BAJAJ-AUTO
Bajaj Auto Limited
Two- and three-wheeler maker and exporter, now the controlling shareholder of KTM
Consumer Discretionary›Automobile and Auto Components›Automobiles›2/3 Wheelers
bajajauto.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹10405.00
Market cap
2,90,586 Cr
Stock P/E
24.7
P/B
7.48
Dividend yield
2.0%
ROE (FY26)
26.7%
ROCE (FY26)
24.3%
Operating margin (FY26)
19.7%
Debt / equity (FY26)
0.57
OCF / EBITDA (FY26)
19.9%
OCF / EBITDA (3Y)
24.0%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Bajaj Auto makes and sells motorcycles, three-wheelers and electric two- and three-wheelers (including the Chetak electric scooter) for buyers in India and in export markets.
Company snapshot
1stBy market cap
Ranked among 6 companies in 2/3 Wheelers.
Segment mix
Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 98.7% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Automotive | 98.7% | 13,071 Cr | 1,951 Cr | 14,564 Cr |
| Financing | 1.4% | 179 Cr | -32 Cr | 5,523 Cr |
| Investments | 3.0% | 397 Cr | 396 Cr | 24,818 Cr |
Shares add up to 103% because segment revenues are before inter-segment eliminations.
What we see
Positives
- ✓Net margin of 16.8% — the business keeps a healthy share of every rupee it earns.
Concerns
- ✗Only 24% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,838 Cr | 12,165 Cr | 11,555 Cr | 11,932 Cr | 13,247 Cr | 13,169 Cr | 12,646 Cr | 13,133 Cr | 15,735 Cr | 16,204 Cr | 17,832 Cr | 21,689 Cr |
| Operating expenses (approx.) | 8,708 Cr | 9,750 Cr | 9,271 Cr | 9,562 Cr | 10,594 Cr | 10,418 Cr | 9,953 Cr | 10,340 Cr | 12,272 Cr | 12,475 Cr | 14,757 Cr | 17,158 Cr |
| EBITDA | 2,130 Cr | 2,415 Cr | 2,284 Cr | 2,370 Cr | 2,654 Cr | 2,751 Cr | 2,693 Cr | 2,793 Cr | 3,463 Cr | 3,730 Cr | 3,075 Cr | 4,531 Cr |
| OPM % | 19.7% | 19.9% | 19.8% | 19.9% | 20.0% | 20.9% | 21.3% | 21.3% | 22.0% | 23.0% | 17.2% | 20.9% |
| Other income | 369 Cr | 356 Cr | 360 Cr | 335 Cr | 399 Cr | 348 Cr | 392 Cr | 509 Cr | 576 Cr | 436 Cr | 661 Cr | 688 Cr |
| Interest | 7 Cr | 12 Cr | 30 Cr | 47 Cr | 75 Cr | 120 Cr | 147 Cr | 224 Cr | 287 Cr | 314 Cr | 344 Cr | 387 Cr |
| Depreciation | 92 Cr | 93 Cr | 93 Cr | 95 Cr | 98 Cr | 102 Cr | 119 Cr | 118 Cr | 119 Cr | 119 Cr | 289 Cr | 405 Cr |
| Profit before tax | 2,584 Cr | 2,666 Cr | 2,606 Cr | 2,564 Cr | 2,299 Cr | 2,876 Cr | 2,484 Cr | 2,961 Cr | 2,999 Cr | 3,656 Cr | 4,336 Cr | 4,423 Cr |
| Tax % | 21.8% | 23.8% | 22.8% | 24.3% | 39.7% | 23.7% | 27.5% | 25.3% | 29.2% | 24.8% | 19.5% | 27.9% |
| Net profit | 2,020 Cr | 2,033 Cr | 2,011 Cr | 1,942 Cr | 1,385 Cr | 2,196 Cr | 1,802 Cr | 2,210 Cr | 2,122 Cr | 2,750 Cr | 3,492 Cr | 3,189 Cr |
