Bajaj Auto (BAJAJ-AUTO) · mywealthgrid

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About

Bajaj Auto is a leading two- and three-wheeler manufacturer with established strength in premium motorcycles and international export operations. With a market cap of ₹3,27,600 Cr and operating margins of 20.76%, the company has built a profitable position in the two-wheeler industry. Strong ROE of 29.03% and consistent dividend payments signal sustainable cash generation.

Founded: 1945
Face value: ₹10

Market cap

₹2,81,260 Cr

P/E

23.9×

P/B

7.2×

Dividend yield

3.6%

ROE

29%

ROCE

29.1%

Debt / equity

0.57

OPM

20.8%

EPS (TTM)

₹420.7

Book value

₹1,389.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation: PE of 27.86 appears elevated; verify if growth and ROE justify this multiple relative to the industry
Margin volatility: OPM swings from 17.25% to 23.02% across recent quarters; assess what drives this range and whether it indicates operational or demand risks
Financial leverage: D/E of 0.57 is moderate; verify refinance needs and interest-rate sensitivity of debt service
Earnings cyclicality: Quarterly net profit ranges from ₹2,122 Cr to ₹3,492 Cr; determine whether this reflects seasonal patterns or deeper demand uncertainty

Generated analysis · source review pending

Growth drivers

Premium motorcycle leadership combined with 20.76% OPM; verify whether volume growth can be achieved without margin compression
Export presence stated in company description; verify revenue and volume growth rates by geography
ROE of 29.03% shows capital is generating returns; monitor for deterioration through industry cycles
Consistent dividend history (2023–2026) demonstrates cash generation; assess whether reinvestment rate enables growth

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹10,045.0-7.1%1Y

Quick read

rule-based

Pros

+Strong return on equity of 26.1% (3-yr avg)
+High return on capital employed of 31.1%
+Healthy operating margin of 20.8%
+Profit CAGR of 17.2% over the last 5 years
+Revenue CAGR of 17.8% over the last 5 years
+Comfortable interest coverage of 12.5×
+Dividend yield of 3.6%
+Dividend payout of 85.7% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 77
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	23,883	23,088	25,563	30,250	29,919	27,741	33,145	36,455	44,870	50,995	62,905
COGS	63	-44	17,410	21,824	21,008	19,610	24,330	26,121	31,893	35,259	42,410
Gross profit	—	—	8,153	8,426	8,910	8,131	8,815	10,334	12,977	15,735	20,495
	19,039	18,712	3,084	3,097	3,493	2,900	2,985	3,354	3,948	6,183	6,873
	4,781	4,419	5,069	5,329	5,417	5,231	5,829	6,980	9,029	9,552	13,622
OPM %	20%	19.1%	19.8%	17.6%	18.1%	18.9%	17.6%	19.2%	20.1%	18.7%	21.7%
Depreciation	307	307	315	266	246	259	270	286	365	414	645
Interest	1	1	1	4	3	7	9	40	60	389	1,169
	985	1,254	1,180	1,897	1,525	1,276	2,101	1,188	1,436	1,474	2,143
Profit before tax	5,679	5,588	5,933	6,956	6,692	6,241	7,652	7,842	10,040	10,224	13,952
Tax	1,618	1,508	1,714	2,028	1,480	1,384	1,486	1,782	2,332	2,899	3,377
Tax %	28.5%	27%	28.9%	29.2%	22.1%	22.2%	19.4%	22.7%	23.2%	28.4%	24.2%
	4,061	4,079	4,219	4,928	5,212	4,857	6,166	6,060	7,708	7,325	10,575
PAT margin %	17%	17.7%	16.5%	16.3%	17.4%	17.5%	18.6%	16.6%	17.2%	14.4%	16.8%
EPS (₹)	—	—	145.8	170.3	180.2	167.9	213.2	212.5	272.7	262.4	385
EPS adjusted (₹)	140.4	—	—	—	180.1	167.9	213.1	214.2	276.1	262.3	384.4
	—	—	41.2%	35.2%	66.6%	83.4%	65.7%	65.9%	29.3%	80%	39%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	289	289	289	289	283	279	279	280
Reserves	12,756	—	26,984	29,570	29,079	28,683	34,909	38,552
Minority interest	—	—	0	0	0	0	0	1,388
	162	—	121	123	0	1,786	9,237	21,981
	3,219	—	6,207	5,129	5,775	8,595	9,773	15,022
Total equity & liabilities	16,427	—	33,602	35,111	35,136	39,344	54,199	77,223
	1,944	1,645	1,615	1,785	2,792	3,168	3,629	11,913
CWIP	27	—	16	77	85	28	29	120
Investments	9,663	—	24,739	26,685	26,233	28,136	28,962	24,690
	4,792	—	7,232	6,564	6,026	8,011	21,579	40,499
Total assets	16,427	—	33,602	35,111	35,136	39,344	54,199	77,223

