Bajaj Finserv Limited · NSE:BAJAJFINSV
Bajaj Finserv — Q4 FY2026 Earnings Presentation
116 slides from Bajaj Finserv's earnings presentation, Apr 30, 2026
Slide 1: Exchange cover letter for investor presentation
30 April 2026 To To Corporate Relations Department. Corporate Listing Department. BSE Limited National Stock Exchange of India Ltd 1st Floor, New Trading Ring, Exchange Plaza, 5th Floor Rotunda Building, P J Tower, Plot No.C-1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Mumbai 400 001 Bandra
Slide 2: Investor Presentation – Q4 FY2026
BAJAJ FINSERV LIMITED Investor Presentation – Q4 FY2026* *Q4 of year ending 31 March 2026 Notes: 1. The insurance subsidiaries follow Ind-AS only for the purpose of consolidation with BFS and hence where standalone details given, they are on statutory GAAP basis 2. Previous year numbers have been re
Slide 3: Index
01. PERFORMANCE SUMMARY FOR THE QUARTER 02. BAJAJ FINSERV LIMITED – GROUP STRUCTURE AND STRATEGY 03. BAJAJ GENERAL INSURANCE LIMITED 04. BAJAJ LIFE INSURANCE LIMITED 05. EMERGING BUSINESSES INDEX a. b. BAJAJ FINSERV HEALTH LIMITED BAJAJ FINSERV DIRECT LIMITED (Marketplace and Tech) c. BAJAJ FINSERV
Slide 4: Performance Summary
PERFORMANCE SUMMARY Update for the quarter 3
Slide 5: Bajaj Finserv – Performance summary Q4 FY2026 and FY2026
Bajaj Finserv – Performance summary Q4 FY2026 and FY2026 All Figures in ₹ Crore For the Quarter For the Period Particulars Q4 FY2026 Q4 FY2025 Growth FY2026 FY2025 Growth Total Revenue 38,508 36,434 5.7% 150,530 132,944 13.2% (Consolidated) Adjusted Total Revenue 41,534 36,457 13.9% 154,563 134,446
Slide 6: Bajaj General – Performance summary Q4 FY2026
Bajaj General – Performance summary Q4 FY2026 [1/6] GROSS WRITTEN PREMIUM • Muted Q4 GWP growth attributable to tactical reduction in crop and motor exposure amid elevated pricing pressures. Lower growth than ₹ 4,322 Cr | Q4 FY26 ↑ 8.3% ₹ 4,111 Cr | Q4 FY26 market which was saddled with EOM stress E
Slide 7: Bajaj Life – Performance summary Q4 FY2026
Bajaj Life – Performance summary Q4 FY2026 [2/6] REVENUE • Financial outcomes in line with our strategy initiated mid last year – with focus on ₹ 11,199 Cr | Q4 FY26 ₹ 2,554 Cr | Q4 FY26 ‘sustainable and profitable growth’ ↑ 21.2% ↑ 9.7% GWP ₹ 9,237 Cr | Q4 FY25 RWRP ₹ 2,328 Cr | Q4 FY25 • RWRP grow
Slide 8: Bajaj Finance – Performance summary Q4 FY2026
Bajaj Finance – Performance summary Q4 FY2026 [3/6] • A strong quarter across all key metrics namely volume, AUM, new customer addition, credit REVENUE cost, profit, ROA and ROE • 1.29 crore new loans booked as against 1.07 Crore in Q4 FY 2025, growth of 20% ↑ 20.9% ₹ 14,209 Cr | Q4 FY26 ↑ 22.4% ₹ 5
Slide 9: Bajaj Housing Finance – Performance summary Q4 FY2026
Bajaj Housing Finance* – Performance summary Q4 FY2026 [4/6] REVENUE • Good quarter on disbursement, AUM, asset quality, operating efficiency and profit ↑ 19.7% ₹ 1,141 Cr | Q4 FY26 ↑ 22.7% ₹ 140,706 Cr | Q4 FY26 NET TOTAL ASSETS UNDER ₹ 954 Cr | Q4 FY25 MANAGEMENT ₹ 114,684 Cr | Q4 FY25 INCOME • AU
Slide 10: Bajaj Finserv Direct and Health – Performance summary Q4 FY2026
Bajaj Finserv Direct – Performance summary Q4 FY2026 [5/6] REVENUE PROFITABILITY NETWORTH ₹ 95 Cr | Q4 FY26 ₹ (36) Cr | Q4 FY26 ₹ 307 Cr | Q4 FY26 OPERATING PROFIT AFTER ₹ 129 Cr | Q4 FY25 ₹ (17) Cr | Q4 FY25 NETWORTH ₹ 478 Cr | Q4 FY25 REVENUE TAX • Revenue has degrown for the quarter due to planne
Slide 11: Bajaj AMC and Financial Securities – Performance summary
Bajaj AMC – Performance summary Q4 FY2026 [6/6] REVENUE ASSET UNDER PROFITABILITY MANAGEMENT ↑ 58.3% ₹ 19 Cr | Q4 FY26 ₹ (40) Cr | Q4 FY26 ₹ 26,819 Cr | Q4 FY26 OPERATING ₹ 12 Cr | Q4 FY25 PROFIT AFTER ↑ 31.7% REVENUE TAX ₹ (64) Cr | Q4 FY25 ₹ 20,365 Cr | Q4 FY25 • Ranking for Company stands at 26th
Slide 12: Bajaj Finserv Ltd.
