Motilal Oswal's research report on Bajaj Finance
Bajaj Finance (BAF)’s PAT grew 23% YoY to ~INR49.5b in 2QFY26 (in line). PAT in 1HFY26 grew at ~23% YoY and we expect PAT in 2HFY26 to grow at ~19% YoY. 2Q NII grew 22% YoY to ~INR107.8b (in line). Non-interest income stood at ~INR23.8b (up 13% YoY). Growth in other operating income moderated as recoveries from the written-off pool plateaued. The company expects non interest income to grow by 13-15% in FY26.
Outlook
We reiterate our Neutral rating on the stock with a TP of INR1,160 (premised on 4.8x Sep’27E BVPS).
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