Consol_Note05_240626

5    Investments

(₹ In Crore)

Particulars

Non–current investments

Current investments

As at 31 March

As at 31 March

2026

2025

2026

2025

      

(A)

Investments in associates (accounted at equity method) (Unquoted)

49,900 equity shares of Euro 1 each in Bajaj Auto International Holdings AG (earlier known as Pierer Bajaj AG)

–

3,688.27

–

–

49% equity held in CFMOTO-KTMR2R Motorcycles Company Limited

168.85

–

–

–

40% equity held in KTM Asia Motorcycle Manufacturing Inc

–

–

–

–

20% equity held in LX Media GmbH

0.33

–

–

–

20% equity held in KISKA GmbH

13.74

–

–

–

Less: Kiska GmBH (classified as held for sale)*

(13.74)

–

–

–

Total (A)

169.18

3,688.27

–

–

    

(B)

Other investments

Investment carried at fair value through other comprehensive income

In equities (Quoted)

–   3,500,000 Equity Shares of ₹ 10 each in Bajaj Holdings & Investments Ltd.

3,061.10

4,365.57

–

–

    

In equities (Unquoted)

–   23,924 Compulsorily Convertible Preference Shares of ₹ 100 each in Yulu Bikes Private Ltd.

98.20

261.08

–

–

–   100 Equity Shares of ₹ 1 each in Yulu Bikes Private Ltd.

0.10

0.10

–

–

98.30

261.18

–

–

      

Investment in SDL (State development loan) bond (Unquoted)

224.70

78.30

–

–

       

Investment in Alternative Investment Fund (Unquoted)

-   60 Units of LUMIS LABS Fund – CARET CL A2

2.98

–

–

–

       

Investment carried at amortised cost (Quoted)

In Government Securities

(-)/(10,000,000) 6.49% Gujarat State Development Loan 2029 of ₹ 100 each

–

100.22

–

–

(-)/(5,000,000) 6.57% Gujarat State Development Loan 2031 of ₹ 100 each

–

50.10

–

–

(-)/(10,000,000) 6.53% Karnataka State Development Loan 2030 of ₹ 100 each

–

100.26

–

–

(-)/(4,150,000) 6.54% Karnataka State Development Loan 2030 of ₹ 100 each

–

41.53

–

–

(-)/(7,500,000) 6.96% Karnataka State Development Loan 2031 of ₹ 100 each

–

75.44

–

–

–

367.55

–

–

In Bonds

58,000/(-) 7.77% Power Finance Corporation of ₹ 100,000 each

–

–

581.89

–

30,000/(-) 7.55% Power Finance Corporation of ₹ 100,000 each

–

–

300.74

–

950/(-) 7.13% Power Finance Corporation of ₹ 1,000,000 each

–

–

94.95

–

46,000/(-) 7.22% National Housing Bank of ₹ 100,000 each

–

–

460.01

–

35,500/(-) 7.40% National Housing Bank of ₹ 100,000 each

–

–

355.23

–

44,000/(-) 7.64% Rural Electrification Corporation of ₹ 100,000 each

–

–

440.09

–

42,000/(-) 7.56% Rural Electrification Corporation of ₹ 100,000 each

–

–

419.78

–

1,200/(-) 7.84% HDB Financial Services of ₹ 1,000,000 each

–

–

119.95

–

500/(500) 8.18% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

51.81

52.40

–

–

1,750/(1,750) 8.24% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

182.53

184.76

–

–

4,550/(4,550) 7.43% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

468.75

471.85

–

–

700/(700) 7.10% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

71.69

72.08

–

–

600/(600) 6.87% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

60.67

60.82

–

–

2,800/(2,800) 6.39% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

278.37

278.10

–

–

750/(750) 6.42% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

74.13

73.95

–

–

250/(250) 6.44% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

24.75

24.70

–

–

1,900/(1,900) 6.49% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

189.90

189.83

–

–

250/(250) 6.85% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

25.12

25.14

–

–

     

1,427.72

1,433.63

2,772.64

–

In Fixed deposits other than banks (Unquoted)

8.18% Bajaj Finance Ltd. Fixed Deposit

–

–

–

250.00

8.05% Bajaj Finance Ltd. Fixed Deposit

–

–

–

210.00

8.00% Bajaj Finance Ltd. Fixed Deposit

–

–

–

30.00

7.35% Bajaj Finance Ltd. Fixed Deposit

–

–

–

13.50

7.30% Bajaj Finance Ltd. Fixed Deposit

–

–

45.00

–

6.75% Bajaj Finance Ltd. Fixed Deposit

–

–

225.30

–

6.70% Bajaj Finance Ltd. Fixed Deposit

–

–

400.00

–

6.70% Bajaj Finance Ltd. Fixed Deposit

–

–

226.50

–

6.65% Bajaj Finance Ltd. Fixed Deposit

–

–

145.00

–

      

