Bajaj Auto
Bajaj Auto
Automobiles F&OKey Fundamentals
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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 7.23 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Bajaj Auto has a market capitalisation of about ₹3,15,469 Cr and trades at a P/E of 26.6 and a P/B of 7.93. Its trailing-twelve-month sales grew 37% and profit grew 55%, and its 3-year ROE averages 26%, with 29% last year. Longer-term growth is slower, with 10-year sales and profit CAGRs of 11% and 10%, and the stock's 3-year return of 31% a year has run ahead of its 21% 3-year profit CAGR.
- Growth has accelerated sharply: TTM sales grew 37% and TTM profit grew 55%, well above the 5-year CAGRs of 18% and 17%. This suggests strong current operating momentum.
- Returns on capital are high and consistent. ROE was 23% over 10 years, 24% over 5 years, 26% over 3 years and 29% last year, so profitability has been rising over time.
- Medium-term growth is solid. The 3-year sales CAGR is 20% and the 3-year profit CAGR is 21%, so profits have grown slightly faster than revenue.
- Shareholders get a steady cash return. The dividend payout ratio is 49.4% and the dividend yield is 1.34%, while the company still earns ROE in the high 20s.
- Valuation looks moderate relative to recent growth. A P/E of 26.6 against a 3-year profit CAGR of 21% gives a PEG of about 1.3, and a P/E of 26.6 is low next to 55% TTM profit growth if that growth holds up.
- The stock has compounded wealth consistently: 15% a year over 10 years, 24% over 5 years, 31% over 3 years and 30% over the last year.
- The known pros say the company is expected to report a good quarter, which fits with the 55% TTM profit growth.
- The stock trades at a high multiple of book value. P/B is 7.93 in the key metrics (8.12 per the known cons), which implies book value of only about ₹39,800 Cr against a ₹3,15,469 Cr market cap. That leaves little cushion if ROE falls from 29%.
- The share price has grown faster than earnings. The stock returned 31% a year over 3 years while profit grew 21% a year, so part of the return came from a higher valuation multiple rather than earnings growth.
- Long-term growth is modest. 10-year sales and profit CAGRs of 11% and 10% mean a P/E of 26.6 equals a PEG of about 2.7 on a decade-long view. This suggests the recent acceleration may not reflect the company's normal growth rate.
- The recent growth spurt may not last. TTM sales growth of 37% is nearly twice the 3-year CAGR of 20%, and growth this far above trend may reflect base effects or one-off factors that could fade. The data given does not explain what is driving it.
- The earnings yield is low. At a P/E of 26.6 it is about 3.8%, and the dividend yield is only 1.34%, both modest compared with fixed-income alternatives.
- A lot of good news may already be priced in. The stock rose 30% in the last year, close to its 3-year pace of 31% a year, so disappointing results could weigh on the multiple.
- Key balance-sheet data is missing. Debt-to-equity, ROCE and EPS are unavailable, so leverage and capital efficiency cannot be checked from the figures provided despite the 26.6 P/E.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- September volumes miss estimates Oct 1
Total September 2026 sales of 5,38,443 units came in below the market estimate of 570,000 units, a shortfall of about 5.5%. YoY growth was a modest 5%.
- Domestic sales decline 9% Oct 1
Domestic volumes fell 9% YoY in September 2026, which points to weakness in the home market. Strong exports covered the gap.
- Supply chain disruptions hit sales Oct 1
Bajaj Auto said supply chain disruptions held back sales even though demand was strong. Execution risk stays in place until supply normalises.
- Exports surge 32% YoY Oct 1
Exports rose 32% YoY to 2,43,987 units in September 2026, making up roughly 45% of total volumes. That more than offset the domestic decline.
- YTD sales up 24% Oct 1
Year-to-date sales grew 24% to 29,87,135 units, driven by strong overseas demand. The cumulative growth trend is still solid.
- Strong demand, recovery expected Oct 1
Management reported strong demand across the business and expects sales lost to supply chain issues to recover. This suggests the September shortfall was a supply problem, not weak demand.
TL;DR: Bajaj Auto's export business is the main growth driver, with overseas volumes up 32% and YTD sales up 24% to 29.87 lakh units. September total sales of 5.38 lakh units missed the 5.7 lakh estimate, and domestic volumes fell 9%. Supply chain constraints also limited dispatches despite healthy demand. The near-term trend is mixed, and the outlook depends on how fast supply normalises and whether domestic demand recovers in the coming festive months.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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