📌 Morgan Stanley on

BAJFINANCE

💡 Rating: Overweight 🎯 Target Price: ₹1,050 🔑 Key Highlights: Management continues to guide for 24–25% YoY loan growth in FY26. Guidance will be revisited post Q2 results. Demand steady in Q2 so far, except for some softness in September 2025. Company expects 205 bps margin impact in H1, with improvement likely in H2. 👀 Investors will closely watch the upcoming Q2 numbers to gauge how the growth outlook evolves.