Bajaj Holdings & Investment Limited · Research view

Bajaj Holdings & Investment Limited

NSE: BAJAJHLDNGBSE: 500490ISIN INE118A01012Face value ₹10standalone

₹10,538

−1.18% · 2026-10-01 · 52-wk ₹8,746–₹13,144

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

Profit lagging revenue

Revenue grew 56.3% but profit grew 47.7%, so the company kept less of each rupee of revenue as profit.

Importance 63 / 95 · growth

StrengthTalking point

Book value compounding

Net worth compounded at 12.4% a year over 4 years (₹51,581 → ₹82,419).

Importance 53 / 95 · financial health

StrengthTalking point

Compounding revenue

Revenue compounded at 25.6% a year over 4 years (₹430 → ₹1,070) — though FY2024 saw a one-off step-change of 255% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Importance 52 / 95 · growth

Section 03 · The company

Who is this company?

Classified by the exchange under Financial Services › Financial Services › Finance › Holding Company.

Market cap: ₹1.17 L cr
FY2026 revenue: ₹3,131 cr
FY2026 net profit: ₹4,708 cr
Net worth: ₹27,308 cr
Total debt: —net cash
EPS (basic): ₹423.00
Listed: NSE · BSE
Reporting: Ind-AS (NBFC)Apr–Mar

Peer set used on this page: 2 holding company.

Section 04 · Business performance

Is the business growing?

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

RevenueNet profit

Watch

Revenue grew 56.3% but profit grew 47.7%, so the company kept less of each rupee of revenue as profit.

Rule PROFIT_SLOWER_THAN_REVENUE

Revenue growth per year: +15.2%over 4 years
Revenue growth: +106.9%vs last year
Net profit growth: +264.4%vs last year
Change in net profit since FY22: +189%

Reported net profit grew 47.7% (FY2025 → FY2026), but pre-tax profit was ₹2,451 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.

Revenue grew 56.3% 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.

Watch

Q1 FY27 net profit declined 22.7% while revenue grew 21.5% vs the same quarter last year — a gap of 44.2 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Strength

Q1 FY27 revenue was ₹394 cr, up 21.5% from ₹325 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Concern

Q1 FY27 net profit was ₹2,708 cr, down 22.7% from ₹3,504 cr a year earlier.

Rule QTR_PROFIT_GROWTH_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	279	—	1,510	—	541.2%
Q3 FY25	126	+16.9%	1,750	+6.4%	1385.2%
Q4 FY25	145	−88.0%	1,751	−35.5%	1205.3%
Q1 FY26	325	+142.7%	3,504	+117.0%	1079.2%
Q2 FY26	397	+42.2%	1,690	+11.9%	425.8%
Q3 FY26	288	+127.6%	2,018	+15.3%	702.0%
Q4 FY26	61	−58.3%	2,577	+47.2%	4256.6%
Q1 FY27	394	+21.5%	2,708	−22.7%	686.8%

B. TTM snapshot

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

Revenue: ₹1,139 crTTM
EBITDA: ₹1,031 crTTM
EBIT: ₹997 crTTM
PBT: ₹996 crTTM
Net profit: ₹8,993 crTTM