> FINSERV BAJAJ BAJAJ FINSERV LTD. a4 FINSERV BAJAJ 1
Slide 13: Bajaj Finserv overview: A diversified financial services group
Bajaj Finserv overview: A diversified financial services group Bajaj Finserv Limited (Listed) 51.32%1 77.33%2 77.33%2 100% Bajaj Life Insurance Limited Bajaj Finance Limited (Listed) Bajaj General Insurance Limited Bajaj Finserv Health Limited (Life insurance, Retirement and (Consumer and Finance Bu
Slide 14: Our Vision – Lifecycle Partner to every Indian
Our Vision – Lifecycle Partner to every Indian to achieve financial goals Financial Life Family, Health & Investment/ cycle needs of Individual, Asset acquisition Asset protection Income Wealth Retirement SME and Protection management corporate customers Loan (Personal, General Insurance, General, H
Slide 15: Dominance across financial services space in India
Dominance across financial services space in India One of the largest financial …with leadership positions across …powered by a deep and wide conglomerates in India… sectors… customer and distribution network ₹ 1,062,500+ Cr 1st 18 Cr+ Group Market Capitalisation1 Largest and amongst most profitable
Slide 16: Diverse business models enduring strength across market conditions
Diverse business models enduring strength across market conditions – mitigating risk while delivering profitable growth All Figures in ₹ Crore During COVID, impact in Lending was offset by better PAT – Insurance1,2 Insurance results 1,732 1,564 1,604 1,414 1,231 1,286 1,072 948 +32% 2019 2020 2021 2
Slide 17: Transforming businesses through next gen technology
Transforming businesses through next gen technology Enterprise AI Enterprise AI • Voice and Text AI: enables human-like voice and text conversations • Vision AI: data extraction from images and documents • Content AI: on-demand content creation • Tech AI: accelerated software development and testing
Slide 18: Bajaj Finserv Ltd.
> FINSERV BAJAJ BAJAJ FINSERV LTD. a4 FINSERV BAJAJ 17
Slide 19: Consolidated Revenue components – Q4 FY2026
Consolidated Revenue components – Q4 FY2026 All Figures in ₹ Crore Consolidated Revenue components for Q4 FY2026 (Ind AS) Revenue Mix ( Q4 FY2026) Intercompany -2% 0% 1% adjustments 38,508 Bajaj Finserv- (656) Bajaj Finserv Standalone Consolidated Others1 70 Life +6% 24% (5%) Insurance4 428 General
Slide 20: Consolidated Revenue components – FY2026
Consolidated Revenue components – FY2026 All Figures in ₹ Crore Consolidated Revenue components for FY2026 (Ind AS) Revenue Mix ( FY2026) Intercompany -3% 1% 1% adjustments 1,50,530 Bajaj Finserv- (3,963) Bajaj Finserv Standalone Consolidated Others2 2,077 Life +13% 23% (10%) Insurance4 1,566 Genera
Slide 21: Consolidated Profit components – Q4 FY2026
Consolidated Profit components – Q4 FY2026 All Figures in ₹ Crore Consolidated profit components for Q4 FY2026 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 2,539 Standalone Bajaj Finserv Others2 2 Consolidated Life Insurance 16 +5% General (118) Excluding Insurance MTM Bajaj Finance (201) Gain
Slide 22: Consolidated Profit components – FY2026 (before additional ECL provision)
Consolidated Profit components – FY2026 (before additional ECL provision and New Labour Code impact) All Figures in ₹ Crore Consolidated profit components for FY2026 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 10,508 Standalone Bajaj Finserv Others2 (1,766) Consolidated Life 1,432 Insurance +
Slide 23: Consolidated Profit components – FY2026 (after additional ECL provision)
Consolidated Profit components – FY2026 (after additional ECL provision and New Labour Code impact) All Figures in ₹ Crore Consolidated profit components for FY2026 (Ind AS) 1 Intercompany Bajaj Finserv- adjustments 9,801 Standalone Bajaj Finserv Others2 (1,766) Consolidated Life 1,432 Insurance +10
Slide 24: Bajaj General Insurance Ltd.
