Bajaj Electricals Limited (BAJAJELEC)

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Bajaj Electricals Limited (BAJAJELEC) · mywealthgrid

About

Bajaj Electricals Limited manufactures household appliances in the Consumer Discretionary sector. With a market cap of ₹4,182 Cr, the company has experienced operational turbulence, posting losses in March 2026 (−₹64 Cr) and December 2025 (−₹34 Cr) but recovering to ₹48 Cr profit in June 2026, with quarterly revenues stable between ₹1,050–1,240 Cr.

Founded: 1938
Face value: ₹2

Market cap

₹3,460 Cr

P/E

—

P/B

2.2×

Dividend yield

ROE

-5.5%

ROCE

3.1%

Debt / equity

OPM

3.1%

EPS (TTM)

₹-3.8

Book value

₹138.1

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Profitability is highly volatile: losses of ₹64 Cr (Mar 2026) and ₹34 Cr (Dec 2025) followed by ₹48 Cr profit (Jun 2026); verify whether driven by seasonal, cyclical, or structural factors
Operating margins are thin (3.09% full-year average, as low as 1.23% in Dec 2025), leaving little room to absorb input cost inflation or competitive pricing pressure typical in consumer durables
Negative ROE (−5.47%) indicates the company is not generating returns on capital; verify whether this is temporary amid current losses or reflects longer-term capital efficiency issues
Stock price fell 41% over one year; determine whether this reflects sector headwinds, company-specific execution problems, or valuation correction

Generated analysis · source review pending

Growth drivers

Jun 2026 quarter showed operating margin improvement to 7.08% and EPS of ₹4.19 compared to December's loss; verify if this signals operational stabilization or is seasonal
Zero debt (D/E 0) provides financial flexibility to invest in capacity, product development, or working capital if profitability becomes sustainable
Four consecutive years of dividend payments (2022–2026) despite recent losses suggest underlying asset base; verify whether dividend is sustainable given current earnings volatility
Consumer durables demand is generally tied to household income and discretionary spending growth; verify the company's competitive position and market share to assess exposure to any sector recovery

Generated analysis · source review pending

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

₹299.8-3.2%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+High promoter holding of 62.7% with no pledge

Cons

−Low return on equity of 3.6% (3-yr avg)
−Thin operating margin of 3.1%
−Revenue shrank over the last 5 years (-0.5% a year)
−Weak interest coverage of 1×

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 20
Growth: 41
Valuation

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.

Screen this industry Compare top 5 side-by-side

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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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,298	4,716	6,679	4,987	4,585	4,813	5,429	4,641	4,828	4,462
COGS	-15	0	-219	3,330	2,996	3,291	3,712	3,261	3,295	3,046
Gross profit	—	—	—	1,658	1,589	1,522	1,717	1,380	1,533	1,416
	4,071	4,423	6,558	1,452	1,286	1,272	1,360	1,121	1,226	1,279
	243	293	340	205	303	250	358	260	307	138
OPM %	5.7%	6.2%	5.1%	4.1%	6.6%	5.2%	6.6%	5.6%	6.4%	3.1%
Depreciation	30	34	44	74	75	69	82	110	144	142
Interest	80	59	118	171	76	70	48	63	70	56
	114	132	65	46	95	55	76	82	76	-29
Profit before tax	163	164	241	7	246	166	303	168	170	-89
Tax	60	81	88	17	57	42	87	37	36	2
Tax %	37.2%	49.2%	36.3%	243.6%	23.3%	25.2%	28.8%	22.1%	21.4%	2.1%
	102	84	154	-10	189	124	216	131	133	-91
PAT margin %	2.4%	1.8%	2.3%	-0.2%	4.1%	2.6%	4%	2.8%	2.8%	-2%
EPS (₹)	10.1	15.1	14.9	-1	16.5	10.9	18.8	11.4	11.6	-7.9
EPS adjusted (₹)	10.1	8.2	15	-0.8	16.6	11.2	18.8	11.4	11.6	-7.9
	27.7%	23.1%	23.5%	—	0%	27.6%	21.3%	26.3%	25.9%	—
Annual report	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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	20	20	20	20	23	23	23	23	23	23	23
Reserves	672	843	916	1,035	1,326	1,555	1,709	1,884	1,418	1,702	1,571
Minority interest	—	—	0	0	—	—	—	—	—	—	—
	932	546	718	1,585	742	471	45	0	0	0	0
	1,255	1,670	1,812	2,538	2,477	2,219	2,215	2,770	2,392	2,494	2,666
Total equity & liabilities	2,880	3,078	3,466	5,179	4,567	4,268	3,992	4,677	3,833	4,219	4,260
	275	310	316	393	348	405	623	688	780	794	602
CWIP	3	8	4	7	9	10	28	41	62	9	1
Investments	74	72	8	11	13	131	136	176	171	390	415
	2,527	2,688	3,139	4,768	4,197	3,722	3,205	3,772	2,821	3,027	3,241
Total assets	2,880	3,078	3,466	5,179	4,567	4,268	3,992	4,677	3,833	4,219	4,260

