Bajaj Auto Ltd logo

Bajaj Auto Ltd

BAJAJ-AUTO NSE

Bajaj Auto, the flagship company of Bajaj Group, is a two-wheeler and three-wheeler manufacturing company that exports to 79 countries across several countries in Latin America, Southeast Asia, and many more. Its headquarter is in Pune, India. It has acquired 48% of the KTM Brand which manufactures sports and super sports two-wheelers, which was 14% in 2007 when the company first acquired KTM. [1]

AI Verdict: BUY Confidence: 7%

Bajaj Auto delivers strong earnings growth (TTM profit CAGR 48%) with consistent ROE of 26-29% over 3 years, supported by 57% analyst buy ratings. However, the stock trades at a premium valuation of 7.25x book value, warranting some caution at current levels.

Key Fundamentals

LargecapBikesAutomobiles
Market Cap
2.8L Cr
Volatility
Moderate
P/E Ratio
25.6
EBITDA
₹10,503 Cr
Return on Equity
26.61%
Debt to Equity
0.18
Book Value
₹1,389.35
EPS
₹286.76
52W High
₹10,834
52W Low
₹7,858.5

Technical Indicators

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.3%
  • Company has been maintaining a healthy dividend payout of 49.4%

Weaknesses

2
  • Stock is trading at 7.02 times its book value
  • Working capital days have increased from 10.4 days to 67.6 days

Growth Rate

Revenue Growth
15.09% ↘
Net Income Growth
40.89% ↗
Cash Flow Change
-121.43% ↘
ROE
-21.76% ↘
ROCE
-25.43% ↘
EBITDA Margin (Avg.)
-26.89% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk medium

Bajaj Auto delivers strong earnings growth (TTM profit CAGR 48%) with consistent ROE of 26-29% over 3 years, supported by 57% analyst buy ratings. However, the stock trades at a premium valuation of 7.25x book value, warranting some caution at current levels.

Bull Case 8
  • Exceptional TTM profit growth of 48% indicates strong earnings momentum and operational leverage
  • Consistent ROE track record at 26% over 3 years and 29% last year, well above cost of equity
  • Compounded sales CAGR of 23% TTM shows robust top-line demand across domestic and export markets
  • 57% of 37 analysts rate the stock a Buy, reflecting broad institutional confidence
  • Healthy dividend payout of 49.4% with 1.49% yield provides regular income alongside capital appreciation
  • 10-year stock CAGR of 14% and 3-year CAGR of 30% demonstrate sustained long-term wealth creation
  • 5-year compounded sales growth of 18% and profit growth of 17% show structural business expansion beyond cyclical upticks
  • Market cap of Rs 2,81,315 crore provides large-cap stability and institutional liquidity
Bear Case 7
  • Stock trades at 7.25x price-to-book, significantly above historical averages for auto ancillary peers
  • Working capital days deteriorated sharply from 10.4 days to 67.6 days, signaling potential cash conversion issues
  • PE ratio of 26.6x is elevated for a two-wheeler manufacturer, pricing in much of the near-term growth
  • 18.9% of analysts (7 out of 37) have a Sell rating, indicating meaningful bearish dissent
  • 10-year profit CAGR of only 10% versus TTM of 48% suggests current growth rate may not be sustainable long-term
  • Dividend yield of 1.49% is modest relative to the premium valuation multiple being paid
  • 5-year stock CAGR of 19% trails the 3-year CAGR of 30%, implying recent re-rating may face mean reversion

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 3
  • Ransomware attack on systems Jun 23

    Bajaj Auto reported a ransomware attack affecting company and subsidiary systems. Incident was managed and notified to CERT, but no details on financial impact or operational disruption were disclosed.

  • 5-day losing streak, underperformance Jun 11

    Stock hit fifth consecutive decline trading at ₹10,139, down 2.48% in the last month vs 1.22% decline in Nifty Auto. Trading volume of 89,993 shares was well below the 3.63 lakh daily average.

