Bajaj Finance Share Price Today: Stake Sale, Q2 FY26 Results and 2026 Targets Explained

Mumbai | 2 December 2025

Bajaj Finance Limited (NSE: BAJFINANCE) is back in focus on 2 December 2025 as investors digest a sharp sell-off in its subsidiary Bajaj Housing Finance, strong but scrutinised Q2 FY26 results, and a fresh round of target price revisions from global and domestic brokerages.

Bajaj Finance share price today (2 December 2025)

By early afternoon on 2 December 2025, Bajaj Finance shares were trading around ₹1,020–1,025 on the NSE, marginally lower on the day. Live market data from multiple platforms show:

₹1,019.85 at 13:06 IST, down 0.06% intraday ^[1]
₹1,023.50 at 11:52 IST, up 0.24% versus the previous close ^[2]

Key price and valuation metrics as of today:

Day’s range: ₹1,014 – ₹1,036 ^[3]
52‑week range: roughly ₹648 – ₹1,102, with the record high hit in October 2025 ^[4]
Market capitalisation: around ₹6.3–6.4 lakh crore ^[5]
TTM P/E: ~34–35x, versus an industry P/E near 29–30x ^[6]
P/B: about 6.3–6.7x ^[7]
1‑year return: roughly +53% ^[8]
1‑month return: about ‑2%, reflecting mild profit‑taking after a strong run-up ^[9]

In other words, Bajaj Finance remains one of the best‑performing large‑cap financials in 2025, but it is consolidating near the ₹1,000–1,050 zone after an aggressive rally.

Why Bajaj Housing Finance’s 9% plunge is in the spotlight

The biggest news catalyst on 2 December 2025 is not Bajaj Finance directly, but its subsidiary Bajaj Housing Finance Ltd (BHFL).

What happened today

Bajaj Housing Finance shares fell about 9%, hitting a 52‑week low around ₹95–96 in early trade. ^[10]
Around 19.5 crore BHFL shares — about 2.35% of equity — changed hands via a block deal at ₹97 per share, valuing the transaction at roughly ₹1,890 crore. ^[11]
The seller is promoter Bajaj Finance, which held 88.70% in BHFL prior to the sale. ^[12]

This follows an exchange filing in which Bajaj Housing Finance disclosed that Bajaj Finance plans to sell up to 2% of its stake via market transactions. The stated objective: to help the company meet SEBI’s minimum public shareholding (MPS) norms. ^[13]

Business Today data show that while Bajaj Housing Finance slid 9%, Bajaj Finance shares actually traded slightly higher around ₹1,025 (+0.4%) in morning trade, suggesting that investors see the promoter stake sale as broadly orderly and expected, rather than a distress signal. ^[14]

Why this matters for Bajaj Finance shareholders

Capital and flexibility at the parent level
The block deal proceeds — nearly ₹1,900 crore — accrue to Bajaj Finance, not to the subsidiary. That gives the parent non‑dilutive capital, which can be redeployed into core lending growth, technology or capital buffers.
Regulatory housekeeping, not a strategy U‑turn
Multiple reports and the company’s own filings emphasise that the sale is being undertaken to comply with SEBI’s minimum public shareholding rules, not because of a change in long‑term view on the housing finance business. ^[15]
More free float and price discovery in BHFL
A higher free float in Bajaj Housing Finance could, over time, improve liquidity and institutional ownership in the subsidiary — helpful for valuations and for Bajaj Finance if it chooses to monetise more stake later.

For now, the market appears to see the move as tactically negative for BHFL’s price but neutral‑to‑slightly‑positive for Bajaj Finance itself.

Q2 FY26: strong growth, but asset quality under the microscope

Bajaj Finance’s Q2 FY26 (quarter ended 30 September 2025) remains the other big driver of sentiment.