BAJAJ GENERAL INSURANCE LTD. 23
Slide 25: Bajaj General – Key Strategic Differentiators
Bajaj General – Key Strategic Differentiators STRATEGY Strive for market share growth in chosen business segments through a well-diversified product portfolio and multi- channel distribution supported by strong underwriting and prudent investments, seeking sustained profitability DIFFERENTIATORS ▪ L
Slide 26: Bajaj General – Key financial highlights Q4 and FY2026
Bajaj General – Key financial highlights Q4 and FY2026 All Figures in ₹ Crore For the Quarter For the Period Particulars Q4 FY2026 Q4 FY2025 Growth FY2026 FY2025 Growth Gross Written Premium1 4,322 4,326 - 23,326 21,583 8.1% GWP excluding Crop 4,111 3,796 8.3% 18,131 16,256 11.5% & Govt. health1 Com
Slide 27: Bajaj General – Growth v/s Industry
Bajaj General – Growth v/s Industry; sustained market share in most competitive market All Figures in ₹ Crore GDPI GDPI excl. Crop and Govt. Health Q4 FY2026 Growth FY2026 Growth Q4 FY2026 Growth FY2026 Growth Bajaj General 0% 8% Bajaj General 8% 12% Private 15% 19% Private 18% 3% PSU 0% 8% PSU (2%)
Slide 28: Bajaj General – Profit (PBT) waterfall FY2026 over FY2025
Bajaj General – Profit (PBT) waterfall FY2026 over FY2025 All Figures in ₹ Crore 193 167 329 2,624 2,578 2,445 (510) (46) UW Loss UW Loss ₹ 77 Crore ₹ 441 Crore Interest, Interest, Other Other Income and Income and Capital Capital Gains Gains ₹ 2,522 ₹3,019 Crore Crore PBT Higher Increase in Decreas
Slide 29: Bajaj General – Lowest invested capital, Superior ROE & Investment Performance
Bajaj General – Lowest invested capital, Superior ROE & Investment Performance All Figures in ₹ Crore Bajaj General - Capital Invested – Networth* ROE before impact of New Labour AUM Mix Codes (Annualized) No Capital infusion since FY2008 Accumulated profit 98% of Net Worth as at 31 Mar 2026 1% 1% 1
Slide 30: Bajaj General – Diversified product mix
Bajaj General – Diversified product mix to maintain competitive edge and performance over cycles BUSINESS MIX 10% 8% 8% 12% 0% 2% 12% 3% 15% 15% 16% 10% 7% 17% 14% 17% 17% 12% 9% 8% 15% 15% 5% 5% 41% 43% 30% 31% Q4 FY25 Q4 FY26 FY25 FY26 Motor Retail Health Group Health Property, Liability and Engin
Slide 31: Bajaj General – Deep and wide distribution
Bajaj General – Deep and wide distribution with penetration across all geographies and lower concentration risk on any channel Amongst the largest and most balanced distribution network in the industry Channel Mix 19% 8% 7% 20% 2% 29% 30% 0% 49% 43% 2% 39% 39% 2% 2% 11% 13% 2% 10% 8% 19% 21% 13% 14%
Slide 32: Bajaj General – Product portfolio: Motor
Bajaj General – Product portfolio: Motor All Figures in ₹ Crore Type (Business Mix) Q4 FY25 Q4 FY26 FY2025 FY2026 Motor OD 43% 44% 48% 46% Motor TP 57% 56% 52% 54% Grand Total 100% 100% 100% 100% Product Mix (GWP) and Loss Ratio – Motor Motor OD 63.1% 69.2% 65.8% 72.4% Motor TP 51.7% 52.4% 71.1% 58.
Slide 33: Bajaj General – Product portfolio: Health, PA and Travel
Bajaj General – Product portfolio: Health, PA and Travel All Figures in ₹ Crore Type (Business Mix) Q4 FY25 Q4 FY26 FY2025 FY2026 Retail 38% 34% 14% 15% Group (Employer-Employee & Others) 54% 52% 41% 40% Govt. Schemes 0% 7% 41% 41% Travel Insurance 4% 3% 2% 2% P.A 4% 4% 3% 2% Grand Total 100% 100% 1
Slide 34: Bajaj General – Product portfolio: Commercial Lines and Others
Bajaj General – Product portfolio: Commercial Lines and Others All Figures in ₹ Crore Type (Business Mix) Q4 FY2025 Q4 FY2026 FY2025 FY2026 Fire 31% 37% 36% 38% Marine 8% 10% 5% 6% Engineering 7% 9% 7% 7% Liability 7% 9% 10% 11% Commercial Lines 53% 66% 57% 62% Crop Insurance 33% 10% 29% 22% Others#
Slide 35: Bajaj General – Customer obsession backed by “Caringly yours” theme
Bajaj General – Customer obsession backed by “Caringly yours” theme Bajaj General Net Promoter Score1 Total Grievances2 per 10,000 New Policies 2.65 2.64 2.56 2.36 2.33 75 78 68 70 69 72 70 72 63 65 1.23 1.05 0.92 0.73 0.77 FY 21 FY 22 FY 23 FY 24 FY 25 FY22 FY23 FY24 FY25 9M FY26 Health Motor Bajaj
Slide 36: Bajaj General – Key Investments in technology (1/2)
Bajaj General - Key Investments in technology with focus on all stakeholders (1/2) Digital Journey Metrics Digital Servicing @90.9 % Digital Policy Issuance @ 96% Digital Payment @97.30 % (Cash @0.13 %) (64.5% through AI BOTs) • 193.4 MM BOT messages • RPA for Issuance: 1,833 exchanges Crore premium
Slide 37: Bajaj General – Key Investments in technology (2/2)
Bajaj General - Key Investments in technology with focus on all stakeholders (2/2) Existing Digital Capabilities Enhanced & Scaled-up Website BAGICARE – CRM Bajaj General App1 Our website is now available in 7 different Omni channel experience via Customer 360 and Our Customer facing app remains amo
Slide 38: Bajaj General – Superior Risk management
Bajaj General – Superior Risk management ▪ 94.0% of the debt portfolio in AAA and sovereign assets and 87.7% of Equity in Nifty 50 stocks & Asset Quality 95.1% in BSE100 stocks ▪ Robust ALM position ▪ Superior underwriting capability leading to relatively low Combined Ratio ▪ Diversified exposure ac
Slide 39: Bajaj Life Insurance Ltd.