–

–

1,041.80

503.50

In Commercial paper (Unquoted)

6,000/(-) Commercial Paper of Rs 500,000 each of HDB Financial Services – 07.07.2026

–

–

294.10

–

      

In Exchange traded funds (Quoted)

(-)/(8,724,846) Edelweiss Mutual Fund Bharat Bond ETF April 2025

–

–

–

1,117.86

15,940,436/(15,940,436) Edelweiss Mutual Fund Bharat Bond ETF – April 2030

2,506.66

2,349.39

–

–

3,565,094/(3,565,094) Edelweiss Mutual Fund Bharat Bond ETF – April 2031

502.80

471.18

–

–

4,282,638/(4,282,638) Edelweiss Mutual Fund Bharat Bond ETF – April 2032

565.88

529.37

–

–

(-)/(43,000,000) Nippon India ETF Nifty SDL – April 2026

–

552.61

–

–

205,847,653/(205,847,653) Nippon India Nifty AAA CPSE Bond Plus SDL Apr 2027 Maturity 60:40 Index Fund

262.54

245.32

–

–

48,828,497/(48,828,497) Nippon India Nifty SDL Plus G-Sec Jun 2028 70:30 Index Fund

61.86

57.63

–

–

263,770,566/(263,770,566) Aditya Birla Sun Life Nifty SDL Plus PSU Bond Sep 2026 60:40 Index Fund

–

319.49

338.21

–

166,093,651/(166,093,651) Aditya Birla Sun Life Nifty SDL Apr 2027 Index Fund

213.02

200.71

–

–

226,004,362/(226,004,362) Aditya Birla Sun Life Crisil IBX SDL Plus AAA PSU Apr 2027 60:40 Index Fund

288.34

269.87

–

–

76,795,997/(76,795,997) Aditya Birla Sun Life Crisil IBX GILT Plus SDL Apr 2028 50:50 Index Fund

98.68

92.04

–

–

113,891,937/(113,891,937) Kotak Nifty SDL Apr 2027 Top 12 Equal Weight Index Fund

145.80

137.24

–

–

20,000,000/(20,000,000) Kotak Nifty SDL Apr 2032 Top 12 Equal Weight Index Fund

26.39

24.68

–

–

48,396,620/(48,396,620) Kotak Nifty SDL Plus AAA PSU Bond Jul 2028 60:40 Index Fund

61.99

57.72

–

–

298,359,352/(298,359,352) SBI CPSE Bond Plus SDL Sep 2026 50:50 Index Fund

–

359.35

380.75

–

183,849,514/(183,849,514) Axis Crisil IBX SDL 2027 Debt Index Fund

234.64

219.69

–

–

192,038,100/(192,038,100) HSBC Crisil IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund

246.85

230.18

–

–

191,980,955/(191,980,955) DSP Nifty SDL Plus G-Sec Jun 2028 30:70 Index Fund

246.92

230.23

–

–

81,937,188/(81,937,188) ICICI Prudential Nifty SDL Dec 2028 Index Fund

106.15

98.60

–

–

63,868,446/(63,868,446) ICICI Prudential Nifty SDL Sep 2027 Index Fund

81.72

76.89

–

–

5,650.24

6,522.19

718.96

1,117.86

In Fixed maturity plans (Unquoted)

44,000,000/(44,000,000) Units of Aditya Birla Sun Life Fixed Term Plan – Series – TQ (1879 Days) – Direct Growth

56.05

52.78

–

–

48,000,000/(-) Units of Bandhan Fixed Term Plan Series 179 – Direct Growth

82.48

–

–

–

50,000,000/(50,000,000) Units of HDFC Fixed Maturity Plan- Series 46 (1861 Days) – Direct Growth

63.37

59.78

–

–

63,000,000/(-) Units of ICICI Prudential Fixed Maturity Plan – Series 85 10 Years Plan I – Direct Growth

107.75

–

–

–

74,996,250/(74,996,250) Units of Kotak Fixed Maturity Plan- Series 292 – Direct Growth

–

92.55

98.05

–

44,997,750/(44,997,750) Units of Nippon India Fixed Horizon Fund XLIII -Series 1 – Direct Growth

–

55.29

58.52

–

29,998,500/(29,998,500) Units of Nippon India Fixed Horizon Fund XLIII -Series 5 – Direct Growth

38.65

36.32

–

–

74,996,250/(74,996,250) Units of SBI Fixed Maturity Plan – Series 49 (1823 Days) – Direct Growth

