Bajaj Finance Ltd. share price target

Net earnings beat estimates by 2.8% (up by 21.8% y-o-y and 4.8% q-o-q) to Rs. 4,765 crore driven by healthy AUM growth, lower opex and credit cost that was below estimates. NII was almost in line with estimates, growing by 22.3%/4.3% (y-o-y/q-o-q) to Rs. 10,227 crore.

AUM grew 25% YoY to Rs 4,414.5 bn; we expect a similar run-rate in FY26E as the company adds new verticals (Cars, Gold, MFI) and customers (~14-16 mn). Expect NIM to improve by ~10 bps in FY26 supported by a lower cost of borrowing. Credit cost continues to be elevated in the quarter (at 2%) on account of higher stress in the auto/ MSME portfolio. Expect a moderation in FY26, factoring a healthy trend in early-stage delinquencies. We make minor changes to our FY26/FY27 estimates and assign a multiple of 3.9x (unchanged) on Mar'27 ABV with a TP of Rs 900. While we are positive on the growth outlook...

We maintain our BUY recommendation on the stock.

Bajaj Finance’s (BAF) PAT grew 22% YoY to ~INR47.6b in 1QFY26 (in line). The company’s 1QFY26 NII grew 22% YoY to ~INR102.2b (in line). Non-interest income stood at ~INR23.8b (up 16% YoY), aided by higher income from investments in mutual funds.

We reiterate our BUY recommendation on BAF, valuing it at 4.9x FY27E ABV and arriving at a Target Price of Rs 1,050/share, which implies an upside potential of 14% from the CMP.

We recommend a BUY on the stock with a target price of Rs 10,225/share, implying an upside 10% from the CMP.

We maintain our BUY recommendation on the stock.

Net earnings in line for Q4FY25. NII grew 22.4% y-o-y/4.5% q-o-q at Rs. 9,807 crore due to lower yield on AUM and reduction of interest rate on select unsecured products. It marginally missed our estimates. NIM at 9.42% (as a percentage of AUM), was almost in line with estimates.

AUM growth healthy at 26% YoY, guided for 24-25% in FY26, aided by new lines of business, gold, and secured business segments

be stable in FY26 aided by an improvement in CoF. Credit cost saw a spike in the quarter (at 2.3%) due to a change in ECL assumptions (impact of Rs 3.59 bn). Expect a moderation in FY26 driven by an improvement in early-stage delinquencies. We assign a multiple of 3.9x on Mar'27 ABV with a TP of Rs 9,000. Company has seen a large shift in business mix, growth outlook and...

Bajaj Finance’s board has promoted Mr. Rajeev Jain (MD & CEO) to as vice chairman, in the capacity of an executive director for three years with effect from 1 April 2025. Besides, Mr Anup Saha (deputy MD) has been promoted as MD.

Bajaj Finance (BAF)’s reported PAT grew 18% YoY to ~INR43.1b (~5% beat) in 3QFY25. NII grew 23% YoY to INR93.8b (in line). Other operating income at INR22.9b rose 39% YoY (6% beat), driven by improvement in fee income and income from the sale of services.

We maintain our BUY recommendation on the stock.

Q3 numbers were steady. Management commentary and data suggest that asset quality stress has peaked out, making outlook stable

Healthy, 28% y/y, AUM growth, and greater productivity led to Bajaj Finance’s healthy 18% y/y consol. PAT growth. Despite premium valuations, we retain a Buy, on the best-in-class execution skill, improving productivity and stable asset quality

Bajaj Finance completed its long-range strategy (LRS) 2025-29 meet last week and released an investor presentation. Its targets are lofty; however, with impeccable execution skills, we believe the same are achievable.

Bajaj Finserv hosted its investor day on 10th Dec’24, wherein the senior management of Bajaj Finance (BAF) led by Mr. Rajeev Jain, MD, unveiled BAF 3.0 – a FINAI company - and gave a sneak peek into its Long-Range Strategy (LRS) 2025-29.