Bajaj Finserv Ltd.

“Bajaj Finserv is the listed vehicle for owning Bajaj Finance — India's most sophisticated consumer NBFC with a genuinely widening data and scale moat across 101.8 million customers in a structurally underpenetrated market. The business is exceptional, management deeply aligned, and the long-term compounding thesis intact. However, current pricing fully reflects BFL's value (BFL stake alone covers ~96% of Bajaj Finserv's market cap) with no margin of safety — base-case returns of 9–10% CAGR are decent but insufficient given regulatory cyclicality and structural holdco discount. The right move is to track for a 15–20% correction toward INR 1,450–1,500, at which point this becomes a high-conviction standard position (5–7% of portfolio) built in 2–3 tranches.”