Brands
Bajaj shifts gears as profits zoom past Rs 5,000 crore in turbocharged H1
MUMBAI: If the first half of FY26 were a dashboard, Bajaj Holdings & Investment ltd. would be watching every needle slide confidently into the green. In a half-year that blended divestment gains, strong subsidiary performance and regulatory tailwinds, BHIL has reported a consolidated profit of Rs 5,046 crore, racing well ahead of the Rs 3,047 crore clocked in H1 FY25.
The group is calling it momentum; the numbers read more like acceleration.
Kicking off the period was a hefty interim dividend Rs 65 per share (650 per cent), totalling Rs 723 crore, paid on 14 October 2025. But the real torque came from a strategic move: the sale of 1.04 crore shares of Bajaj Finserv (BFS) via a block deal, executed to help fund its upcoming insurance stake acquisition. The transaction added significantly to BHIL’s standalone and consolidated profit, even as BFS remained an associate.
Bajaj Holdings & Investment ltd chairman Shekhar Bajaj credited the broader economic climate as well, “The recent GST reforms should provide tailwinds for our automobile and financial service businesses in the coming quarters.” With macro winds blowing favourably, the group’s performance across verticals suggests the engines were already revving.
If BAL were a speedometer, it would be nudging red. In H1 FY26, the standalone numbers show:
● Volumes: 24,05,357 units
● Turnover: Rs 28,306 crore (up 10 per cent)
● EBITDA: Rs 5,534 crore (up 9 per cent)
● PAT: Rs 4,576 crore (up 15 per cent)
Premium motorcycles and double-digit commercial vehicle growth powered a record domestic revenue, while exports surged with standout regional performance.
The Chetak EV, despite supply headwinds, continued to strengthen its position in India’s electric scooter race. Commercial vehicles hit their own milestone, driven by robust internal combustion and electric portfolios. BAL ended the period sitting on Rs 14,244 crore in surplus funds, a war chest worthy of a manufacturer firing on all cylinders.
On a consolidated basis, BFS posted:
● Total income: Rs 72,854 crore (up 12 per cent)
● PAT: Rs 5,033 crore (up 19 per cent)
At Bajaj Finance, the appetite for credit was unmistakable: 25.7 million new loans were booked in H1 FY26, a 24 per cent jump. Income grew 20 per cent to Rs 39,709 crore, while PAT rose 21 per cent to Rs 9,575 crore.
Across insurance:
Bajaj General Insurance grew gross written premium by 9 per cent to Rs 11,615 crore, but excluding crop and government health premiums, underlying growth hit 16 per cent. PAT climbed to Rs 1,177 crore.
● Bajaj Life Insurance grew GWP by 20 per cent to Rs 13,844 crore, with new business premium up 10 per cent to Rs 6,328 crore and PAT at Rs184 crore.
● Bajaj Finserv AMC closed the half with Rs 28,814 crore in AUM.
● BHIL’s standalone engine dividends, interest income and investment gains delivered:
Dividend income: up to Rs 2,205 crore (from Rs 1,025 crore)
● Profit on debt securities: Rs 258 crore
● Total income: Rs 2,822 crore (vs Rs 1,282 crore in H1 FY25)
● Standalone PAT: Rs 4,217 crore
● Total comprehensive income: Rs 4,416 crore
The company continues to realign its portfolio to comply with RBI’s Core Investment Company (CIC) guidelines.
The investment book remains formidable, with the 30 Sept 2025 market value at Rs 2,36,429 crore, compared to Rs 2,23,734 crore in March.
Perhaps the most transformative update: all approvals have now been received for the acquisition of Allianz SE’s 26 per cent stake in Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance.
BHIL has been authorised to purchase up to 19.95 per cent of this stake in each company.
Talks are now moving from negotiation rooms to final documentation, with the acquisition expected to conclude “in the next few months.”
From double-digit growth across verticals to strategic investment realignment and a long-awaited insurance consolidation move, BHIL’s H1 FY26 showcases a portfolio firing on every piston. With GST reforms poised to add tailwinds and capital positions strong across companies, the Bajaj empire enters the second half not just well-fuelled but firmly in the fast lane.
In a year of shifting economic gears, BHIL’s performance proves one thing: some engines don’t just run, they roar.
Brands
Estée Lauder to shed 10,000 jobs as new boss bets on digital shift
The cosmetics giant raises its profit outlook but stays silent on a possible merger with Spain’s Puig, as job cuts deepen and a three-year sales slump weighs on the turnaround
NEW YORK: Stéphane de La Faverie is not done cutting. Estée Lauder announced on Friday that it plans to eliminate as many as 3,000 additional jobs, taking its total redundancy programme to as many as 10,000 roles, up from a previous target of 7,000 announced a year ago. The company, which owns La Mer, The Ordinary, Tom Ford, and Aveda, employs roughly 57,000 people worldwide. The mathematics of what is now being contemplated is stark.
The fresh round of cuts is expected to generate a further $200 million in savings, bringing the total annual savings from the programme to as much as $1.2 billion before taxes. That money, De La Faverie has made clear, will be ploughed back into the turnaround.
A CEO in a hurry
De La Faverie, who took the helm in January 2025, inherited a company that had endured three consecutive years of annual sales declines. His response has been to move fast and cut deep. A significant portion of the latest redundancies reflects his push to reduce headcount at US department stores, long a cornerstone of Estée Lauder’s distribution model but now a channel in structural decline. In their place, he is accelerating the shift toward faster-growing online platforms, including Amazon.com and TikTok Shop, a pivot that is reshaping not just where Estée Lauder sells but how it thinks about its customers.
The numbers are moving in the right direction
Despite the pain, there are signs the medicine is working. Estée Lauder raised its profit outlook for the remainder of the fiscal year, guiding for adjusted earnings per share in the range of $2.35 to $2.45, above analyst estimates and a notable step up from the $2.05 to $2.25 range it had guided for in February. Organic net sales growth is expected to come in at 3 per cent, the company said, at the high end of the range it set out in February.
The share price tells a mixed story. After De La Faverie took charge, the stock surged nearly 60 per cent, buoyed by investor optimism that a longtime company insider could finally arrest the decline. But 2026 has been rougher: the shares have fallen 27 per cent this year, weighed down by disappointing February results and the overhang of unresolved merger talks with Spanish beauty giant Puig Brands SA. The company gave no additional details about those discussions on Friday, leaving the market to guess.
Silence on Puig
The proposed tie-up with Puig remains the most consequential unknown hanging over Estée Lauder. A deal with the Barcelona-based group, which owns brands including Carolina Herrera and Rabanne, would reshape the global luxury beauty landscape. But with nothing new to say and a turnaround still very much in progress, De La Faverie is asking investors to trust the process.
Three years of sales declines, 10,000 job cuts, and a merger that may or may not happen. At Estée Lauder, the overhaul has barely started.
