Jefferies has maintained its buy rating on Bajaj Finance with a target price of ₹1,044, while Morgan Stanley has reiterated its overweight stance with a price target of ₹1,050, following a surprise top-level management change at the NBFC.
The company announced that Anup Saha, who took over as Managing Director in April 2025, has resigned due to personal reasons. In response, the board has reinstated Rajeev Jain — the long-serving former MD and current Executive Vice Chairman — as the MD until March 2028.
Jefferies believes Jain’s return ensures stability and continuity. It said the transition will be smooth due to the presence of a seasoned leadership team. However, it noted that succession planning now becomes a medium-term objective, as Jain may eventually shift into an advisory role at Bajaj Finserv.
Morgan Stanley said while the move disrupts the succession process that the company had been executing, the situation remains manageable. It remains confident in Bajaj Finance’s fundamentals and expects the company to deliver over 25% EPS growth during FY26–28 — placing it among the top large-cap lenders in terms of earnings trajectory.
Disclaimer: The views and investment recommendations expressed are those of the respective brokerages. Please consult your financial advisor before making any investment decisions.
