Bajaj Auto Ltd
Bajaj Auto Ltd
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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38 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Strengths
3- Company is expected to give good quarter
- 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
1- Stock is trading at 8.39 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoBajaj Auto Ltd is a large-cap two-wheeler and three-wheeler manufacturer with a market cap of ₹3.26 lakh crore, trading at a P/E of 27.9x and P/B of 8.29x. The company has delivered TTM sales growth of 37% and profit growth of 55%, while maintaining a 3-year ROE of 26% and a dividend payout of 49.4%.
- TTM revenue growth of 37% significantly outpaces the 10-year compounded sales CAGR of 11%, indicating strong momentum
- TTM profit growth of 55% demonstrates operating leverage and margin expansion beyond top-line growth
- Consistent ROE track record — 29% last year, 26% over 3 years, 24% over 5 years, and 23% over 10 years — shows durable capital efficiency
- Healthy dividend payout ratio of 49.4% with a current dividend yield of 1.28%, rewarding shareholders consistently
- Stock CAGR of 42% over 1 year and 36% over 3 years reflects strong price momentum and investor confidence
- 5-year compounded sales CAGR of 18% and profit CAGR of 17% indicate sustained double-digit growth over a longer horizon
- Company is expected to deliver a good upcoming quarter based on consensus expectations, suggesting near-term earnings visibility
- 10-year stock CAGR of 15% shows long-term wealth compounding for shareholders across market cycles
- Trading at 8.29x price-to-book is expensive for an auto manufacturer, suggesting limited margin of safety
- P/E of 27.9x is elevated relative to traditional auto sector multiples, pricing in significant future growth
- TTM profit growth of 55% may be difficult to sustain given the 10-year profit CAGR is only 10%, raising mean-reversion risk
- TTM sales growth of 37% vs 10-year CAGR of 11% suggests current growth rates are well above historical norms and may normalize
- Dividend yield of only 1.28% despite a 49.4% payout ratio implies the stock price has run up faster than dividend growth
- 1-year stock CAGR of 42% increases the risk of near-term correction or consolidation after a sharp run-up
- 52-week high and low data unavailable (reported as 0), limiting visibility on recent trading range and downside risk assessment
- Acceleration from 5-year profit CAGR of 17% to TTM of 55% may reflect cyclical tailwinds rather than structural improvement
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 18h ago- Q1 profit surges 42% YoY Jul 22
Net profit rose 42% to ₹2,983 crore on record revenue of ₹17,244 crore, driven by 54% export surge. MOSL upgraded to Buy with ₹12,096 target; Bernstein and CLSA retain Outperform.
- July sales up 30% YoY Aug 3
Total sales hit 4,74,677 units in July 2026, up 30% YoY. Exports rose 39% to 2,54,485 units while domestic sales grew 20%.
- ₹150 per share dividend declared Jul 21
Bajaj Auto declared ₹150 per share dividend for FY26 at its 19th AGM, signalling strong cash generation and shareholder returns.
- 25% capacity expansion planned Jul 22
Company targets production capacity increase to 9 million units annually, with investments in EVs, premium motorcycles, and three-wheelers. Exports targeted at 250,000+ units monthly from Q2.
- EV and electric 3W ramp-up Jul 21
Plans 50% rise in electric 3-wheeler output and Chetak capacity expansion from 50,000 to 60,000 units. Electric motorcycle export launch expected by FY28.
- Multiple analyst meets scheduled Aug 5
Bajaj Auto scheduled four institutional investor meetings between Aug 12 and Sep 21, including J.P. Morgan, Axis Capital, Emkay Global, and 360 ONE Capital conferences. No UPSI to be shared.
- ₹5,632 crore buyback completed Jul 24
Extinguished 46.94 lakh shares at ₹12,000 per share, reducing issued capital and increasing promoter stake to 55.95%.
- 125-160CC portfolio revamp planned Jul 21
FY27 refresh includes new 150CC Pulsar, ten facelifts in 160-400CC range, new 125CC Pulsar, and two new 125CC brand launches to boost competitiveness.
- ₹16.55 crore block trade on NSE Jul 23
Approximately 14,643 shares traded at ₹11,301.50 per share in a single institutional block deal on the NSE.
