Guidance ledger · Q4 FY26

Bajaj Finserv Ltd BAJAJFINSV

4 revisions on record · 0 lowered · 4 raised — the strikethrough is what management used to say

mixed guidance posture · held across quarters

Holding view → · latest concall · The pulse

↑ raised BALIC NBM (new business margin) Q1 FY26 → Q4 FY26

~~11.1% (Q1FY26)~~ → 24.5% (Q4FY26)

“The NBM is for the quarter up to 24.5% as against 22.1% reported for the same period last year, an expansion of about absolute 2.4%.”

↑ raised BALIC VNB absolute (quarterly) Q1 FY26 → Q4 FY26

~~INR 145 crores (Q1FY26)~~ → INR 709 crores (Q4FY26)

“our VNB for the quarter grew at a very healthy 29% up from INR 549 crores to about INR 709 crores for the quarter.”

↑ raised GST ITC NBM headwind mitigation Q2 FY26 → Q4 FY26

~~0 bps mitigated; 450 bps gross impact (Q2FY26)~~ → 90-92% mitigated; 30-40 bps residual (Q4FY26 exit)

“I am seeing for the month of March we have mitigated almost 90% to 92% the GST impact. A residual impact of 30-40 bps does exist.”

↑ raised Bajaj General combined ratio (quarterly, non-1/n basis) Q1 FY26 → Q4 FY26

~~~102.5% ex-1/n (Q1FY26)~~ → 101.90% full-year FY26 (Q4FY26 report)

“the combined ratio on old basis, which is the non-1/n basis, is reported at a very healthy 101.90%, which we believe will continues to be amongst the best in the market.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.