Buy Bajaj Finance; target of Rs 8650: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Bajaj Finance

Bajaj Finance, a strong NBFC with digital footprints made a strong comeback with AUM growth reaching ~28-30% YoY. Harnessing its large franchise base digitally offers huge opportunity. Housing forms 32% of the book. Bajaj Finance maintained strong operating metrics over various credit and rate cycles leading to >18% RoE and > 4% RoA leading to 2x.

Outlook

We maintain BUY rating on the stock, offering compounding returns. Omnipresence strategy and organic momentum building up offers comfort on growth sustainability. Same holds key for premium valuations. We marginally revise target price to Rs 8650 from Rs 8500 keeping multiple same at 7.5x FY24E ABV.

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Bajaj Finance - 211022 - icici