Bajaj Auto Limited · Research view

Bajaj Auto Limited

NSE: BAJAJ-AUTOBSE: 532977ISIN INE917I01010Face value ₹10consolidated

₹10,070

−6.92% · 2026-10-01 · 52-wk ₹8,627–₹12,361

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

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

StrengthTalking point

Profit outpacing revenue

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

WatchTalking point

Growing, but light on cash

Revenue grew 23.4% but only 0.25× of reported profit came through as operating cash.

Importance 62 / 95 · cash quality

StrengthTalking point

Compounding revenue

Revenue compounded at 17.4% a year over 4 years (₹33,145 → ₹62,905).

Importance 57 / 95 · growth

Section 03 · The company

Who is this company?

Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Automobiles › 2/3 Wheelers.

Market cap: ₹2.81 L cr
FY2026 revenue: ₹62,905 cr
FY2026 net profit: ₹10,575 cr
Net worth: ₹40,220 cr
Total debt: ₹21,981 cr
EPS (basic): ₹385.00
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 4 2/3 wheelers.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated

RevenueNet profit

Strength

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 growth per year: +17.4%over 4 years
Revenue growth: +23.4%vs last year
Net profit growth: +44.4%vs last year
Change in net profit since FY22: +72%

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).

Section 05 · Recent activity

What changed recently?

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.

Strength

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

Strength

Q1 FY27 net profit was ₹3,189 cr, up 44.3% from ₹2,210 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 EBIT was ₹4,814 cr, up 51.2% from ₹3,184 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

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%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹71,460 crTTM
EBITDA: ₹17,160 crTTM
EBIT: ₹16,228 crTTM
PBT: ₹14,857 crTTM
Net profit: ₹11,553 crTTM

C. Corporate actions

24 Jun 2026BuybackBuy Back of Shares

29 May 2026DividendFinal Dividend - Rs. - 150.0000 — ₹150.00/share

20 Jun 2025DividendFinal Dividend - Rs. - 210.0000 — ₹210.00/share

14 Jun 2024DividendDividend - Rs. - 80.0000 — ₹80.00/share

29 Feb 2024BuybackBuy Back of Shares

30 Jun 2023DividendFinal Dividend - Rs. - 140.0000 — ₹140.00/share

30 Jun 2022DividendDividend - Rs. - 140.0000 — ₹140.00/share

8 Jul 2021DividendDividend - Rs. - 140.0000 — ₹140.00/share

3 Mar 2020DividendInterim Dividend - Rs. - 120.0000 — ₹120.00/share

11 Jul 2019DividendDividend - Rs. - 60.0000 — ₹60.00/share

5 Jul 2018DividendDividend - Rs. - 60.0000 — ₹60.00/share

6 Jul 2017DividendDividend - Rs. - 55.0000 — ₹55.00/share

14 Jul 2016DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share

16 Mar 2016DividendInterim Dividend - Rs. - 50.0000 — ₹50.00/share

9 Jul 2015DividendDividend - Rs. - 50.0000 — ₹50.00/share

3 Jul 2014DividendDividend - Rs. - 50.0000 — ₹50.00/share

4 Jul 2013DividendDividend - Rs. - 45.0000 — ₹45.00/share

5 Jul 2012DividendDividend - Rs. - 45.0000 — ₹45.00/share

29 Jun 2011DividendDividend - Rs. - 40.0000 — ₹40.00/share

8 Sept 2010Bonus issueBonus issue 1:1 — 1:2

8 Jul 2010DividendDividend - Rs. - 40.0000 — ₹40.00/share

2 Jul 2009DividendDividend - Rs. - 22.0000 — ₹22.00/share

27 Jun 2008DividendDividend - Rs. - 20.0000 — ₹20.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Watch

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

EBITDA margin now: 24.2%
5-year range: 19.7–24.2%
ROE FY2026: 28.0%
ROCE FY2026: 27.4%

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.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Revenue grew 23.4% but only 0.25× of reported profit came through as operating cash.

Rule GROWTH_WITH_WEAK_CASH

Operating cash flow vs net profit₹ crore · FY22–FY26

Operating cash flowNet profit

Total debt: ₹21,981 cr
Operating cash flow ÷ net profit: 0.25×FY2026
Free cash flow: ₹2,046 cr
Current ratio: 1.76×

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.

Section 08 · Relative position

How does it compare with peers?

Ranked against 4 2/3 wheelers (FY2026, consolidated). No peer-relative rule fired for this company.

Revenue growth

BAJAJ-AUTO · 3rd of 4 · set median 23.7%

EBITDA margin

BAJAJ-AUTO · 2nd of 4 · set median 20.7%

Return on equity

BAJAJ-AUTO · 2nd of 4 · set median 28.0%

P/E ratio

BAJAJ-AUTO · 2nd of 4 · set median 28.7×

P / E: 24.4×TTM to Jun 26
P / B: 7.0×latest book
P / S: 3.9×TTM sales
Earnings yield: 4.1%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 26.6× · P/S 4.3× · ROE 28.0%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Watch

Over 4 years the stock returned 25.8% a year while profit compounded at 14.4% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate

1-year return: +16.7%
3-year return: +98.9%
5-year return: +161.4%
From 52-wk high: −18.5%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹11,535
vs 200-day avg: Below₹10,165
RSI (14): 20.2oversold
MACD histogram: -163.6
From 52-wk high: −18.5%
From 52-wk low: +16.7%
30-day volatility: 27.3%ann.
6-month return: +13.2%

RSI (14) · 0–10020.2 — oversold

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
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.
ROE_UP_ROCE_DOWN · conviction 67
Watch
Growing, but light on cash
Revenue grew 23.4% but only 0.25× of reported profit came through as operating cash.
GROWTH_WITH_WEAK_CASH · conviction 62
Concern
Weak cash conversion
Operating cash flow was only 0.25× reported profit (FY2026).
WEAK_CASH_CONVERSION · conviction 57
Concern
Leverage at a multi-year high
Debt-to-equity of 0.55× is the highest in 4 years (prior range 0.00× to 0.26×).
LEVERAGE_AT_MULTI_YEAR_HIGH · conviction 56
Watch
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 0.30× over the last 3 profit-making years versus 0.78× before that.
CASH_CONVERSION_DETERIORATING · conviction 55
Watch
Stock has run ahead of the business
Over 4 years the stock returned 25.8% a year while profit compounded at 14.4% a year.
STOCK_RAN_AHEAD · conviction 55
Concern
Leverage rising
Debt-to-equity rose from 0.26× to 0.55× year on year.
LEVERAGE_INCREASED_YOY · conviction 44

Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
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

Key ratios — consolidated
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