Analysts/Institutional Investor Meet/Con. Call Updates

10 November 2026 To To Corporate Relations Department. Corporate Listing Department. BSE Limited National Stock Exchange of India Ltd 1st Floor, New Trading Ring, Exchange Plaza, 5th Floor Rotunda Building, P J Tower, Plot No.C-1, G Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai 400 001 Mumbai 400 051 BSE Code: 532978 NSE Code: BAJAJFINSV Dear Sir/Madam, Sub.: Transcript of Conference Call in respect of financial results for the quarter and half year ended 30 September 2026 Ref.: Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘SEBI Listing Regulations’) r/w Clause 15 of Para A of Part A of Schedule III to the SEBI Listing Regulations In furtherance to our letter dated 19 October 2026, this is to inform that the transcript of the investors conference call held on Tuesday, 3 November 2026 at 5:00 p.m. (IST) has been hosted on the website of the Company and is available at https://www.aboutbajajfinserv.com/investor-relations-quarterly-earnings-conference-call- recording-and-transcripts Please find enclosed the aforesaid transcript (pdf) for ease of reference. We request you to kindly take the same on record. Thanking you, FOR BAJAJ FINSERV LIMITED UMA SHENDE COMPANY SECRETARY Email ID: investors@bajajfinserv.in Encl.: As above Page 1 of 1 https://www.aboutbajajfinserv.com/about-us Registered Office: 6th Floor, Bajaj Finserv House, Off Pune - Ahmednagar Road, Viman Nagar, Pune - 411 014, Maharashtra, India Tel: +91 20 7150 5700 | Fax: +91 20 7150 5792 Corporate ID No.: L65923PN2007PLC130075 | Email ID: investors@bajajfinserv.in “Bajaj Finserv Limited Q2 FY2027 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. S. SREENIVASAN – PRESIDENT, INSURANCE AND SPECIAL PROJECTS – BAJAJ FINSERV LIMITED MR. RAMANDEEP SINGH SAHNI – CHIEF FINANCIAL OFFICER – BAJAJ FINSERV LIMITED MR. TAPAN SINGHEL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – BAJAJ GENERAL INSURANCE LIMITED MR. TARUN CHUGH – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – BAJAJ LIFE INSURANCE LIMITED MR. AVAIS KARMALI – CHIEF FINANCIAL OFFICER – BAJAJ GENERAL INSURANCE LIMITED MR. VIPIN BANSAL – CHIEF FINANCIAL OFFICER – BAJAJ LIFE INSURANCE LIMITED MR. ASHISH PANCHAL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – BAJAJ FINSERV DIRECT LIMITED AND GROUP STRATEGY HEAD – BAJAJ FINSERV LIMITED MR. DEEPAK MATAI – CHIEF EXECUTIVE OFFICER – BAJAJ FINSERV HEALTH LIMITED MR. GANESH MOHAN – MANAGING DIRECTOR – BAJAJ ASSET MANAGEMENT LIMITED MODERATOR: MR. AJIT KUMAR – JM FINANCIAL Page 1 of 18 Bajaj Finserv Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY2027 Earnings Conference Call for Bajaj Finserv Limited, hosted by JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ajit Kumar from JM Financial Institutional Securities Limited. Thank you, and over to you, sir. Ajit Kumar: Thank you, Rayo. Good evening, everyone, and welcome to the Q2 FY2027 earnings conference call of Bajaj Finserv Limited. First, I would like to thank the management of Bajaj Finserv for giving us the opportunity to host this call. We will have the opening comments from the management team, post which we will open the floor for Q&A. From the management side today, we have Mr. S. Sreenivasan, President, Insurance and Special Projects, Bajaj Finserv Limited; Mr. Ramandeep Singh Sahni, CFO, Bajaj Finserv Limited; Mr. Tapan Singhel, MD and CEO, Bajaj General Insurance Limited; Mr. Tarun Chugh, MD and CEO, Bajaj Life Insurance Limited; Mr. Avais Karmali, CFO, Bajaj General Insurance Limited; Mr. Vipin Bansal, CFO, Bajaj Life Insurance Limited; Mr. Ganesh Mohan, MD Bajaj Asset Management Limited; Mr. Ashish Panchal, MD and CEO, Bajaj Finserv Direct Limited and Group Strategy Head, Bajaj Finserv Limited; and Mr. Deepak Matai, CEO, Bajaj Finserv Health Limited. With this, I would hand over the floor to Ramandeep, sir, for his opening comments. Thank you, and over to you, sir. Ramandeep Singh Sahni: Thank you. Good evening, everybody. We welcome you to the conference call to discuss the results of Bajaj Finserv Limited, BFS, for Q2 FY2027. As before, in this call, we will largely be concentrating on the consolidated results of Bajaj Finserv, the results of our insurance operations through Bajaj General and Bajaj Life Insurance Limited, our emerging companies, which include Bajaj Finserv Health, Bajaj Finserv Direct and Bajaj Asset Management Company; and lastly, where material, the stand-alone results of Bajaj Finserv. Bajaj Finance and Bajaj Housing Finance, our other two material subsidiaries have already had their conference calls, and hence, we will pursue only very high-level questions on these companies. To start with a few hygiene points, as a word of caution, we affirm that any statements that may look forward-looking statements are just estimates and do not constitute an assurance or indication of any future performance result. On the basis of accounting, as required by regulations, Bajaj Finserv prepares its financials in compliance with Ind AS. The insurance companies are, however, currently not covered under Ind AS since we have sought one year forbearance from the regulator. Page 2 of 18 Bajaj Finserv Limited November 03, 2026 Therefore, Bajaj General and Life have prepared Ind AS financials on Ind AS 104 basis only for the purpose of consolidation and the stand-alone numbers for them are based on non-Ind AS accounting standard, which is referred as Indian GAAP as applicable to insurance companies today. Further on this subject, in line with the recent regulations from IRDAI, both the insurance companies would transition to Ind AS from 1st of April 2027. Additionally, regarding the recently published consultation paper by IRDAI on recalibrating economics of insurance distribution, we appreciate and support the IRDAI's intention of fostering a customer-centric, competitive, efficient and transparent distribution ecosystem. As this is a consultation paper at this stage, it would be followed by draft regulations for comments and then the final regulations shall be issued. Hence, in that sense, it would be premature to come to any conclusion basis this consultation paper. However, as seen in the past, any large-scale initiative, which aims to improve the customer proposition may lead to short-term impact for the insurers as well as distributors in this case. However, in the medium to long-term, the sector only bounces back much stronger as has been seen during the past in terms of the GST exemptions or various changes in ULIP norms, or surrender value changes and so on. We hence continue to support any initiative, which improves the customer proposition and expands insurance coverage. As part of IRDAI's reach out to seeking feedback on the paper, our insurance companies have also been providing necessary feedback to the authorities. I'll now move to giving a high-level update on the consolidated financial results for the quarter, which have been put out in the press today. The consolidated total income grew 17% to INR 43,416 crores, consolidated profit after tax grew a healthy 25% to INR 5,952 crores and consolidated profit after tax attributable to the owners grew 23% to INR 2,758 crores. Let me now deep dive and give you further texture on the performance of each of our companies. I'll start with Bajaj General: GWP for Bajaj General grew at 10% for the quarter to about INR 7,056 crores, which is marginally lower than the industry growth of about 12%. However, if we were to exclude the bulky tender-driven cr [Showing first 8,000 characters — download PDF for full document]