Whalesbook
Leadership Ki Alvida
Sabse pehle toh ye news hai ki Rajiv Bajaj ab Bajaj Finance ke board par Non-Executive Director ke taur par wapas nahi dikhenge. Unki tenure July 30, 2026 ko khatam ho rahi hai, aur woh re-election ke liye nahi jaa rahe. Board ne unka yeh decision accept kar liya hai aur company ke liye unke contributions ko appreciate kiya hai.
Results Mein Mixed Picture Aur AUM Milestone
March quarter ke liye company ka net profit ₹5,465 crore raha, jo pichle saal se 22% zyada hai. Par, market ki jo expectations thi, usse yeh number thoda kam reh gaya. Isi tarah, net interest income bhi 20% badhkar ₹11,781 crore hua, lekin yeh bhi forecast se peeche reh gaya. Haalat ki baat kare toh, company ne ek zabardast milestone achieve kiya hai - uska Assets Under Management (AUM) ₹5 lakh crore ke paar pahunch gaya hai! Analysts ka kehna hai ki NBFC sector FY26 mein 12-18% grow kar sakta hai, jo company ke liye achha sign hai.
Stock Reaction Aur Valuation Ka Scene
Jab yeh khabar aayi, toh Bajaj Finance ka stock NSE par 0.69% badhkar ₹930.00 par band hua. Pichle ek mahine mein stock 17% tak bhaga hai. Lekin valuation dekho toh, iska Price-to-Earnings (P/E) ratio lagbhag 31.8x se 34.01x ke aas-paas hai TTM data ke hisab se. Yeh HDFC Bank (~15.8x) aur ICICI Bank (~18.4x) jaise banks se kaafi zyada hai. Competitors jaise Cholamandalam Investment (~27x) aur Shriram Finance (~22.4x) se bhi yeh premium valuation hai. Iska matlab investors isse future mein strong growth expect kar rahe hain.
Dividend Aur Stake Sale Ki Kahani
FY26 ke liye board ne ₹6 per share ka final dividend recommend kiya hai, jisme ₹0.60 ka special payout bhi hai jo Bajaj Housing Finance ke shares ki sale se mila hai. Yeh dividend shareholders ki approval ke baad August 3, 2026 ke aas-paas mil sakta hai. Yeh special payout Bajaj Finance dwara Bajaj Housing Finance mein 2% stake sale ka hissa hai, jo late 2025 mein regulatory requirements ko poora karne ke liye ki jaayegi. Dividend yield abhi 0.6% ke aas-paas hai.
Aage Kya Risks Hain?
Itni achhi AUM growth aur pichle performance ke bawajood, Bajaj Finance ke saamne kuch challenges hain. Iska 30x se upar ka P/E ratio future mein badhiya results ki bahut umeed deta hai, jise poora karna mushkil ho sakta hai. NBFC sector mein competition kaafi zyada hai, jisme banks aur doosre NBFCs sabhi consumer aur MSME lending mein hissa maarne ki koshish mein hain. Analysts ne generally 'Buy' rating di hai aur average 12-month price target ₹1,047.17 rakha hai. Par, Rajiv Bajaj ke bina naye leadership ka execution kitna smooth hoga, ye dekhna hoga. Kuch loan segments mein asset quality aur credit cost ko bhi dhyan mein rakhna hoga.