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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 value 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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