Bajaj Finance (BAF) has received a strong vote of confidence from major brokerages after the company’s board approved the elevation of Rajeev Jain as Vice Chairman & Executive Director (ED) and Anup Saha as Managing Director (MD). This move addresses long-standing investor concerns about management continuity, leading to upward revisions in target prices (TP) by multiple research firms.
Brokerages Bullish on Bajaj Finance
Several top brokerages, including Bank of America Securities (BoFA), Citi, Morgan Stanley, CLSA, and Jefferies, have responded positively to the leadership changes. Here's a summary of their views:
BoFA Securities: Buy | Target Price: ₹10,500
The appointment of Rajeev Jain as Vice Chairman & ED and Anup Saha as MD removes a key overhang.
Earnings are expected to improve as Net Interest Margin (NIM) stabilizes and credit costs peak.
Citi: Buy | Target Price: ₹10,200
The leadership transition ensures strategic clarity and seamless execution.
With Jain's continued involvement, concerns about management transition risks are significantly mitigated.
Morgan Stanley: Overweight (OW) | Target Price: ₹10,500
Rajeev Jain's continuity boosts investor confidence and clears uncertainty.
Bajaj Finance now has one of the strongest and clearest investment theses among large-cap private financials.
CLSA: Outperform (O-P) | Target Price: ₹11,000 (on roll forward)
Management clarity allows the market to refocus on fundamentals.
Margins have stabilized over the past two quarters, and credit costs should moderate in FY26.
BAF remains a top pick.
Jefferies: Buy | Target Price: ₹9,270
As expected, Anup Saha is promoted from Deputy MD to MD until March 2028.
Rajeev Jain will serve as Vice Chairman & ED for three years starting April 1, 2025.
This ensures Jain remains actively involved in short- and mid-term planning.
Leadership Stability Strengthens Investment Case
Rajeev Jain, who has been instrumental in Bajaj Finance’s transformation into a financial powerhouse, will continue to steer the company’s strategy. Anup Saha’s elevation reinforces internal leadership continuity, ensuring business momentum remains strong.
With margins stabilizing and credit costs nearing their peak, analysts believe BAF is well-positioned for strong earnings growth. The upward revision of target prices by major brokerages reflects renewed confidence in the stock.
Disclaimer:
The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions. SensexNifty.com and its authors are not responsible for any financial losses or decisions made based on this content
