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Bajaj Auto

BAJAJ-AUTO NSE
₹10,608.00 +68.00 (+0.65%)
P/E
22.58
View as Markdown
MCP
Close 4 Nov 2026 ₹10,608.00 +1,887.50 +21.6% 1Y
Start ₹8,720.50

Key Fundamentals

LargecapAutomobilesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
28.20%
Debt to Equity
0.72
EPS (TTM)
₹469.85
Book Value
₹1,332.09
Market Cap
—
P/E (TTM)
22.58
P/B
7.96
ROE
29.20%
Dividend Yield
1.42%
EBITDA
₹15,243 Cr
52W High
₹12,470.00
52W Low
₹8,605.00
Day Range
₹10,504.00 – ₹10,627.00
Volume
3,09,570

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
54
Average
Returns, margins, earnings quality 22% weight
Valuation
74
Strong
Cheap vs sector & own history 24% weight
Growth
98
Strong
Sales & profit trajectory 9% weight
Financial Health
36
Poor
Solvency, leverage, coverage 9% weight
Momentum
39
Weak
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • 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%
  • Promoter holding has increased by 0.94% over last quarter.

Weaknesses

1
  • Stock is trading at 7.79 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish649
OscillatorsBullish243
Moving AveragesStrong Bullish406

Key readings

RSI (14)
53.65
Neutral
MACD (12,26,9)
−93.88
Bullish
SMA (50)
10,966.76
Bearish
SMA (200)
10,304.12
Bullish

As of

Analyst Rating

Based on 40 analysts
BUY75%

30 of 40 analysts rate Buy, 5 Hold, 5 Sell.

As of

BUY
30
75%
HOLD
5
13%
SELL
5
13%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+10.79%
5Y+17.79%
3Y+19.94%
1Y+23.36%
TTM+47.85%

Net profit

Net profit growth by window
10Y+10.04%
5Y+16.84%
3Y+20.39%
1Y+44.35%
TTM+53.84%

Operating cash flow

Operating cash flow growth by window
10Y−3.45%
5Y−3.60%
3Y−21.05%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.41 pp
5Y+3.02 pp
3Y+3.09 pp
1Y+2.08 pp
TTM+0.45 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹21,755 Cr
Mar 2018₹25,210 Cr
Mar 2019₹30,358 Cr
Mar 2020₹29,919 Cr
Mar 2021₹27,741 Cr
Mar 2022₹33,145 Cr
Mar 2023₹36,455 Cr
Mar 2024₹44,870 Cr
Mar 2025₹50,995 Cr
Mar 2026₹62,905 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹4,079 Cr
Mar 2018₹4,219 Cr
Mar 2019₹4,928 Cr
Mar 2020₹5,212 Cr
Mar 2021₹4,857 Cr
Mar 2022₹6,166 Cr
Mar 2023₹6,060 Cr
Mar 2024₹7,708 Cr
Mar 2025₹7,325 Cr
Mar 2026₹10,574 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹3,473 Cr −20.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

Bajaj Auto Ltd trades at ₹10,485 as of 2026-10-28 with a market cap of ₹2,88,132 Cr. The company has delivered strong TTM sales growth of 37% and TTM profit growth of 55%, supported by a consistent ROE of 26.3% over three years, though the stock trades at 7.42x book value and sits roughly 16% below its 52-week high of ₹12,470.

