Bajaj Electricals Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Consumer Durables: 74.9% • Lighting: 25.1%
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company is almost debt free
- Latest quarter profit grew 2823.8% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 6.87x)
- Working capital cycle has improved - days down from 49 to 21
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Company is loss-making at the operating / net level
- Recent results are weak - TTM profit is down 125.5% versus prior year
- Company has a low return on equity of 4.0% over last 3 years
- Company has a low return on capital employed of 9.6%
- Interest coverage is weak at -0.3x - earnings barely cover interest
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PGEL | 543.00 | 75.66 | 15570.91 | 0.05 | 76.22 | 13.79 | 2033.96 | 35.25 | 10.59 | 7.33 |
| CROMPTON | 231.30 | 0.00 | 14893.75 | 1.30 | 142.70 | 15.17 | 2235.02 | 11.84 | -1.06 | 10.04 |
| WHIRLPOOL | 795.55 | 40.23 | 10093.29 | 0.63 | 102.88 | -29.57 | 2726.75 | 12.10 | 10.90 | 5.10 |
| EUREKAFORB | 397.35 | 42.53 | 7694.16 | 0.00 | 56.99 | 47.26 | 700.40 | 15.22 | 5.04 | 9.91 |
| TTKPRESTIG | 540.10 | 38.27 | 7397.55 | 1.39 | 58.97 | 130.17 | 813.85 | 33.57 | 11.92 | 10.03 |
| HAWKINCOOK | 8438.40 | 32.90 | 4462.07 | 1.66 | 30.38 | 17.12 | 318.13 | 33.06 | 40.90 | 13.43 |
| BAJAJELEC | 338.35 | 0.00 | 3905.36 | 0.89 | 48.38 | 431.65 | 1089.36 | 2.84 | -1.97 | 7.12 |
| ORIENTELEC | 173.80 | 33.77 | 3708.30 | 0.86 | 31.49 | 79.74 | 949.76 | 23.49 | 20.28 | 7.01 |
| BOROLTD | 263.80 | 45.03 | 3154.72 | 0.00 | 12.80 | -26.48 | 253.59 | 8.98 | 11.26 | 13.59 |
| STOVEKRAFT | 840.50 | 34.16 | 2782.67 | 0.42 | 192.09 | — | 2354.41 | — | 13.46 | 10.71 |
| BUTTERFLY | 608.85 | 22.64 | 1088.60 | 0.00 | 88.87 | 1281.47 | 2138.73 | 1041.22 | 18.19 | 7.03 |
| SINGERIND | 73.66 | 57.46 | 458.31 | 0.54 | 9.30 | — | 1015.90 | — | 10.66 | 1.39 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,108 | 1,107 | 1,226 | 1,181 | 1,152 | 1,115 | 1,286 | 1,263 | 1,059 | 1,103 | 1,048 | 1,238 | 1,089 | |
| 1,035 | 1,038 | 1,171 | 1,138 | 1,080 | 1,067 | 1,202 | 1,172 | 1,031 | 1,045 | 1,038 | 1,196 | 1,059 | |
| Operating Profit | 73 | 70 | 55 | 43 | 73 | 48 | 84 | 90 | 28 | 57 | 10 | 42 | 31 |
| OPM % | 6.58% | 6.31% | 4.52% | 3.61% | 6.31% | 4.30% | 6.53% | 7.15% | 2.64% | 5.21% | 0.98% | 3.37% | 2.83% |
| 10 | 11 | 43 | 22 | 11 | 15 | 13 | 38 | 24 | 8 | -14 | -46 | 17 | |
| Interest | 12 | 14 | 20 | 18 | 16 | 17 | 19 | 18 | 18 | 13 | 13 | 13 | 16 |
| Depreciation | 23 | 27 | 30 | 30 | 32 | 35 | 36 | 41 | 37 | 37 | 35 | 33 | 31 |
| Profit before Tax | 53 | 45 | 50 | 24 | 38 | 15 | 45 | 71 | 2 | 20 | -49 | -49 | 65 |
| Tax % | 29.22% | 29.83% | 25.99% | -19.88% | 26.59% | 12.36% | 26.55% | 17.12% | 27.11% | 27.82% | 40.59% | -31.99% | 26.50% |
| Net Profit | 38 | 32 | 37 | 29 | 28 | 13 | 33 | 59 | 2 | 15 | -29 | -64 | 48 |
| 3.26 | 2.75 | 3.25 | 2.55 | 2.44 | 1.12 | 2.89 | 5.12 | 0.14 | 1.27 | -2.53 | -5.57 | 4.16 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,262 | 4,707 | 6,673 | 4,977 | 4,573 | 4,788 | 4,889 | 4,641 | 4,828 | 4,462 | 4,478 | |
| 4,028 | 4,425 | 6,325 | 4,770 | 4,276 | 4,550 | 4,515 | 4,382 | 4,521 | 4,311 | 4,338 | |
| Operating Profit | 234 | 282 | 348 | 207 | 297 | 238 | 375 | 260 | 307 | 151 | 140 |
| OPM % | 5.49% | 5.99% | 5.22% | 4.16% | 6.49% | 4.98% | 7.66% | 5.60% | 6.37% | 3.39% | 3.13% |
| 44 | -25 | 66 | 53 | 89 | 72 | 45 | 86 | 76 | -29 | -36 | |
| Interest | 80 | 59 | 116 | 169 | 76 | 69 | 44 | 63 | 70 | 56 | 54 |
| Depreciation | 30 | 34 | 38 | 68 | 69 | 63 | 74 | 110 | 144 | 142 | 135 |