C. Corporate actions

21 Sept 2026DividendInterim Dividend - Rs. - 65.0000 — ₹65.00/share

30 Jun 2026DividendSpecial Dividend - Rs. - 50.0000 — ₹50.00/share

30 Jun 2026DividendFinal Dividend - Rs. - 80.0000 — ₹80.00/share

22 Sept 2025DividendInterim Dividend - Rs. - 65.0000 — ₹65.00/share

27 Jun 2025DividendFinal Dividend - Rs. - 28.0000 — ₹28.00/share

25 Sept 2024DividendInterim Dividend - Rs. - 65.0000 — ₹65.00/share

28 Jun 2024DividendFinal Dividend - Rs. - 21.0000 — ₹21.00/share

28 Sept 2023DividendInterim Dividend - Rs. - 110.0000 — ₹110.00/share

30 Jun 2023DividendFinal Dividend - Rs. - 13.0000 — ₹13.00/share

22 Sept 2022DividendInterim Dividend - Rs. - 110.0000 — ₹110.00/share

30 Jun 2022DividendFinal Dividend - Rs. - 25.0000 — ₹25.00/share

28 Sept 2021DividendInterim Dividend - Rs. - 90.0000 — ₹90.00/share

8 Jul 2021DividendDividend - Rs. - 40.0000 — ₹40.00/share

3 Mar 2020DividendInterim Dividend - Rs. - 40.0000 — ₹40.00/share

11 Jul 2019DividendDividend - Rs. - 32.5000 — ₹32.50/share

5 Jul 2018DividendDividend - Rs. - 40.0000 — ₹40.00/share

6 Jul 2017DividendDividend - Rs. - 32.5000 — ₹32.50/share

14 Jul 2016DividendFinal Dividend - Rs. - 7.5000 — ₹7.50/share

16 Mar 2016DividendInterim Dividend - Rs. - 25.0000 — ₹25.00/share

9 Jul 2015DividendDividend - Rs. - 32.5000 — ₹32.50/share

3 Jul 2014DividendDividend - Rs. - 30.0000 — ₹30.00/share

4 Jul 2013DividendDividend - Rs. - 25.0000 — ₹25.00/share

5 Jul 2012DividendDividend - Rs. - 25.0000 — ₹25.00/share

29 Jun 2011DividendDividend - Rs. - 35.0000 — ₹35.00/share

8 Jul 2010DividendDividend - Rs. - 30.0000 — ₹30.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Watch

ROE rose from 9.8% to 12.6%, but reported profit this year was lifted by an unusually low tax charge this year (pre-tax profit was ₹2,451) — the operating return moved less than this.

Rule ROE_IMPROVED_YOY

EBITDA margin now: 96.7%
5-year range: 95.6–98.2%
ROE FY2026: 20.2%
ROCE FY2026: —

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Strength

Net worth compounded at 12.4% a year over 4 years (₹51,581 → ₹82,419).

Rule NET_WORTH_COMPOUNDING

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

Operating cash flowNet profit

Total debt: —
Operating cash flow ÷ net profit: 0.99×FY2026
Free cash flow: ₹4,673 cr
Current ratio: —

Section 08 · Relative position

How does it compare with peers?

Ranked against 2 holding company (FY2026, consolidated). No peer-relative rule fired for this company.

Not enough peers in this set report the underlying metrics yet for a ranking.

P / E: 13.0×TTM to Jun 26
P / B: 1.4×latest book
P / S: 102.9×TTM sales
Earnings yield: 7.7%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 12.0× · P/S 104.3× · ROE 12.6%.

Section 09 · The stock

How has the stock performed?

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

Context

Over 4 years profit compounded at 24.1% a year while the stock returned 14.0% a year — the FY2022 base was somewhat depressed, so part of this is recovery rather than trend.

Rule STOCK_LAGGED_EARNINGS · rebound

Business vs stock — 5-year compound annual rate

1-year return: −12.2%
3-year return: +48.2%
5-year return: +122.4%
From 52-wk high: −19.8%

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₹11,146
vs 200-day avg: Below₹10,684
RSI (14): 36.2neutral
MACD histogram: -69.5
From 52-wk high: −19.8%
From 52-wk low: +20.5%
30-day volatility: 25.2%ann.
6-month return: +12.9%

RSI (14) · 0–10036.2 — neutral

Section 11 · Open questions

What should I investigate further?

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

Watch
Profit lagging revenue
Revenue grew 56.3% but profit grew 47.7%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 63
Watch
Reported profit carries a one-off
FY2026 pre-tax profit includes a ₹1,522 exceptional gain (62.1% of PBT) — the underlying trend differs from the reported number.
PROFIT_INCLUDES_EXCEPTIONALS · conviction 48
Watch
Profit growing
Reported net profit grew 47.7% (FY2025 → FY2026), but pre-tax profit was ₹2,451 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.
PROFIT_GREW_YOY · conviction 46
Watch
Returns improving
ROE rose from 9.8% to 12.6%, but reported profit this year was lifted by an unusually low tax charge this year (pre-tax profit was ₹2,451) — the operating return moved less than this.
ROE_IMPROVED_YOY · conviction 39
Watch
Unusual tax rate
Effective tax rate of 10.9% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
EFFECTIVE_TAX_UNUSUAL · conviction 38

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	1,776	1,875	3,112	1,513	3,131
Total income	1,833	1,937	3,176	1,600	3,184
EBITDA	1,736	1,818	3,055	1,446	3,026
Profit before tax	1,701	1,779	3,021	1,413	4,977
Net profit	1,631	1,712	2,896	1,292	4,708
EPS (₹)	146.5	153.8	260.3	116.1	423.0
Net worth	15,388	15,665	18,835	19,372	27,308
Operating cash flow	1,564	1,669	1,875	−1,987	4,673
Free cash flow	1,563	1,669	1,875	−1,988	4,673

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	5.6	66.0	-51.4	106.9
Profit growth YoY	—	5.0	69.2	-55.4	264.4
Profitability
EBITDA margin %	97.7	96.9	98.2	95.6	96.7
Net margin %	88.9	88.4	91.2	80.7	147.8
Return on equity %	10.6	11.0	16.8	6.8	20.2
Return on capital %	—	—	—	—	—
Leverage & cash
Debt to equity	—	—	—	—	—
Cash flow ÷ profit	0.96	0.98	0.65	-1.54	0.99
Current ratio	—	—	—	—	—