MarketFriction

Bajaj Auto Ltd

NSE BAJAJ-AUTO · BSE 532977 · 2/3 Wheelers
₹10,045.00 -7.62%
NSE close2026-10-01
52 week range8,491.50 - 12,470.00
Market cap₹2,97,090 Cr.
P/E25.2
Nifty 50Nifty 100Nifty 200Nifty 500Nifty AutoNifty India Consumption No price band Delivery 26.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales10,83812,16511,55511,93213,24713,16912,64613,13315,73516,20417,83221,689
Expenses8,7089,7509,2719,56211,17410,41810,28910,34012,90612,47514,75717,161
Operating Profit2,1302,4152,2842,3702,0732,7512,3582,7932,8293,7303,0754,528
OPM %20%20%20%20%16%21%19%21%18%23%17%21%
Other Income5523564443353993483925095763591,894688
Interest712304775120147224287314344387
Depreciation9293939598102119118119119289405
Profit before tax2,5842,6662,6062,5642,2992,8762,4842,9612,9993,6564,3364,423
Tax %22%24%23%24%40%24%27%25%29%25%19%28%
Net Profit2,0202,0332,0111,9421,3852,1961,8022,2102,1222,7503,4923,189
EPS in Rs71.3971.7872.0569.5549.6178.6264.5279.1575.9998.38131.02115.41
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales22,57421,75525,21030,35829,91927,74133,14536,45544,87050,99562,90571,460
Expenses17,78117,32620,36425,16024,80922,80327,88629,99136,10641,44049,80857,299
Operating Profit4,7934,4294,8465,1985,1094,9385,2596,4658,7659,55513,09714,161
OPM %21%20%19%17%17%18%16%18%20%19%21%20%
Other Income1,1941,4681,4042,0281,8321,5702,6711,7031,7001,4722,6683,517
Interest111437940603891,1691,332
Depreciation307307315266246259270286365414645932
Profit before tax5,6795,5885,9336,9566,6926,2417,6527,84210,04010,22413,95215,414
Tax %28%27%29%29%22%22%19%23%23%28%24%
Net Profit4,0614,0794,2194,9285,2124,8576,1666,0607,7087,32510,57411,553
EPS in Rs140.35140.98145.80170.29180.11167.85213.08214.17276.10262.29384.41420.80
Dividend Payout %39%39%41%35%67%83%66%65%29%80%39%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth11%18%20%37%
Compounded Profit Growth10%17%21%55%
Stock Price CAGR14%23%29%25%
Return on Equity23%24%26%29%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital289289289289289289289289283279279280
Reserves10,80613,73117,56720,13622,94421,37326,98429,57029,07928,68334,90938,552
Borrowings1121181201211251261211231241,9129,36422,713
Other Liabilities4,7583,1023,6614,5955,4764,7226,2075,1295,6518,4709,55715,369
Total Liabilities15,96617,24021,63825,14128,83426,51033,60235,11135,13639,34454,11076,914
Fixed Assets2,4482,0262,0021,8781,7641,6991,6681,8362,8423,2173,67711,961
CWIP255524256486016778535611,521
Investments8,98511,06715,47718,89520,60319,91424,68726,63426,18328,08728,91424,642
Other Assets4,2774,0954,1174,3126,4204,8377,2326,5646,0268,00521,45938,790
Total Assets15,96617,24021,63825,14128,83426,51033,60235,11135,13639,34454,11076,914
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2,1143,6903,2674,3282,4873,8503,1204,1975,2776,558-1,4062,597
Cash from Investing Activity-380-68-3,610-1,954-2731,766-2,8692761,211-72-1,053-7,018
Cash from Financing Activity-1,644-3,384-190-1,885-2,074-6,247-20-4,056-7,181-6,1674,2305,079
Net Cash Flow90238-532488140-630231417-6923191,771658
Free Cash Flow1,8193,4193,0704,1452,3793,5702,8663,6804,3045,847-2,2731,885
CFO/OP82%115%108%124%86%108%90%112%111%102%14%46%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days121216223121361718171520
Inventory Days201718161618281822192254
Days Payable434956686356855458646676
Cash Conversion Cycle-11-20-22-31-17-16-22-19-18-28-29-1
Working Capital Days-22-4-2-21-4-9-0-3-9-30-622
ROCE %40%45%35%31%30%30%25%23%27%34%28%28%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters54.99%54.95%55.06%55.06%55.04%55.04%55.03%55.04%55.04%54.99%55.01%55.01%
FIIs14.37%14.64%14.53%14.19%14.32%12.45%11.61%10.30%9.66%8.84%8.82%9.01%
DIIs9.03%8.66%8.47%8.73%8.67%9.98%10.92%12.01%12.78%14.07%14.35%13.42%
Government0.07%0.07%0.08%0.08%0.08%0.08%0.08%0.08%0.00%0.00%0.12%0.12%
Public21.54%21.67%21.88%21.92%21.89%22.44%22.32%22.53%22.51%22.01%21.62%22.44%
Others0.00%0.00%0.00%0.00%0.00%0.00%0.04%0.03%0.01%0.09%0.08%0.00%
No. of Shareholders1,96,5432,00,7952,97,6052,74,9562,69,6983,47,6553,44,3143,58,8063,57,6663,33,7923,14,0956,78,954

Fundamentals

Market Cap₹ 2,97,090 Cr.