| EPS (₹) | ₹71.40 | ₹71.90 | ₹71.20 | ₹69.60 | ₹49.70 | ₹78.70 | ₹64.60 | ₹79.20 | ₹76.00 | ₹98.50 | ₹131.10 | ₹115.50 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 23,088 Cr | 25,563 Cr | 30,250 Cr | 29,919 Cr | 27,741 Cr | 33,145 Cr | 36,455 Cr | 44,870 Cr | 50,995 Cr | 62,905 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 18,669 Cr | 20,782 Cr | 25,271 Cr | 24,823 Cr | 22,816 Cr | 27,895 Cr | 30,005 Cr | 36,109 Cr | 40,527 Cr | 49,844 Cr | Sign in free for the trailing twelve months |
| EBITDA | 4,419 Cr | 4,782 Cr | 4,979 Cr | 5,096 Cr | 4,925 Cr | 5,250 Cr | 6,451 Cr | 8,762 Cr | 10,468 Cr | 13,061 Cr | Sign in free for the trailing twelve months |
| OPM % | 19.1% | 18.7% | 16.5% | 17.0% | 17.8% | 15.8% | 17.7% | 19.5% | 20.5% | 20.8% | Sign in free for the trailing twelve months |
| Other income | 1,222 Cr | 1,212 Cr | 1,555 Cr | 1,525 Cr | 1,276 Cr | 1,284 Cr | 1,188 Cr | 1,436 Cr | 1,474 Cr | 2,182 Cr | Sign in free for the trailing twelve months |
| Interest | 1 Cr | 1 Cr | 4 Cr | 3 Cr | 7 Cr | 9 Cr | 40 Cr | 60 Cr | 389 Cr | 1,169 Cr | Sign in free for the trailing twelve months |
| Depreciation | 307 Cr | 315 Cr | 266 Cr | 246 Cr | 259 Cr | 270 Cr | 286 Cr | 365 Cr | 414 Cr | 645 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 5,588 Cr | 5,933 Cr | 6,956 Cr | 6,692 Cr | 6,241 Cr | 7,652 Cr | 7,842 Cr | 10,040 Cr | 10,224 Cr | 13,952 Cr | Sign in free for the trailing twelve months |
| Tax % | 27.0% | 28.9% | 29.2% | 22.1% | 22.2% | 19.4% | 22.7% | 23.2% | 28.4% | 24.2% | Sign in free for the trailing twelve months |
| Net profit | 4,079 Cr | 4,219 Cr | 4,928 Cr | 5,212 Cr | 4,857 Cr | 6,166 Cr | 6,060 Cr | 7,708 Cr | 7,325 Cr | 10,575 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹141.00 | ₹145.80 | ₹170.30 | ₹180.20 | ₹167.90 | ₹213.20 | ₹212.50 | ₹272.70 | ₹262.40 | ₹385.00 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.2% | 65.7% | 66.8% | 51.4% | 30.5% | 55.4% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 289 Cr | 289 Cr | 289 Cr | 289 Cr | 289 Cr | 289 Cr | 283 Cr | 279 Cr | 279 Cr | 280 Cr |
| Reserves | 17,567 Cr | 20,136 Cr | 22,944 Cr | 21,373 Cr | 26,984 Cr | 29,570 Cr | 29,079 Cr | 28,683 Cr | 34,909 Cr | 38,552 Cr |
| Borrowings | — | — | — | — | — | — | — | 1,786 Cr | 9,237 Cr | 21,981 Cr |
| Other liabilities | 3,781 Cr | 4,716 Cr | 5,601 Cr | 4,848 Cr | 6,328 Cr | 5,252 Cr | 5,775 Cr | 8,595 Cr | 9,773 Cr | 15,022 Cr |
| Total liabilities | 21,638 Cr | 25,141 Cr | 28,834 Cr | 26,510 Cr | 33,602 Cr | 35,111 Cr | 35,136 Cr | 39,344 Cr | 54,199 Cr | 77,223 Cr |
