Bajaj Finance share price crashes 7%; JM Financial raises target; here’s why
As per JM Financial’s note, the management reduced its AUM growth forecast for FY26E to 22–23 per cent, down from the earlier 24–25 per cent range.
- Nov 11, 2025,
- Updated Nov 11, 2025 10:54 AM IST
Shares of NBFC major Bajaj Finance tumbled sharply on Tuesday, November 11, sliding as much as 7.4 per cent to Rs 1,005.05 on the BSE, compared with the previous close of Rs 1,085.40. The sell-off came despite the company delivering what brokerage JM Financial termed an inline quarter.
As per JM Financial’s note, the management reduced its AUM growth forecast for FY26E to 22–23 per cent, down from the earlier 24–25 per cent range.
The brokerage attributed the cautious stance to rising stress in key segments and asset quality pressures. It noted that MSME stress and challenges in the captive two- and three-wheeler portfolios were weighing on the lender’s performance. Gross Stage 3 (GS3) assets rose 21 basis points sequentially to 1.24 per cent, with management acknowledging that the MSME stress was across geographies and had prompted risk control measures on the mortgage book.
In a somewhat mixed signal, JM Financial raised its price target on Bajaj Finance to Rs 1,140 from Rs 1,060. However, the brokerage downgraded its rating from ‘Buy’ to ‘Add’, citing near-term growth concerns. The revised target implies a 13 per cent upside from current levels.
Operationally, Bajaj Finance reported a steady Q2FY26 performance, with profit after tax (PAT) and net interest income (NII) growth in line with estimates. NII rose 22 per cent year-on-year, though credit costs remained elevated at 2.0 per cent. Following management’s revised guidance, JM Financial trimmed its FY26–27 EPS estimates by 2–3 per cent.
Bajaj Finance’s market capitalisation slipped to Rs 6.26 lakh crore as 6.20 lakh shares of the NBFC changed hands on the BSE, translating into a turnover of Rs 62.94 crore.
Shares of NBFC major Bajaj Finance tumbled sharply on Tuesday, November 11, sliding as much as 7.4 per cent to Rs 1,005.05 on the BSE, compared with the previous close of Rs 1,085.40. The sell-off came despite the company delivering what brokerage JM Financial termed an inline quarter.
As per JM Financial’s note, the management reduced its AUM growth forecast for FY26E to 22–23 per cent, down from the earlier 24–25 per cent range.
The brokerage attributed the cautious stance to rising stress in key segments and asset quality pressures. It noted that MSME stress and challenges in the captive two- and three-wheeler portfolios were weighing on the lender’s performance. Gross Stage 3 (GS3) assets rose 21 basis points sequentially to 1.24 per cent, with management acknowledging that the MSME stress was across geographies and had prompted risk control measures on the mortgage book.
In a somewhat mixed signal, JM Financial raised its price target on Bajaj Finance to Rs 1,140 from Rs 1,060. However, the brokerage downgraded its rating from ‘Buy’ to ‘Add’, citing near-term growth concerns. The revised target implies a 13 per cent upside from current levels.
Operationally, Bajaj Finance reported a steady Q2FY26 performance, with profit after tax (PAT) and net interest income (NII) growth in line with estimates. NII rose 22 per cent year-on-year, though credit costs remained elevated at 2.0 per cent. Following management’s revised guidance, JM Financial trimmed its FY26–27 EPS estimates by 2–3 per cent.
Bajaj Finance’s market capitalisation slipped to Rs 6.26 lakh crore as 6.20 lakh shares of the NBFC changed hands on the BSE, translating into a turnover of Rs 62.94 crore.