  • May sales miss expectations May 27

    May sales of 4.61 lakh units grew 20% YoY but came marginally below CNBC-TV18 poll expectations of 24% growth to 4.78 lakh units.

Positives 7
  • Q4 record profit, 32% revenue growth May 27

    Standalone net profit rose 34% YoY to record ₹2,746 crore in Q4FY26, revenue grew 32% YoY to ₹16,006 crore, and EBITDA surged 36% to ₹3,323 crore with margins expanding 59 bps to 20.76%.

  • Strong May sales, exports surge 34% Jun 01

    Total sales reached 4,61,257 units in May 2026, up 20% YoY. Exports surged 34% to 2,13,226 units with two-wheeler exports up 30% and CV exports up 65%.

  • Geojit upgrades to Buy, ₹11,735 target Jun 01

    Geojit upgraded Bajaj Auto to Buy with ₹11,735 target based on 26x FY28E adjusted EPS. Axis Securities also raised target to ₹11,410 from ₹10,790.

  • ₹150/share dividend declared for FY26 Jun 01

    Board declared ₹150 per share final dividend (1,500% of face value) for FY26 with record date May 29 and payment by July 24, 2026.

  • ₹5,633 crore share buyback approved May 27

    Shareholders approved buyback of up to 46,94,000 shares (1.68% of paid-up capital) worth ₹5,633 crore, the company's second buyback in three years.

  • 52-week high, strong returns May 27

    Stock hit fresh 52-week high of ₹10,831.45, gaining 12% in one month, 20% in six months, and 135% over three years.

  • GST appeal won in Guwahati Jun 09

    Commissioner (Appeals) set aside a tax demand of ₹3.52 crore plus interest and penalty in Bajaj Auto's favor.

Neutral 4
  • ₹500 crore NCD issuance by subsidiary Jun 23

    Bajaj Auto Credit Limited allotted 50,000 secured NCDs worth ₹500.19 crore on private placement basis, listed on NSE on June 23, 2026.

  • Institutional block trades (~₹187 crore) Jun 19

    Three block trades recorded between May 26-Jun 19: ₹107.36 crore at ₹10,532, ₹51.78 crore at ₹10,267, and ₹27.99 crore at ₹9,985 per share, signaling institutional portfolio rebalancing.

  • Senior management restructuring May 29

    Ms. Baminee Viswanat and Mr. Vijay Jerome ceased to be part of senior management effective June 1, 2026 due to organizational restructuring.

  • Investor conferences in early June May 28

    Bajaj Auto attended Bank of America (Jun 2), Morgan Stanley (Jun 3), and Citi (Jun 4) investor conferences in Mumbai with no UPSI to be shared.

