Despite Bajaj Finance posting 24% AUM growth and 23% profit rise, Sanford C. Bernstein’s Pranav Gundlapalle warns of long-term growth headwinds. Flat margins, elevated credit costs, and exposure to lower-yield segments could weigh on profitability. Bernstein expects EPS growth to moderate to ~20%, valuing the stock at 20x trailing PE and cautioning investors on valuation reset risks.