The zero cost EMI financing segment is witnessing strong competition with private banks entering the space aggressively. Though growth momentum remained strong for Bajaj Finance (41% in FY19), we believe growth and margin in this high yield segment can face headwinds, as current liquidity environment favours banks with rich CASA. Share of consumer business (low risk - high NIM) has been moderating from ~45% of AUM in FY17 to 39% of AUM in FY19, as the company tries to build portfolios of mortgage, SME, etc. Hence, margins seems difficult to sustain over 10% in the medium...