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 8.41 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoBajaj Auto Ltd commands a market cap of ₹3,23,631 Cr with a PE of 28.1x and a trailing twelve-month sales growth of 37%. The company has delivered a 29% ROE in the last year and maintained a 49.4% dividend payout, though the stock trades at 8.36x book value, reflecting a rich valuation relative to its asset base.
- TTM sales growth of 37% significantly outpaces the 10-year compounded sales CAGR of 11%, indicating a sharp acceleration in revenue momentum
- TTM profit growth of 55% is well ahead of sales growth, suggesting operating leverage and margin expansion
- Last year ROE of 29% is the highest in the reported range, up from 26% over 3 years and 24% over 5 years, showing improving capital efficiency
- Consistent dividend payout of 49.4% with a current yield of 1.27%, reflecting shareholder-friendly capital allocation in a growth company
- 3-year stock CAGR of 35% has outperformed the 10-year CAGR of 15%, reflecting sustained re-rating by the market
- 5-year compounded sales CAGR of 18% and profit CAGR of 17% demonstrate durable mid-to-high-teens earnings compounding over a meaningful period
- Company is expected to deliver a good upcoming quarter, suggesting near-term earnings momentum remains intact
- Price-to-book ratio of 8.36x is elevated for an auto manufacturer, leaving limited margin of safety if growth decelerates
- PE of 28.1x is at a premium to the broader auto sector, pricing in continued high growth that may be difficult to sustain beyond TTM levels
- TTM profit growth of 55% is likely cyclical and sets a very high base, making year-on-year comparisons challenging going forward
- 10-year compounded profit CAGR of only 10% suggests the current growth spurt is an outlier rather than the long-term norm
- Dividend yield of 1.27% is modest in absolute terms despite the 49.4% payout ratio, implying the stock price has run ahead of dividend growth
- 1-year stock CAGR of 29% after a 3-year CAGR of 35% implies much of the re-rating may already be reflected in the current price
- Two-wheeler and three-wheeler segments face intensifying EV competition from new entrants which could pressure market share and margins over the medium term
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Domestic market share erosion Aug 24
Retail share slipped to 10.4% in Q1 FY27 from 10.9%, and motorcycle-only share fell to 15.6% in FY26 from 18.2% two years earlier.
- Chetak EV supply constraints Sep 01
Supply constraints for the Chetak EV are limiting Bajaj Auto's ability to capitalise on strong electric scooter demand, causing it to lose EV market share even as it holds 70%+ in ICE scooters.
- Pulsar 125/150 sales decline Aug 24
Pulsar 125 sales declined 38% YoY and Pulsar 150 fell 67% YoY due to product fatigue from delayed updates.
- Weak entry-level 100cc segment Sep 01
The 100cc motorcycle segment continues to remain weak despite having the lowest prices, limiting volume recovery at the bottom of the portfolio.
- Record Q1 FY27 revenue, profit Sep 01
Standalone PAT surged 42.3% YoY to ₹2,983 crore and revenue from operations climbed 37% YoY to a record ₹17,244 crore in Q1 FY27.
- August sales up 28% YoY Sep 01
Total sales reached 5,35,764 units in August 2026, with two-wheelers up 30% and exports surging 51% to 2,80,056 units.
- Stock near all-time high Sep 01
Shares hit a 52-week high of ₹12,470 on Sep 1, up 31% from the June 30 low of ₹9,505 and close to the all-time high of ₹12,772.15.
- Aggressive product launch blitz Aug 24
Bajaj Auto plans 3 new products and 2 new brands by mid-October, having already launched 12 models since October as part of a ground-up Pulsar overhaul.
- Export momentum sustainable Sep 01
Management expects exports to sustain around 2.5 lakh units/month, driven by sports segment leadership in Latin America and commercial bike share gains in Africa.
- July sales up 30% YoY Aug 24
Total sales rose 30% to 4,74,677 units in July 2026, with domestic two-wheeler volumes growing 19% YoY to 1,65,747 units.
- EV and premium capacity expansion Sep 01
Next phase of capex will focus on electric two-wheelers, electric three-wheelers and premium motorcycles, signalling a strategic shift toward higher-value segments.
- Share buyback completed at ₹12,000 Sep 01
Bajaj Auto repurchased 4.69 million shares via tender route in July 2026 at ₹12,000 per share; the stock now trades above the buyback price.
- 125cc segment mix shift Aug 24
The 125cc motorcycle segment has grown from 25% of the market three years ago to 28% currently, with Bajaj repositioning its Pulsar lineup to target this space.
TL;DR: Bajaj Auto is delivering strong top-line and bottom-line growth powered by a 51% export surge and robust two-wheeler demand, with Q1 FY27 PAT up 42% and revenue at record levels. Key risks include meaningful domestic market share erosion, Chetak EV supply bottlenecks, and sharp declines in legacy Pulsar models. The aggressive product overhaul with 12 launches since October and a refreshed Pulsar lineup should help arrest share losses heading into the festive season, but execution on EV supply and 125cc recovery will be critical to sustaining the current momentum.
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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63 extracted metrics + investor summaries across FY11–FY27.
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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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