TL;DR: Bajaj Auto is in strong fundamental shape with record Q4FY26 profits, 32% revenue growth, and robust export momentum driving 20% sales growth in May 2026. Shareholder returns are aggressive with a ₹150/share dividend and ₹5,633 crore buyback. Key risks include a recent ransomware incident with unclear impact, a brief mid-June correction, and May sales slightly missing Street expectations. The trend remains firmly bullish with analyst upgrades and multi-year high valuations, though the stock's PE of 28.8x leaves limited room for execution misses.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
8,929
10,312
10,838
12,165
11,555
11,932
13,247
13,169
12,646
13,133
15,735
16,204
17,832
Expenses
7,272
8,380
8,708
9,750
9,271
9,562
11,174
10,418
10,289
10,340
12,906
12,475
14,757
Operating Profit
1,657
1,932
2,130
2,415
2,284
2,370
2,073
2,751
2,358
2,793
2,829
3,730
3,075
OPM %
19%
19%
20%
20%
20%
20%
16%
21%
19%
21%
18%
23%
17%
Other Income
595
351
552
356
444
335
399
348
392
509
576
359
1,894
Interest
16
12
7
12
30
47
75
120
147
224
287
314
344
Depreciation
76
87
92
93
93
95
98
102
119
118
119
119
289
PBT
2,160
2,184
2,584
2,666
2,606
2,564
2,299
2,876
2,484
2,961
2,999
3,656
4,336
Tax %
21%
25%
22%
24%
23%
24%
40%
24%
27%
25%
29%
25%
19%
Net Profit
1,705
1,644
2,020
2,033
2,011
1,942
1,385
2,196
1,802
2,210
2,122
2,750
3,492
EPS in Rs
60.25
58.11
71.39
71.78
72.05
69.55
49.61
78.62
64.52
79.15
75.99
98.38
131
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
21,595
22,574
21,755
25,210
30,358
29,919
27,741
33,145
36,455
44,870
50,995
62,905
Expenses
17,467
17,781
17,326
20,364
25,160
24,809
22,803
27,886
29,991
36,106
41,440
49,844
Operating Profit
4,128
4,793
4,429
4,846
5,198
5,109
4,938
5,259
6,465
8,765
9,555
13,061
OPM %
19%
21%
20%
19%
17%
17%
18%
16%
18%
20%
19%
21%
Other Income
228
1,194
1,468
1,404
2,028
1,832
1,570
2,671
1,703
1,700
1,472
2,704
Interest
6
1
1
1
4
3
7
9
40
60
389
1,169
Depreciation
267
307
307
315
266
246
259
270
286
365
414
645
PBT
4,083
5,679
5,588
5,933
6,956
6,692
6,241
7,652
7,842
10,040
10,224
13,952
Tax %
31%
28%
27%
29%
29%
22%
22%
19%
23%
23%
28%
24%
Net Profit
3,026
4,061
4,079
4,219
4,928
5,212
4,857
6,166
6,060
7,708
7,325
10,574
EPS in Rs
105
140
141
146
170
180
168
213
214
276
262
384
Div. Payout %
48%
39%
39%
41%
35%
67%
83%
66%
65%
29%
80%
39%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
289
289
289
289
289
289
289
289
283
279
279
280
Reserves
10,806
13,731
17,567
20,136
22,944
21,373
26,984
29,570
29,079
28,683
34,909
38,552
Borrowings
112
118
120
121
125
126
121
123
124
1,912
9,364
22,713
Other Liabilities
4,758
3,102
3,661
4,595
5,476
4,722
6,207
5,129
5,651
8,470
9,557
15,678
Total Liabilities
15,966
17,240
21,638
25,141
28,834
26,510
33,602
35,111
35,136
39,344
54,110
77,223
Fixed Assets
2,448
2,026
2,002
1,878
1,764
1,699
1,668
1,836
2,842
3,217
3,677
13,362
CWIP
255
52
42
56
48
60
16
77
85
35
61
120
Investments
8,985
11,067
15,477
18,895
20,603
19,914
24,687
26,634
26,183
28,087
28,914
24,642
Other Assets
4,277
4,095
4,117
4,312
6,420
4,837
7,232
6,564
6,026
8,005
21,459
39,099
Total Assets
15,966
17,240
21,638
25,141
28,834
26,510
33,602
35,111
35,136
39,344
54,110
77,223
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,114
3,690
3,267
4,328
2,487
3,850
3,120
4,197
5,277
6,558
-1,406
2,597
Investing
-380
-68
-3,610
-1,954
-273
1,766
-2,869
276
1,211
-72
-1,053
-7,034
Financing
-1,644
-3,384
-190
-1,885
-2,074
-6,247
-20
-4,056
-7,181
-6,167
4,230
5,079
Net Cash Flow
90
238
-532
488
140
-630
231
417
-692
319
1,771
642
Free Cash Flow
1,819
3,419
3,070
4,145
2,379
3,570
2,866
3,680
4,304
5,847
-2,273
1,885
CFO/OP
82
115
108
124
86
108
90
112
111
102
14
46
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
12
12
16
22
31
21
36
17
18
17
15
20
Inventory Days
20
17
18
16
16
18
28
18
22
19
22
54
Days Payable
43
49
56
68
63
56
85
54
58
64
66
76
Cash Conversion Cycle
-11
-20
-22
-31
-17
-16
-22
-19
-18
-28
-29
-1
Working Capital Days
-22
-4
-2
-21
-4
-9
0
-3
-9
-30
-6
68
ROCE %
40%
45%
35%
31%
30%
30%
25%
23%
27%
34%
28%
28%

