More steam left in Bajaj Finance shares?
But it’s not all smooth sailing. Vikas Gupta, smallcase manager and Founder of OmniScience Capital, notes that Bajaj Finance’s P/E ratio has climbed from 26–27 at the end of November to 35–36, bringing the stock closer to fair value. While he sees room for a limited re-rating, Gupta believes that future returns will primarily be driven by earnings growth rather than further P/E expansion.