ભારતીય શેરોમાં જોરદાર ઉછાળો: IT, બેંકિંગ રેલી અને તેજીના અંદાજો વચ્ચે સેન્સેક્સ 85,000ને પાર

Brokerage Reports

Published on 19th November 2025, 3:36 PM

Author

Satyam Jha | Whalesbook News Team

Overview

બુધવારે ભારતીય શેરબજારોમાં મજબૂત પુનરાગમન જોવા મળ્યું, જેમાં સેન્સેક્સ 85,000 ની ઉપર અને નિફ્ટી 26,000 ની પાર ગયો. આ પુનઃપ્રાપ્તિ IT અને બેંકિંગ શેરોમાં મજબૂત ખરીદી દ્વારા સંચાલિત હતી, જે ઇન્ફોસિસના મોટા શેર બાયબેક અને સંભવિત ભારત-યુએસ વેપાર સોદાઓ પર આશાવાદ દ્વારા ઇંધણયુક્ત હતી. મોર્ગન સ્ટેનલીના આગાહીથી પણ નોંધપાત્ર વેગ મળ્યો, જેમાં સેન્સેક્સ ડિસેમ્બર 2026 સુધીમાં 95,000 સુધી પહોંચી શકે છે.

Bajaj Finance Ltd

₹ 1,004-2.38%

21 Nov – close price

🔗bajajfinserv.in/finance•BSE: 500034•NSE: BAJFINANCE

Market Cap₹ 6,24,860 Cr.

Current Price₹ 1,004

High / Low₹ 1,102

Stock P/E39.0

Book Value₹ 150

Dividend Yield0.44 %

ROCE11.5 %

ROE18.5 %

Face Value₹ 1.00

Sales₹ 65,049 Cr.

OPM64.8 %

Mar Cap₹ 6,24,860 Cr.

ABOUT

Bajaj Finance is mainly engaged in the business of lending. BFL has a diversified lending portfolio across retail, SME and commercial customers with a significant presence in urban and rural India. It also accepts public and corporate deposits and offers variety of financial services products to its customers.(Source : 202003 Annual Report Page No:124)

KEY POINTS

Amongst Largest NBFCs in IndiaThe company is one of India’s leading and most diversified financial services companies. Since its inception, it has leveraged technology to launch 26 product lines and 51 product variants for retail, MSME, and commercial consumers, with major product innovations like the EMI card and Flexi with a significant presence in both urban and rural India. It also accepts public and corporate deposits.[1][2]

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Bajaj Finance	1004.10	38.98	624860.15	0.44	4250.77	17.18	17184.42	18.61	11.54	65048.94	64.83	16030.10	4250.77	6.70	4.44	3.18
2.	Shriram Finance	823.30	17.70	155026.46	1.20	2314.16	12.22	11912.44	18.07	10.95	45601.30	72.59	8760.03	2314.22	2.56	3.04	3.87
3.	Muthoot Finance	3636.00	19.97	145881.22	0.72	2411.65	90.36	7282.79	47.76	13.19	24544.40	75.96	7303.69	2420.63	4.45	4.67	3.76
4.	Cholaman.Inv.&Fn	1659.70	30.18	140196.15	0.12	1159.61	19.82	7491.38	19.76	10.34	28536.73	69.18	4645.19	1159.61	5.38	2.38	7.23
5.	Tata Capital	316.90	36.57	134562.14	0.00	1118.97	2.01	7737.18	7.69	9.58	28323.85	71.64	3658.33	1097.32	–	1.72	5.88
6.	SBI Cards	878.05	43.59	83612.81	0.28	444.77	9.98	4960.98	12.21	10.40	19130.54	27.49	1918.14	444.77	5.65	3.10	3.33
7.	L&T Finance Ltd	288.70	26.75	72189.79	0.95	734.88	5.64	4335.75	7.87	8.71	16715.82	60.77	2698.51	734.84	2.74	2.37	3.72
–	Median: 96 Co.	150.39	21.2	510.91	0.0	7.23	7.24	35.91	12.1	8.91	144.58	58.64	17.7	6.24	1.89	3.1	0.77

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	2,951	3,111	3,153	3,505	3,723	4,033	4,158	4,736	5,105	5,434	5,753	5,693	5,998
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	4	1	2	1	2	2	4	2	2,548	23	11	1	2
Profit before tax	3,335	3,540	3,830	4,005	4,191	4,291	4,566	4,602	7,191	4,978	4,905	5,546	5,703
Tax %	26%	26%	26%	26%	26%	26%	26%	26%	22%	26%	20%	25%	25%
Net Profit	2,472	2,624	2,837	2,959	3,106	3,177	3,402	3,402	5,614	3,706	3,940	4,133	4,251
EPS in Rs	4.08	4.33	4.69	4.88	5.13	5.14	5.50	5.50	9.07	5.99	6.34	6.65	6.83