Bull Case 7
  • TTM revenue growth of 37% significantly outpaces the 10-year compounded sales CAGR of 11%, indicating a strong acceleration in top-line momentum
  • TTM profit growth of 55% demonstrates substantial operating leverage and margin expansion beyond the 10-year compounded profit CAGR of 10%
  • Last year ROE of 29% is the highest in the reported history, improving from a 5-year average of 24% and 10-year average of 23%
  • Healthy dividend payout of 49.4% with a current dividend yield of 1.44%, offering meaningful cash returns to shareholders
  • Debt-to-equity ratio of 0.58 reflects a conservatively leveraged balance sheet for an automobile manufacturer of this scale
  • ROCE of 26.12% closely tracks ROE of 26.29%, suggesting efficient capital deployment across both equity and debt capital
  • 3-year stock CAGR of 26% and 5-year stock CAGR of 21% reflect a consistent long-term wealth creation track record
Bear Case 8
  • Price-to-book ratio of 7.42x is elevated for an auto manufacturer, implying the market has priced in significant future growth expectations
  • PE (TTM) of 24.92x on an EPS of ₹420.8 leaves limited room for earnings disappointment without a meaningful de-rating
  • TTM sales growth of 37% and profit growth of 55% represent a sharp spike from 3-year CAGRs of 20% and 21% respectively, raising questions about sustainability at this pace
  • The stock is still 22% above its 52-week low of ₹8,605, indicating it has not corrected to deep-value territory despite the pullback from highs
  • 10-year compounded profit CAGR of only 10% shows that high-growth phases in the auto cycle have historically been followed by periods of moderation
  • Debt-to-equity of 0.58, while manageable, is non-zero and introduces interest rate sensitivity in a rising rate environment
  • 1-year stock CAGR of 14% lags the 3-year CAGR of 26%, suggesting recent price momentum has decelerated relative to medium-term trends
  • At a market cap of ₹2,88,132 Cr, the law of large numbers may constrain the pace of future market cap compounding compared to smaller peers

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

AI News Digest

9h ago

TL;DR: Bajaj Auto delivered a strong Q2 FY27 with record revenue, profit, and EBITDA, driven primarily by a 41% export surge and a rapidly scaling EV portfolio that now accounts for one-third of domestic revenue. Key risks include domestic two-wheeler market share loss as the company deliberately cedes entry-level volumes, moderating export growth rates, and persistent commodity cost pressures. The BMAG subsidiary turning profitable and two new brand launches in FY27 add strategic optionality. The trend remains positive on earnings but growth deceleration and mixed analyst sentiment suggest the easy gains may be behind, with execution on premium positioning and new brand launches critical in the coming quarters.

Headwinds 4
  • Domestic 2W growth lags industry Oct 27

    Domestic two-wheeler sales grew just 2% YoY to 6,07,416 units in Q2 FY27, while the broader Indian two-wheeler market grew 19.7% in August and roughly one-third in September, indicating meaningful market share loss.

  • Commodity inflation pressuring costs Oct 27

    Input costs rose 7% between Q1 and Q2 FY27, with steel up over 10% and aluminum, platinum, and rhodium up roughly 40%, creating commodity inflation of about 4.5% of revenue.

  • Export growth rate moderating Oct 27

    Monthly export growth decelerated from 51% in August to 32% in September, and YoY revenue growth slowed from 37% in Q1 FY27 to 34% in Q2 as the base gets tougher.

Positives 7
  • Q2 profit beats estimates by 6% Oct 26

    Standalone net profit jumped 35.2% YoY to ₹3,354 crore, beating the Bloomberg estimate of ₹3,152 crore, while revenue rose 34.1% to ₹20,003 crore, crossing ₹20,000 crore for the first time.

  • Exports surge 41% YoY Oct 27

    Export shipments surged 41% to 7,78,528 units in Q2 FY27, supplying roughly 88% of incremental volume growth, with Africa nearly doubling and Latin America hitting its highest-ever sales tally.

  • EV portfolio hits record scale Oct 26

    Domestic EV sales reached a record 200,000 units versus 82,000 a year ago, now constituting one-third of domestic revenues, with the Chetak electric scooter business turning profitable.

Neutral 1
  • Q2 results call held Oct 27 Oct 8

    Board meeting and conference call to approve and discuss Q2 FY27 results were scheduled for October 27, led by Rakesh Sharma and Dinesh Thapar.

