Jefferies has retained its buy call on Bajaj Finance, with a target price of ₹8,400, indicating a 26.4% upside from the current market price of ₹6,645.75. Bajaj Finance delivered 29% AUM growth in Q2, which was largely in line with estimates. However, profit growth was slower at 13% YoY due to rising credit costs. Despite this, the company’s net interest margin (NIM) remained stable. Jefferies notes that if credit costs stabilize as expected, the company could see a return to +20% earnings growth by FY26.
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