Global brokerage Nomura has maintained a positive outlook on Bajaj Finance despite regulatory uncertainty and intensifying competition in the personal loans market. In a note dated August 20, Nomura raised its target price for the NBFC to ₹1,270 from ₹1,140 and projected a 25% year-on-year growth in assets under management (AUM) for FY27. The brokerage expects growth to be supported by the company’s plans to expand its gold loan business and strengthen its MSME lending portfolio. Bajaj Finance shares have gained 12.56% so far in 2026 and 22.18% over the past year. The stock, however, came under pressure earlier this month following the Reserve Bank of India’s draft proposal to restrict NBFCs to term-loan products and discontinue revolving credit products, except for entities authorised to issue credit cards. RBI Deputy Governor Shirish Chandra Murmu has indicated that the central bank remains open to suggestions and will consider practical challenges arising from the proposed rules. He also reiterated that revolving credit was not previously permitted for NBFCs and said the draft was intended to provide greater regulatory clarity. Despite these regulatory concerns, Nomura believes Bajaj Finance’s diversified lending strategy and expansion plans could support continued growth.
Bajaj Finance Gets ₹1,270 Target from Nomura Amid RBI Concerns
