Buy Bajaj Finance; target of Rs 1550: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Bajaj Finance

Bajaj Finance’s (BAF) 4QFY17 PAT increased 43% YoY to INR 4.5b (in-line). PPoP grew 52% YoY (9% beat), driven by robust AUM growth of 36% YoY and better-than-expected margin performance (11.4%, +130bp YoY). Higher provisions of INR 2.9b (incl. INR 700m additional provisions on account of demon and non-recurring provisions) led to in-line PAT.

Outlook

At the same time, it is proactive in detecting early warning signals with regard to asset quality. The stock trades at 6.1x/4.9x FY18E/19E BV. We raise FY18E/19E EPS by 1/2%, and increase TP to INR 1,550 (5.7x FY19E BVPS). Buy.

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