6,337 crore, up 38%. Bajaj Finserv reported consolidated total income of Rs 85,453 crore, up 18%, and profit after tax of Rs 12,249 crore, up 22%.

BHIL’s share of profits of associates rose to Rs 4,626 crore in H1 FY27 from Rs 3,511 crore in H1 FY26. Consolidated profit after tax was Rs 4,700 crore, compared with Rs 5,046 crore in the earlier half year, but H1 FY26 included Rs 1,522 crore of profit on sale of Bajaj Finserv equity shares. Excluding that sale profit, consolidated profit after tax increased from Rs 3,665 crore to Rs 4,700 crore.

Conclusion

BHIL’s 30 September 2026 portfolio data show that reported market value increased to Rs 2.40 lakh crore even as total investment cost declined to Rs 21,371 crore. Strategic equity investments, valued at Rs 2.38 lakh crore, were the main driver, while the associate-profit contribution rose to Rs 4,626 crore in H1 FY27.

The disclosed unresolved matter to watch is the RBI’s review of BHIL’s 12 November 2025 application for re-categorisation as an unregistered CIC. The 3 November 2026 report did not disclose a decision timeline, approval, rejection or any conditions connected with that application.