Current Price₹ 10,811
Stock P/E25.2
Book Value₹ 1,389
ROCE28.2 %
ROE29.2 %
Dividend Yield1.39 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)37%
Compounded Profit Growth (TTM)55%
Consolidated figures.
Valuation
Market capRs 280,756 Cr
Enterprise valueRs 300,397 Cr
P/E (TTM)23.88x
Price to book7.23x
Price to sales3.93x
EV / EBITDA16.99x
EV / EBIT17.94x
EV / sales4.20x
Price to cash flow108.12x
Earnings yield4.19%
Dividend yield1.49%
P/E, 3-year average28.67x
P/B, 3-year average7.13x
P/E, 5-year average24.26x
P/B, 5-year average5.74x
Profitability
Operating margin (excl. other income)20.82%
Operating margin (incl. other income)25.06%
EBITDA margin24.74%
Pre-tax margin21.57%
Net profit margin16.46%
Net margin, latest quarter14.87%
ROE29.03%
ROCE28.50%
ROA16.40%
ROE, 3-year average26.10%
ROCE, 3-year average30.04%
ROA, 3-year average17.59%
ROE, 5-year average24.07%
ROCE, 5-year average28.66%
ROA, 5-year average17.60%
ROIC (approx.)21.71%
Tax rate24.21%
Other income / net worth6.87%
Growth
Sales growth (latest year)23.36%
Profit growth (latest year)46.68%
Sales CAGR, 3 years19.94%
Sales CAGR, 5 years17.79%
Profit CAGR, 3 years21.03%
Profit CAGR, 5 years17.21%
Sales growth QoQ21.63%
Profit growth QoQ-11.91%
Sales growth YoY (latest quarter)65.14%
Profit growth YoY (latest quarter)45.93%
Per share
EPS (TTM)Rs 420.73
EPS (latest year)Rs 384.41
EPS (latest quarter)Rs 115.41
EPS, 3-year averageRs 307.60
EPS, 5-year averageRs 270.01
Book value per shareRs 1,389.35
Sales per shareRs 2,556.75
Cash flow per shareRs 92.90
Free cash flow per shareRs 67.44
Dividend per share (latest year)Rs 150.00
Dividend per share, 3-year averageRs 146.67
Dividend per share, 5-year averageRs 144.00
Dividends
Dividend payout39.02%
Dividend payout, 3-year average49.35%
Dividend payout, 5-year average55.83%
Efficiency
Asset turnover0.82x
Fixed asset turnover5.26x
Inventory turnover6.92x
Inventory days53 days
Debtor days20 days
Debtors turnover18.11x
Creditor days76 days
Cash conversion cycle-1 days
Working capital days22 days
Leverage
Total debtRs 22,713 Cr
Cash and bankRs 3,072 Cr
Net debtRs 19,641 Cr
Debt to equity0.58x
Net debt / EBITDA1.11x
Interest coverage12.57x
Current ratio (filing 2026-03-31)1.76x
Quick ratio (filing 2026-03-31)1.43x
Trade payables (filing 2026-03-31)Rs 8,804 Cr
Owners' fund to total sources50.49%
Debt to assets29.53%
Cash flow
Cash from Operating Activity (latest year)Rs 2,597 Cr
Cash from Investing Activity (latest year)Rs -7,018 Cr
Cash from Financing Activity (latest year)Rs 5,079 Cr
Net Cash Flow (latest year)Rs 658 Cr
Free cash flow (latest year)Rs 1,885 Cr
FCFE (approx.: FCF + change in debt)Rs 15,234 Cr
Cash from ops / profit, 5 years0.46x
Sales to cash flow24.23x
Statement figures
Net sales (TTM)Rs 71,460 Cr
Net sales (latest year)Rs 62,905 Cr
Sales (latest quarter)Rs 21,689 Cr
Operating profit excl. other income (latest year)Rs 13,097 Cr
Operating profit (latest quarter)Rs 4,528 Cr
Other income (TTM)Rs 3,517 Cr
EBITDA (TTM)Rs 17,678 Cr
PBDT (TTM)Rs 16,346 Cr
Profit before tax (TTM)Rs 15,414 Cr
Tax (latest year)Rs 3,377 Cr
Net profit (TTM)Rs 11,759 Cr
Net profit (latest year)Rs 10,744 Cr
Net profit (latest quarter)Rs 3,226 Cr
Depreciation (TTM)Rs 932 Cr
Depreciation (latest quarter)Rs 405 Cr
Interest (TTM)Rs 1,332 Cr
Cost of goods sold (latest year)Rs 43,584 Cr
Total expenditure (latest year)Rs 49,808 Cr
Total income (latest year)Rs 65,573 Cr
Share capitalRs 280 Cr
ReservesRs 38,552 Cr
Shareholders' fundsRs 38,832 Cr
Total assetsRs 76,914 Cr
Net blockRs 11,961 Cr
Capital work in progressRs 1,521 Cr
InvestmentsRs 24,642 Cr
ReceivablesRs 3,473 Cr
InventoryRs 6,294 Cr
Other liabilitiesRs 15,369 Cr
Shares outstanding (crore)27.95
Ownership
Promoter holding55.01% (-0.03 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 23.9 is at the 67th percentile of its own 9.4-year range (median 20.7, low 11.5, high 44.8).
