Bajaj Housing Finance: CEO/CFO discussions: Attrition tapering offers sector tailwind; but expensive valuations limit stock upside

研报英文原文证据摘录

Bajaj Housing Finance: CEO/CFO discussions: Attrition tapering offers sector tailwind; but expensive valuations limit stock upside

J P M O R G A N Asia Pacific Equity Research

16 June 2026

Bajaj Housing Finance Underweight

BAJO.NS, BAJAJHFL IN

CEO/CFO discussions: Attrition tapering offers sector Price (15 Jun 26):Rs86.59

tailwind; but expensive valuations limit stock upside Price Target (Sep-27):Rs70.00

We hosted the CEO, CFO and senior management of Bajaj HF as part of the J.P. India Financials and Property

ACMorgan Bajaj Finance Investor Day on 15th June. The most important takeaway is Gaurav Khandelwal, CFA

that BT-out (attrition) trends have tapered down QTD, after staying elevated over (91-22) 6157-3575

the last 9-12 months. This offers a positive read-through for the entire HFC sector. gaurav.khandelwal@jpmorgan.com

That said, select private banks have turned more aggressive in the prime-mortgage J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

segment, with PSBs (ex-SBI) also keeping competition elevated (in line with our Registration: INH000001873, (91-22) 6157-3000.

observations; see note on India Mortgages). On BFL’s 86.7% stake in BHFL, BFL Harsh Wardhan Modi

management has guided for a significant stake selldown at the right price, rather (65) 6882-2450

than piecemeal (regulatory obligation to lower stake to 75% by Sep-29). FY27 harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

guidance will be announced post 1Q print (expected 29th July), with medium-term J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

RoA (2-2.2%) and RoE (13-15%) guidance unchanged. The franchise is best-in- Morgan Broking (Hong Kong) Limited