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 healthy Q4FY25, thus closing the full-year FY25 on a strong note.  AUM ended FY25 at INR 416,661cr, a growth of 26% YoY.</li>
<li>Customer franchise had crossed 100mm and is now close to 102mm. Notably, Bajaj Finserv App now has 70mm+ customers. FinAI transformation is also progressing well.</li>
<li>While FY25 had some challenges due to higher credit cost and NIM compression, BAF is all set to post a strong FY26 led by stable asset quality and NIM.</li>
</ul>



Bajaj Finance Ltd ("BAF") reported a healthy Q4FY25, thus closing the full-year FY25 on a strong note.  AUM ended FY25 at INR 416,661cr, a growth of 26% YoY.
Customer franchise had crossed 100mm and is now close to 102mm. Notably, Bajaj Finserv App now has 70mm+ customers. FinAI transformation is also progressing well.
While FY25 had some challenges due to higher credit cost and NIM compression, BAF is all set to post a strong FY26 led by stable asset quality and NIM.


Bajaj Finance: Decent FY25, All Set for a Strong FY26

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

<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

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlight: Six pair trade opportunities across three markets and three sectors persist. Two </li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Six pair trade opportunities across three markets and three sectors persist. Two 

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Roundup: Performance Recap of Pair Trades in Asia-Pacific

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.

Price Gauge
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Bajaj Finance Ltd (BAF IN)

Bajaj Finance: Decent FY25, All Set for a Strong FY26

BAF reported a strong Q4FY25, resulting in overall FY25 being decent despite higher credit costs and larger NIM compression. FY26 is set to be a...

Ankit Agrawal, CFA

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

Relative Value Roundup: Performance Recap of Pair Trades in Asia-Pacific

Statistical methodology identifies pair trade opportunities in various markets and sectors, offering unique insights and pair trade inspiration...

Gaudenz Schneider

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: Decent FY25, All Set for a Strong FY26

BAF reported a strong Q4FY25, resulting in overall FY25 being decent despite higher credit costs and larger NIM compression. FY26 is set to be a...

Ankit Agrawal, CFA

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

Relative Value Roundup: Performance Recap of Pair Trades in Asia-Pacific

​Statistical methodology identifies pair trade opportunities in various markets and sectors, offering unique insights and pair trade inspiration...

Gaudenz Schneider

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...

Statistical methodology identifies pair trade opportunities in various markets and sectors, offering unique insights and pair trade inspiration...

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