According to the company’s investor presentation:

Assets under management (AUM): ₹4,62,261 crore, up 24% year‑on‑year ^[16]
Net interest income (NII): ₹10,785 crore, +22% YoY ^[17]
Net total income: ₹13,170 crore, +20% YoY ^[18]
Loan losses and provisions: ₹2,269 crore, +19% YoY ^[19]
Annualised credit cost: 2.05% vs 2.13% a year ago ^[20]
Gross NPA / Net NPA: 1.24% / 0.60%, up from 1.06% / 0.46% a year earlier ^[21]
Profit after tax: around ₹4,900 crore, up 23% YoY, with ROA at 4.5% and ROE at 19.1% largely unchanged ^[22]
Capital adequacy: 21.23%, with Tier‑1 capital at 20.54% ^[23]

On the funding side, the company reported:

Liquidity buffer: ₹16,058 crore
Cost of funds: 7.52% in Q2, with FY26 guidance of 7.55–7.60%
Deposits book: ₹69,766 crore, about 18% of consolidated borrowings; management intends to reduce deposit reliance to optimise funding costs. ^[24]

Where the market got nervous

Despite the strong headline growth, the stock fell about 7% on results day in November as investors zoomed in on a few pressure points: ^[25]

Asset quality drift: GNPA and NNPA ticked up, bucking the trend of improving NPAs across many banks and NBFCs.
Elevated credit costs in specific segments: The company flagged higher losses in MSME and captive 2‑ & 3‑wheeler portfolios, and has cut unsecured MSME volumes by 25%, guiding for just 10–12% AUM growth in MSME lending in FY26. ^[26]
Trimmed growth guidance: Management reduced FY26 AUM growth guidance by about 100–200 bps to 22–23%, citing competition in mortgages and tighter risk filters in MSME loans. ^[27]

In short, growth remains strong, but not “pedal‑to‑the‑metal”, and the market is recalibrating expectations accordingly.

Inside Bajaj Finance’s AI and digital transformation push

A notable theme in the Q2 FY26 commentary is the “BFL 3.0 – FINAI Company” strategy, where AI is being embedded deeply across operations: ^[28]

123 high‑impact AI use‑cases identified, with 80 slated to go live by February 2026.
442 AI voice bot agents contributed to ~₹1,980 crore of personal loan disbursements — 18% of call‑centre PL disbursals.
5 AI conversational text bots are live across EMI card, extended warranty, personal loan and insurance journeys, with encouraging conversion rates.
85% of customer service interactions in Q2 were resolved via AI‑powered service bots.
In B2B, 42% of loan application quality checks are now automated through AI.
The company plans to roll out face‑recognition tech in 300 branches to identify existing customers and personalise in‑branch experiences.

Management argues that this FINAI transformation should start showing up in cost‑to‑income and productivity metrics over the next 12–18 months, reinforcing its long‑term guidance corridor of 4.3–4.7% ROA and 19–21% ROE. ^[29]

What brokerages are saying: from ₹640 to ₹1,270

After the Q2 FY26 print, a wide spectrum of broker views emerged — ranging from sharply cautious to upbeat:

