Bajaj Finance Ltd: Strong execution despite macro noise: Growth resilient, Asset Quality benign, FY27 NIM guidance intact

研报英文原文证据摘录

Bajaj Finance Ltd: Strong execution despite macro noise: Growth resilient, Asset Quality benign, FY27 NIM guidance intact

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

18 June 2026

Bajaj Finance Ltd Overweight

BJFN.NS, BAF IN

Strong execution despite macro noise: Growth resilient, Price (17 Jun 26):Rs 958

Asset Quality benign, FY27 NIM guidance intact Price Target (Sep-27):Rs 1,080

We met up with the senior management team of Bajaj Finance (BAF) for a India Financials

ACdiscussion on the strategic priorities and outlook. Three key takeaways: i) Anuj Singla

Growth momentum on the ground remains strong despite macro concerns on (91-22) 6157-3590

higher global oil prices and supply chain disruption over the last few months; ii) anuj.singla@jpmchase.com

Asset quality trends (bounce rates, collection efficiency) remain benign across J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

loan segments with no visible impact from the Middle East conflict, and iii) NIMs: Registration: INH000001873, (91-22) 6157-3000.

BAF remains confident of delivering on its guidance of a 10-12 bps NIM decline Harsh Wardhan Modi

in FY27 despite the tight liquidity environment and recent spike in funding costs. (65) 6882-2450

Overall, BAF reiterated its long-term focus on building for scale without harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

compromising on risk discipline. We underscore our positive view on BAF driven J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

by a combination of healthy loan growth, operating cost leverage from AI Morgan Broking (Hong Kong) Limited

initiatives and credit cost decline that should support a 26% earnings CAGR over Shivansh Puri, CFA

FY26-28. Maintain OW. (91-22) 6157-5077