Bajaj Finance Limited

“Bajaj Finance is a structurally sound, best-in-class Indian NBFC with a genuine multi-layer moat, 102 million customers, and a decade-plus reinvestment runway in an underpenetrated credit market — but at 30x trailing earnings and 5x book the current price embeds an ambitious growth trajectory with minimal margin of safety, making TRACK the correct stance while waiting for a re-rating to the INR 730-760 range (approximately 4x book) to build a meaningful position.”