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Anand Rathi Report
In the near term, a fund-raise of Rs 70 billion in Bajaj Housing Finance Ltd. is likely to be a catalyst for Bajaj Finance Ltd.’s re-rating.
Bajaj Housing Finance is likely to be listed in September 2024 (media reports suggest a Rs 560 billion-590 billion valuation).The standalone entity delivers higher return on equity and return on asset than Bajaj Housing Finance and commands premium valuations.
The recent correction offers an attractive entry point. We reiterate a Buy recommendation. At the current market price, the stock trades at 3.7 times standalone FY26e book value (adjusted for subsidiaries).
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