| Profit before Tax | 168 | 164 | 259 | 22 | 241 | 179 | 302 | 173 | 170 | -75 | -12 |
| Tax % | 35.93% | 49.16% | 35.60% | 100.59% | 23.86% | 23.42% | 28.75% | 21.50% | 21.37% | -2.50% | -149.80% |
| Net Profit | 108 | 84 | 167 | -0 | 184 | 137 | 215 | 136 | 133 | -77 | -31 |
| EPS | 10.63 | 8.19 | 16.13 | -0.01 | 16.02 | 11.91 | 18.72 | 11.80 | 11.57 | -6.70 | — |
| Dividend Payout % | 26.34% | 42.71% | 21.45% | 0.00% | 0.00% | 25.19% | 21.37% | 25.43% | 25.93% | -44.81% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- -3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 2%
- 5 Years:
- -24%
- 3 Years:
- -33%
- 1 Year:
- -43%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 6%
- 3 Years:
- 4%
- Last Year:
- -5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20 | 20 | 20 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| 839 | 915 | 1,048 | 1,344 | 1,570 | 1,710 | 1,866 | 1,391 | 1,505 | 1,400 | |
| 548 | 721 | 1,584 | 813 | 282 | 54 | 72 | 173 | 187 | 146 | |
| Trade Payables | 636 | 854 | 1,092 | 900 | 944 | 1,224 | 1,216 | 1,247 | 1,261 | 1,320 |
| 988 | 888 | 1,352 | 1,434 | 1,379 | 910 | 1,816 | 994 | 1,073 | 1,216 | |
| Total Liabilities | 3,031 | 3,399 | 5,097 | 4,513 | 4,198 | 3,920 | 4,993 | 3,828 | 4,049 | 4,105 |
| 310 | 316 | 322 | 404 | 335 | 554 | 640 | 780 | 794 | 760 | |
| Capital Work in Progress | 8 | 4 | 7 | 9 | 10 | 28 | 41 | 62 | 9 | 1 |
| 80 | 14 | 51 | 53 | 38 | 49 | 47 | 35 | 67 | 267 | |
| 571 | 579 | 821 | 691 | 971 | 976 | 976 | 757 | 717 | 534 | |
| 0 | 0 | 0 | 0 | 0 | 1,137 | 1,111 | 1,163 | 1,286 | 1,141 | |
| Cash & Bank | 65 | 26 | 16 | 105 | 62 | 142 | 370 | 275 | 121 | 258 |
| 1,996 | 2,460 | 3,880 | 3,251 | 2,782 | 1,035 | 1,808 | 757 | 1,055 | 1,144 | |
| Total Assets | 3,031 | 3,399 | 5,097 | 4,513 | 4,198 | 3,920 | 4,993 | 3,828 | 4,049 | 4,105 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 481 | -48 | -463 | 672 | 671 | 931 | 443 | 357 | 347 | 619 | |
| Cash from Investing | -91 | 36 | -127 | -46 | -111 | -87 | -88 | -210 | -195 | -380 |
| Cash from Financing | -368 | 64 | 718 | -491 | -605 | -772 | -139 | -133 | -146 | -137 |
| -21 | -3 | -11 | 90 | -56 | 72 | 223 | 11 | 6 | 103 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-04 - Bajaj Electricals Limited has informed the Exchange regarding allotment of 30867 securities pursuant to ESOP/ESPS at its meeting held on September 04, 2026
2026-08-12 - Bajaj Electricals Limited has informed the Exchange about Transcript of the ''Q1FY27 Earnings Call''
2026-08-11 - Bajaj Electricals Limited has informed the Exchange regarding a press release dated August 11, 2026, titled "Krishnan Sundaram Appointed as Chief Growth & New Business Officer at Bajaj Electricals Limited".
2026-08-06 - Bajaj Electricals Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 06, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-06 - Bajaj Electricals Limited has informed the Exchange about Link of Recording
2026-08-06 - Bajaj Electricals Limited has informed the Exchange regarding "Proceedings of Annual General Meeting held on August 06, 2026"
2026-08-06 - Bajaj Electricals Limited has informed the Exchange about the Presentation on the Unaudited Financial Results for the first quarter ended June 30, 2026
2026-08-06 - Bajaj Electricals Limited has informed the Exchange regarding "Appointment of Mr Krishnan Sundaram as Chief Growth & New Business Officer of the company w.e.f. August 11, 2026"
2026-08-06 - Bajaj Electricals Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
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