4 LIFE 48 LIFE BAJAJ LIFE INSURANCE LTD. BAJAJ LIFE GOALS. DONE. 38
Slide 40: Bajaj Life – Key Strategic Differentiators
Bajaj Life – Key Strategic Differentiators STRATEGY Continued focus on sustainable and profitable growth by maintaining balanced product mix Business construct is to maximize customer benefits while gaining market share in retail space, maintaining shareholder returns and continued focus on increasi
Slide 41: Bajaj Life – Key financial highlights Q4 and FY2026
Bajaj Life – Key financial highlights Q4 and FY2026 All Figures in ₹ Crore For the quarter For the Period Particulars Q4 FY2026 Q4 FY2025 Growth FY2026 FY2025 Growth Retail weighted received 2,554 2,328 9.7% 7,514 7,067 6.3% premium Retail Protection NB 216 129 67.4% 628 393 59.8% Group Protection N
Slide 42: Bajaj Life RWRP – Growth v/s industry
Bajaj Life RWRP – Growth v/s industry; RWRP in line with our plan All Figures in ₹ Crore RWRP Trend RWRP Trend FY2026 Growth 100,000 Q4 FY2026 Growth 12,000 Bajaj Life 6% Bajaj Life 10% 220,000 24,000 90,000 Pvt Market 12% Pvt Market 11% 10,000 10% 12% 80,000 Overall Industry Overall Industry Bajaj
Slide 43: Bajaj Life – Diversified channel mix
Bajaj Life – Diversified channel mix with strong focus on proprietary channels All Figures in ₹ Crore Whole Company Institutional Business 7,514 +10% +12% +10% 7,067 +6% 4,032 3,598 2,328 2,554 1,329 1,456 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Agency Bajaj Life Direct +8% (4%) +14% +11
Slide 44: Bajaj Life – Stable product mix
Bajaj Life – Stable product mix with innovative product suite to maintain competitive edge and profitability Product Mix1 40% 42% 43% 45% 21% 25% 23% 24% 6% 12% 5% 10% 27% 12% 21% 16% 6% 8% 6% 8% Q4 FY25 Q4 FY26 FY25 FY26 Individual - Non Par Protection Individual - Non Par Savings Individual - Annu
Slide 45: Bajaj Life – Continuous focus on increasing protection
Bajaj Life – Continuous focus on increasing protection to drive growth and profitability All Figures in ₹ Crore Retail Protection (NBP) Group Protection (NBP) 628 3,156 +60% +21% 2,616 393 +67% +42% 216 921 129 648 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 44
Slide 46: Bajaj Life – Capital and Assets under Management
Bajaj Life – Capital and Assets under Management All Figures in ₹ Crore Net worth AUM AUM (Mix) - Non Unit Linked 6% 11% Corporate 25% Bonds No Capital Accumulated profit infusion since 87% of Net Worth as 133,563 G-sec FY08 on 31 Mar 2026 123,734 Equity 10,899 Others 82,968 9,597 76,473 58% AUM (Mi
Slide 47: Bajaj Life – VNB & NBM update
Bajaj Life – VNB & NBM update All Figures in ₹ Crore Q4 Q4 Change Change Particulars FY2026 FY2025 FY2026 FY2025 (%) (%) Annualized Premium (ANP)1 2,899 2,486 16.6% 8,489 7,941 6.9% Value of New Business (VNB)2 709 549 29.1% 1,626 1,152 41.2% New Business Margin (NBM) on ANP 24.5% 22.1% 2.4% abs 19.
Slide 48: Bajaj Life – VNB and NBM Walk
Bajaj Life - VNB and NBM Walk All Figures in ₹ Crore 80 1,868 636 1,626 (242) 1,152 NBM 14.5% NBM 22.0% NBM 19.2% Net VNB - FY2025 New Business mix and Profile* Business Volume Net VNB - FY2026 GST Impact Net VNB - FY2026 (before GST impact) NBM - New Business Margin, VNB – Value of New Business *Re
Slide 49: Bajaj Life – MCEV analysis of movement
Bajaj Life – MCEV analysis of movement All Figures in ₹ Crore 1,626 12 1,771 51 549 25,414 25,300 23,806 1,200 115 Embedded Value Operation Profit VIF: (EVOP): ₹ 3,358 Cr 10,249 RoEV : 14.10% (Annualized) VIF: 16,833 NAV: 13,557 NAV: 8,467 31 March 2025 Unwinding VNB Operational Assumption Investmen
Slide 50: Bajaj Life – Enhanced business quality and persistency
Bajaj Life – Focus on enhanced business quality backed by enhanced customer segments For the Period ended 31st Mar 2026 Persistency 13th Month Persistency 25th Month 83% 84% 83% 74% 82% 73% 73% 73% FY23 FY24 FY 25 FY 26 FY23 FY24 FY 25 FY 26 Persistency 37th Month Persistency 49th Month Persistency
Slide 51: Bajaj Life Contextual Innovation: Data, Tech and AI
Bajaj Life Contextual Innovation: Data, Tech and AI in everything Customer & Business Enablement Login & Underwriting Distributor Servicing Tech Smart Coach Gen AI DIGI 2.0 Tech Smart Pitch Gen AI Marketing Assist • Enhancing configuration • Gen AI powered platform to boost • All-in-one platform to
Slide 52: Bajaj Life – Faster issuances and claim settlement
Bajaj life – Focusing on faster issuances, claim settlement and driving FTR 89.9% 43 per 10k policies 79.8% Digital Adoption1 Grievance Incidence Rate Digital Self Servicing2 93% Electronic Payout 99.3% 21.4 lakhs 17.8 lakhs Retail Claim Settlement transactions Ratio Unique WhatsApp Users Customer A
Slide 53: Bajaj Life – Superior Risk Management
Bajaj Life – Superior Risk Management ▪ 97.4% of the debt portfolio in AAA and sovereign assets, 77.1% Equity in Nifty 50 stocks and 82.1% in Asset Quality NSE100 stocks ▪ Prudent assumptions built in product pricing Product Pricing ▪ Stress and multi - scenario testing of pricing ▪ Regular review o
Slide 54: Bajaj Finserv Health Ltd.
