🏦 CITI ON BAJAJ FINANCE
• Rating: BUY
• Target Price: ₹1,300
• AUM growth guidance raised, with core business metrics remaining resilient.
• Stage 2/3 stressed assets edged higher due to gold loans and the day-count effect.
• MSME lending stabilised, with downward pressure easing.
• Margins declined 10–12 bps QoQ; further compression is expected.
1October 21, 2026 1.2K