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 %
Consumer Products	3,342.65	-48.9	2,027.31	1,948.64	78.67	-62.16
Lighting Solutions	1,119.51	94.83

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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 %	—	33.2%	34.7%	31.6%	31.6%	29.7%	31.8%	31.7%
EBITDA margin %	5.1%	4.2%	6.6%	5.2%	6.6%	5.6%	6.4%	3.1%
EBIT margin %	4.4%	2.7%	5%	3.8%	5.1%	3.2%	3.4%	-0.1%
PAT margin %	2.3%	-0.2%	4.1%	2.6%	4%	2.8%	2.8%	-2%
Working capital
Receivable days	172	186	120	86	100	91	97	93
Inventory days	48	77	120	111	105	85	79	64
Payable days	64	100	117	137	154	63	50	56
NWC days	156	163	124	60	51	114	127	101
Leverage
Current ratio	1.05	1.11	1.17	1.2	1.3	1.21	1.29	1.11
Debt to EBITDA	4.66	3.56	1.55	0.18	0	0	0	0
Debt to equity	1.5	0.55	0.3	0.03	0	0	0	0
Interest coverage	3.1	1.1	3.9	3.6	7.3	3.7	3.1	1
Asset turnover	1.29	1.09	1.07	1.21	1.16	1.21	1.14	1.05
Return ratios
Return on assets %	3%	-0.2%	4.4%	3.1%	4.6%	3.4%	3.2%	-2.1%
Return on capital employed %	30.2%	12.2%	17.8%	14%	18.1%	12.7%	12%	3.1%
Return on equity %	14.5%	-0.8%	12%	7.2%	11.3%	9.1%	7.7%	-5.7%

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
	62.85%	62.85%	62.8%	62.78%	62.75%	62.72%	62.72%	62.72%	62.7%	62.69%	62.69%	62.69%
	10.49%	10.41%	10.17%	7.93%	8.23%	7.82%	7.79%	7.89%	7.75%	6.48%	6.51%	5.37%
	12.06%	12.11%	12.61%	14.76%	15.6%	15.91%	15.79%	15.57%	15.88%	17.08%	16.88%	16.83%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	14.6%	14.63%	14.42%	14.53%	13.42%	13.55%	13.7%	13.82%	13.67%	13.75%	13.92%	15.11%
No. of shareholders	—	—	—	—	—	—	—	—	77,029	77,071	81,287	84,855

Promoter holding down 0.16 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
Geetika Shekhar Bajaj TrustPromoter Group	BuyOff Market	21,644	₹1.18 cr	0.00% → 0.02%	4 Oct 20257(2)
Kumud Bajaj- A/c Neelima Bajaj Family TrustPromoter Group	SellInter-se-Transfer	19,00,000	₹103.62 cr