HEALTH BAJAJ BAJAJ FINSERV HEALTH LTD. 53
Slide 55: Market Opportunity in Healthcare Ecosystem
Market Opportunity in Healthcare Ecosystem & Commercial Flows • Indian Healthcare Expenditure at ₹ 7.4 lakh crore, 3.73% of GDP and ₹ 5,436 per capita • One of the largest spend categories but highly fragmented • Over ₹ 19,314 bn total addressable market present Internationally for products and outs
Slide 56: Bajaj Finserv Health – Key Strategic Differentiators
Bajaj Finserv Health – Key Strategic Differentiators STRATEGY Digital first Health Tech company providing differentiated products & services on a digital platform to all Payers like Insurers, Corporates, Government and more, through bilateral network arrangement with all Providers Cover Wellness, Ou
Slide 57: Bajaj Finserv Health – Digital first Health Tech Company
Bajaj Finserv Health – Digital first Health Tech Company providing differentiated products & services on a digital platform Bajaj Finserv Health only player to offer integrated OPD, IPD and Wellness experience from same platform. With new capabilities and services to solve for challenges in the heal
Slide 58: Bajaj Finserv Health + Vidal Health – Continuum of Care
Bajaj Finserv Health + Vidal Health Landscape – Providing Continuum of Care Bajaj Finserv Health & Vidal Health1 TPA Services Services to TPA Services TPA Services – Ayushman OPD Services International – Corporate – Retail Bharat Insurers • PUM of ₹ • PUM of ₹1,260 • PUM of ₹400 • GMV of ₹ 2,700 3,4
Slide 59: Bajaj Finserv Health – Progress on Health Service Canvas
Bajaj Finserv Health - Progress on Health Service Canvas With Vidal Health, the company have created 20 services from Preventive to Tertiary Care, thus providing continuum of care through Network Ownership and Consumer Experience Preventive (6 Services) Primary (6 Services) Secondary (3 Services) Te
Slide 60: Bajaj Finserv Health – Business segments
Bajaj Finserv Health – Business segments aligning towards Integrated Healthcare Platform Align the operations into 6 vertical business segments, having differentiated products and distinct go to market strategy to deliver value to stakeholders Employer-Employee Services to Govt Retail Products to Va
Slide 61: Bajaj Finserv Health – Consumer Stack Metrics
Bajaj Finserv Health – Consumer Stack Metrics Healthcare Transactions (In ‘000’s)1 Key Developments for Q4 FY2026 6,556 • Company has built strong network supporting business 5,922 5,939 5,612 748 • Hospitals – 15,000+ 5,332 546 533 1,015 584 605 802 • Doctors – 130,000+ 1,036 457 • Diagnostic – 6,5
Slide 62: Bajaj Finserv Health – Key financial highlights Q4 and FY2026
Bajaj Finserv Health – Key financial highlights Q4 and FY2026 All Figures in ₹ Crore Particulars Q4 FY2026 Q4 FY2025 FY2026 FY2025 Total Income 307 218 1,121 892 PAT before impact of New Labour Codes (36) (46) (154) (168) PAT after impact of New Labour Codes (36) (46) (160) (168) Capital infused (as
Slide 63: Bajaj Finserv Direct Ltd.
Bajaj Finserv Direct Ltd. Bajaj Markets & Bajaj Technology Services 62
Slide 64: BFSD Market Opportunity
BFSD Market Opportunity - Why ‘Marketplace and digital technology services’ amongst BFSI manufacturers in the group? Product-out Earns from product sales and B2C Offers manufactured lending & payment products owns inventory Caters to shareholders most efficiently by: Operating with the best risk Ext
Slide 65: Bajaj Markets – BFSI Marketplace
Bajaj Markets – BFSI Marketplace STRATEGY To become a profitable, AI first platform that connects Indian consumers with the widest choice of BFSI products & manufacturers, delivering seamless omnichannel experiences to become the de-facto financial services marketplace in India. DIFFERENTIATORS • Op
Slide 66: Bajaj Markets – Diversified Marketplace
Bajaj Markets – Diversified Marketplace Open Architecture Supply- side Demand-side Marketplace Choice of manufacturers Digital Platform Traffic 100+ Brands (Banks, FIs, Website & App | API-in-a-box with 221+ MM yearly traffic Insurance Companies & AMCs) embedded rule engine 44+ MM App Installs Choic
Slide 67: Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience
Bajaj Markets – B2C BFSI providing Choice, Cost & Convenience Category Partners Bank 9 Banks NBFC 20 Fintech 29 HFC 10 Insurance 19 VAS 6 NBFCs Broker 9 ONDC 1 Total 103 Vertical Partners Fintechs Lending 58 Cards 6 Insurance 19 Investment 4 VAS 6 Insurance Companies Securities 9 ONDC 1 Unique Partn
Slide 68: Bajaj Technology Services
Bajaj Technology Services STRATEGY Become an AI first, large scale, profitable global tech business backed by group’s collective strengths, delivering domain led enterprise solutions. ▪ 6 Practices to address business needs of BFSI industry basis strong domain & technology expertise : Experience, Co
Slide 69: Bajaj Finserv Direct – Key financial highlights Q4 and FY2026
Bajaj Finserv Direct – Key financial highlights Q4 and FY2026 All Figures in ₹ Crore Q4 FY2026 Q4 FY2025 FY2026 FY2025 Total Income 100 144 375 598 PAT before impact of New Labour Codes (36) (17) (163) (50) PAT after impact of New Labour Codes (36) (17) (170) (50) Capital infused (as on 31st Mar 202
Slide 70: Bajaj Finserv Asset Management Ltd.
