BAJAJFINSV · Insurance (Life) · INE918I01026
Analyst mean 2.00 · 15 analysts · 25% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is just -281% of trailing profit — the classic pattern where reported earnings are not backed by cash. This is the single most important thing to understand on this page.
Operating cash flow ₹-55,301 cr against trailing net profit ₹19,669 cr. When profit rises but cash does not follow, the questions are: are receivables ballooning, is revenue being recognised ahead of collection, or are costs being capitalised?
Both revenue and profit grew over the last year (12.9% and 12%) — growth is translating to the bottom line.
Trailing revenue ₹151,044 cr, trailing profit ₹19,669 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Latest free cash flow ₹-56,619 cr, negative in 11 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 49% over two years while the company also carries ₹194,414 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹429,914 cr from ₹288,933 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 31,480 | 33,704 | 32,042 | 36,595 | 35,439 | 37,403 | 39,708 | 38,494 |
| Expenses | 19,655 | 21,420 | 19,669 | 23,868 | 21,124 | 23,352 | 25,842 | 23,983 |
| Other Income | 3 | 3 | 3 | 10 | 13 | 3 | -378 | 25 |
| Depreciation | 267 | 275 | 288 | 339 | 317 | 327 | 330 | 317 |
| Profit before tax | 5,968 | 5,966 | 5,812 | 6,002 | 7,204 | 6,825 | 5,926 | 6,928 |
| Net Profit | 4,209 | 4,180 | 4,412 | 4,756 | 5,329 | 4,746 | 4,368 | 5,226 |
| EPS | 13.39 | 13.07 | 13.97 | 15.14 | 17.46 | 14.04 | 13.95 | 15.86 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 80 | 80 | 159 | 159 | 160 | 160 |
| Reserves | 35,750 | 40,167 | 46,248 | 60,169 | 72,236 | 77,755 |
| Borrowings | 128,461 | 161,179 | 212,265 | 288,933 | 355,855 | 429,914 |
| Fixed Assets | 3,182 | 3,586 | 4,336 | 5,455 | 6,297 | 6,729 |
| CWIP | 129 | 113 | 191 | 220 | 314 | 321 |
| Investments | 113,654 | 119,222 | 136,176 | 170,127 | 190,130 | 194,414 |
| Total Assets | 279,845 | 333,413 | 405,401 | 537,415 | 651,519 | 758,495 |