Deven Choksey's research report on Bajaj Finance
Net Interest Income (NII) for Q1FY26 increased at a healthy pace by 22.3% YoY (+4.3% QoQ) to INR 102.3bn, tracking AUM growth of 24.6%, stood marginally above our estimates (+2.6%), on account of lower finance expenses. Pre-Provision Operating Profit (PPOP) grew at 22.2% YoY (+6.5% QoQ) to INR 84,871 Mn., stood marginally above our estimates (+2.4%), driven by higher NII. Net profit grew by 21.8% YoY (+4.8% QoQ) to INR 47,653 Mn., stood in-line with our estimates (-1.6%).
Outlook
We value Bajaj Finance at 4.8x Mar’27 Adj. Book Value, implying a target price of INR 1,040 per share.We reiterate our “ACCUMULATE” rating on the stock, as we believe the company remains well-positioned to navigate near-term stress, backed by its strong balance sheet, disciplined risk controls, and calibrated business strategy.
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