Bajaj Finserv Asset Management Ltd. 69
Slide 71: Capitalize on the Bajaj Finserv brand in India's MF industry
Capitalize on the Bajaj Finserv brand to penetrate a well-established MF industry through Differentiators Growth Outlook Market Opportunity Future Scalability Retail Investors AUM Growth AUM to GDP 140% (in Crore) (‘000 Crore) 2026 2047 Growth 7,373 2.9x 6.0 3.2x Total AUM (‘Lakh Crore) 74 2,791 ~38
Slide 72: Bajaj Finserv AMC – Key Strategic Pillars
Bajaj Finserv AMC - Key Strategic Pillars ▪ Equity schemes to have clear and differentiated investment strategies to create long term wealth for the investors Differentiated ▪ High Credit Quality investments in Fixed Income schemes to ensure Products safety and mitigate risk. ▪ Launch of Passive in
Slide 73: Bajaj Finserv AMC – Key financial highlights Q4 and FY2026
Bajaj Finserv AMC - Key financial highlights Q4 and FY2026 All Figures in ₹ Crore Bajaj AMC Q4 FY2026 Q4 FY2025 FY2026 FY2025 Total Income 19 12 65 40 PAT before impact of New Labour Codes (40) (64) (201) (220) PAT after impact of New Labour Codes (40) (64) (204) (220) Capital infused (as at 31st Ma
Slide 74: Bajaj Finserv AMC – Equity funds with differentiated strategies
Bajaj Finserv AMC – Equity (+Equity oriented) funds with differentiated strategies: Investment with Intent Category Investment Strategy Style Flexi Cap Megatrends Growth Investing Large and Mid Moat Investing Quality Investing Balanced Advantage Fundamental + Sentiment Indicator Active Allocation (B
Slide 75: Bajaj Finance Ltd.
4 FINANCE BAJAJ BAJAJ FINANCE LTD. 4 FINANCE BAJAJ 74
Slide 76: BFL – Key Strategic Differentiators
BFL – Key Strategic Differentiators STRATEGY Diversified financial services strategy seeking to optimize risk and profit, to deliver a sustainable business model and deliver a sustainable ROA of 4.3%-4.7% and ROE of 19%-21% in the long term Focused on continuous innovation to transform customer expe
Slide 77: BFL – Consolidated Key financial highlights (before one time actions)
BFL – Consolidated Key financial highlights Q4 and FY2026 (before one time actions1 and presentation change2) All Figures in ₹ Crore For the quarter For the Period Particulars Q4 FY2026 Q4 FY2025 Growth FY2026 FY2025 Growth AUM 509,975 416,661 22.4% 509,975 416,661 22.4% Customer Franchise 11.9 10.2
Slide 78: BFL – Consolidated Key financial highlights (after one time actions)
BFL – Consolidated Key financial highlights Q4 and FY2026 (after one time actions1 and presentation change2) All Figures in ₹ Crore For the quarter For the Period Particulars Q4 FY2026 Q4 FY2025 Growth FY2026 FY2025 Growth AUM 509,975 416,661 22.4% 509,975 416,661 22.4% Customer Franchise 11.9 10.2
Slide 79: BFL – Key performance highlights: Q4 FY2026
BFL – Key performance highlights: Q4 FY2026 ▪ Number of new loans booked in Q4 FY2026 was at 1.29 Crore as against 1.07 Crore in Q4 FY2025, a growth of 20% ▪ In Q4, the Company added 39 Lakh new customers to its franchise. In FY2026, the Company has added 175 Lakh customers ▪ In Q4, cost of funds wa
Slide 80: BFL – Cross selling and customer franchise
BFL – Strong focus on cross selling to existing customers and increase in customer franchise Q4 FY2025 Q4 FY2026 Q3 FY2026 10.18 Crore Total Franchise 11.93 Crore 11.54 Crore 8.38 Crore Credit segment filter 10.15 Crore 9.82 Crore 8.09 Crore Overall Cross sell franchise 9.72 Crore 9.41 Crore Non del
Slide 81: Bajaj Housing Finance Ltd.
