Whalesbook
Dividend Cut: Future ka bada plan!
Dekho, Bajaj Finance ne decision liya hai ki ab wo shareholders ko kam dividend denge. FY2026 ke liye sirf ₹6 per equity share ka dividend propose kiya hai. Ye July 2019 ke baad sabse kam hai. Isse company ke paas lagbhag ₹3,733.49 Crore bach jayenge. Ye sab growth plans aur AI transformation ke liye hai, jise company 'FINAI' naam de rahi hai, FY2029 tak. Iske alawa, company Gold Loans, Commercial Vehicle Financing, Tractor Financing, aur Auto Lease Finance jaise naye business mein bhi enter kar rahi hai, jiske liye kaafi paisa lagega. Ye dividend proposal shareholders ki approval par depend karta hai, record date June 30 hai.
Market Valuation aur Sector ka Kya Scene Hai?
Bajaj Finance ka market cap lagbhag ₹5.75-5.80 Lakh Crore hai aur iska TTM PE ratio 33.17 se 34.01 ke beech hai. Ye financial services sector ke average PE ratio 19.65 se kaafi zyada hai. Dividend yield bhi sector average 1.42% se kam hai, 0.46%-0.61% ke aas paas. Iska matlab, investors filhaal immediate income se zyada company ke future growth par bet laga rahe hain. NBFC sector mein RBI regulations bhi badh rahi hain, jo thoda impact kar sakti hain.
Risks aur Capital ki Chinta?
Company keh rahi hai ki ye sab future ke liye hai, par kuch concerns bhi hain. FY2025 mein loan loss provisions 72% badh kar ₹7,966 Crore ho gaye. Ye unsecured loans par stress aur macro conditions ki wajah se hai. Company ki dividend policy 15-25% thi, par deti hamesha kam hi thi. FY2025 mein ₹56 per share diya tha, ab ₹6 ka proposal bahut bada cut hai. Ye increased provisioning aur reduced dividend shayad ye bata rahe hain ki company ko apne ambitious plans ke liye zyada capital chahiye ya credit environment tough ho raha hai.
Analysts Kya Bol Rahe Hain?
Analysts abhi bhi positive hain aur bahut saare analysts ne "Strong Buy" rating di hui hai. Average 12-month price target ₹1,047 se ₹1,103 ke beech hai, jo current levels se 13-20% ka potential upside dikha raha hai. AUM growth 26% se ₹4,16,661 Crore tak pahunch gaya hai aur 'FINAI' initiative bhi ek major driver hai. Ab dekhte hain company kaise growth, asset quality aur regulations ko manage karti hai.