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The Aditya Birla Group is barely a force to be reckoned with in financial services. It doesn’t matter that it has had a decades-long presence in the sector. Even in mutual funds, one of its oldest and most successful businesses, it isn’t among the top five by assets under management (AUM).
But Aditya Birla Capital has lately concludeeared itself to investors like never before—in an otherwise wobbly market. Its shares are up 80% over the past year, compared to a 12% jump in the Nifty Financial Services Ex-Bank index.
On Tuesday, Aditya Birla Capital rose over 4%, after impressive numbers in the March quarter. The stock is trading within spitting distance of its all-time high from a few months ago. In the first three months of 2026, the company’s profits surged by a third, to Rs 1,165 crore.
Its loan book expanded at a similar clip, to Rs 2.07 lakh crore.
It’s indisputable that everyone from Aditya Birla Capital to Jio Financial Services hankers after the kind of success Bajaj Finserv has had across a range of businesses, including lconcludeing and insurance. But Aditya Birla Capital has chosen a markedly different approach from Bajaj Finance, Bajaj Finserv’s non-bank lconcludeer.
Bajaj Finance owes its rise to its ability to lconclude to individuals at scale and for a dizzying array of purposes. The loan could be for a phone, a car, a home, a wedding, or a dental procedure.
By the mid-2010s, when Aditya Birla Capital launched to double down on lconcludeing and even went public after a demerger, Bajaj Finance was already a colossus in consumer lconcludeing. Besting Bajaj Finance in this business was a fool’s errand, especially when Aditya Birla Capital had cut its teeth in lconcludeing to companies large and compact.
Sure, Aditya Birla Capital has since grown its retail-lconcludeing business, especially houtilizing finance. But business loans comprise two-thirds of its loan book. Bajaj Finance, on the other hand, receives a similar proportion of its Rs 5.1 lakh crore AUM from loans to individuals.
As with Bajaj Finserv, lconcludeing is at the heart of Aditya Birla Capital. Last year, Aditya Birla Capital merged its lconcludeing unit with itself.
Aditya Birla Capital is listed, while its wholly-owned arm Aditya Birla Finance is among the 15 upper-layer non-bank lconcludeers mandated by the RBI to go public by September 2025. Merging with the listed parent averts the necessary for the subsidiary to be separately listed.
Aditya Birla Capital stated the proposed merger will simplify the group’s structure, transform Aditya Birla Capital into a formidable operating non-banking finance company (NBFC) from a holding company, consolidate business and operational synergies, and reduce regulatory complexities.
Aditya Birla Capital, subsidiary Aditya Birla Finance to merge, Mint
The merger, which was completed last month, has been central to the rally in the stock. Holding companies are valued lower than the combined market value of their investments and net assets.
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