Bajaj Auto Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Automotive: 93.0% • Financing: 5.0% • Investments: 2.0%
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has a healthy return on capital (ROCE) of 30.1%
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.0%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 44.3% YoY, showing strong momentum
- Company has delivered good sales growth of 17.8% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 39.0%
CONS
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.30x)
- Total debt has risen sharply - up 135.5% year on year
- Stock is trading at 6.3x its book value
- Inventory has been piling up - inventory days up from 13 to 24
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJ-AUTO | 11795.00 | 27.56 | 324131.13 | 1.27 | 3188.75 | 44.26 | 21688.83 | 71.50 | 28.68 | 20.88 |
| EICHERMOT | 7749.70 | 36.85 | 212746.09 | 1.06 | 1462.51 | 21.35 | 6632.42 | 34.11 | 30.54 | 26.51 |
| TVSMOTOR | 4152.00 | 57.55 | 197256.17 | 0.29 | 1057.61 | 64.52 | 16295.52 | 33.46 | 18.24 | 14.38 |
| HEROMOTOCO | 5238.00 | 19.24 | 104833.96 | 3.53 | 1417.93 | -91.69 | 13126.35 | 34.94 | 35.92 | 12.97 |
| ATHERENERG | 1583.00 | 0.00 | 62782.37 | 0.00 | -510.90 | — | 12169.20 | — | -21.59 | -2.73 |
| OLAELEC | 37.31 | 0.00 | 17268.59 | 0.00 | -336.00 | 21.50 | 455.00 | -45.05 | -20.87 | -36.26 |
| ATULAUTO | 456.50 | 26.82 | 1266.85 | 0.66 | 8.04 | 290.29 | 218.43 | 44.73 | 11.27 | 7.72 |
| URJA | 9.06 | 461.45 | 504.83 | 0.00 | 0.43 | -55.42 | 13.96 | -26.55 | 1.40 | 3.99 |
| WARDINMOBI | 5.74 | 183.30 | 172.67 | 0.00 | 0.17 | -84.77 | 61.64 | 91.02 | 12.48 | 6.17 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,056 | 10,585 | 11,892 | 11,250 | 11,558 | 12,816 | 12,689 | 12,204 | 12,647 | 15,254 | 15,378 | 17,108 | 21,689 | |
| 8,380 | 8,708 | 9,750 | 9,271 | 9,562 | 10,594 | 10,418 | 9,953 | 10,340 | 12,272 | 12,475 | 14,757 | 17,950 | |
| Operating Profit | 1,676 | 1,877 | 2,142 | 1,979 | 1,996 | 2,222 | 2,271 | 2,251 | 2,306 | 2,982 | 2,904 | 2,351 | 3,739 |
| OPM % | 16.67% | 17.73% | 18.01% | 17.59% | 17.27% | 17.34% | 17.90% | 18.44% | 18.24% | 19.55% | 18.88% | 13.74% | 17.24% |
| 351 | 369 | 356 | 360 | 335 | 399 | 348 | 392 | 509 | 576 | 359 | 699 | 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 |
| Profit before Tax | 2,184 | 2,400 | 2,666 | 2,522 | 2,564 | 2,879 | 2,876 | 2,819 | 2,961 | 3,633 | 3,656 | 3,141 | 4,423 |
| Tax % | 24.72% | 23.50% | 23.76% | 23.57% | 24.26% | 31.73% | 23.67% | 24.20% | 25.34% | 24.13% | 24.79% | 26.87% | 27.91% |
| Net Profit | 0 | 0 | 0 | 0 | 1,942 | 1,385 | 2,196 | 1,802 | 2,210 | 2,122 | 2,750 | 34,922 | 3,189 |
| 58.10 | 71.40 | 71.90 | 71.20 | 69.60 | 49.70 | 78.70 | 64.60 | 79.20 | 76.00 | 98.50 | 131.10 | 115.50 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 21,767 | 25,219 | 30,358 | 29,919 | 27,741 | 33,145 | 36,455 | 44,870 | 50,995 | 62,905 | 69,429 | |
| 17,349 | 20,383 | 25,168 | 24,823 | 22,822 | 27,917 | 30,007 | 36,149 | 40,532 | 49,850 | 57,453 | |
| Operating Profit | 4,418 | 4,836 | 5,190 | 5,096 | 4,919 | 5,228 | 6,449 | 8,721 | 10,463 | 13,055 | 11,975 |
| OPM % | 20.30% | 19.17% | 17.09% | 17.03% | 17.73% | 15.77% | 17.69% | 19.44% | 20.52% | 20.75% | 17.25% |
| 1,223 | 1,126 | 1,686 | 1,525 | 1,282 | 2,123 | 1,190 | 1,476 | 1,479 | 2,149 | 2,322 | |
| Interest | 1 | 1 | 4 | 3 | 7 | 9 | 40 | 60 | 389 | 1,169 | 1,332 |
| Depreciation | 307 | 315 | 266 | 246 | 259 | 270 | 286 | 365 | 414 | 645 | 932 |
| Profit before Tax | 5,588 | 5,933 | 6,956 | 6,692 | 6,241 | 7,652 | 7,842 | 10,040 | 10,224 | 13,952 | 14,854 |
