ROE up but ROCE down
ROE rose 5.2 percentage points but ROCE fell 3.3 percentage points — returns on shareholders' money improved even as returns on all the capital used in the business weakened.
Importance 67 / 95 · profitability
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
ROE rose 5.2 percentage points but ROCE fell 3.3 percentage points — returns on shareholders' money improved even as returns on all the capital used in the business weakened.
Importance 67 / 95 · profitability
Profit grew 44.4% while revenue grew 23.4%, so the company kept more of each rupee of revenue as profit.
Importance 65 / 95 · growth
Revenue grew 23.4% but only 0.25× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
Revenue compounded at 17.4% a year over 4 years (₹33,145 → ₹62,905).
Importance 57 / 95 · growth
Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Automobiles › 2/3 Wheelers.
Peer set used on this page: 4 2/3 wheelers.
Profit grew 44.4% while revenue grew 23.4%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
Revenue compounded at 17.4% a year over 4 years (₹33,145 → ₹62,905).
Net profit grew 44.4% year on year (FY2025 → FY2026).
Revenue grew 23.4% year on year (FY2025 → FY2026).
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Q1 FY27 revenue was ₹21,689 cr, up 65.1% from ₹13,133 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Q1 FY27 net profit was ₹3,189 cr, up 44.3% from ₹2,210 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Q1 FY27 EBIT was ₹4,814 cr, up 51.2% from ₹3,184 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 13,247 | — | 1,385 | — | 10.5% |
| Q3 FY25 | 13,169 | +8.2% | 2,196 | +8.0% | 16.7% |
| Q4 FY25 | 12,646 | +9.4% | 1,802 | −10.4% | 14.2% |
| Q1 FY26 | 13,133 | +10.1% | 2,210 | +13.8% | 16.8% |
| Q2 FY26 | 15,735 | +18.8% | 2,122 | +53.2% | 13.5% |
| Q3 FY26 | 16,204 | +23.1% | 2,750 | +25.2% | 17.0% |
| Q4 FY26 | 17,832 | +41.0% | 3,492 | +93.8% | 19.6% |
| Q1 FY27 | 21,689 | +65.1% | 3,189 | +44.3% | 14.7% |
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
ROE rose 5.2 percentage points but ROCE fell 3.3 percentage points — returns on shareholders' money improved even as returns on all the capital used in the business weakened.
Rule ROE_UP_ROCE_DOWN
ROE of 28.0% is the highest in 4 years (prior range 20.5% to 26.4%).
ROE improved from 22.8% to 28.0% year on year.
Revenue grew 23.4% but only 0.25× of reported profit came through as operating cash.
Rule GROWTH_WITH_WEAK_CASH
Operating cash flow was only 0.25× reported profit (FY2026).
Debt-to-equity of 0.55× is the highest in 4 years (prior range 0.00× to 0.26×).
Cash conversion (CFO ÷ profit) has averaged 0.30× over the last 3 profit-making years versus 0.78× before that.
Free cash flow has been positive in 4 of the last 5 years.
Debt-to-equity rose from 0.26× to 0.55× year on year.
Ranked against 4 2/3 wheelers (FY2026, consolidated). No peer-relative rule fired for this company.
BAJAJ-AUTO · 3rd of 4 · set median 23.7%
BAJAJ-AUTO · 2nd of 4 · set median 20.7%
BAJAJ-AUTO · 2nd of 4 · set median 28.0%
BAJAJ-AUTO · 2nd of 4 · set median 28.7×
On the trailing twelve months. Last full year: P/E 26.6× · P/S 4.3× · ROE 28.0%.
Over 4 years the stock returned 25.8% a year while profit compounded at 14.4% a year.
Rule STOCK_RAN_AHEAD
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 33,145 | 36,455 | 44,870 | 50,995 | 62,905 |
| Total income | 34,429 | 37,643 | 46,306 | 52,469 | 65,087 |
| EBITDA | 6,534 | 7,638 | 10,198 | 11,942 | 15,243 |
| Profit before tax | 7,072 | 7,313 | 9,772 | 11,139 | 13,391 |
| Net profit | 6,166 | 6,060 | 7,708 | 7,325 | 10,575 |
| EPS (₹) | 213.2 | 212.5 | 272.7 | 262.4 | 385.0 |
| Net worth | 29,860 | 29,362 | 28,962 | 35,189 | 40,220 |
| Total debt | 0 | 0 | 1,786 | 9,237 | 21,981 |
| Operating cash flow | 4,197 | 5,277 | 6,558 | −1,406 | 2,597 |
| Free cash flow | 3,680 | 4,340 | 5,864 | −2,213 | 2,046 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 10.0 | 23.1 | 13.6 | 23.4 |
| Profit growth YoY | — | -1.7 | 27.2 | -5.0 | 44.4 |
| Profitability | |||||
| EBITDA margin % | 19.7 | 21.0 | 22.7 | 23.4 | 24.2 |
| Net margin % | 17.9 | 16.1 | 16.6 | 14.0 | 16.2 |
| Return on equity % | 20.6 | 20.5 | 26.4 | 22.8 | 28.0 |
| Return on capital % | 21.0 | 24.8 | 32.7 | 30.7 | 27.4 |
| Leverage & cash | |||||
| Debt to equity | 0.00 | 0.00 | 0.06 | 0.26 | 0.55 |
| Cash flow ÷ profit | 0.68 | 0.87 | 0.85 | -0.19 | 0.25 |
| Current ratio | 2.21 | 1.83 | 1.30 | 1.68 | 1.76 |