Multiple brokerages have reiterated their positive view on Bajaj Finance (BAF) following the announcement of top-level leadership continuity, with substantial upward revisions in their target prices.
Citi maintains a Buy rating and has raised the target price to ₹10,200, citing that the elevation of Rajeev Jain as Vice Chairman and Anup Shah as MD ensures strategic clarity and eliminates management transition risk. According to Citi, this lends strong confidence to the company’s seamless execution capabilities.
Morgan Stanley has reiterated its Overweight rating and increased the target price to ₹10,500, stating that Jain’s continued involvement removes longstanding investor uncertainty. The brokerage believes the stock’s F26E P/E of 25x is justified, and expects strong returns over the next year.
CLSA has raised its target price to ₹11,000, retaining an Outperform rating. It views the latest management update as a green signal to refocus on fundamentals. CLSA noted that margins have stabilised, credit costs are nearing their peak, and AUM growth remains strong at over 25%. It forecasts a 26% PAT CAGR over FY25–27.
Jefferies also maintains a Buy call, with a target of ₹9,270, highlighting that smooth succession planning, healthy AUM growth, and improving asset quality will aid valuations. The brokerage added that Rajeev Jain’s continued involvement through a new Vice Chairman role will help in mid- to long-term strategic planning, including investor interactions.
About Bajaj Finance:
Bajaj Finance is one of India’s largest non-banking financial companies (NBFCs), with a wide range of consumer and commercial lending products. It has a strong track record of high profitability, low NPAs, and robust growth in its loan book. The company operates across urban and rural India and has a growing presence in digital lending and cross-sell platforms.
