ICICI Securities research report on Bajaj Finance
Bajaj Finance (BAF) has unveiled its Long-Range Strategy (LRS) 2025-2029 in which it targets – a) total credit market share of 3-3.25% by FY28 and 3.2-3.5% by FY29 from 2.1% as on Sep’24, b) strong customer franchise of 130-140mn by FY28 and 190-210mn by FY29 from 92.1mn on Sep’24, c) cross-sell franchise of 80-90mn by FY28 and 115-125mn by FY29 from 5.7mn on Sep’24 and d) improve RoE to 20-22% by FY28-29 from 19.4% during H1FY25. Its strategic priority under BFL 3.0 is to become the lowest cost financial service provider to 200mn customer franchise by FY29 with thrust on using AI across businesses and functions.
Outlook
Maintain BUY with TP of INR 8,500, valuing the standalone business at 4.7x FY26E BVPS and INR 1,450 towards housing subsidiaries.
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