BAJAJ HOUSING FINANCE LTD. 80
Slide 82: BHFL – Key Strategic Differentiators
BHFL – Key Strategic Differentiators STRATEGY Focus on building scalable balance sheet with reasonable ROE DIFFERENTIATORS Creation of low-risk scalable balance sheet Low Risk Business Model Prime Housing and Lease Rental Discounting to act as Anchor Products Balanced portfolio mix between products,
Slide 83: BHFL – Key financial highlights Q4 and FY2026
BHFL – Key financial highlights Q4 and FY2026 All Figures in ₹ Crore For the quarter For the Period Particulars Q4 FY2026 Q4 FY2025 Growth FY2026 FY2025 Growth AUM 140,706 114,684 22.7% 140,706 114,684 22.7% Net total Income1 1,141 954 19.7% 4,391 3,575 22.8% PAT before impact of New 669 587 14.0% 2
Slide 84: Annexures
> FINSERV BAJAJ ANNEXURES 4 FINSERV BAJAJ 83
Slide 85: One Finserv Story
> FINSERV BAJAJ ONE FINSERV STORY 4 FINSERV BAJAJ 84
Slide 86: Bajaj Finserv – Lifecycle Partner ecosystem
Bajaj Finserv - Lifecycle Partner to every Indian to achieve financial goals & CON IPS SH ERVICES L E NS U M E R S DI ER Diversified financing businesses helping TN DED An ecosystem that supports profitable R P AE A D Digital NG individuals meet their lifestyle needs, Utilities growth through partne
Slide 87: Bajaj Finserv – An ecosystem of financial services
Bajaj Finserv - An ecosystem of financial services “Actively engage in strategy, planning and performance monitoring of our businesses with the objective of delivering sustainable profitable growth, achieving meaningful market share with effective use of capital thereby seeking to deliver superior s
Slide 88: Bajaj Finserv – Core strategic principles
Bajaj Finserv - Core strategic principles Broadening offerings to customers Deep complementary partnerships Prospect Prospect and exploit & exploit new new initiatives business lines • Expanding product suite: over 750 products • Strategic tie-ups: Airtel, SFDC • Crop and Government health insurance
Slide 89: Culture we drive – Purpose enabled through Leadership DNA
Culture we drive – Purpose enabled through Leadership DNA Purpose “A place where innovation, agility and ownership thrives, creating responsible leaders who build long term businesses with sustainable growth/profit, to delight our customers” Founder’s Ethos: Customer Develop & Growth Being Obsession
Slide 90: What is achieved so far
What is achieved so far BAJAJ FINANCE (NBFC) BAJAJ GENERAL (P&C and Health) BAJAJ LIFE (Life insurance) • One of the largest wealth generator, value of • 3rd largest multi-line insurer • Fastest growing Life Insurance company in ₹100 invested in 2000 = ₹ 2,34,715 in 2026 • Profitable since first ful
Slide 91: Strong solvency and capital adequacy
Strong solvency and capital adequacy All Figures in ₹ Crore BAJAJ Solvency BFL BAJAJ LIFE BHFL* Total GENERAL Minimum capital adequacy/solvency margin 15% 150% 150% 15% Actual capital adequacy/solvency margin as on 31st Mar'2021 28% 666% 345% 21% Excess capital available 17,403 8,442 3,831 1,781 31,
Slide 92: Significant growth trajectory across diverse businesses (1/2)
Significant growth trajectory across diverse and sustainable businesses (1/2) All Figures in ₹ Crore Growth for Particulars FY 2016 FY 2021 FY 2025 FY 2026 5 YR CAGR 10 YR CAGR the year Bajaj Finserv Limited (Consolidated) Net total Income 20,534 60,592 132,944 150,523 13% 20% 22% Profit after tax 1
Slide 93: Significant growth trajectory across diverse businesses (2/2)
Significant growth trajectory across diverse and sustainable businesses (2/2) All Figures in ₹ Crore Growth for Particulars FY 2016 FY 2021 FY 2025 FY 2026 5 YR CAGR 10 YR CAGR the year Bajaj Finance Limited (Consolidated) Net total Income# 4,406 17,269 44,954 54,126 20% 26% 29% Profit after tax 1,2
Slide 94: ESG Update
ESG UPDATE Environmental, Social and Governance (Towards a Sustainable Future) 93
Slide 95: ESG – Our focus area
ESG – Our focus area The ambit of ESG is wide and evolving. It is our firm belief that to achieve our ESG objectives and have a greater impact, we need to be focused on identified areas rather than spreading wide. Accordingly, in our Responsible and Sustainable Business Conduct policy, we have ident
Slide 96: ESG – Key initiatives
ESG - Key initiatives ESG is not just the right thing to do, it is what will shape a better tomorrow for all New to BFL credit customers -30 MM Responsible Investment BFL MFI branches – 440+ covering 7 Lakh+ Insurance portfolios exceeded the Financial women customers Governance 80% target for respon
Slide 97: CSR Update
CSR Update OUR COMMITMENT Through Bajaj Beyond, Bajaj Group companies have committed 5,000 crore over five years towards social impact programs, with the goal of impacting 2 crore individuals Child Pune City Youth Skilling Development INCLUSION FOR PERSONS EDUCATION HEALTH PROTECTION WITH DISABILITI
Slide 98: India and BFSI opportunity
India and BFSI opportunity Fastest growing; opportunity for every household 97
Slide 99: India is digitising rapidly
India is digitising rapidly Rising Income India Stack Powered the 1.44 Bn Aadhaar generated 22.64 Bn monthly Financial Inclusion transactions – Mar 2026 Investment in Technology Fintech Market to reach USD 422 ONDC facilitated more than to reach USD 500 billion in billion by 2029 350 million transac
