印度Bajaj Finance（BJFN.NS）股价周三盘中最大跌幅达2.9%，监管悬而未决的问题以及对未来收入增长的担忧盖过了强劲的第二季度业绩表现。
Shares of India's Bajaj Finance (BJFN.NS) fell as much as 2.9% on Wednesday, as regulatory overhangs and concerns surrounding future income growth overshadowed a strong second-quarter performance.
截至印度标准时间上午10:16，该股下跌2.1%报937.2卢比，而基准Nifty 50指数（.NSEI）上涨0.3%。
Shares were trading 2.1% lower at 937.2 rupees as of 10:16 a.m. IST, while the benchmark Nifty 50 (.NSEI) index was up 0.3%.
这家非银行金融公司周一公布合并税后利润同比增长近30%。印度金融市场周二因公众假期休市。
The non-banking financial company reported a nearly 30% year-on-year rise in consolidated profit after tax on Monday. Indian financial markets were shut for a public holiday on Tuesday.
然而，券商指出国内通胀上升带来的风险，央行暗示将采取更紧缩的货币政策路径。
Brokerages, however, flagged risk from rising inflation in the country, with the central bank indicating a tighter monetary policy path.
野村证券表示，利率上升环境可能会给净息差带来边际逆风，同时也指出资产质量出现环比走弱。野村将2028和2029财年每股收益预期下调2%-3%。
A rising interest-rate environment was likely to create marginal headwinds for net interest margins, said Nomura, while also flagging a sequential weakening in asset quality. Nomura trimmed its earnings-per-share estimates for fiscals 2028 and 2029 by 2%-3%.
杰富瑞指出，针对灵活贷款的潜在监管限制可能影响约5%的管理资产，拟议的保险分销费变动约占该NBFC 2026财年税前利润的8%。该券商将目标价从1280卢比下调至1230卢比。
Jefferies flagged potential regulatory restrictions on flexi-loans, which could affect about 5% of assets under management, and proposed changes to insurance distribution fees, which account for about 8% of the NBFC's fiscal 2026 profit before tax. The brokerage cut its target price to 1,230 rupees from 1,280 rupees.
PhillipCapital也表达了类似担忧，提到三大监管悬而未决问题：印度储备银行关于循环贷款的草案规则、保险佣金可能的变动以及修订后的黄金贷款规则。
PhillipCapital echoed those concerns, citing three regulatory overhangs: draft Reserve Bank of India rules on revolving loans, possible changes to insurance commissions and revised gold-loan rules.
该券商称，若全面禁止循环贷款，可能暂时冲击AUM增长，并略微压缩利差和盈利能力。
The brokerage said an outright ban on revolving loans could temporarily hurt AUM growth and slightly compress margins and profitability.
根据LSEG汇编的数据，34位分析师对Bajaj Finance的平均评级为“买入”，中位数目标价为1195卢比。该股今年以来已下跌近5%。
Bajaj Finance's shares are rated "buy" on average by 34 analysts with median PT at 1,195 rupees, as per data compiled by LSEG. The stock has fallen nearly 5% so far this year.