Jefferies maintains a "Buy" rating on Bajaj Finance but has lowered the target price to Rs 8,400 from Rs 8,620. The Q2 results were in line with expectations, and the firm anticipates improved earnings growth starting from FY26.
While credit costs remain elevated, management expects them to decline by FY26. Asset growth remains healthy with stable net interest margins (NIMS).
Valuations are considered reasonable at 3.8x FY26 price-to-book and 20x price-to-earnings ratios.
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