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Motilal Oswal Report
After navigating the challenges of the Covid years, Bajaj Finance Ltd. returned to robust operational and financial performance in FY24. The company’s omnichannel strategy and continuous innovation are likely to drive greater customer acquisition, loyalty, more profitable cross-selling, and better margins for each of its businesses in FY25, positioning Bajaj Finance for sustained growth and success.
However, it would have to first navigate the stress in its B2C business segments (entailing higher credit costs), which will also necessitate pruning business growth in these segments.
Despite a healthy profit after tax compound annual growth rate of ~24% over FY24-FY26E and return on asset/return on equity of 4.2%/22% in FY26E, we see limited upside catalysts.
Consequently, we reiterate our Neutral rating on the stock with a target price of Rs 7,500 (premised on 4.2 times FY26E book value per share).
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SAIL Q1 Results Review – Subpar Performance Driven By Lower Volumes: IDBI Capital
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