| Tax % | 26.99% | 28.90% | 29.16% | 22.12% | 22.18% | 19.42% | 22.72% | 23.23% | 28.35% | 24.21% | 26.00% |
| Net Profit | 4,079 | 4,219 | 4,928 | 5,212 | 4,857 | 6,166 | 6,060 | 7,708 | 7,325 | 10,574 | 10,992 |
| EPS | 141.00 | 145.80 | 170.30 | 180.20 | 167.90 | 213.20 | 212.50 | 276.10 | 262.29 | 384.41 | — |
| Dividend Payout % | 39.01% | 41.15% | 35.23% | 66.63% | 83.41% | 65.70% | 65.37% | 28.97% | 80.06% | 39.02% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 18%
- 3 Years:
- 20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 10%
- 5 Years:
- 17%
- 3 Years:
- 21%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 26%
- 3 Years:
- 35%
- 1 Year:
- 27%
RETURN ON EQUITY
- 10 Years:
- 23%
- 5 Years:
- 24%
- 3 Years:
- 26%
- Last Year:
- 29%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 283 | 279 | 279 | 280 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,388 |
| 17,567 | 20,136 | 22,944 | 21,363 | 26,967 | 29,538 | 29,016 | 28,581 | 34,810 | 38,389 | |
| 176 | 169 | 170 | 168 | 161 | 159 | 158 | 1,943 | 7,089 | 16,864 | |
| Trade Payables | 2,236 | 3,244 | 3,787 | 3,200 | 4,574 | 3,632 | 4,121 | 5,581 | 6,373 | 8,804 |
| 1,369 | 1,303 | 1,644 | 1,490 | 1,610 | 1,493 | 1,558 | 2,969 | 5,559 | 11,189 | |
| Total Liabilities | 21,638 | 25,141 | 28,834 | 26,510 | 33,602 | 35,111 | 35,136 | 39,352 | 54,110 | 76,914 |
| 1,943 | 1,821 | 1,708 | 1,645 | 1,615 | 1,785 | 2,792 | 3,168 | 3,629 | 11,913 | |
| Capital Work in Progress | 11 | 11 | 12 | 47 | 16 | 77 | 85 | 28 | 29 | 120 |
| 15,477 | 18,895 | 20,603 | 19,914 | 24,687 | 26,634 | 26,183 | 26,735 | 28,914 | 24,642 | |
| 728 | 743 | 962 | 1,064 | 1,494 | 1,231 | 1,564 | 1,689 | 2,077 | 6,294 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,076 | 2,125 | 3,473 | |
| Cash & Bank | 301 | 793 | 933 | 316 | 539 | 958 | 690 | 2,037 | 2,848 | 3,072 |
| 3,177 | 2,879 | 4,617 | 3,525 | 5,251 | 4,426 | 3,822 | 3,619 | 14,488 | 27,399 | |
| Total Assets | 21,638 | 25,141 | 28,834 | 26,510 | 33,602 | 35,111 | 35,136 | 39,352 | 54,110 | 76,914 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4,770 | 6,013 | 4,451 | 5,528 | 4,460 | 5,899 | 7,196 | 6,552 | -1,406 | 2,597 | |
| Cash from Investing | -3,683 | -2,053 | -338 | 1,556 | -2,868 | -81 | 1,200 | -344 | -1,056 | -7,034 |
| Cash from Financing | -190 | -1,885 | -2,074 | -6,247 | -20 | -4,056 | -7,181 | -6,161 | 4,230 | 5,079 |
| -606 | 389 | 74 | -840 | 232 | 60 | -704 | 47 | 1,768 | 642 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Bajaj Auto Limited has informed the Exchange about Credit Rating
2026-09-01 - Bajaj Auto Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Sales for the month of August 2026".
2026-08-27 - BAJAJ-AUTO: Bajaj Auto Limited has informed the Exchange about ad hoc announcement made by Bajaj Mobility AG (formerly PIERER Mobility AG), a step-down subsidiary of Bajaj Auto Limited titled Results of the First Half of 2026
2026-08-21 - Bajaj Auto Limited has informed the Exchange about Credit Rating- New
2026-08-05 - Bajaj Auto Limited has informed the Exchange about Schedule of meet
2026-08-05 - Bajaj Auto Limited has informed the Exchange about Schedule of meet
2026-08-05 - Bajaj Auto Limited has informed the Exchange about Schedule of meet
2026-08-05 - Bajaj Auto Limited has informed the Exchange about Schedule of meet
2026-08-03 - Bajaj Auto Limited has informed the Exchange regarding a press release dated August 03, 2026, titled "Sales for the month of July 2026".
News
Recent coverage and analyst commentary for BAJAJ-AUTO
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