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Bajaj Auto (BAJAJAUTO) INR

Bajaj Auto develops, manufactures, and sells motorcycles, three-wheelers, and electric two-wheelers, along with related parts and accessories, in India and internationally. It also offers financing services for its vehicles and exports its products.

At a glance: strengths & risks
✓Revenue growing (+65% y/y, Q1 2026)✓Profit growing (+46% y/y, Q1 2026)

Sector: Automobiles

IN_BAJAJAUTO

Price chart

10 405 INRDay 1.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
10 405 INR · 1.51%
Market cap
2859.3 bn INR

Growth

Δ revenue y/y
65.0%
Δ EBITDA y/y
62.2%

Multiples

P/E (LTM)
24.3x
3y avg: 29.1x
P/B (FY)
7.4x
P/E (ann.)
22.2x
EV/EBITDA (LTM)
20.0x
3y avg: 24.0x
EV/EBITDA (ann.)
16.8x

Cash return

Dividend yield
1.4%
FCF yield (LTM)
0.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+27.1%
↓ details

Liquidity

Daily turnover (listing)
1.9 bln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL208.7
y/y 65.0%
41.3
y/y 54.2%
4.0
y/y 244.5%
45.3
y/y 62.2%
32.3
y/y 45.9%
———
y/y —
—
y/y —
—≈ 189.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK171.1
y/y —
32.3
y/y —
2.9
y/y —
35.2
y/y —
36.6
y/y —
——772.2
y/y 42.5%
388.3
y/y 10.4%
—189.9Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL153.8
y/y —
36.1
y/y —
1.2
y/y —
37.3
y/y —
27.5
y/y —
———
y/y —
—
y/y —
—≈ 177.6Yahoo Finance
2025-09-30Q3 2025 (3M)OK152.5
y/y —
33.4
y/y —
1.2
y/y —
34.6
y/y —
21.2
y/y —
——654.6
y/y —
341.7
y/y —
—177.6Yahoo Finance
2025-06-30Q2 2025 (3M)PARTIAL126.5
y/y —
26.8
y/y —
1.2
y/y —
27.9
y/y —
22.1
y/y —
———
y/y —
—
y/y —
—≈ 69.0Yahoo Finance
2025-03-31FY 2025 (12M)OK492.7
y/y 12.5%
100.6
y/y 21.6%
4.1
y/y 13.6%
104.7
y/y 21.3%
73.2
y/y -5.0%
-14.1-8.7542.0
y/y 37.7%
351.9
y/y 21.5%
22.8%69.0Yahoo Finance
2024-03-31FY 2024 (12M)OK437.8
y/y 23.7%
82.7
y/y 36.4%
3.6
y/y 27.6%
86.4
y/y 36.0%
77.1
y/y 27.2%
65.5-7.2393.7
y/y 12.0%
289.6
y/y -1.4%
26.4%12.3Yahoo Finance
2023-03-31FY 2023 (12M)OK353.9
y/y —
60.6
y/y —
2.9
y/y —
63.5
y/y —
60.6
y/y —
52.8-11.1351.4
y/y —
293.6
y/y —
—-2.4Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

0100 000200 000300 000400 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%60%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (INR mln)

020 00040 00060 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash (INR mln)

-50 000050 000100 000150 000200 0002023 q42024 q12024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 0.68x of reported net profit; after capex, 0.59x.
year20222023202420252026
cash flow / profit0.68x0.87x0.85x-0.19x0.24x
accruals, % of assets—2.2%2.9%16.1%10.5%
net debt / EBITDA 1.4x · capex 2.0x of depreciation
● In a typical year operating cash flow covered 68% of reported profit (5 profitable years).
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +27.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (45 312 − 27 929) × 3.27
56 772
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 859 336 + 189 906) ÷ 147 993
20.6x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (20.6 + 11) ÷ 2
15.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -120 856 + 0 + 0 − 0
-120 856
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (56 772 × 15.8 + -120 856) ÷ 2 859 336
+27.1%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2026-03-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +23% vs +13% the year before — a +10.0 pp move. 3-year CAGR +19%.
revenue growth by year: 2024 +24% · 2025 +13% · 2026 +23%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Automobiles. Each peer is shown as it trades and re-priced onto this company's market (India) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KiaKorea31.72.5x6.3x
Maruti Suzuki IndiaIndia38.017.0x17.0x
TVS Motor CompanyIndia20.124.7x24.7x
Eicher MotorsIndia20.832.0x32.0x
Hyundai MotorKorea46.615.9x39.5x
Group median17.0x24.7x
Group average18.4x23.9x
This companyIndia30.120.0x20.0x

Group median 17.0x as traded, 24.7x adjusted; this company 20.0x — a 19% discount.

Group average 18.4x as traded, 23.9x adjusted; against the average this company is at a 16% discount.

At the adjusted group median the market cap would be +25% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.9x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.4x, India 18.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-16; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-29150 INREx-dividend: 150 INR per sharePaidYahoo Finance (ex-div)
2025-06-20210 INREx-dividend: 210 INR per sharePaidYahoo Finance (ex-div)
2024-06-1480 INREx-dividend: 80 INR per sharePaidYahoo Finance (ex-div)
2023-06-30140 INREx-dividend: 140 INR per sharePaidYahoo Finance (ex-div)
2022-06-30140 INREx-dividend: 140 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Bajaj Auto (BAJAJAUTO) — from primary filings.

Frequently asked questions

What is Bajaj Auto (BAJAJAUTO)'s P/E ratio?
Bajaj Auto (BAJAJAUTO) trades at a P/E of 24.3x (price to trailing 12-month earnings).
What is Bajaj Auto (BAJAJAUTO)'s EV/EBITDA?
Bajaj Auto (BAJAJAUTO) trades at 20.0x EV/EBITDA.
What is Bajaj Auto (BAJAJAUTO)'s P/B ratio?
Bajaj Auto (BAJAJAUTO) trades at a P/B of 7.4x.
What is Bajaj Auto (BAJAJAUTO)'s dividend yield?
Bajaj Auto (BAJAJAUTO)'s trailing 12-month dividend yield is 1.4%.
What is Bajaj Auto (BAJAJAUTO)'s return on equity (ROE)?
Bajaj Auto (BAJAJAUTO)'s ROE is 37.7%.
What is Bajaj Auto (BAJAJAUTO)'s market capitalization?
Bajaj Auto (BAJAJAUTO)'s market cap is 2859.3 bn INR.

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