1QF27: In a strong phase – raising forecasts; OW

研报英文原文证据摘录

1QF27: In a strong phase – raising forecasts; OW

Idea

July 30, 2026 08:58 PM GMT

Morgan Stanley India Company Private Limited+MBajaj Finance | Asia Pacific Subramanian Iyer

Equity Analyst

1QF27: In a strong phase – Subramanian.Iyer@morganstanley.comKushan Parikh, CFA +91 22 6118-2234

Kushan.Parikh@morganstanley.com +91 22 6118-1082

raising forecasts; OW Sakshi V Chaplot

Research Associate

What’s Changed Sakshi.Chaplot@morganstanley.com +91 22 6118-2228

Bajaj Finance Limited (BJFN.NS) From To

Price Target Rs1,175.00 Rs1,225.00

AlphaSignals Earnings Reaction

Strengthens our thesis Modest upside Modest revision higher Bajaj Finance Limited (BJFN.NS, BAF IS)

Impact to our thesis Financial results versus consensus Direction of next 12-month

India Financials | India

consensus EPS

Source: VA consensus data, Company data, Morgan Stanley Research estimates Stock Rating Overweight

Industry View Attractive

Price target Rs1,225.00

Results beat our expectations and the Street's on almost every Up/downside to price target (%) 16

Shr price, close (Jul 30, 2026) Rs1,053.50

metric. Guidance will be revisited on the 2Q results call. We 52-Week Range Rs1,101.83-787.42

raise our estimates and price target, driven by loan growth, NIM, ShMktout,cap,dil,currcurr(bn)(mn) US$68.56,218

and credit costs; we see upside risks. This is among the top 10 Avg daily trading value (mn) US$84

preferred financials in our coverage. Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS (Rs)** 30.60 41.64 52.51 65.50

We raise EPS 3.4% for F27e, 1.8% for F28e, and 1.3% for F29e: Our price target Prior EPS (Rs)** - 40.27 51.58 64.65

ModelWare net inc (Rs 190,174 258,997 326,653 407,473

rises 4.3%, to Rs1,225 (16% upside). It implies 4.6x F28e P/B and 23x F28e P/E. mn)

BV/shr (Rs)* 183.3 219.6 264.6 320.6