Bajaj Finserv Q2 FY27 Results (NSE: BAJAJFINSV)
Signal: Earnings grew
The read
The trajectory remains growth-positive but sequentially less even: consolidated revenue accelerated to ₹43,415.65 crore, +16.7% YoY, and operating profit before finance costs grew 24.5% YoY with a 250bps margin expansion, yet PAT fell 5.5% QoQ to ₹5,952.01 crore as finance costs rose 22.9% YoY and insurance income was sequentially volatile.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹43,415.65 Cr | +16.7% | +3.3% |
| EBIT | ₹17,090.49 Cr | +24.5% | |
| Net profit | ₹5,952.01 Cr | +25.4% | |
| EPS | ₹17.22 | +22.6% | |
| EBIT margin | 39.4% |
P&L walk
Revenue increased to ₹43,415.65 crore, +16.7% YoY and +3.3% QoQ, while operating profit before finance costs rose to ₹17,090.49 crore, +24.5% YoY; higher finance costs of ₹8,482.91 crore and a sequentially weaker insurance contribution left PAT at ₹5,952.01 crore, down 5.5% QoQ but up 25.4% YoY.
Key positives
- Consolidated revenue reached ₹43,415.65 crore, +16.7% YoY, with interest income of ₹23,824.03 crore growing faster at +21.6% YoY.
- Operating profit before finance costs grew 24.5% YoY to ₹17,090.49 crore versus revenue growth of 16.7%, lifting the derived operating margin by 250bps to 39.4%.
- Lending-asset impairment increased only 4.1% YoY to ₹2,166.10 crore, materially below revenue growth of 16.7%.
- Consolidated PAT grew 25.4% YoY to ₹5,952.01 crore, while diluted EPS rose 22.6% YoY to ₹17.22.
- Standalone operating cash flow increased 71.3% YoY to ₹2,952.74 crore in H1FY27, while standalone PPE increased to ₹801.86 crore from ₹121.56 crore.
Key concerns
- Finance costs rose 22.9% YoY to ₹8,482.91 crore, faster than revenue growth of 16.7%, limiting conversion of operating growth into sequential PAT momentum.
- Consolidated PAT declined 5.5% QoQ to ₹5,952.01 crore and diluted EPS declined 11.6% QoQ to ₹17.22.
- Employee costs increased 19.8% YoY to ₹4,056.90 crore, slightly faster than consolidated revenue growth.
- Standalone H1FY27 included a ₹20.14 crore tax provision write-back, which supported reported profit but is non-recurring.
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