Bajaj Finserv Ltd (BAJAJFINSV) — concall transcript | 30 September 2025 (2 announcements)

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Bajaj Finserv reported consolidated income of ₹37,400 crores (11% YoY growth) and PAT of ₹2,244 crores (8% YoY growth) in Q2 FY26, driven by strong performance in insurance and financial services. Bajaj Life Insurance saw 50% VNB growth to ₹367 crores and a 17.1% new business margin, while Bajaj Finance's AUM grew 24% YoY to ₹4,62,000 crores. The company highlighted GST impacts, margin expansion from product mix shifts, and plans to increase term protection share to 10% in 2-3 years. Emerging businesses like health insurance showed robust transaction growth, though Bajaj Markets faced planned revenue de-growth due to system migration. Management emphasized sustainable GST tailwinds and incremental growth in motor and life insurance markets.