Bajaj Finance Ltd: Stronger-than-expected growth delivery in 1Q; raising forecasts, PT

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Bajaj Finance Ltd: Stronger-than-expected growth delivery in 1Q; raising forecasts, PT

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

03 July 2026

Bajaj Finance Ltd Overweight

BJFN.NS, BAF IN

Stronger-than-expected growth delivery in 1Q; raising Price (02 Jul 26):Rs 1,018

forecasts, PT ▲Price Target (Sep-27):Rs 1,215 Prior (Sep-27):Rs 1,175

Bajaj Finance’s (BAF) 1Q’FY27 pre-quarter update underscored (i) strong growth

momentum with AUM rising by an impressive 7.2% q/q (vs JPMe at 6.6%) to Rs India Financials

5.47tn. AUM growth accelerated to 23.9% y/y vs. 22.4% in 4Q’FY26 and came in Anuj Singla AC

ahead of JPMe of 23.1%. We believe that the stronger-than-expected growth (91-22) 6157-3590

pickup in the seasonally strong 1Q has been supported by robust growth in the B2B anuj.singla@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

sales finance business, where BAF is the market leader in financing; (ii) new Tower, Santacruz(E), Mumbai - 400098, SEBI

customer acquisition rose to a record 5.1mn, with +8.7% YoY growth after two Registration: INH000001873, (91-22) 6157-3000.

consecutive quarters of y/y decline. We believe this should assuage concerns that Harsh Wardhan Modi

BAF’s customer acquisition engine is slowing down; (iii) the deposit book was flat (65) 6882-2450

harsh.w.modi@jpmorgan.com

q/q at Rs685bn. The 1Q growth print improves our confidence in BAF’s FY27 J.P. Morgan Securities Singapore Private Limited/

AUM growth delivery at the higher end of its guided range, which we believe poses J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

upside risk to consensus forecasts. With Asset Quality trends benign (as

Shivansh Puri, CFAhighlighted in 1Q preview), we believe that the growth momentum can be

(91-22) 6157-5077