Bajaj Finance is promising to grow its loan book by a quarter and deliver a 20% return on equity in 2025-26. That’s an ambitious target in any environment. In the current one—marked by surplus liquidity, margin compression, and rising competitive intensity—it borders on bold. Whether it can meet these goals without tripping over its own scale is the question investors are now asking.Already, the stock is showing signs of stress. Shares fell 5% after the March-quarter earnings, not because the numbers were poor, but because the narrative now has more moving parts—and less room for error.
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