Quarterly Results

₹ Cr
BAJAJ-AUTO quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
10,838
12,165
11,555
11,932
13,247
13,169
12,646
13,133
15,735
16,204
17,832
21,689
25,126
Expenses
8,708
9,750
9,271
9,562
11,174
10,418
10,289
10,340
12,906
12,475
14,757
17,161
20,230
Operating Profit
2,130
2,415
2,284
2,370
2,073
2,751
2,358
2,793
2,829
3,730
3,075
4,528
4,896
OPM %
20%
20%
20%
20%
16%
21%
19%
21%
18%
23%
17%
21%
19%
Other Income
552
356
444
335
399
348
392
509
576
359
1,894
688
592
Interest
7
12
30
47
75
120
147
224
287
314
344
387
469
Depreciation
92
93
93
95
98
102
119
118
119
119
289
405
409
PBT
2,584
2,666
2,606
2,564
2,299
2,876
2,484
2,961
2,999
3,656
4,336
4,423
4,610
Tax %
22%
24%
23%
24%
40%
24%
27%
25%
29%
25%
19%
28%
27%
Net Profit
2,020
2,033
2,011
1,942
1,385
2,196
1,802
2,210
2,122
2,750
3,492
3,189
3,384
EPS (₹)
71.39
71.78
72.05
69.55
49.61
78.62
64.52
79.15
75.99
98.38
131
115
125

Profit & Loss

₹ Cr
BAJAJ-AUTO profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
80,851
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
64,623
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
16,229
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
3,533
Interest
6
1
1
1
4
3
7
9
40
60
389
1,169
1,514
Depreciation
267
307
307
315
266
246
259
270
286
365
414
645
1,222
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
17,025
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
12,815
EPS (₹)
105
140
141
146
170
180
168
213
214
276
262
384
470
Div. Payout %
48%
39%
39%
41%
35%
67%
83%
66%
65%
29%
80%
39%
—

Balance Sheet

₹ Cr
BAJAJ-AUTO balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
289
289
289
289
289
289
289
289
283
279
279
280
275
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
36,331
Borrowings
112
118
120
121
125
126
121
123
124
1,912
9,364
22,713
26,401
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
18,552
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
81,559
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
13,456
CWIP
255
52
42
56
48
60
16
77
85
35
61
1,521
201
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
23,890
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
44,012
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
81,559

Cash Flow

₹ Cr
BAJAJ-AUTO cash flow, annual, ₹ crore
Particulars 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
−7,018
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/EBITDA
82
115
108
124
86
108
90
112
111
102
14
46

Ratios

BAJAJ-AUTO financial ratios, annual
Particulars 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
22
ROCE %
40%
45%
35%
31%
30%
30%
25%
23%
27%
34%
28%
28%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Bajaj Auto insights

63 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 55.95%
  • DIIs 13.31%
  • Others 12.40%
  • Public 9.47%
  • FIIs 8.87%

0.01% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Bajaj Auto

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.
Where is Bajaj Auto Ltd (BAJAJ-AUTO) listed?
Bajaj Auto Ltd trades as BAJAJ-AUTO on the NSE and under code 532977 on the BSE.
Which sector does Bajaj Auto Ltd belong to?
Bajaj Auto Ltd is classified under the Consumer Discretionary sector, in the Automobiles industry.
What is the PE ratio of Bajaj Auto Ltd?
Bajaj Auto Ltd trades at a PE ratio of 22.58 as of 4 Nov 2026, on earnings per share of ₹469.85, against a book value of ₹1,332.09 per share.
What is the 52-week high and low of Bajaj Auto Ltd?
Over the last 52 weeks Bajaj Auto Ltd has traded between ₹8,605 and ₹12,470 as of 4 Nov 2026.
Does Bajaj Auto Ltd pay dividends?
Bajaj Auto Ltd has a dividend yield of 1.42%.
What is the Return on Equity (ROE) of Bajaj Auto Ltd?
Bajaj Auto Ltd reported a return on equity of 29.20%. Its debt-to-equity ratio is 0.72.

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. The company has acquired 76% of the KTM Brand which manufactures sports and super sports two-wheelers, which was 14% in 2007 when the company first acquired KTM.

Website bajajauto.com
CEO Mr. Rajivnayan Rahulkumar Bajaj
Employees 5,598
Listed 26 May 2008
Face Value ₹10

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