Whalesbook
Toh hua kya hai ki Bajaj Finance ne March quarter mein mast performance dikhaya hai. Unka Net Profit 22% badh kar ₹5,464.57 Crore ho gaya, jo pichhle saal ₹4,479.57 Crore tha. Aur suno, Net Interest Income bhi 20% zyaada, matlab ₹11,781 Crore kamaaye hain. Unka Assets Under Management (AUM) bhi 22% badh kar ₹5 Lakh Crore ke paar pahunch gaya hai.
Par, stock market ne is khabar par kuch khaas reaction nahi diya. Share bas 1% hi upar band hua ₹932.60 par. Iska reason kya hai? Dekho, company ke Gross NPAs (matlab jo loans wapas nahi aa rahe) thode badh kar 1.01% ho gaye hain, jo pehle 0.96% the. Iske alawa, Bajaj Finance ka P/E ratio lagbhag 31.5-33.0 ke aas paas hai, jo poore NBFC sector ke average 21.48 se kaafi upar hai. Iska matlab, investors future growth se bahut zyada ummeed lagaaye baithe hain.
Ab baat karte hain analysts ki. Yahan do groups ban gaye hain. Ek side pe hain Citi, Morgan Stanley, Jefferies aur JM Financial jaise firms, jo 'Buy' ya 'Overweight' rating de rahe hain aur target price ₹1,120 se ₹1,210 tak de rahe hain. Ye log keh rahe hain ki sabse mushkil time nikal gaya hai aur company aage achha karegi.
Dusri taraf, Macquarie aur Bernstein jaise analysts thode cautious hain. Wo 'Underperform' rating de rahe hain aur target price ₹860 aur ₹840 rakha hai. Ye log valuation ko lekar chintit hain aur sawal utha rahe hain ki kya company FY27 ke growth targets ko achieve kar paayegi. Ye stock pichhle 10 saal mein 1200% se zyada returns de chuka hai, par pichhle 3 mahine mein performance theek nahi raha. Management ne FY27 ke liye 22-24% AUM growth aur stable margins ka guidance diya hai, jo bulls ko support kar raha hai. Magar high P/E premium aur badhte NPAs risk hain.