Bajaj Auto Ltd.

NSE: BAJAJ-AUTO · 2/3 Wheelers

52W Range₹7,859 ₹11,411

Snapshot

Unlock Bajaj Auto Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Bajaj Auto Limited is a prominent Indian manufacturer specialising in the development and distribution of motorcycles, commercial vehicles, and electric two-wheelers. The company operates through automotive and investment segments, maintaining a significant presence in both domestic and international markets.

Business Model

The company generates revenue primarily through the manufacturing and sale of two-wheelers and three-wheelers, supported by a robust export network and an investment portfolio. It leverages its established brand presence to distribute vehicles and related spare parts globally.

Growth Outlook

Growth is expected to be driven by the expansion of the electric vehicle portfolio and continued penetration into international markets. The company is also focusing on premiumisation within its motorcycle segment to enhance margins.

Key Risks

  • Input Cost Volatility. Fluctuations in the prices of raw materials like steel, aluminium, and precious metals can significantly impact manufacturing margins.
  • Geopolitical Export Risks. As a major exporter, the company is vulnerable to currency fluctuations and trade policy changes in its key international markets.
  • Technological Disruption. The rapid transition to electric mobility requires substantial investment and poses a risk if the company fails to maintain its competitive edge against new entrants.
  • Cyclical Demand. The automotive sector is highly sensitive to economic cycles, interest rates, and consumer sentiment in India and abroad.

Price

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Key Metrics

REVENUE

₹62,905 Cr

TTM · consolidated

+23.4%YoY

NET PROFIT

₹10,574 Cr

TTM · consolidated

+44.4%YoY

EPS

₹384.80

TTM · consolidated

+46.5%YoY

RETURN ON EQUITY

29.3%

TTM · consolidated

+5.3 ppYoY

RETURN ON CAPITAL EMPLOYED

31.4%

TTM · consolidated

-3.2 ppYoY

P/E

26.8x

Q4 FY26 · consolidated

26.8 vs 42.9x5Y avg

EV/EBITDA

20.2x

Q4 FY26 · consolidated

20.2 vs 31.1x5Y avg

EBITDA MARGIN

24.2%

TTM · consolidated

+0.8 ppYoY

NET PROFIT MARGIN

19.6%

Q4 FY26 · consolidated

+5.4 ppYoY

DEBT TO EQUITY

0.6x

Q4 FY26 · consolidated

+0.31xYoY

Peers · 2/3 Wheelers

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Bajaj Auto Ltd.BAJAJ-AUTO
2,50,64626.8520.1723.4%24.2%29.3%31.4%+24.4%
Eicher Motors Ltd.EICHERMOT
1,89,85236.8928.0224.0%31.1%24.8%26.6%+31.8%
TVS Motor Company Ltd.TVSMOTOR
1,65,19256.0923.4126.3%15.0%36.3%28.7%+23.0%
Hero MotoCorp Ltd.HEROMOTOCO
1,05,87017.0712.0715.9%17.1%29.1%33.0%+10.7%
Ather Energy Ltd.ATHERENERG
28,945-147.34-864.62-1.5%-31.3%-15.4%+272.8%
Ola Electric Mobility Ltd.OLAELEC
10,3659.616.85-50.1%127.5%39.0%31.8%-5.7%

As of Q4 FY26

Financials