Bajaj Finance shares rise 2% as Jefferies names it top NBFC pick

Bajaj Finance shares jumped 1.5% to their day’s high of Rs 961.75 on the BSE on Tuesday, July 22, after global brokerage firm Jefferies reaffirmed its positive stance on the stock despite the resignation of Managing Director Anup Kumar Saha.

The brokerage retained its ‘Buy’ rating and maintained the target price at Rs 1,044, highlighting Bajaj Finance as its top pick among non-banking financial companies (NBFCs).

The management change at Bajaj Finance was announced after market hours on July 21. As per the company’s regulatory filing, Anup Kumar Saha tendered his resignation as Managing Director and board member of Bajaj Finance, citing personal reasons.


The resignation took effect from the close of business hours on July 21, 2025. The Board acknowledged and accepted the resignation during its meeting held the same day and placed on record its appreciation for Saha’s contributions.

To ensure continuity in management, the company’s Board re-designated Rajeev Jain as Vice-Chairman and Managing Director (VC & MD) for the remainder of the term until March 31, 2028.

Jain, who already holds the position of Executive Vice-Chairman, will assume the full responsibilities of managing the company.

Following this update, Jefferies, in its note, stated that while succession planning will remain a key focus in the medium term, it expects the experienced management team to ensure a smooth leadership transition.

The brokerage described succession developments as a slight negative, but emphasized that the company’s fundamentals remain strong.

The brokerage said Bajaj Finance remains well-positioned to benefit from lower interest rates and recovery in credit demand. It highlighted that near-term outlook remains stable, with focus on growth, asset quality, and profitability.

Jefferies expects Bajaj Finance to deliver a 20% profit CAGR over FY25–28 and a 19% return on equity (ROE) in FY26.

Bajaj Finance shares closed 0.75% higher at Rs 948.95 on the BSE on Monday.

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