48 deals · 19 Sept 2022 – 6 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	7,86,736	₹393.81	₹30.98 Cr
6 Aug 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	7,86,736	₹393.63	₹30.97 Cr
2 Jun 2026	JAMNALAL SONS PRIVATE LIMITED	Bulk	NSE	Sell	56,16,000	₹320.48	₹179.98 Cr
2 Jun 2026	JAMNALAL SONS PRIVATE LIMITED	Block	NSE	Sell	56,16,000	₹320.48	₹179.98 Cr
2 Jun 2026	RAHUL SECURITIES PVT LTD	Block	NSE	Buy	9,36,000	₹320.55	₹30.00 Cr
2 Jun 2026	NIRAJ HOLDINGS PRIVATE LIMITED	Block	NSE	Buy	9,36,000	₹320.35	₹29.98 Cr
2 Jun 2026	MADHUR SECURITIES PRIVATE LIMITED	Block	NSE	Buy	9,36,000	₹320.40	₹29.99 Cr
2 Jun 2026	KAMALNAYAN INVESTMENTS AND TRADING PRIVATE LIMITED	Block	NSE	Buy	9,36,000	₹320.60	₹30.01 Cr
2 Jun 2026	SHEKHAR HOLDINGS PVT. LTD.	Block	NSE	Buy	9,36,000	₹320.45	₹29.99 Cr
2 Jun 2026	SHEKHAR HOLDINGS PVT. LTD.	Bulk	NSE	Buy	9,36,000	₹320.45	₹29.99 Cr

1–10 of 48

1 / 5

Mr. Shekhar BajajExecutive Director-Chairperson related to Promoter
Mr. Sanjay SachdevaExecutive Director-CEO-MD
Mrs. Pooja BajajExecutive Director
Mr. Nirav Nayan BajajNon-Executive - Non Independent Director
Mr. Shailesh V HaribhaktiNon-Executive - Independent Director
Mr. Sudarshan SampathkumarNon-Executive - Independent Director
Mr. Vikram Taranath HosangadyNon-Executive - Independent Director
Ms. Swati Shivanand SalgaocarNon-Executive - Independent Director
Mr. Saurabh KumarNon-Executive - Independent Director
Mr. Pramod AgrawalNon-Executive - Independent Director
Ms. Ashween AnandChief Financial Officer

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F&O

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Fund holders

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

Portfolio month

Schemes holding

across 5 fund houses

Held by these funds

8.43%

of the company's equity

All mutual funds

16.82%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

10 schemes · 5 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	30.93 L	100.45	0.12%	2.68%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	29.01 L	94.22	0.48%	2.514%	—
FLEXI CAP FUND	Tata Mutual Fund	14.46 L	46.98	1.28%	1.253%	-0
Manufacturing Fund	ICICI Prudential Mutual Fund	12.94 L	42.03	0.59%	1.121%	-0
HOUSING OPPORTUNITIES FUND	ICICI Prudential Mutual Fund	4.83 L	15.69	0.58%	0.418%	-0
Retirement Fund - Pure Equity Plan	ICICI Prudential Mutual Fund	2.21 L	7.17	0.33%	0.191%	-0
HOUSING OPPORTUNITIES FUND	Tata Mutual Fund	1.77 L	5.76	1.2%	0.154%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.09 L	3.53	0.14%	0.094%	-2,379

1–8 of 10

1 / 2

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Documents

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

Announcements

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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