Slide 100: Indian Insurance Market – Growth Opportunity
Indian Insurance Market – Growth Opportunity India remains vastly under-insured, both in term of penetration and density Insurance Penetration as a % of GDP Insurance Density (US$) 7.5% 5,923 6.5% 6.4% 5.3% 4.2% 3.8% 3.2% 2,539 2.4% 2.7% 2.7% 2.3% 2,084 1,894 1.7% 2.0% 1.9% 1,545 1.5% 1.0% 1,075 1,5
Slide 101: Others
> FINSERV BAJAJ Others 4 FINSERV BAJAJ 100
Slide 102: Bajaj General – Product Suite
Bajaj General – Product Suite Personal Commercial SME Rural Partnerships (Group / • Motor Pvt Car & 2 Wheelers - Motor Insurance Property Rural & Agriculture Government) Standalone OD and Package • Commercial vehicle Insurance • Fire & Allied Perils (up to 5 • Parametric Index Based Health & Travel
Slide 103: Bajaj Life – Product Suite
Bajaj Life – Product Suite Long Term Mortality (Life protection) Wealth Longevity Morbidity (Retirement (Health planning) protection) 102
Slide 104: BFL and BHFL – Product Suite
BFL and BHFL – Product Suite BAJAJ FINANCE LIMITED Consumer SME Commercial Rural Deposits Payments Partnerships & 1. Loan against securities 1. Consumer Durable Services 1. Unsecured Working 1. Retail Term Issuance 1. Consumer Durable Capital Loans Loans 1. Life Insurance 2. IPO financing Deposits 1
Slide 105: Bajaj General Key Financial Metrics v/s Industry
Bajaj General Key Financial Metrics v/s Industry – Outperformance All Figures in ₹ Crore GWP Combined Ratio Cumulative PAT (5 Yr CAGR) (5 Yr Avg.) (5 Yr Avg.) 11.0% 99.9% 7,400 Crore Industry 9.6% Industry 116.8% Industry 10,596 Crore 3rd largest general insurer grown Consistently maintaining pruden
Slide 106: Bajaj General – Impact of 1/n accounting change
Bajaj General – Impact of 1/n accounting change All Figures in ₹ Crore Q4 FY2026 FY2026 Without 1/n Without 1/n Particulars With 1/n impact With 1/n impact impact impact Gross Written Premium 4,322 4,555 23,326 24,276 Gross Written Premium Growth (0.1%) (0.8%) 8.1% 9.7% Gross Written Premium 4,111 4
Slide 107: Bajaj General – Performance by lines of business: GDPI
Bajaj General – Performance by lines of business: GDPI GDPI Growth Line of Business Q4 FY2026 Q4 FY2026 FY2026 FY2026 Bajaj General Industry Bajaj General Industry Commercial Lines1 (2.4%) (0.6%) 11.0% 11.8% Motor OD 7.7% 12.6% 8.0% 9.0% Motor TP 2.7% 8.5% 21.2% 9.3% Motor Total 4.8% 10.1% 14.8% 9.2
Slide 108: Bajaj General – Performance by lines of business: Loss ratio
Bajaj General – Performance by lines of business: Loss ratio Net Loss Ratio Line of Business Q4 FY2026 Q4 FY2025 FY2026 FY2025 Fire 3.4% (1.0%) 37.9% 46.6% Marine Cargo 79.0% 62.2% 81.8% 70.2% Engineering 21.9% (5.2%) 46.9% 30.4% Motor OD 69.2% 63.1% 72.4% 65.8% Motor TP 52.4% 51.7% 58.9% 71.1% Moto
Slide 109: Bajaj General Loss Triangle – Whole Account, Ultimate Net Loss Cost
Bajaj General Loss Triangle – Whole Account Excluding IMTPIP on Net Basis as at 31 March 2026, Ultimate Net Loss Cost Re-estimate All Figures in ₹ Crore Accident Year Cohort 31/03/2016 Particulars (Rs. Cr) 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-M
Slide 110: Bajaj General Loss Triangle – Whole Account, Cumulative Payment
Bajaj General Loss Triangle – Whole Account Excluding IMTPIP on Net Basis as at 31 March 2026, Cumulative Payment All Figures in ₹ Crore Accident Year Cohort 31/03/2016 Particulars (Rs. Cr) 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 and before
Slide 111: Bajaj General Loss Triangle – Motor TP, Ultimate Net Loss Cost
Bajaj General Loss Triangle – Motor TP Excluding IMTPIP on Net Basis as at 31 March 2026, Ultimate Net Loss Cost Re-estimate All Figures in ₹ Crore Accident Year Cohort 31/03/2016 Particulars (₹ Cr) 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 a
Slide 112: Bajaj General Loss Triangle – Motor TP, Cumulative Payment
Bajaj General Loss Triangle – Motor TP Excluding IMTPIP on Net Basis as at 31 March 2026, Cumulative Payment All Figures in ₹ Crore Accident Year Cohort 31/03/2016 Particulars (Rs. Cr) 31-Mar-17 31-Mar-18 31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26 and before A] U
Slide 113: Bajaj General Loss Triangle – IMTPIP reserving
Bajaj General Loss Triangle – IMTPIP reserving All Figures in ₹ Crore • The IMTPIP came to operation on 1st April 2007 exclusively for third party claims in respect of commercial vehicles. All insurers registered to carry on non-life insurance business including motor business were automatically req
Slide 114: Bajaj Life – Key Financial Metrics v/s Industry
Bajaj Life – Key Financial Metrics v/s Industry: Fastest growth All Figures in ₹ Crore GWP RWRP Solvency Margin (5 Yr CAGR1) (5 Yr CAGR1) (FY 2025) 23% 30% 359% Industry 9% Industry 10% Industry 180%-200% Growth thrice the industry Growth thrice the industry Highest solvency ratio among the peers, w
Slide 115: Thank You
> FINSERV BAJAJ Thank You 114
Slide 116: Disclaimer
Disclaimer This presentation has been prepared by Bajaj Finserv Limited (the “Company”) solely for your information and for your use. This presentation is for information purposes only and should not be deemed to constitute or form part of any offer or invitation or inducement to sell or issue any s