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Automotive	60,530.43	12,016.19	30,330.65	13,216.26	17,114.39	70.21
Financing	3,247.61	888.58

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	27.9%	29.8%	29.3%	26.6%	28.3%	28.9%	30.9%	32.6%
EBITDA margin %	16.5%	17%	17.8%	15.8%	17.7%	19.5%	20.5%	20.8%
EBIT margin %	15.6%	16.2%	16.8%	15%	16.9%	18.7%	19.7%	19.7%
PAT margin %	16.3%	17.4%	17.5%	18.6%	16.6%	17.2%	14.4%	16.8%
Working capital
Receivable days	—	—	36	17	18	17	15	20
Inventory days	—	—	28	18	22	19	22	54
Payable days	—	—	85	54	58	64	66	76
NWC days	—	—	-22	-19	-18	-28	-29	-1
Leverage
Current ratio	—	—	2.51	2.21	1.83	1.3	1.68	1.76
Debt to EBITDA	—	—	0.02	0.02	0	0.2	0.88	1.68
Debt to equity	—	—	0	0	0	0.06	0.26	0.57
Interest coverage	1,399.2	2,017	892.2	723.4	186.1	162.9	29.6	12.5
Asset turnover	—	—	0.83	0.94	1.04	1.14	0.94	0.81
Return ratios
Return on assets %	—	—	14.5%	17.6%	17.2%	19.6%	13.5%	13.7%
Return on capital employed %	—	—	21.3%	21.5%	24.4%	32.7%	31.6%	29.1%
Return on equity %	—	—	17.8%	20.6%	20.6%	26.6%	20.8%	27.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.98%	54.94%	55.06%	55.06%	55.04%	55.04%	55.04%	55.04%	55.04%	54.99%	55.01%	55.01%
	14.38%	14.65%	14.52%	14.2%	14.31%	12.45%	11.61%	10.3%	9.66%	8.84%	8.82%	9.01%
	9.1%	8.73%	8.54%	8.81%	8.76%	10.06%	10.99%	12.09%	12.7%	13.96%	14.35%	13.42%
	0%	0%	0%	0%	0%	0%	0%	0%	0.08%	0.11%	0.12%	0.12%
	21.54%	21.68%	21.88%	21.93%	21.89%	22.45%	22.32%	22.54%	22.51%	22.01%	21.62%	22.44%
No. of shareholders	—	—	—	—	—	—	—	—	3,57,666	3,33,792	3,14,095	6,78,954

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹10,874.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹10,919.0	+43	+0.4%	₹10,919.0	26,045	+821	4,749	75
23 Nov 2026	₹10,981.0	+146	+1.3%	₹10,981.0	333	+16	73	75
29 Dec 2026	₹11,030.0	+58	+0.5%	₹11,030.0	31	+31	32	75

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

181

across 21 fund houses

Held by these funds

2.93%

of the company's equity

All mutual funds

6.01%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

181 schemes · 21 fund houses

		Shares
Nifty 50 ETF	SBI Mutual Fund	21.48 L	2,605.83	1.22%	0.767%	+11,294
Flexicap Fund	SBI Mutual Fund	7.38 L	895.15	3.85%	0.264%	-0
ETF NIFTY 50 BEES	Nippon India Mutual Fund	6.74 L	817.78	1.22%	0.241%	+13,574
Contra Fund	SBI Mutual Fund	5.58 L	676.35	1.42%	0.199%	-0
LARGE CAP FUND	Nippon India Mutual Fund	4.76 L	576.81	1.07%	0.17%	+1.25 L
Nifty 50 ETF	ICICI Prudential Mutual Fund	4.47 L	542.44	1.22%	0.16%	+10,730
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	1.92 L	232.39	0.69%	0.068%	-0
Nifty 50 Index Fund	ICICI Prudential Mutual Fund	1.73 L	210.25	1.22%	0.062%	+1,671

