Sharekhan's research report on Bajaj Finance
Q3 numbers were steady. Management commentary and data suggest that asset quality stress has peaked out, making outlook stable. The company guided for lower credit cost from Q4FY25 as incremental stress formation is lower and stable for the second consecutive quarter. Mr. Rajeev Jain intends to remain with company, which is the biggest key positive; further details eyed in Q4.
Outlook
We retain a Buy with an unchanged PT of Rs. 9,500. At CMP, the stock trades at 4.9x/4.1x/3.5x FY2025E/FY2026E/FY2027E BV estimates.
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