BHIL Q2 owner profit rises 28% to Rs 1,993 crore in FY27

Bajaj Holdings & Investment Limited reported Q2 FY27 profit attributable to owners of Rs 1,993.37 crore, up 28% from Rs 1,559.02 crore a year earlier, as its share of associates’ profits rose 40% to Rs 2,266.84 crore despite a 55% fall in total income to Rs 183.65 crore. The board approved the results on 3 November 2026.

What drove BHIL’s Q2 FY27 profit increase?

BHIL’s Q2 FY27 profit attributable to owners increased by Rs 434.35 crore year on year because its share of profits from associates rose by Rs 649.37 crore, outweighing a Rs 226.14 crore reduction in total income. Profit attributable to owners was Rs 1,993.37 crore in Q2 FY27 compared with Rs 1,559.02 crore in Q2 FY26, while basic and diluted earnings per share rose to Rs 179.11 from Rs 140.08.

The associate contribution was the largest component of consolidated pre-tax earnings. BHIL recorded Rs 2,266.84 crore as its share of associates’ profits in Q2 FY27 against Rs 1,617.47 crore a year earlier, while profit before exceptional items and tax declined to Rs 144.70 crore from Rs 358.19 crore. Total tax expense fell to Rs 274.47 crore from Rs 285.78 crore.

How did BHIL’s own income change in Q2 FY27?

BHIL’s consolidated total income fell to Rs 183.65 crore in Q2 FY27 from Rs 409.79 crore in Q2 FY26, led by lower interest income and lower net gains on fair-value changes. Interest income declined to Rs 39.52 crore from Rs 154.53 crore, while net gains on fair-value changes fell to Rs 8.53 crore from Rs 144.88 crore.

Dividend income was the exception among the income lines, increasing to Rs 126.29 crore from Rs 92.44 crore, while rental income rose to Rs 7.39 crore from Rs 5.02 crore. Other income declined to Rs 1.92 crore from Rs 12.92 crore, and total expenses decreased to Rs 38.95 crore from Rs 51.60 crore, including employee-benefit expenses of Rs 6.80 crore against Rs 11.17 crore.

On a standalone basis, BHIL’s profit after tax fell to Rs 1,404 crore in Q2 FY27 from Rs 2,181 crore in Q2 FY26. Standalone total income decreased to Rs 1,713 crore from Rs 2,514 crore, including dividend received of Rs 1,666 crore compared with Rs 2,205 crore. BHIL said the lower dividend receipt was mainly due to Bajaj Auto Limited’s buyback.

Which associates lifted BHIL’s consolidated earnings?

Bajaj Auto Limited and Bajaj Finserv Limited were the disclosed associate businesses reporting higher Q2 FY27 profits, supporting BHIL’s Rs 2,266.84 crore share of associates’ profits. Bajaj Auto Limited’s consolidated profit after tax rose 62% to Rs 3,436 crore from Rs 2,122 crore, while Bajaj Finserv Limited’s consolidated profit after tax increased 23% to Rs 2,758 crore from Rs 2,244 crore.

Bajaj Auto Limited’s standalone earnings before interest, tax, depreciation and amortisation margin was 20.9% in Q2 FY27. Bajaj Finserv Limited said its profit increased 22% after adjustment for mark-to-market movements on equity investments held by its insurance subsidiaries across the two periods. BHIL accounts for its 37.29% holding in Bajaj Auto Limited and 40.75% holding in Bajaj Finserv Limited as associates.

Bajaj Nivesh Limited, BHIL’s 51%-owned subsidiary, reported Q2 FY27 profit after tax of Rs 293 crore against Rs 267 crore in Q2 FY26. Consolidated profit after tax, including non-controlling interests, was Rs 2,137.07 crore, of which Rs 143.70 crore was attributable to non-controlling interests and Rs 1,993.37 crore to BHIL owners.

How did BHIL perform in the first half of FY27?

BHIL’s H1 FY27 profit attributable to owners was Rs 4,699.82 crore, down 7% from Rs 5,045.53 crore in H1 FY26 because the earlier period included a Rs 1,521.88 crore exceptional profit on the sale of Bajaj Finserv Limited shares. Excluding the prior-year share-sale profit net of tax, BHIL reported H1 FY27 consolidated profit after tax of Rs 4,700 crore against Rs 3,665 crore.

The share of associates’ profits increased to Rs 4,625.53 crore in H1 FY27 from Rs 3,510.79 crore in H1 FY26. Consolidated total income decreased to Rs 602.97 crore from Rs 747.38 crore, while tax expense declined to Rs 280.85 crore from Rs 485.71 crore. BHIL’s H1 FY27 standalone profit after tax was Rs 1,748 crore compared with Rs 4,217 crore including the prior-year share-sale gain.

BHIL sold 1.04 crore Bajaj Finserv Limited equity shares through a block deal on 6 June 2025 for aggregate consideration of Rs 2,002.21 crore. Net proceeds were Rs 1,995.41 crore and the profit, net of relevant book and transaction costs, was Rs 1,521.88 crore; Bajaj Finserv Limited remained an associate after the transaction.

What do BHIL’s investments and balance sheet show?

BHIL’s investment portfolio had a market value of Rs 240,146 crore on 30 September 2026, compared with Rs 215,815 crore on 31 March 2026. Strategic equity investments in group companies accounted for Rs 238,407 crore of the September market value against a cost of Rs 19,841 crore.

The portfolio’s stated net asset value was Rs 21,578 per share on 30 September 2026, compared with a book value of Rs 2,238 per share. Debt securities had cost and market value of Rs 1,368 crore, down from Rs 1,757 crore at 31 March 2026, while investment properties had market value of Rs 371 crore.

Consolidated investment in associates stood at Rs 45,937.25 crore on 30 September 2026, up from Rs 41,796.78 crore a year earlier. Total assets were Rs 88,227.32 crore compared with Rs 82,513.84 crore at 30 September 2025, while equity attributable to owners increased to Rs 73,790.65 crore from Rs 67,834.53 crore.

Conclusion

BHIL’s Q2 FY27 profit increase was driven primarily by its associate holdings, whose Rs 2,266.84 crore profit contribution outweighed the decline in the holding company’s Rs 183.65 crore consolidated total income. The results also show the distinction between consolidated earnings and standalone profit, which declined to Rs 1,404 crore as dividend receipts fell.

The next disclosed matter is the Reserve Bank of India’s review of BHIL’s application for re-categorisation as an Unregistered Core Investment Company. BHIL said future income will be earned predominantly through dividends and interest from Bajaj Group investments, while its Rs 65-per-share interim dividend, amounting to Rs 723 crore, was paid on 13 October 2026.