1–8 of 181

1 / 23

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

84 announcementsExport CSV

26 Jun 2026, 2:40 pmCompany Update

Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	27.9%	29.8%	29.3%	26.6%	28.3%	28.9%	30.9%	32.6%
EBITDA margin %	16.5%	17%	17.8%	15.8%	17.7%	19.5%	20.5%	20.8%
EBIT margin %	15.6%	16.2%	16.8%	15%	16.9%	18.7%	19.7%	19.7%
PAT margin %	16.3%	17.4%	17.5%	18.6%	16.6%	17.2%	14.4%	16.8%
Working capital
Receivable days	—	—	36	17	18	17	15	20
Inventory days	—	—	28	18	22	19	22	54
Payable days	—	—	85	54	58	64	66	76
NWC days	—	—	-22	-19	-18	-28	-29	-1
Leverage
Current ratio	—	—	2.51	2.21	1.83	1.3	1.68	1.76
Debt to EBITDA	—	—	0.02	0.02	0	0.2	0.88	1.68
Debt to equity	—	—	0	0	0	0.06	0.26	0.57
Interest coverage	1,399.2	2,017	892.2	723.4	186.1	162.9	29.6	12.5
Asset turnover	—	—	0.83	0.94	1.04	1.14	0.94	0.81
Return ratios
Return on assets %	—	—	14.5%	17.6%	17.2%	19.6%	13.5%	13.7%
Return on capital employed %	—	—	21.3%	21.5%	24.4%	32.7%	31.6%	29.1%
Return on equity %	—	—	17.8%	20.6%	20.6%	26.6%	20.8%	27.2%

56 deals · 23 Sept 2021 – 29 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Dec 2025	SANJALI BAJAJ	Block	NSE	Sell	2,92,626	₹9,110.00	₹266.58 Cr
29 Dec 2025	SIDDHANTNAYAN BAJAJ	Block	NSE	Sell	2,92,626	₹9,110.00	₹266.58 Cr
29 Dec 2025	NIRAV TRUST	Block	NSE	Buy	1,62,700	₹9,110.00	₹148.22 Cr
29 Dec 2025	SANJIV TRUST	Block	NSE	Buy	1,31,126	₹9,110.00	₹119.46 Cr
29 Dec 2025	RAJIV TRUST	Block	NSE	Buy	1,31,000	₹9,110.00	₹119.34 Cr
29 Dec 2025	SANJIVNAYAN BAJAJ	Block	NSE	Sell	1,23,233	₹9,110.00	₹112.27 Cr
29 Dec 2025	ANANT BAJAJ TRUST	Block	NSE	Buy	1,23,233	₹9,110.00	₹112.27 Cr
29 Dec 2025	NIRAJ HOLDINGS PRIVATE LIMITED	Block	NSE	Buy	53,626	₹9,110.00	₹48.85 Cr
29 Dec 2025	RUPA EQUITIES PRIVATE LIMITED	Block	NSE	Buy	53,500	₹9,110.00	₹48.74 Cr
29 Dec 2025	RAHUL SECURITIES PVT LTD	Block	NSE	Buy	53,300	₹9,110.00	₹48.56 Cr

1–10 of 56

1 / 6

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

44

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	9,000	₹0.0	0	0	0
0	0	0	₹0.0	9,200	₹0.0	0	0	0
0	0	0	₹0.0	9,400	₹0.0	0	0	0
0	0	0	₹0.0	9,600	₹12.0	48	+25	27
0	0	0	₹0.0	9,700	₹14.1	223	+122	122
0	0	0	₹0.0	9,800	₹17.2	357	+180	180
0	0	0	₹0.0	9,900	₹0.0	0	0	0
68	+32	51	₹920.0	10,000	₹30.2	790	-130	373