P/B 7.23 is at the 77th percentile (median 4.37).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodBAJAJ-AUTONifty 50Difference
1 week-10.4%-2.8% -7.6 pts
1 month-18.7%-6.8% -11.9 pts
3 months+2.7%-7.6% +10.3 pts
6 months+14.4%+0.4% +14.0 pts
1 year+13.6%-9.9% +23.5 pts
2 years-18.6%-13.6% -5.0 pts
3 years+98.4%+14.2% +84.2 pts
5 years+160.7%+27.9% +132.8 pts
315 mutual fund schemes hold about ₹14,342 Cr. Over three months 243 bought more and 41 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Large Cap Fund2.93%1,169 +2%
SBI Flexicap Fund3.85%895 +15%
SBI Contra Fund1.42%676 +4%
Nippon India Large Cap Fund1.07%577 +100%
HDFC Flexi Cap Fund0.46%524 -65%
ICICI Pru Multi Asset Allocation Fund0.56%494 -19%
HDFC Balanced Advantage Fund0.43%458 +16%
Aditya Birla SL Large Cap Fund1.49%443 +9%
UTI Nifty 50 Index Fund1.22%359 +21%
Aditya Birla SL Flexi Cap Fund1.19%345 +2%
HDFC ELSS-Tax Saver Fund1.96%313 +5%
HDFC Nifty 50 Index Fund1.22%295 +21%
UTI Transportation & Logistics Fund6.51%282 +3%
HDFC Manufacturing Fund2.37%251 +2%
ICICI Pru Large & Mid Cap Fund0.69%232 -4%
ICICI Pru Nifty 50 Index Fund1.22%211 +21%
ICICI Pru Nifty 50 Index Fund1.22%210 +21%
Nippon India Multi Asset Allocation Fund1.08%195 -7%
SBI Quality Fund7.05%187 +6%
Canara Rob Large Cap Fund1.08%185 +22%
HDFC Aggressive Hybrid Fund0.82%182 -9%
SBI Nifty Index Fund1.22%170 +21%
SBI Quant Fund5.79%169 +2%
ICICI Pru Multi Cap Fund0.81%159 -3%
ICICI Pru Transportation and Logistics Fund3.81%157 -21%

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was 30% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 11% of total assets in 2026
lookInventory outrunning sales Inventory grew 203% vs sales +23% in 2026
lookRegulator order or action Regulator order or action 2026-06-30: Bajaj Auto Limited has informed the Exchange about Order passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-12-30Siddhant BajajPromoter Groupother27,000Rs 25.08 CrGift
2025-12-30Sanjali BajajPromoter Groupother27,000Rs 25.08 CrGift
2025-12-30Shefali BajajPromoter Groupother54,000Rs 50.15 CrGift
2025-12-29Sanjali BajajPromoter Groupother292,626Rs 266.58 CrInter-se-Transfer
2025-12-29Sanjivnayan BajajPromoterssell123,233Rs 112.27 CrMarket Sale
2025-12-29Rahul Securities Private LimitedPromoter Groupbuy53,300Rs 48.56 CrMarket Purchase
2025-12-29Rupa Equities Private LimitedPromoter Groupbuy53,500Rs 48.74 CrMarket Purchase
2025-12-29Niraj Holdings Private LimitedPromoter Groupbuy53,626Rs 48.85 CrMarket Purchase
2025-12-29Rajiv TrustPromoter Groupbuy131,000Rs 119.34 CrMarket Purchase
2025-12-29Sanjiv TrustPromoter Groupbuy131,126Rs 119.46 CrMarket Purchase
2025-12-29Anant Bajaj TrustPromoter Groupbuy123,233Rs 112.27 CrMarket Purchase
2025-12-29Nirav TrustPromoter Groupbuy162,700Rs 148.22 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹21,689 Cr +65.1% vs Jun 2025. Net profit ₹3,189 Cr +44.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-24Buy Back
2026-05-29Dividend - Rs 150 Per Share
2025-06-20Dividend - Rs 210 Per Share
2024-06-14Dividend - Rs 80 Per Share
2024-02-29Buy Back
2023-06-30Dividend - Rs 140 Per Share
2022-06-30Dividend - Rs 140 Per Share
2021-07-08 Annual General Meeting/Dividend - Rs 140 Per Share
2020-03-03 Interim Dividend - Rs 120 Per Share
2019-07-11 Annual General Meeting/ Dividend - Rs 60 Per Share