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	–	–	–	–	–	–	–	–	–	–	–	–	–
Expenses	1,362	1,752	2,353	3,248	4,067	5,189	8,763	10,325	11,236	11,928	15,249	20,776	22,878
Operating Profit	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Income	32	26	35	23	10	13	9	3	-17	-7	-5	-18	37
Interest	1,592	2,274	2,959	3,853	4,649	6,037	7,990	7,550	7,678	9,424	14,003	18,657	20,157
Depreciation	29	36	56	71	102	137	271	302	355	444	629	822	918
Profit before tax	1,091	1,357	1,965	2,818	3,831	6,035	6,808	5,363	8,586	13,882	17,053	21,676	21,132
Net Profit	719	898	1,279	1,837	2,485	3,890	4,881	3,956	6,350	10,290	12,644	16,662	16,030
EPS in Rs	1.43	1.79	2.37	3.34	4.30	6.73	8.11	6.56	10.49	17.00	20.43	26.81	25.81
Dividend Payout %	11%	10%	10%	11%	9%	9%	12%	15%	19%	18%	18%	21%	–

Compounded Sales Growth

10 Years:28%

5 Years:21%

3 Years:31%

TTM:23%

Compounded Profit Growth

10 Years:32%

5 Years:25%

3 Years:32%

TTM:18%

Stock Price CAGR

10 Years:34%

5 Years:16%

3 Years:14%

1 Year:50%

Return on Equity

10 Years:19%

5 Years:18%

3 Years:20%

Last Year:18%

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	50	50	54	109	115	115	120	120	121	121	124	124	622
Reserves	3,941	4,750	7,373	9,491	15,702	19,448	31,693	35,818	41,935	51,372	71,887	87,872	92,700
Borrowings	–	–	–	–	–	–	–	–	–	–	–	–	–
Other Liabilities	878	1,325	2,522	4,880	2,169	2,585	1,984	2,491	2,921	3,347	4,438	5,034	5,533
Total Liabilities	24,618	32,780	46,973	63,730	81,615	108,500	138,004	138,284	168,017	216,525	296,827	368,248	395,664
Fixed Assets	220	249	287	361	465	654	1,228	1,227	1,598	2,147	3,060	3,575	3,539
Gross Block	308	344	423	587	782	1,085	1,909	2,138	2,669	3,522	4,882	5,862	–
Accumulated Depreciation	88	94	136	225	318	431	681	911	1,070	1,375	1,823	2,287	–
CWIP	0	0	0	0	0	0	0	51	33	80	43	39	33
Investments	28	332	1,034	4,075	3,653	10,370	20,139	20,169	16,372	28,738	37,153	41,716	41,772
Other Assets	24,370	32,198	45,652	59,295	77,497	97,475	116,636	116,836	150,014	185,560	256,571	322,917	350,319
Total Assets	24,618	32,780	46,973	63,730	81,615	108,500	138,004	138,284	168,017	216,525	296,827	368,248	395,664

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-6,087	-7,147	-9,871	-10,440	-17,191	-15,694	-14,110	4,386	-23,856	-27,302	-52,380	-50,995
Cash from Investing Activity	-96	-365	-686	-3,048	505	-6,638	-9,633	424	3,806	-12,400	-9,721	-1,099
Cash from Financing Activity	6,543	6,953	11,656	12,516	16,589	22,344	24,177	-4,113	21,550	38,021	64,774	51,604
Net Cash Flow	360	-559	1,099	-972	-97	13	435	697	1,501	-1,682	2,674	-491

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	–	–	–	–	–	–	–	–	–	–	–
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	–	–	–	–	–	–	–	–	–	–	–	–
Working Capital Days	–	–	–	–	–	–	–	–	–	–	–	–
ROCE %	–	–	–	–	–	–	–	–	–	–	–	–

Shareholding Pattern
Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	55.91%	55.91%	55.87%	55.87%	54.78%	54.69%	54.70%	54.70%	54.70%	54.73%	54.73%	54.67%
FIIs	19.87%	19.16%	20.09%	20.41%	20.92%	20.55%	21.08%	20.81%	20.79%	21.45%	21.71%	21.97%
DIIs	12.37%	12.92%	12.83%	13.05%	14.01%	14.33%	14.23%	15.01%	15.08%	14.78%	14.52%	14.39%
Public	11.60%	11.75%	10.99%	10.50%	10.17%	10.19%	9.83%	9.36%	9.32%	8.84%	8.92%	8.78%