'Hold' Bajaj Finance Shares Says ICICI Securities, Projects >20% Growth, RoE Amid Strategic Focus

While Bajaj Finance has been at the forefront in customer acquisition over the past decade, as reflected in 12.5% market share in total loan booked, it is now shifting focus towards improving customer wallet market share.

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ICICI Securities Report

ICICI Securities has maintained a 'Hold' rating on Bajaj Finance Ltd. with an unchanged target price of Rs 1,050, implying negligible upside from the current market price of Rs 1,048.

The brokerage notes that while Bajaj Finance's long-term growth outlook remains strong, valuations appear fully priced in.

At its recent analyst meet, Bajaj Finance unveiled its FY26–30 strategic roadmap, focusing on customer-centricity and AI-driven processes to sustain growth and improve profitability.

The company aims to transition from a product-centric approach to a customer-centric model, targeting 20% of India's households by FY30 and expanding its customer franchise to 200–220 million from 110.6 million currently.

It plans to increase products per customer to 6.5–7.5 from 6.05 and raise its retail credit market share to 3.6–4% by FY30 (vs 2.8% now).

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