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Bajaj Finance Q3 Results Review: Motilal Oswal Reiterates 'Neutral' Rating On The Stock — Here's Why

Despite a healthy PAT CAGR of ~23% over FY24-FY27E and RoA/RoE of 4.1%/21% in FY27E, Motilal Oswal sees limited upside catalysts for Bajaj Finance.

<div class="paragraphs"><p>Bajaj Finance’s reported PAT grew 18% YoY to ~Rs 43.1 billion (~5% beat) in Q3 FY25. </p><p>(Photo source: Vijay Sartape/NDTV Profit)</p></div>
Bajaj Finance’s reported PAT grew 18% YoY to ~Rs 43.1 billion (~5% beat) in Q3 FY25.

(Photo source: Vijay Sartape/NDTV Profit)

Bajaj Finance’s key product segments (until now) have been the secular growth segments. However, its foray into multiple new areas, such as cars, tractors, commercial vehicles, and micro finance, could (in the future) make its growth and credit costs vulnerable to cyclicality, despite having a well-diversified product mix.
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