Why Bajaj Finance needs to raise the bar for diluting equity

Bajaj Finance reported movement of 4%, 3% and 14% for FY27. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.

Against that, the stock is -0.8% on the day at ₹955.65, and has returned -5.7% over three months. It sits 18% below its 52-week high. The financial services sector has moved -7.7% over the same period, so Bajaj Finance is running 2.0 points ahead of its peers.

For Bajaj Finance, the question is how much of this is already reflected in the price and how much re-rates the financial services peer set alongside it.