Bernstein – Underperform, target ₹640
- Sees 41% downside from current levels.
- Acknowledges 24% AUM and 23% PAT growth, but worries about deteriorating asset quality, high credit costs and the pressure of sustaining very high growth off an already large base. ^[30]
CLSA – Outperform, target ₹1,200
- Calls Q2 a “solid quarter” with AUM up 24% and stable margins.
- Notes that credit costs have risen modestly but remain within guidance; growth guidance cut to 22–23% is seen as prudent, not alarming. ^[31]
Morgan Stanley – Overweight, target ₹1,195
- Accepts that lower AUM guidance and flat NIM can weigh on sentiment, but views any correction as an opportunity to accumulate, expecting credit costs to ease and cost efficiencies to improve. ^[32]
Jefferies – Buy, target ₹1,270
- Highlights a 23% YoY profit rise, slightly ahead of estimates, and robust festive‑season performance.
- Expects credit costs to normalise and forecasts ~23% profit CAGR over FY25–28. ^[33]
HSBC – Buy, target ₹1,200 (raised)
- Sees EPS growth of about 28% over FY26–28, driven by AUM growth, operating leverage and normalising credit costs.
- Values the stock at 5.4x FY27E book, reflecting confidence in return ratios. ^[34]
Emkay Global – Reduce, target ₹1,000
- Downgraded from ‘Add’, trimming FY26–28 EPS estimates by 5–6%.
- Expects credit costs to remain at the higher end of 1.85–1.95% guidance and believes valuation premium over peers will narrow as growth moderates. ^[35]
Motilal Oswal – Neutral, target ₹1,160
- Forecasts a PAT CAGR of ~25% over FY25–28 and strong ROA/ROE (4.2% / 22% in FY28E).
- But with the stock trading near 5x FY27E book and ~26x FY27E earnings, sees limited near‑term upside. ^[36]

Separately, an NDTV summary of post‑results views noted that Jefferies and CLSA still see Bajaj Finance as a top large‑cap financial pick, despite the recent volatility. ^[37]

Consensus targets and 2026 forecasts

Beyond individual broker reports, consensus data and quant platforms give a broader picture:

IndMoney / S&P Global consensus
- 32 analysts, overall stance: “Hold”.
- Average target price: ₹1,073.81 — about 5% upside from today’s ~₹1,020–1,025.
- Target range: ₹640 (bear case) to ₹1,329 (bull case). ^[38]
TipRanks (7 analysts, last 3 months)
- Consensus rating: Hold (3 Buy, 2 Hold, 2 Sell).
- Average 12‑month target: ₹1,051.67, implying ~1–2% upside vs a reference price of ₹1,037.65.
- Target range: ₹750–₹1,180. ^[39]
InCred Equities – High‑conviction idea, target ₹1,250
- Lists Bajaj Finance among its top 10 high‑conviction picks, with an ‘ADD’ rating and 22% potential upside.
- Notes that the stock is up ~55% in 1 year, 11% in 6 months and 15% in 3 months, but down about 2% in the last month as investors book profits near highs. ^[40]

Put simply, most analysts now see only moderate upside from current levels, with a few aggressive buy calls at the top end and at least one high‑profile underperform call at the bottom.

Valuation check: still expensive, or fairly priced for growth?

Current data from Mint, ICICI Direct and IndMoney paint a consistent valuation picture: ^[41]

P/E (TTM): ~34–35x vs sector P/E near 29–30x
P/B: ~6.3–6.7x
ROE: roughly 18–19%
Beta: around 1.1–1.2 (higher volatility than the market)
Dividend yield: about 0.4–0.6%

So Bajaj Finance is still priced at a premium to the financials sector, but that premium is lower than at past peaks, when P/E multiples crossed 50–60x during earlier bull cycles. ^[42]

Brokerages like Motilal Oswal and Emkay explicitly argue that valuation re‑rating from here is unlikely unless growth or asset quality surprises positively, while Jefferies, CLSA, HSBC and InCred believe the current multiples are reasonable given the franchise quality and earnings trajectory. ^[43]

Macro backdrop: Nomura and others stay overweight NBFCs

The macro environment is another important piece of the puzzle.

A fresh report from Nomura on 2 December projects the Nifty 50 at 29,300 by end‑2026, roughly 12% upside from current levels, as Indian growth and earnings momentum stay robust. Nomura specifically states that it: ^[44]

Remains overweight financials, including non‑bank lenders,
Favours bottom‑up stock picking to avoid “narrative‑driven” over‑valued names, and
Includes Bajaj Finance among its top picks for 2026.