TL;DR: Bajaj Auto is firing on all cylinders with 42% profit growth, 30% sales momentum in July, and dominant export performance driving results well above expectations. The company is reinvesting aggressively with a 25% capacity expansion and full portfolio revamp across ICE and EV segments. No material headwinds are visible in recent news flow. The key forward risk is execution on the ambitious capacity and EV targets, but near-term momentum and broker upgrades suggest the trend is firmly improving.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,312 | 10,838 | 12,165 | 11,555 | 11,932 | 13,247 | 13,169 | 12,646 | 13,133 | 15,735 | 16,204 | 17,832 | 21,689 |
| Expenses | 8,380 | 8,708 | 9,750 | 9,271 | 9,562 | 11,174 | 10,418 | 10,289 | 10,340 | 12,906 | 12,475 | 14,757 | 17,161 |
| Operating Profit | 1,932 | 2,130 | 2,415 | 2,284 | 2,370 | 2,073 | 2,751 | 2,358 | 2,793 | 2,829 | 3,730 | 3,075 | 4,528 |
| OPM % | 19% | 20% | 20% | 20% | 20% | 16% | 21% | 19% | 21% | 18% | 23% | 17% | 21% |
| Other Income | 351 | 552 | 356 | 444 | 335 | 399 | 348 | 392 | 509 | 576 | 359 | 1,894 | 688 |
| Interest | 12 | 7 | 12 | 30 | 47 | 75 | 120 | 147 | 224 | 287 | 314 | 344 | 387 |
| Depreciation | 87 | 92 | 93 | 93 | 95 | 98 | 102 | 119 | 118 | 119 | 119 | 289 | 405 |
| PBT | 2,184 | 2,584 | 2,666 | 2,606 | 2,564 | 2,299 | 2,876 | 2,484 | 2,961 | 2,999 | 3,656 | 4,336 | 4,423 |
| Tax % | 25% | 22% | 24% | 23% | 24% | 40% | 24% | 27% | 25% | 29% | 25% | 19% | 28% |
| Net Profit | 1,644 | 2,020 | 2,033 | 2,011 | 1,942 | 1,385 | 2,196 | 1,802 | 2,210 | 2,122 | 2,750 | 3,492 | 3,189 |
| EPS in Rs | 58.11 | 71.39 | 71.78 | 72.05 | 69.55 | 49.61 | 78.62 | 64.52 | 79.15 | 75.99 | 98.38 | 131 | 115 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 71,460 |
| Expenses | 17,467 | 17,781 | 17,326 | 20,364 | 25,160 | 24,809 | 22,803 | 27,886 | 29,991 | 36,106 | 41,440 | 49,808 | 57,299 |
| Operating Profit | 4,128 | 4,793 | 4,429 | 4,846 | 5,198 | 5,109 | 4,938 | 5,259 | 6,465 | 8,765 | 9,555 | 13,097 | 14,161 |
| OPM % | 19% | 21% | 20% | 19% | 17% | 17% | 18% | 16% | 18% | 20% | 19% | 21% | 20% |
| Other Income | 228 | 1,194 | 1,468 | 1,404 | 2,028 | 1,832 | 1,570 | 2,671 | 1,703 | 1,700 | 1,472 | 2,668 | 3,517 |
| Interest | 6 | 1 | 1 | 1 | 4 | 3 | 7 | 9 | 40 | 60 | 389 | 1,169 | 1,332 |
| Depreciation | 267 | 307 | 307 | 315 | 266 | 246 | 259 | 270 | 286 | 365 | 414 | 645 | 932 |
| 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 | 15,414 |
| 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 | 11,553 |
| EPS in Rs | 105 | 140 | 141 | 146 | 170 | 180 | 168 | 213 | 214 | 276 | 262 | 384 | 421 |
| Div. Payout % | 48% | 39% | 39% | 41% | 35% | 67% | 83% | 66% | 65% | 29% | 80% | 39% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 15,369 |
| Total Liabilities | 15,966 | 17,240 | 21,638 | 25,141 | 28,834 | 26,510 | 33,602 | 35,111 | 35,136 | 39,344 | 54,110 | 76,914 |
| Fixed Assets | 2,448 | 2,026 | 2,002 | 1,878 | 1,764 | 1,699 | 1,668 | 1,836 | 2,842 | 3,217 | 3,677 | 11,961 |
| CWIP | 255 | 52 | 42 | 56 | 48 | 60 | 16 | 77 | 85 | 35 | 61 | 1,521 |
| 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 | 38,790 |
| Total Assets | 15,966 | 17,240 | 21,638 | 25,141 | 28,834 | 26,510 | 33,602 | 35,111 | 35,136 | 39,344 | 54,110 | 76,914 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | -7,018 |
| 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 | 658 |
| 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 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 22 |
| ROCE % | 40% | 45% | 35% | 31% | 30% | 30% | 25% | 23% | 27% | 34% | 28% | 28% |
Documents
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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]