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
26 Jun 2026, 2:40 pm	Company Update General	Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
26 Jun 2026, 2:16 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
25 Jun 2026, 1:07 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
25 Jun 2026, 1:04 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
25 Jun 2026, 12:53 pm	AGM/EGM AGM	Notice Of 19Th Annual General Meeting To Be Held On 21 July 2026	PDF
23 Jun 2026, 7:09 pm	Company Update General	Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.	PDF
23 Jun 2026, 5:52 pm	Company Update General	Announcement Under Regulation 30 - Issuance, Allotment And Listing Of Non-Convertible Debentures Amounting To Rs. 500 Crores On Private Placement Basis By Bajaj Auto Credit Limited (BACL), A Wholly Owned Subsidiary Of Bajaj Auto Limited	PDF
23 Jun 2026, 5:51 pm	Company Update General	Announcement Under Regulation 30 - Issuance, Allotment And Listing Of Non-Convertible Debentures Amounting To Rs. 500 Crores On Private Placement Basis By Bajaj Auto Credit Limited (BACL), A Wholly Owned Subsidiary Of Bajaj Auto Limited	PDF

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Maruti Suzuki IndiaMARUTIMARUTI	₹3,57,976 Cr	₹3,57,976 Cr	₹1,97,181 Cr	₹21,131 Cr	11.7%	₹14,334 Cr	8%	17.8%	14.4%	-19
Mahindra & MahindraM&MM&M	₹3,54,640 Cr	₹4,84,255 Cr	₹2,11,375 Cr	₹39,317 Cr	18.6%	₹18,470 Cr	9.4%	17%	20.1%	-30
Bajaj AutoBAJAJ-AUTOBAJAJ-AUTO	₹2,81,260 Cr	₹3,03,241 Cr	₹71,460 Cr	₹14,799 Cr	20.8%	₹11,759 Cr	16.8%	29.1%	29%	-1
Tvs Motor Company LimitedTVSMOTORTVSMOTOR	₹1,91,038 Cr	₹2,22,662 Cr	₹60,155 Cr	₹8,937 Cr	15%	₹3,428 Cr	5.7%	29%	33.4%	-60
Eicher MotorsEICHERMOTEICHERMOT	₹1,89,816 Cr	₹1,90,135 Cr	₹24,998 Cr	₹6,173 Cr	24.7%	₹5,773 Cr	23.6%	25.7%	23.8%	-16
Samvardhana Motherson International LimitedMOTHERSONMOTHERSON	₹1,65,731 Cr	₹1,81,626 Cr	₹1,31,135 Cr	₹12,541 Cr	9.4%	₹4,380 Cr	3.2%	12.6%	10.2%	-26
Hyundai Motor India LimitedHYUNDAIHYUNDAI	₹1,64,450 Cr	₹1,65,447 Cr	₹70,685 Cr	₹7,925 Cr	12.2%	₹4,951 Cr	7.7%	35.5%	29.9%	-15
Bosch LimitedBOSCHLTDBOSCHLTD	₹1,34,166 Cr	₹1,34,166 Cr	₹21,088 Cr	₹2,832 Cr	13.2%	₹2,363 Cr	13.8%	21%	19.4%	13
Hero MotoCorpHEROMOTOCOHEROMOTOCO	₹1,03,360 Cr	₹1,03,859 Cr	₹50,810 Cr	₹7,378 Cr	14.9%	₹5,449 Cr	12.2%	32.6%	28.1%	-40
Tata Motors Passenger VehiclesTMPVTMPV	₹1,02,886 Cr	₹1,72,839 Cr	₹3,43,703 Cr	₹16,910 Cr	5.6%	₹79,242 Cr	24.6%	2.3%	72.2%	-59
Bharat Forge LimitedBHARATFORGBHARATFORG	₹89,644 Cr	₹96,518 Cr	₹17,543 Cr	₹2,963 Cr	17.4%	₹706 Cr	6.5%	17.9%	11.5%	136
Uno Minda LimitedUNOMINDAUNOMINDA	₹64,160 Cr	₹66,698 Cr	₹20,725 Cr	₹2,280 Cr	11.5%	₹1,202 Cr	6.5%	19.3%	19.1%	37

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,120	4,197	5,277	6,558	-1,406	2,597
	-2,868	-81	1,200	-344	-1,056	-7,034
	-20	-4,056	-7,181	-6,167	4,230	5,079
Net cash flow	232	60	-704	47	1,768	642
Free cash flow	2,876	3,646	4,203	5,852	-2,219	2,036
CFO / Operating profit %	63.4%	80%	81.8%	74.9%	-13.4%	19.9%

Bajaj Auto

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

3

20

1

1

44

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Automotive · revenue

Bajaj Auto

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Quarterly record

Futures3

Dividends20

Board meetings1

Bonus issues1

Bulk & block deals

Board and management

Option chain44

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Automotive · revenue

3

3

20

1

1

44