They’re watching regulators. Rising inflation, possible bans on flexi-loans, and changes to insurance fees are making analysts nervous. Even with a strong quarter, the market’s asking: What’s next? Nomura and Jefferies have already cut estimates. The real risk? Not bad performance; but rules changing under its feet. If RBI tightens revolving loans or insurance commissions, Bajaj’s ₹1 lakh crore+ AUM could feel the squeeze. Analysts still say “buy”; but they’re watching every line in the RBI’s draft rules. This isn’t just a stock move. It’s a signal: in India’s financial world, regulation now moves faster than profits.