NeelValuation
8d ago
A large consumer-finance franchise where underwriting quality and funding durability matter more than raw AUM growth. The deep-research frame starts with consumer lending, SME finance, payments, and cross-sell economics built on a large distribution and digital stack The management layer is credit discipline, product expansion, and keeping growth strong without losing risk controls, while the capital-allocation question is capital allocation between growth, provisions, and payout as the franchise scales into new lending pools.
On future value, I think the room has to decide whether Bajaj Finance should still be valued as a rare compounding NBFC once growth normalizes. The financial scoreboard is AUM growth, credit cost, NIM resilience, and customer acquisition productivity. Before calling this durable or fragile, I want hard evidence on credit cost versus customer-acquisition-led AUM growth. What would you put on the must-verify list first?