Shareholding Pattern

As of Mar 2026
Promoters 55.01%
DIIs 14.47%
Others 12.42%
Public 9.28%
FIIs 8.82%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
53.70%
53.70%
53.70%
53.73%
53.77%
53.77%
54.84%
54.98%
54.98%
54.99%
54.98%
54.94%
55.06%
55.06%
55.04%
55.04%
55.04%
55.04%
55.04%
54.99%
55.01%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
14.38%
0.00%
14.52%
14.20%
14.31%
12.45%
11.61%
10.30%
9.66%
8.84%
8.82%
DIIs
12.29%
12.71%
12.84%
13.22%
13.18%
12.40%
10.34%
10.99%
10.86%
9.63%
9.10%
7.66%
8.54%
8.81%
8.76%
10.06%
10.99%
12.09%
12.78%
14.07%
14.47%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
15.53%
15.41%
15.82%
16.11%
15.72%
15.41%
10.14%
9.55%
10.21%
9.87%
9.53%
9.67%
9.68%
9.73%
9.60%
9.99%
9.95%
10.10%
9.94%
9.67%
9.28%
Others
18.48%
18.19%
17.63%
16.93%
17.34%
18.43%
24.68%
24.48%
23.95%
25.52%
12.01%
27.73%
12.20%
12.20%
12.29%
12.46%
12.41%
12.47%
12.58%
12.43%
12.42%
No. of Shareholders
1,56,955
1,54,309
2,11,203
2,44,081
2,33,225
2,28,873
2,25,518
2,26,836
2,09,076
2,02,928
1,96,543
2,00,795
2,97,605
2,74,956
2,69,698
3,47,655
3,44,314
3,58,806
3,57,666
3,33,792
3,14,095

Documents

Frequently Asked Questions about Bajaj Auto Ltd

What does Bajaj Auto Ltd do?
Bajaj Auto, the flagship company of Bajaj Group, is a two-wheeler and three-wheeler manufacturing company that exports to 79 countries across several countries in Latin America, Southeast Asia, and many more. Its headquarter is in Pune, India. It has acquired 48% of the KTM Brand which manufactur...
Where is Bajaj Auto Ltd (BAJAJ-AUTO) listed?
Bajaj Auto Ltd is listed on the Indian stock exchanges. It is listed on NSE: BAJAJ-AUTO and BSE: 532977. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Bajaj Auto Ltd belong to?
Bajaj Auto Ltd operates in the Consumer Discretionary sector within the Automobiles industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Bajaj Auto Ltd?
Bajaj Auto Ltd has a market capitalisation of approximately ₹275221.52 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Bajaj Auto Ltd?
The Price-to-Earnings (PE) ratio of Bajaj Auto Ltd is 25.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Bajaj Auto Ltd?
Over the past 52 weeks, Bajaj Auto Ltd has traded between a low of ₹7,858.5 and a high of ₹10,834. This range helps investors understand the stock's price volatility and recent trading levels.
Does Bajaj Auto Ltd pay dividends?
Yes, Bajaj Auto Ltd has a dividend yield of 1.54%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Bajaj Auto Ltd?
Bajaj Auto Ltd has a Return on Equity (ROE) of 26.61%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Bajaj Auto Ltd on Tapetide?
On Tapetide, you can view Bajaj Auto Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Bajaj Auto, the flagship company of Bajaj Group, is a two-wheeler and three-wheeler manufacturing company that exports to 79 countries across several countries in Latin America, Southeast Asia, and many more. Its headquarter is in Pune, India. It has acquired 48% of the KTM Brand which manufactures sports and super sports two-wheelers, which was 14% in 2007 when the company first acquired KTM. [1]

Website bajajauto.com
CEO Mr. Rajivnayan Rahulkumar Bajaj
Employees 5,598
Listed 2008-05-26
Face Value ₹ 10
Issued Size 27,94,97,838

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