Whalesbook
Achanak itna bada profit kaise?
Asal mein, company ne apna full-year profit bhi 6.9% badhaya hai, jo ki ₹17,803.87 crore hai. Aur Assets Under Management (AUM) toh seedha 22% bhag kar ₹5.09 lakh crore ho gaya hai. Customer base bhi 17% badhkar 119.33 million ho gaya hai. Board ne FY26 ke liye ₹6 ka final dividend bhi recommend kiya hai. Overall, numbers toh bahut strong lag rahe hain.
Lekin valuation ka kya scene hai?
Ab baat karte hain valuation ki. Bajaj Finance ka P/E ratio lagbhag 31.8x hai, jo ki industry average (20-21.48x) aur HDFC Bank (25x), ICICI Bank (22x) jaise bade banks se kaafi zyada hai. Matlab, market already isse bahut expectations rakh raha hai. Iska market cap ab ₹5.79 lakh crore ke aas paas hai.
NBFC Sector mein tension?
Upar se, poora NBFC sector hi kuch challenges face kar raha hai. Funding costs badh rahi hain, jisse Net Interest Margins (NIMs) par pressure aa raha hai. Unsecured lending par regulatory scrutiny bhi badh rahi hai. Global uncertainties bhi asset quality ko affect kar sakti hain.
Asset Quality aur Margin Trends
Performance strong hone ke baad bhi, kuch numbers thoda tension de rahe hain. Gross NPAs thoda sa badhkar 1.01% ho gaye hain, jo pehle 0.96% the. Net interest margins mein bhi thoda giravat dikhi hai. Plus, Rajiv Bajaj bhi board se step down kar rahe hain, toh leadership mein bhi change aa raha hai.
Analysts aur Future ki baatein
Analysts bhi is stock ko lekar divided hain. Kuch log 'Buy' rating de rahe hain aur target price ₹1,000 se ₹1,210 tak de rahe hain. Lekin kuch log valuation aur margin compression ko lekar cautious hain. Management ka kehna hai ki FY27 mein AUM growth 22-24% rahengi aur NIMs stable rahenge. Ab dekhte hain company is competitive environment mein kaise perform karti hai.