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Anand Rathi Report
We met Bajaj Finance Ltd.’s management. The company is on track to achieve its medium-term targets and gain market share. Despite competition from other large corporate-backed non-banking financial companies, we reckon that it is one of the fastest growing proxies for the Indian premiumisation theme.
The recent correction of 22% from its 52 week high is an attractive entry point. Reiterate Buy. At the current market price, the stock trades at 3.5 times FY26e book and 18 times FY26 price-to-earning, with regulatory overhang priced in at this point.
Risks: Key-man risk, regulatory changes.
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