Bajaj Housing Finance’s loan book may expand faster than most large rivals, but Jefferies says investors have already paid for much of that growth. The brokerage initiated coverage with a Hold rating and a Rs 92 price target, implying just 9% upside from its reference price of Rs 84.29.
“Premium valuations at 2.6x Mar-27 BV cap the upside,” Jefferies analysts Bhaskar Basu, Kamal Mulchandani and Prakhar Sharma said in a report.
