1. At a Glance – The “Big Daddy of BFSI” Check
If Indian BFSI had a royal family, Bajaj Finserv would be that overachieving eldest child who owns the house, the car, the insurance policy, and still lectures others on discipline.
Market cap? ₹3.22 lakh crore.
Current price? ₹2,020.
Q3 FY26 revenue? ₹39,708 crore, up 23.9% YoY.
PAT for the quarter? ₹2,362 crore, growing but clearly jogging instead of sprinting.
P/E sits at 32.9x, which basically says: “Yes, we’re expensive, but have you seen our subsidiaries?”
ROE is a respectable 13.4%, ROCE at 11%, and the balance sheet has swollen to a very healthy ₹7.07 lakh crore in total assets.
But here’s the twist: debt stands tall at ₹3.92 lakh crore. This isn’t a debt-free monk; this is a leverage-using, cash-rotating, financial octopus.
So the big question before we dive in:
👉 Is Bajaj Finserv a well-oiled financial conglomerate… or just too big to grow fast anymore?
2. Introduction – From Finance Company to Financial Republic
Bajaj Finserv is not a company anymore. It’s a mini economy.
Once upon a time, it was mainly about lending. Today, it’s lending, life insurance, general insurance, housing finance, asset management, broking, health-tech, marketplaces, fintech platforms, and probably a future astrology app telling you when your EMI will bounce.
The revenue mix itself tells a story:
- Life Insurance: 25%
- General Insurance: 28%
- Retail Financing: 45%
- Investments: 1% (basically chai-paani money)
Compared to FY18, this is a dramatic pivot. Life insurance used to dominate; now lending and general insurance have muscled their way in. This diversification makes Bajaj Finserv look safer… but also harder to value.
And that’s the curse of holding companies:
The market loves their children (Bajaj Finance), but judges the parent more strictly.
So when Bajaj Finserv reports
results, investors don’t ask “How much did you earn?”
They ask:
👉 Did Bajaj Finance behave?
👉 Did insurance margins sneeze?
👉 Did regulators frown today?
Let’s unpack the beast.
3. Business Model – WTF Do They Even Do?
Explaining Bajaj Finserv to a lazy investor is like explaining Indian traffic to a foreigner.
Core Pillars:
- Lending (via Bajaj Finance & Bajaj Housing Finance)
The cash cow. Consumer durables, personal loans, SME, rural, mortgages — if it can be financed, Bajaj is there with an app and a penalty clause. - General Insurance (Bajaj Allianz GI)
Motor, health, crop insurance, government schemes, liability, property — they insure everything except your broken expectations. - Life Insurance (Bajaj Allianz Life)
ULIPs, annuities, protection, savings, par/non-par — basically products you don’t understand but still sign up for. - Digital Platforms
- Bajaj Markets (BFSI Amazon)
- Bajaj Finserv Health (doctors, labs, hospitals)
- Bajaj Financial Securities (broking, because why not?)
- Asset Management
Late entrant, small AUM ($770 million), but ambitious.
This model thrives on cross-selling.
You come for a loan, leave with insurance, mutual fund SIP, health subscription, and mild confusion.
Question for you:
👉 Is this diversification genius… or complexity waiting to bite?
4. Financials Overview – The
