Global research firm Bernstein has maintained its 'Underperform' rating on Bajaj Finance , setting a price target of ₹750.00. This rating reflects the brokerage's cautious stance on the non-banking financial company's stock performance.

Analyst Rating Details

The research firm's decision to maintain the 'Underperform' rating indicates a continued bearish outlook on the financial services company. An 'Underperform' rating typically suggests that the stock is expected to perform below the broader market or sector average over the investment horizon.

Market Implications

The maintained rating suggests that Bernstein's analysts have not seen sufficient developments to warrant a change in their assessment of Bajaj Finance. The ₹750.00 price target provides investors with the brokerage's valuation benchmark for the stock.

For investors tracking analyst recommendations, this maintained 'Underperform' rating from Bernstein represents a continued cautious view on the company's near-term prospects. The specific price target of ₹750.00 offers a reference point for potential stock performance expectations according to the research firm's analysis.

Bajaj Housing Finance has successfully raised ₹509 crore through non-convertible debentures (NCDs) at an attractive 7.10% coupon rate, demonstrating strong investor confidence in the mortgage lender's growth prospects. The fundraising exercise was completed through private placement with institutional investors.

Bond Structure and Terms

The NCD issue carries specific terms that reflect the company's strong credit profile and market positioning:

Strong Operational Performance

The successful fundraising comes against the backdrop of robust business growth during the third quarter. The mortgage lender has demonstrated consistent expansion across key operational metrics, reflecting its strong market position and effective business strategy.

The company's assets under management reached ₹1.33 lakh crore as of December 31, 2025, representing a healthy 23% year-on-year growth. This expansion reflects the company's ability to attract customers and grow its loan portfolio in a competitive housing finance market.

Disbursement Growth Momentum

The third quarter witnessed particularly strong disbursement performance, with the company processing ₹16,500 crore in loans compared to ₹12,600 crore in the corresponding quarter of the previous year. This represents a substantial 31% increase, indicating robust demand for housing finance products and the company's enhanced market reach.

The timing of this NCD issuance aligns well with the company's growth trajectory, providing additional capital to support its expanding operations and meet the increasing demand for housing finance solutions. The competitive coupon rate of 7.10% reflects favorable market conditions and investor appetite for quality housing finance paper.