–

92.25

97.70

–

60,000,000/(60,000,000) Units of SBI Fixed Maturity Plan – Series 51 (1846 Days) – Direct Growth

–

73.02

77.18

–

25,000,000/(25,000,000) Units of SBI Fixed Maturity Plan – Series 52 (1848 Days) – Direct Growth

–

30.27

31.96

–

60,000,000/(60,000,000) Units of SBI Fixed Maturity Plan – Series 53 (1839 Days) – Direct Growth

–

72.59

76.73

–

7,500,000/(7,500,000) Units of SBI Fixed Maturity Plan – Series 54 (1842 Days) – Direct Growth

–

9.11

9.65

–

50,000,000/(50,000,000) Units of SBI Fixed Maturity Plan – Series 55 (1849 Days) – Direct Growth

–

60.41

63.92

–

52,500,000/(52,500,000) Units of SBI Fixed Maturity Plan – Series 57 (1835 Days) – Direct Growth

–

63.24

66.91

–

50,000,000/(50,000,000) Units of SBI Fixed Maturity Plan – Series 58 (1842 Days) – Direct Growth

–

60.72

64.47

–

40,000,000/(40,000,000) Units of SBI Fixed Maturity Plan – Series 60 (1878 Days) – Direct Growth

50.77

47.92

–

–

65,000,000/(65,000,000) Units of SBI Fixed Maturity Plan (FMP) – Series 61 (1927 Days) – Direct Growth

82.74

77.93

–

–

481.81

884.18

645.09

–

     

Investment carried at fair value through profit or loss

In Mutual fund units (Quoted)

44,276,723/(-) Units of Axis Income Plus Arbitrage Active FoF – Direct Plan – Growth

67.54

–

–

–

34,631,684/(34,631,684) Units of DSP Banking & PSU Debt Fund – Direct Plan – Growth

88.36

84.62

–

–

22,236,948/(-) Units of DSP Income Plus Arbitrage Omni FoF – Direct Plan – Growth

51.62

–

–

–

673,225,624/(673,225,624) Units of Bandhan Corporate Bond Fund – Direct Plan-Growth (erstwhile IDFC Corporate Bond Fund-Direct Plan-Growth)

1,382.11

1,302.87

–

–

14,296,498/(14,296,498) Units of Bandhan Bond Fund – Short Term- Direct Plan-Growth (erstwhile IDFC Bond Fund-Direct Plan-Growth)

90.80

85.44

–

–

117,182,739/(117,182,739) Units of Bandhan Banking & PSU Debt Fund – Direct Plan – Growth (erstwhile IDFC Banking & & PSU Debt Fund – Direct Plan – Growth)

307.51

290.48

–

–

18,914,853/(-) Units of Bandhan Income Plus Arbitrage Active FoF – Direct Plan – Growth

90.49

–

–

–

171,472,479/(-) Units of Kotak Income Plus Arbitrage Omni FoF – Direct Plan – Growth

220.40

–

–

–

30,603,467/(30,603,467) Units of Kotak Bond Short Term Plan- Direct Plan – Growth

182.24

171.52

–

–

22,032,838/(-) Units of HSBC Income Plus Arbitrage Active FoF – Direct Plan – Growth

51.84

–

–

–

30,779,648/(30,779,648) Units of HSBC Short Duration Fund – Direct Plan- Growth

89.46

84.30

–

–

122,864,287/(122,864,287) Units of Nippon India Floating Rate Fund – Short Term-Direct Plan – Growth

607.75

570.06

–

–

146,141,389/(146,141,389) Units of ICICI Prudential Bond Fund – Direct Plan-Growth

632.64

610.15

–

–

449,031,864/(449,031,864) Units of HDFC Corporate Bond Fund – Direct Plan-Growth

1,532.71

1,461.22

–

–

116,201,242/(116,201,242) Units of HSBC Banking & PSU Debt Fund – Direct Plan- Growth

306.94

289.87

–

–

5,702.41

4,950.53

–

–

       

In Short Duration Bond Funds (Quoted)

211,215,073/(132,151,678) Units of Aditya Birla Sun Life CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

230.57

135.20

161,608,341/(-) Units of Aditya Birla Sun Life CRISIL-IBX Financial Services 9 to 12 Months Debt Index Fund – Direct Plan – Growth

–

–

173.05

–

19,440,313/(-) Units of Axis CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

20.04

–

16,786,810/(58,528,134) Units of Bandhan Money Manager Fund – Direct Plan – Growth

–

–

76.75

250.50

37,408,699/(-) Units of Bandhan CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

