Brokerages said Bajaj Finance's decision to reappoint Rajeev Jain as vice chairman and managing director ensures near-term stability, after Anup Kumar Saha stepped down from the top role four months into his tenure.
Jefferies called the resignation “a surprise” but maintained a ‘buy' rating with a target price of Rs 1,044. The brokerage said Jain's presence and the depth of the senior management team would allow for a smooth transition. It also noted that succession planning remains a key medium-term issue.
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CLSA said the leadership change is neutral to positive for Bajaj Finance. It also said Saha's potential move to IndusInd Bank could be seen positively for that bank, with investors likely to draw a connection between the two developments.
The comments came as Saha resigned on Monday, citing personal reasons. He was appointed MD in April 2025 after serving in various leadership roles since 2017. His exit brings an abrupt halt to Bajaj Finance's internal succession plan and comes amid reports that he is being considered for the MD position at IndusInd Bank.
The company has reappointed Rajeev Jain, its former MD, to lead until March 2028. Jain previously led the company for over 15 years and had stepped back earlier this year.
Morgan Stanley reaffirmed its ‘Overweight' rating with a target of Rs 1,050. It acknowledged the resignation as a setback to succession efforts but said the issue remains manageable. It expects more than 25% earnings growth in FY26–28 and said the three-year period under Jain gives the company sufficient time to revisit its leadership pipeline.
Emkay flagged the resignation as a possible concern for Bajaj Finance's succession planning. It noted that Saha had been internally groomed for more than seven years but exited the MD role in less than two quarters.
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