Emkay Global has initiated coverage on Bajaj Finserv (BJFIN) with a “Buy” rating and a target price of ₹2,150. The brokerage’s positive outlook on the stock is driven by three key factors:
Despite facing temporary challenges, the established businesses of Bajaj Finance (BAF) and Bajaj Allianz General Insurance (BAGIC) are considered industry leaders, maintaining a strong competitive edge.
Bajaj Allianz Life Insurance (BALIC) has successfully navigated challenging periods and is now ranked among the top non-bank-owned franchises in India.
New ventures such as Bajaj Finserv Asset Management Company (AMC) and Bajaj Securities complete the company’s financial services offerings, while Bajaj Finserv Health presents significant long-term growth potential.
Emkay projects Bajaj Finserv’s consolidated profit after tax (PAT) to grow at a compound annual growth rate (CAGR) of 24% between FY24 and FY27, reaching ₹154 billion. The firm sees Bajaj Finserv as a strong investment opportunity, offering exposure to well-established franchises like BAF and BAGIC, with additional upside from newer businesses such as Bajaj Finserv Health.
