New products, stable spreads and tech-led throughput increase Key takeaways from our analysis of Bajaj Finance's (BAF) FY19 Annual Report: (1) Strong traction in consumer finance makes ~40% of the book high-yield and high-churn, aiding faster repricing. (2) SME financing and commercial lending form sustainable scale builders, while partnerships drive granular fee income. (3) Increased fixed-rate borrowings and a prudent ALM strategy support stable spreads. (4) Productivity has increased due to the effective use of technology and analytics....