110 announcementsExport CSV

4 Sept 2026, 3:07 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	33.2%	34.7%	31.6%	31.6%	29.7%	31.8%	31.7%
EBITDA margin %	5.1%	4.2%	6.6%	5.2%	6.6%	5.6%	6.4%	3.1%
EBIT margin %	4.4%	2.7%	5%	3.8%	5.1%	3.2%	3.4%	-0.1%
PAT margin %	2.3%	-0.2%	4.1%	2.6%	4%	2.8%	2.8%	-2%
Working capital
Receivable days	172	186	120	86	100	91	97	93
Inventory days	48	77	120	111	105	85	79	64
Payable days	64	100	117	137	154	63	50	56
NWC days	156	163	124	60	51	114	127	101
Leverage
Current ratio	1.05	1.11	1.17	1.2	1.3	1.21	1.29	1.11
Debt to EBITDA	4.66	3.56	1.55	0.18	0	0	0	0
Debt to equity	1.5	0.55	0.3	0.03	0	0	0	0
Interest coverage	3.1	1.1	3.9	3.6	7.3	3.7	3.1	1
Asset turnover	1.29	1.09	1.07	1.21	1.16	1.21	1.14	1.05
Return ratios
Return on assets %	3%	-0.2%	4.4%	3.1%	4.6%	3.4%	3.2%	-2.1%
Return on capital employed %	30.2%	12.2%	17.8%	14%	18.1%	12.7%	12%	3.1%
Return on equity %	14.5%	-0.8%	12%	7.2%	11.3%	9.1%	7.7%	-5.7%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lg Electronics India LimitedLGEINDIALGEINDIA	₹1,16,876 Cr	₹1,16,876 Cr	₹25,575 Cr	₹2,593 Cr	9.8%	₹1,825 Cr	6.9%	31%	24.7%	30
Voltas LimitedVOLTASVOLTAS	₹34,850 Cr	₹35,817 Cr	₹14,979 Cr	₹734 Cr	4.5%	₹449 Cr	2.6%	11.4%	5.8%	19
Blue Star LimitedBLUESTARCOBLUESTARCO	₹30,009 Cr	₹30,636 Cr	₹12,798 Cr	₹905 Cr	7.5%	₹509 Cr	4.3%	23.2%	16.2%	33
Amber Enterprises India LimitedAMBERAMBER	₹22,945 Cr	₹25,647 Cr	₹12,625 Cr	₹1,008 Cr	7.8%	₹96 Cr	1.9%	12.6%	5.3%	53
Crompton Greaves Consumer Electricals LimitedCROMPTONCROMPTON	₹13,052 Cr	₹13,052 Cr	₹8,332 Cr	₹849 Cr	10.2%	₹-224 Cr	-2.9%	18.2%	-7.6%	-24
V-Guard Industries LimitedVGUARDVGUARD	₹12,869 Cr	₹12,878 Cr	₹6,310 Cr	₹594 Cr	8.8%	₹365 Cr	5.2%	17.9%	13.8%	60
Whirlpool Of India LimitedWHIRLPOOLWHIRLPOOL	₹10,934 Cr	₹10,934 Cr	₹8,329 Cr	₹409 Cr	6%	₹251 Cr	3.7%	9.9%	7.2%	9
Ttk Prestige LimitedTTKPRESTIGTTKPRESTIG	₹6,938 Cr	₹6,993 Cr	₹3,178 Cr	₹317 Cr	9.3%	₹190 Cr	5.3%	12.4%	8.1%	119
Eureka Forbes LimitedEUREKAFORBEUREKAFORB	₹6,817 Cr	₹6,817 Cr	₹2,802 Cr	₹321 Cr	11.6%	₹181 Cr	6%	4.8%	3.6%	80
Bosch Home Comfort India LimitedBOSCH-HCILBOSCH-HCIL	₹5,351 Cr	₹5,411 Cr	₹2,942 Cr	₹72 Cr	2.5%	₹5 Cr	-0.1%	4.5%	-0.5%	18
Ifb Industries LimitedIFBINDIFBIND	₹4,723 Cr	₹4,739 Cr	₹5,866 Cr	₹344 Cr	5.7%	₹160 Cr	2.6%	19.5%	15.6%	-10
Symphony LimitedSYMPHONYSYMPHONY	₹3,928 Cr	₹4,072 Cr	₹1,058 Cr	₹149 Cr	11%	₹-139 Cr	-12.5%	24.2%	-21.6%	162

Date	Category	Subject	Filing
4 Sept 2026, 3:07 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
11 Aug 2026, 8:22 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
6 Aug 2026, 10:36 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
6 Aug 2026, 10:04 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
6 Aug 2026, 9:19 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
27 Jul 2026, 10:59 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
27 Jul 2026, 3:46 pm	Board Meeting	Board Meeting Intimation for Meeting Of Board Of Directors Of Bajaj Electricals Limited Scheduled To Be Held On Thursday, August 6, 2026.	PDF
14 Jul 2026, 12:05 pm	Company Update Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	305	437	-103	-602	626	658	914	450	354	347	619
	-53	-91	36	-127	-41	-110	-71	-88	-210	-195	-380
	-239	-368	64	718	-495	-604	-771	-139	-371	-146	-137
Net cash flow	13	-22	-3	-11	90	-56	72	223	-228	6	103
Free cash flow	—	381	—	—	596	626	846	375	230	300	587
CFO / Operating profit %	—	180%	-35.1%	-177%	300.7%	217.1%	365.4%	125.7%	136.2%	112.8%	449.7%

Bajaj Electricals Limited

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

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

17

1

1

Segment results

Compounded sales growth

Return on equity

Consumer Products · revenue

Bajaj Electricals Limited

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

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends17

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Consumer Products · revenue

17

1

1