| Fixed assets (net) | 1,899 Cr | 1,821 Cr | 1,689 Cr | 1,602 Cr | 1,568 Cr | 1,760 Cr | 2,762 Cr | 3,147 Cr | 3,589 Cr | 7,727 Cr |
| CWIP | 11 Cr | 11 Cr | 12 Cr | 47 Cr | 16 Cr | 77 Cr | 85 Cr | 28 Cr | 29 Cr | 120 Cr |
| Investments | 15,477 Cr | 18,895 Cr | 20,658 Cr | 19,967 Cr | 24,739 Cr | 26,685 Cr | 26,233 Cr | 28,136 Cr | 28,962 Cr | 24,690 Cr |
| Loans & advances | — | — | 6 Cr | 6 Cr | 6 Cr | 4 Cr | 4 Cr | 208 Cr | 3,465 Cr | 7,936 Cr |
| Inventories | 728 Cr | 743 Cr | 962 Cr | 1,064 Cr | 1,494 Cr | 1,231 Cr | 1,564 Cr | 1,689 Cr | 2,077 Cr | 6,294 Cr |
| Trade receivables | 953 Cr | 1,492 Cr | 2,560 Cr | 1,725 Cr | 2,717 Cr | 1,516 Cr | 1,752 Cr | 2,076 Cr | 2,125 Cr | 3,473 Cr |
| Cash & bank | 288 Cr | 776 Cr | 916 Cr | 285 Cr | 517 Cr | 934 Cr | 242 Cr | 560 Cr | 2,332 Cr | 2,990 Cr |
| Other assets | 2,282 Cr | 1,404 Cr | 2,033 Cr | 1,814 Cr | 2,546 Cr | 2,904 Cr | 2,496 Cr | 3,500 Cr | 11,620 Cr | 23,991 Cr |
| Total assets | 21,638 Cr | 25,141 Cr | 28,834 Cr | 26,510 Cr | 33,602 Cr | 35,111 Cr | 35,136 Cr | 39,344 Cr | 54,199 Cr | 77,223 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | — | — | — | — | 3,120 Cr | 4,197 Cr | 5,277 Cr | 6,558 Cr | -1,406 Cr | 2,597 Cr |
| Cash from investing | — | — | — | — | -2,868 Cr | -81 Cr | 1,200 Cr | -344 Cr | -1,056 Cr | -7,034 Cr |
| Cash from financing | — | — | — | — | -20 Cr | -4,056 Cr | -7,181 Cr | -6,167 Cr | 4,230 Cr | 5,079 Cr |
| Net cash flow | — | — | — | — | 231 Cr | 417 Cr | -692 Cr | 319 Cr | 1,771 Cr | 658 Cr |
| Free cash flow (OCF − Capex) | — | — | — | — | 2,860 Cr | 3,646 Cr | 4,167 Cr | 5,835 Cr | -2,279 Cr | 1,874 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 31.3% | 29.1% | 30.0% | 30.9% | 22.9% | 25.7% | 26.8% | 32.8% | 23.9% | 24.3% |
| ROE % | 22.8% | 20.7% | 21.2% | 24.1% | 17.8% | 20.6% | 20.6% | 26.6% | 20.8% | 26.7% |
| Debtor days | 15 | 21 | 31 | 21 | 36 | 17 | 17 | 17 | 15 | 20 |
| Inventory days | 20 | 17 | 17 | 20 | 30 | 20 | 24 | 21 | 23 | 59 |
| Days payable | 61 | 74 | 68 | 60 | 91 | 60 | 62 | 70 | 72 | 83 |
| Cash conversion cycle | -26 | -36 | -20 | -19 | -26 | -23 | -21 | -32 | -33 | -3 |
| OCF / EBITDA % | — | — | — | — | 63.4% | 79.9% | 81.8% | 74.9% | -13.4% | 19.9% |
| OCF / EBITDA % (3 years) | — | — | — | — | — | — | 75.8% | 78.4% | 40.6% | 24.0% |
| Debt / equity | — | — | — | — | — | — | — | 0.06 | 0.26 | 0.57 |
| Current ratio | 2.95 | 2.25 | 1.45 | 1.56 | 2.51 | 2.21 | 1.83 | 1.30 | 1.68 | 1.76 |
| Net debt / EBITDA | -0.07 | — | -0.18 | -0.06 | -0.10 | -0.18 | -0.04 | 0.14 | 0.66 | 1.45 |