"Bajaj Finance's ROEs would expand by ~200 bps to 25% as it levers up even as its new segments will have ~10 bps ROA impact. We expect Bajaj Finance's investments in new tech to deliver non-liner growth (200 bps lower C/I). Leadership transition at Bajaj Finance should be smooth and gradual with Rajeev continuing to be at the helm," IIFL Securities said.