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Bajaj Finserv Ltd (BAJAJFINSV) Fair Value & Analysis

Financial Services · IN · Market cap ₹3.1T

BF Bajaj Finserv Ltd BAJAJFINSV · NSE
Price₹2,029
Fair Value₹682.29
Upside-66.4%
Quality47/100
Expensive Growth
Thin margins · 6.6% net margin
High debt · negative free cash flow
0.07% dividend yield
Trails peers (3/13)
Moderate moat 62/100
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Evidence: Medium Range ₹511.72 – ₹852.87 Share as image

Fair value as of: Jul 13, 2026

From 15 valuation models · updated 21 days ago

Share price +12.7% over the past month.

Below-average quality, and screening another 66% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹852.87). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

₹2,174 ₹945.57 Fair Value ₹682.29 Apr 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 13, 2026.

How to read this chart

60‑month range ₹945.57 – ₹2,174 · fair‑value band ₹511.72 – ₹852.87 · the ₹2,029 price screens above the ₹682.29 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

Bajaj Finserv Ltd (BAJAJFINSV) currently trades at ₹2,029, while our model-based Fair Value estimate is ₹682.29, implying the stock looks roughly 66.4% overvalued today. We read business quality at 47/100 (below-average quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Bajaj Finserv Ltd generated revenue of ₹1.5T at a net margin of 6.6%. Revenue grew 5.3% year over year. It earns a return on equity of 14.6%. Net debt stands at ₹3.4T. Fundamentals as of Jul 13, 2026

Our scenario range runs from ₹511.72 (bear case) to ₹852.87 (bull case); at ₹2,029, the current price sits above that range. The share trades about 8% below its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -15% fair-value upside, at -66%, BAJAJFINSV screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income ₹465.15 ₹586.37 ₹1,596 76
Gordon GGM ₹111.17 ₹242.70 ₹408.35 70
Growth-Adj P/E ₹1,935 ₹2,765 ₹3,594 68
All 15 models by family
DCF Models
Owner Earnings ₹317.94 ₹3,408 31
Earnings-Based
Graham-Dodd ₹416.87 ₹2,907 ₹4,080 54
Lynch FV ₹1,502 ₹2,146 ₹2,789 50
PEG = 1.0 ₹1,502 ₹2,146 ₹2,789 46
Dividend Discount
Gordon GGM ₹111.17 ₹242.70 ₹408.35 70
DDM Multi-Stage ₹111.17 ₹198.81 ₹252.93 61
Multiples
P/E Multiple ₹919.57 ₹1,226 ₹1,533 63
P/S Multiple ₹781.63 ₹1,042 ₹1,303 58
P/B Multiple ₹781.63 ₹1,042 ₹1,303 55
EV/EBIT ₹130.28 ₹886.97 ₹1,644 53
EV/EBITDA ₹151.21 ₹723.96 54
EV/Revenue ₹46.21 ₹702.00 43
Asset-Based
NCAV (Graham) ₹243.68 ₹326.53 ₹487.35 50
Economic Profit
Residual Income ₹465.15 ₹586.37 ₹1,596 76
Growth Earnings
Growth-Adj P/E ₹1,935 ₹2,765 ₹3,594 68

Widest divergence: Growth Earnings (₹2,765) versus Dividend Discount (₹198.81). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) ₹1.5T
Revenue growth (YoY) +5.3%
Net margin 6.6%
Return on equity 14.6%
Free cash flow −₹522B FY2026
P/E ratio 31.4
More key figures
Operating margin 37.2%
EPS (TTM) ₹60.93
Dividend yield 0.1%
EPS growth (YoY) +5.7%
Net debt ₹3.4T FY2026

Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 32 · Market factors (momentum, volatility) 61

Profitability 29
Margins and returns on capital today
Quality Growth 70
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 35
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Bajaj Finserv Ltd., through its subsidiaries, provides financial services in India. The company operates through Life Insurance, General Insurance, Windmill, Retail Financing, and Investments and Others segments.