2018-07-05 Annual General Meeting / Dividend- Rs 60 Per Share
2017-07-06 Annual General Meeting/Dividend - Rs 55/- Per Share
2016-07-14 Annual General Meeting/ Dividend - Rs 5/- Per Share
2016-03-16 Interim Dividend - Rs 50/- Per Share (Purpose Revised)
2015-07-09Annual General Meeting/Dividend Rs 50/- Per Share
2014-07-03Annual General Meeting / Dividend - Rs 50/- Per Share
2013-07-04Annual General Meeting / Dividend - Rs.45/- Per Equity Share
2012-07-05Annual General Meeting And Dividend - Rs.45/- Per Share
2011-06-29Annual General Meeting And Dividend Rs.40/- Per Share
2010-09-08Bonus 1:10.5000
2010-07-08Annual General Meeting / Dividend Rs.40/- Per Share
2009-07-02Agm/Div.Rs.22/-Per Share
2008-06-27Agm/Dividend - 200%
DateTypeWhat it says
2026-10-01Press ReleaseA press release dated October 01, 2026, titled "Sales for the month of September 2026".
2026-09-01Credit RatingCredit Rating
2026-09-01Press ReleaseA press release dated September 01, 2026, titled "Sales for the month of August 2026".
2026-08-27General UpdatesAd hoc announcement made by Bajaj Mobility AG (formerly PIERER Mobility AG), a step-down subsidiary of Bajaj Auto Limited titled Results of the First ...
2026-08-21Credit Rating- NewCredit Rating- New
2026-08-05Concall / analyst meetSchedule of meet
2026-08-05Concall / analyst meetSchedule of meet
2026-08-05Concall / analyst meetSchedule of meet
2026-08-05Concall / analyst meetSchedule of meet
2026-08-03Press ReleaseA press release dated August 03, 2026, titled "Sales for the month of July 2026".
2026-07-27Concall / analyst meetTranscript
2026-07-24Closure of Buy BackCompletion of extinguishment of 46,94,000 shares & Closure of Buy Back with effect from July 24, 2026
2026-07-24UpdatesReconciliation of share capital audit report for the quarter ended 30 June 2026.
2026-07-22Shareholder meetingVoting results.
2026-07-21Concall / analyst meetLink of Recording
2026-07-21Shareholder meetingSummary of proceedings of the 19th Annual General Meeting held on July 21, 2026
2026-07-21General UpdatesSeventh grant of Stock Options pursuant to Bajaj Auto Employee Stock Option Scheme 2019
2026-07-21Board meeting outcomeBajaj Auto Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-20Reply to Clarification- FinaThe Exchange had sought clarification from Bajaj Auto Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obl...
2026-07-16General UpdatesAd hoc announcement made by Bajaj Mobility AG (formerly PIERER Mobility AG), a step-down subsidiary of Bajaj Auto Limited titled - Preliminary figures...
2026-07-14General UpdatesNewspaper advertisement for local transport arrangements for the 19th AGM of the Company scheduled on 21 July 2026.
2026-07-10Concall / analyst meetSchedule of meet
2026-07-02Press ReleaseA press release dated July 02, 2026, titled "Sales for the month of June 2026".
2026-06-30Regulatory actionOrder passed
2026-06-29UpdatesLetter of offer for the buyback of equity shares.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.57
Max pain (expiry 2026-10-27)10,500
Largest call open interest at11,000
Largest put open interest at10,000
Implied volatility, at the money22.5%
Underlying at snapshot10,045.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30665
2026-09-29225
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03