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We do not publish one number for Bajaj Finserv — and here is why.
Bajaj Finserv is really several different businesses under one roof, and they do not work the same way. Adding them together into a single “fair value” would produce a figure that describes none of them. So we value each part on its own terms instead of printing one number that looks tidy and means little.
- How it is valued: no single figure is published here — our model and the market disagree too far.
- What the price assumes: 0% growth, against 21% the model takes from its own record.
- Ten-year record: Between FY2020 and FY2026, Bajaj Finserv's revenue went from ₹54,347 crore to ₹1,50,504 crore — it compounded at about 19% a year over 6 years.
- Biggest swing factor: The value of Bajaj Finance. Main risk: Concentration.
01A holding company for lending and insurance
Bajaj Finserv is the financial-services holding company of the Bajaj group. Its biggest asset is its majority stake in Bajaj Finance, India's largest non-bank consumer lender. It also owns life and general insurance businesses run for years as joint ventures with Allianz, and in 2025 it agreed to buy out Allianz's stake in them.
Smaller businesses round out the group, including an asset manager and a health venture. Because its consolidated accounts mix lending and insurance, Bajaj Finserv's reported profit is a blend of businesses that are normally valued in very different ways.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Bajaj Finserv, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Bajaj Finserv's record, in plain numbers
Between FY2020 and FY2026, Bajaj Finserv's revenue went from ₹54,347 crore to ₹1,50,504 crore — it compounded at about 19% a year over 6 years. Net profit grew from ₹5,994 crore to ₹19,669 crore, about 22% a year — faster than revenue, so margins widened. Net margin has been unusually stable, between 11.0% and 14.9% in every year shown. The latest year added 12.5% to revenue, well behind its own long-run pace. FY2021 is missing from the filed series used here, so that year is left out rather than estimated.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2020 | 54,347 | 5,994 | 11.0% |
| FY2022 | 68,406 | 8,314 | 12.2% |
| FY2023 | 82,071 | 12,210 | 14.9% |
| FY2024 | 1,10,382 | 15,595 | 14.1% |
| FY2025 | 1,33,821 | 17,558 | 13.1% |
| FY2026 | 1,50,504 | 19,669 | 13.1% |
04How Bajaj Finserv gets valued — and why
Estimate withheld — model and market disagree too farOur model and the market disagree so far apart on this company that the model is the more likely one to be wrong. Rather than publish a number we cannot stand behind, we show the workings and say so.
05What decides Bajaj Finserv's value
The value of Bajaj Finance
Most of Bajaj Finserv's value follows the listed price of its Bajaj Finance stake.
Insurance value
The life and general insurers add value that does not show up fully in reported profit.
The holding-company discount
Holding companies often trade below the value of their stakes; the size of that discount moves the price.
Capital for the insurers
Taking full ownership of the insurers needs capital, which affects what is left per share.
06What could go wrong
- Concentration. Bajaj Finance's fortunes dominate Bajaj Finserv's.
- Insurance regulation. Rules on commissions and product design can squeeze insurer profits.
- A widening discount. The gap between the stake values and the share price can grow.
07What the full Bajaj Finserv valuation shows
Sign in free to see the complete Bajaj Finserv valuation
- ✓The full model workings — and exactly where the model and the market part ways
- ✓Every assumption — returns, growth and cost of equity, with sources
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Bajaj Finance, HDFC Bank and LIC
- ✓Downloadable report — the full write-up, yours to keep
08Compare Bajaj Finserv with peers
The same valuation, run side by side.
Bajaj Finserv vs Bajaj FinanceThe lending subsidiary that carries most of the value here.→Bajaj Finserv vs HDFC BankA holding company against a bank, on the same excess-return lens.→Bajaj Finserv vs LICBoth hold insurance businesses valued on embedded value.→09Questions people ask about Bajaj Finserv
What does Bajaj Finserv own?
A majority of Bajaj Finance, the group's life and general insurers, and smaller businesses including an asset manager.
Why is a holding company hard to value?
Its consolidated profit mixes businesses valued in different ways, and the market usually applies a discount to the value of its stakes. Both make a single model less reliable.
Bajaj Finserv or Bajaj Finance — what is the difference?
Bajaj Finance is the lender; Bajaj Finserv is the holding company that owns most of it, plus insurance. Their own comparison page sets them side by side.
Is Bajaj Finserv overvalued?
At ₹1,865 the market is pricing in roughly 0% sustained growth, against the ~21% its own record supports. That is less than it has delivered — on these numbers the market is asking the business for less than its own record, which usually means it doubts the record repeats.
What is the intrinsic value of Bajaj Finserv?
This business is a group of operations with different economics, so a single blended figure would describe none of them. The parts are valued separately and the breakdown is in the report, rather than one number that cannot be defended.
How much debt does Bajaj Finserv carry?
Debt to equity stands at 2.19, against 1.75 at the start of the period — the balance sheet is a core input to the cost of capital used here.