MOSL ON SHRIRAM FINANCE

Maintain Buy, TP 700

Top pick for 2025 in NBFC coverage universe

Execution as a merged entity has been superior to its peers

to deliver a PAT CAGR of ~19% over FY24-27E

RoA/RoE of 3.3%/17% in FY27E.

See scope for further re-rating

If sustains the execution on its AUM growth, margins and credit costs