India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Derivatives

<ul>
<li>Rajeev Jain elevated to Vice Chairman and Executive Director; Anup Saha to take over as MD from April 2025, ensuring continuity at India’s top consumer finance company.</li>
<li>Jain’s continued executive role removes leadership overhang, reinforcing confidence in Bajaj Finance’s Long-Range Strategy 2029 amid rising competitive intensity in digital lending.</li>
<li>Succession clarity and strategic alignment suggest Bajaj Finance is not just preserving momentum—but doubling down on execution for its next phase of scale and innovation.</li>
</ul>


Rajeev Jain elevated to Vice Chairman and Executive Director; Anup Saha to take over as MD from April 2025, ensuring continuity at India’s top consumer finance company.
Jain’s continued executive role removes leadership overhang, reinforcing confidence in Bajaj Finance’s Long-Range Strategy 2029 amid rising competitive intensity in digital lending.
Succession clarity and strategic alignment suggest Bajaj Finance is not just preserving momentum—but doubling down on execution for its next phase of scale and innovation.


Bajaj Finance: The Overhang Clears as Rajeev Jain Steps Up as Vice Chairman

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd ("BAF")</a> reported a strong Q3FY25 led by good volume growth and AUM growth. It saw highest ever new loans at 12.06mm. AUM growth was INR 24119cr. </li>
<li>Despite elevated credit costs for peers, BAF has been relatively insulated and reported steady asset quality. ROA and Opex were also steady at around 4.5% and 33%, respectively.</li>
<li>In line with BAF's long-range strategy, BAF is increasingly adopting AI to improve productivity. As part of this, BAF unveiled a BFL 3.0 FINAI company.</li>
</ul>



Bajaj Finance Ltd ("BAF") reported a strong Q3FY25 led by good volume growth and AUM growth. It saw highest ever new loans at 12.06mm. AUM growth was INR 24119cr. 
Despite elevated credit costs for peers, BAF has been relatively insulated and reported steady asset quality. ROA and Opex were also steady at around 4.5% and 33%, respectively.
In line with BAF's long-range strategy, BAF is increasingly adopting AI to improve productivity. As part of this, BAF unveiled a BFL 3.0 FINAI company.


Bajaj Finance (BAF): Robust Growth in Place

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MSCI India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.</li>
</ul>


We analysed the earning revision of component stocks of MSCI India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.


MSCI India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Credit costs to moderate gradually: The net increase in Stage 2 and Stage 3 assets has stabilised, with BAF continuing to take proactive risk actions by cutting segments and pruning exposures.</li><li>BAF has also brought down the share of customers having 3+ live unsecured loans significantly, and as it exits FY25, the share will be at par with pre-COVID levels.</li><li>BAF has seen an improvement in collection efficiency (CE) across most segments in Dec’24- Jan’25 vs Oct-Nov’24 and expects the trend to continue. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Credit costs to moderate gradually: The net increase in Stage 2 and Stage 3 assets has stabilised, with BAF continuing to take proactive risk actions by cutting segments and pruning exposures.BAF has also brought down the share of customers having 3+ live unsecured loans significantly, and as it exits FY25, the share will be at par with pre-COVID levels.BAF has seen an improvement in collection efficiency (CE) across most segments in Dec’24- Jan’25 vs Oct-Nov’24 and expects the trend to continue. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance Ltd. - Strong Quarter; Levers Identified to Drive Next Leg of Growth!

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Airtel-Bajaj Finance partnership is a game-changer in the digital financial services sector in India. It combines the strengths of both companies to create a powerful platform.</li>
<li>By leveraging Airtel's extensive distribution network and Bajaj Finance's financial expertise, this collaboration has the potential to disrupt the market and challenge established players.</li>
<li>It follows the successful playbook of other global partnerships and demonstrates how digital platforms and financial institutions can work together to enhance financial accessibility</li>
</ul>


Airtel-Bajaj Finance partnership is a game-changer in the digital financial services sector in India. It combines the strengths of both companies to create a powerful platform.
By leveraging Airtel's extensive distribution network and Bajaj Finance's financial expertise, this collaboration has the potential to disrupt the market and challenge established players.
It follows the successful playbook of other global partnerships and demonstrates how digital platforms and financial institutions can work together to enhance financial accessibility


What the Airtel-Bajaj Finance Partnership Means for Their Growth Plans?

India

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

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Bajaj Finance Ltd (BAF IN)

Bajaj Finance: The Overhang Clears as Rajeev Jain Steps Up as Vice Chairman

Rajeev Jain promoted to Vice Chairman and Executive Director, Anup Saha to become MD in 2025, ensuring continuity and strategic alignment at Bajaj...

Sudarshan Bhandari

Bajaj Finance (BAF): Robust Growth in Place

BAF reported a robust Q3FY25 led by strong growth. Asset quality and NIM has stabilized despite macro challenges. BAF's growth longevity suggests...

Ankit Agrawal, CFA

MSCI India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed MSCI India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

Bajaj Finance Ltd. - Strong Quarter; Levers Identified to Drive Next Leg of Growth!

The net increase in Stage 2 and Stage 3 assets has stabilised, with BAF continuing to take proactive risk actions by cutting segments and pruning...

Axis Direct

What the Airtel-Bajaj Finance Partnership Means for Their Growth Plans?

Airtel-Bajaj Finance partnership in India's digital financial services sector is a game-changer, combining strengths to disrupt the market and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj Finance: The Overhang Clears as Rajeev Jain Steps Up as Vice Chairman

​Rajeev Jain promoted to Vice Chairman and Executive Director, Anup Saha to become MD in 2025, ensuring continuity and strategic alignment at Bajaj...

Sudarshan Bhandari

Bajaj Finance (BAF): Robust Growth in Place

BAF reported a robust Q3FY25 led by strong growth. Asset quality and NIM has stabilized despite macro challenges. BAF's growth longevity suggests...

Ankit Agrawal, CFA

MSCI India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed MSCI India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

Bajaj Finance Ltd. - Strong Quarter; Levers Identified to Drive Next Leg of Growth!

The net increase in Stage 2 and Stage 3 assets has stabilised, with BAF continuing to take proactive risk actions by cutting segments and pruning...

Axis Direct

What the Airtel-Bajaj Finance Partnership Means for Their Growth Plans?

​Airtel-Bajaj Finance partnership in India's digital financial services sector is a game-changer, combining strengths to disrupt the market and...

Nimish Maheshwari

Rajeev Jain promoted to Vice Chairman and Executive Director, Anup Saha to become MD in 2025, ensuring continuity and strategic alignment at Bajaj...

Airtel-Bajaj Finance partnership in India's digital financial services sector is a game-changer, combining strengths to disrupt the market and...