Morgan Stanley has reiterated its ‘Overweight’ rating on Bajaj Finance and raised its target price to ₹10,500, citing renewed investor confidence following confirmation of Rajeev Jain’s continued involvement in a strategic capacity. The brokerage highlighted that the long-standing uncertainty around management transition has now been put to rest.
The firm believes Bajaj Finance’s investment case remains one of the most compelling among large-cap private financials in India. With credit costs peaking and NIMs stabilising, Morgan Stanley expects robust earnings growth to continue.
The recent correction in the stock offers an attractive entry point, with the FY26E P/E multiple at 25x — a level Morgan Stanley believes is justified given the company’s consistent track record and growth visibility. With Jain’s strategic role intact and a proven internal successor in Anup Saha taking over as MD, the brokerage foresees a smooth transition with no operational disruptions.