40.11

–

650,000/(-) Units of Bajaj Finserv Low Duration Fund – Direct Plan – Growth

–

–

65.29

–

(-)/(48,894,814) Units of Edelweiss Money Market Fund – Direct Plan – Growth

–

–

–

150.30

(-)/(497,759) Units of Edelweiss Low Duration Fund – Direct Plan – Growth

–

–

–

50.03

132,531,831/(-) Units of HDFC CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

140.49

–

(-)/(46,938,133) Units of Kotak Nifty AAA Bond Jun 2025 HTM Index Fund – Direct Plan – Growth

–

–

–

50.60

(-)/(49,750,749) Units of Kotak CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

–

50.08

99,011,324/(-) Units of Kotak CRISIL-IBX Financial Services 9 to 12 Months Debt Index Fund – Direct Plan – Growth

–

–

101.70

–

40,547,481/(-) Units of Kotak CRISIL IBX AAA Financial Services Index – Sep 2027 Fund – Direct Plan – Growth

–

–

45.52

–

28,243,139/(-) Units of Kotak CRISIL-IBX AAA Bond Financial Services Index – Dec 2026 Fund – Direct Plan – Growth

–

–

30.58

–

79,880,024/(-) Units of Nippon CRISIL-IBX Financial Services 9 to 12 Months Debt Index Fund – Direct Plan – Growth

–

–

80.16

–

19,981,218/(-) Units of Nippon CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

20.06

–

(-)/(44,907,042) Units of ICICI Prudential CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

–

45.07

44,679,438/(254,900,813) Units of Bandhan Arbitrage Fund – Direct Plan – Growth

–

–

164.40

879.67

(-)/(49,438,933) Units of Bajaj Finserv Arbitrage Fund – Direct Plan – Growth

–

–

–

55.31

77,195,645/(509,540,461) Units of DSP Arbitrage Fund – Direct Plan – Growth

–

–

126.56

783.72

227,842,209/(227,842,209) Units of Edelweiss Arbitrage Fund – Direct Plan – Growth

–

–

497.13

465.79

(-)/(154,725,978) Units of HSBC Arbitrage Fund – Direct Plan – Growth

–

–

–

309.08

392,135/(-) Units of HDFC Liquid Fund – Direct Plan – Growth

–

–

212.14

–

2,265,433/(4,051,431) Units of Bajaj Finserv Liquid Fund – Direct Plan – Growth

–

–

272.41

458.64

(-)/(736,150) Units of UTI Overnight Fund – Direct Plan – Growth

–

–

–

257.29

(-)/(3,219,398) Units of Nippon India Overnight Fund – Direct Plan – Growth

–

–

–

44.15

(-)/(1,481,406) Units of Axis Overnight Fund – Direct Plan – Growth

–

–

–

200.16

26,149,441/(22,947,339) Bandhan Ultra Short term Fund – Direct Plan -Growth

–

–

42.11

34.69

Others

–

–

–

60.38

    

–

–

2,339.07

4,280.66

In Equities (Unquoted)

69,020/(-) Equity Shares of ₹ 10 each in Clean Max Godavari Private Limited

12.08

–

–

Investment in optionally convertible redeemable non-cumulative bonds of EURO 100,000 each (Unquoted)

–

460.45

–

–

     

Total (B)

16,661.34

19,323.58

7,811.66

5,902.02

      

Total (A)+(B)

16,830.52

23,011.85

7,811.66

5,902.02

Quoted

15,841.47

17,639.47

5,830.67

5,398.52

Unquoted

989.05

5,372.38

1,980.99

503.50

16,830.52

23,011.85

7,811.66

5,902.02

Notes to Investments

1. Investments made by the Group other than those with a maturity of less than one year, are intended to be held for long-term. On an assessment of the expected credit loss due to significant changes in risk profile, no material provisions are required to be made.

2. In absence of an active market and non availability of quotes on a recognised stock exchange, investment in fixed maturity plans though listed on recognised stock exchanges are disclosed as unquoted. Other mutual funds, though unlisted, are quoted on recognised stock exchanges at their previous day NAVs which is the quote for the day.

* At the end of December 2025, the Group has made the strategic decision to sell the 20% share in KISKA GmbH. Accordingly, the Group has classified and valued these shares as ‘held for sale’ because pre-contractual agreements have already been reached with the majority shareholder in KISKA GmbH. By contract dated 14 January 2026, the share in KISKA GmbH held for sale was sold to the previous majority shareholder, Loxone GmbH, at a balance sheet value of ₹ 13.73 crore. Since, the entity is consolidated as a part of BAIHAG Group with 3 months lag, balance of assets held for sale presented is as 31 December 2025. (Refer section B.1 of Material Accounting Policies)