On the regulatory side, the RBI has recently dialled back some of its earlier tightening of risk weights on NBFC exposures and small consumer loans, easing funding and capital pressure for stronger non‑bank lenders. ^[45]

This comes after Bajaj Finance itself navigated a high‑profile regulatory episode:

In November 2023, the RBI barred new lending under its eCOM and Insta EMI Card products for non‑compliance with digital lending guidelines. ^[46]
In May 2024, the central bank lifted all such restrictions after remedial action, allowing Bajaj Finance to resume digital lending in those segments. ^[47]

For investors, this backdrop means Bajaj Finance is operating in a sector still under RBI’s close watch, but also one that regulators and global brokerages see as central to India’s growth story — provided governance and risk management remain strong.

Key risks investors are watching

Despite the strong franchise, several downside risks keep cropping up in analyst notes:

Asset quality and credit costs
- GNPA/NNPA are off their lows, and MSME plus two‑/three‑wheeler portfolios continue to see elevated losses. ^[48]
- Multiple brokerages believe credit costs will remain near the upper end of the 1.85–1.95% band in the near term. ^[49]
Valuation risk
- With the stock still trading at a clear premium to peers, any negative surprise on growth, NPAs or regulation could trigger a sharp de‑rating, as Bernstein’s ₹640 target illustrates. ^[50]
Regulatory overhang
- The digital‑lending ban episode of 2023–24 — and subsequent RBI “letter of displeasure” in other parts of the consumer finance ecosystem — shows that large NBFCs are under strict regulatory scrutiny. ^[51]
Competition in mortgages and consumer finance
- Management itself cites “heightened competitive intensity” in mortgages and growing competition from banks and fintechs in retail lending, which can pressure yields over time. ^[52]
Macro shocks
- Nomura’s India outlook also warns that rising global risk premiums, commodity spikes or geopolitical shocks could hit valuations, especially for richly valued financials. ^[53]

Bull case: what keeps Bajaj Finance in many “top picks” lists

On the positive side, the investment case that keeps Bajaj Finance in top‑pick lists can be summarised in four points:

Scale and diversification
- AUM of over ₹4.6 lakh crore, diversified across consumer, SME, commercial and mortgages, plus group linkages with housing finance and securities businesses. ^[54]
Consistently high profitability
- Long‑term guidance corridors of 4.3–4.7% ROA and 19–21% ROE, with Q2 FY26 already delivering 4.5% and 19.1% respectively. ^[55]
Tech and data advantage
- Deep digital distribution and aggressive AI adoption promise operating leverage, faster underwriting and better risk filters, especially in mass and affluent segments. ^[56]
Favourable macro and sector positioning
- Overweight calls from Nomura, InCred and multiple foreign brokerages on Indian financials and non‑bank lenders, with Bajaj Finance frequently named as a core structural holding. ^[57]

Buy, hold or sell? How the picture looks on 2 December 2025

As of 2 December 2025, the Bajaj Finance stock narrative is finely balanced:

Price action: Stock is consolidating just above ₹1,000 after a ~50% rally this year. ^[58]
Fundamentals: AUM and profits continue to grow in the low‑to‑mid 20% range, but asset quality is seeing mild pressure and growth guidance has been pared back. ^[59]
Valuations: Premium to the sector remains clear but not extreme versus its own history. ^[60]
Street view: Consensus tilts to “Hold”, with most targets clustered in the ₹1,000–1,200 band, a bullish outlier at ₹1,270 and a bearish one at ₹640. ^[61]
Near‑term newsflow: The BHFL stake sale looks like regulatory housekeeping and may even marginally strengthen the parent’s balance sheet, while keeping the group squarely on SEBI’s and RBI’s radar. ^[62]

For short‑term traders, the stock is likely to be driven by flows, sentiment around NBFCs, and any follow‑up commentary on credit costs and BHFL stake sales.

For long‑term investors, the current set‑up is more about whether you are comfortable paying a high‑quality premium for a lender that still aims to grow faster than the system, with best‑in‑class profitability, but also operates under intense regulatory and competitive scrutiny.

References

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