Full company description

Bajaj Finserv Ltd., through its subsidiaries, provides financial services in India. The company operates through Life Insurance, General Insurance, Windmill, Retail Financing, and Investments and Others segments. It offers personal, business, home, home renovation, commercial, car, and gold loans; two- and three-wheeler loans; mortgages; education loans; unsecured and secured loans to small and medium-sized enterprises and professionals, as well as micro, small and medium enterprises; loans against properties, securities, car, mutual funds, bonds, and insurance policy; financing for products, such as consumer electronics, digital, lifecare, furniture, etc.; developer financing; and lease rental discounting products. The company also provides investment products, including fixed deposits, systematic deposit plans, and mutual funds; savings products; life, health, motor, fire, engineering, liabilities, marine, crop, car, two-wheeler, pet, home, travel, and personal accident insurance products; wealth management and retirement planning services; healthcare services comprising wellness, outpatient, and inpatient services; and wallets and credit cards. In addition, it offers pocket subscription plans; bill and recharge services; digital technology services; and trading and demat account, stock broking, margin trading, and HNI and retail broking services, as well as gold loans. Further, the company owns and operates 138 windmills with total installed capacity of 65.2 megawatts. Bajaj Finserv Ltd. was incorporated in 2007 and is based in Pune, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Bajaj Finserv Ltd reported revenue of ₹1.5T in FY2026 versus ₹314B in FY2022, a compound +48.4%/yr. Reported net income was ₹98.0B in FY2026, compounding +21.1%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹1.5T
Latest YoY
+125.3%
Avg. growth/yr (3Y)
+55.8%
Avg. growth/yr (5Y)
+41.3%
Avg. growth/yr (18Y)
+50.0%
Revenue +48.4%/yr
FY22 ₹314B
FY23 ₹403B
FY24 ₹540B
FY25 ₹676B
FY26 ₹1.5T
Net income +21.1%/yr
FY22 ₹45.6B
FY23 ₹64.2B
FY24 ₹81.5B
FY25 ₹88.7B
FY26 ₹98.0B

BAJAJFINSV screens 66% overvalued. Compare with ORIX Corporation →

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Cite: Fair Value Calculator (2026). "Bajaj Finserv Ltd Fair Value". https://www.fairvalue-calculator.com/stock/BAJAJFINSV.NSE

Peer Group

Financial Conglomerates · 56 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 47 · Below median
Fair Value upside −66% · Bottom 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 7% · Below median
Operating margin (TTM) 37% · Above median
Revenue growth 5% · Below median
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 4.62× · Higher than 75% of peers

Valuation Multiples vs Financial Conglomerates median · lower = cheaper

P/E (TTM) 31.4× · Pricier than 75% of peers
P/B 3.93× · Pricier than 75% of peers
P/S (TTM) 2.05× · Pricier than median
EV/EBITDA 11.4× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 6
FUTURE 27 · sector 38
PAST 58 · sector 32
HEALTH 0 · sector 84
DIVIDEND 1 · sector 41

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Financial Conglomerates stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
ORIX Corporation IX $40.31 $35.05 -13%
China Galaxy Securities Co 601881 ¥12.94 ¥18.92 +46%
Guosen Securities Co 002736 ¥10.34 ¥17.96 +74%
CNPC Capital Company 000617 ¥6.80 ¥5.78 -15%
Aditya Birla Capital Limited ABCAPITAL ₹399.25 ₹176.15 -56%
Freedom Holding FRHC $152.69 $32.75 -79%
Voya Financial, Inc VOYA $98.49 $76.48 -22%
Guangzhou Yuexiu Capital Holdings 000987 ¥7.77 ¥9.27 +19%
Bicecorp S.A BICE 401.29 CLP 342.22 CLP -15%
First Capital Securities Co 002797 ¥6.60 ¥3.40 -48%

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Frequently asked questions

Is Bajaj Finserv Ltd (BAJAJFINSV) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of ₹682.29 versus a price of ₹2,029, about −66% (overvalued).
What is the fair value of BAJAJFINSV?
Our model-based fair value for Bajaj Finserv Ltd is ₹682.29 (as of Jul 13, 2026), built from audited fundamentals. The current price is ₹2,029.
What is the quality score of BAJAJFINSV?
Bajaj Finserv Ltd has a Quality Score of 47/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Bajaj Finserv Ltd (BAJAJFINSV)?
Bajaj Finserv Ltd reported trailing-twelve-month revenue of about ₹1.5T (latest available figure, as of Jul 13, 2026).
What is the net profit margin of BAJAJFINSV?
The net profit margin of Bajaj Finserv Ltd is about 6.6%, meaning it keeps roughly 6.6% of revenue as net income. Based on the latest reported figures.
Does Bajaj Finserv Ltd pay a dividend?
Bajaj Finserv Ltd currently shows a dividend yield of about 0.08% relative to its recent price (as of Jul 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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