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Swing Capital

Bajaj Auto Ltd

NSE: BAJAJ-AUTO BSE: 532977

Bajaj Auto, the flagship company of Bajaj Group, is a two-wheeler and three-wheeler manufacturing company that exports to 79 countries across several countries in Latin America, Southeast Asia, and many more. Its headquarter is in Pune, India. It has acquired 48% of the KTM Brand which manufactures sports and super sports two-wheelers, which was 14% in 2007 when the company first acquired KTM. [1]

₹10,185
52W: ₹7858 — ₹10785
PE 28.9 · Book ₹1251 · +714% vs book
Market Cap₹2,84,667 Cr
Stock P/E28.9Price to Earnings
ROCE38.6%Return on Capital
ROE29.3%Return on Equity
Div. Yield1.46%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 29.2%
  • +Company has been maintaining a healthy dividend payout of 48.2%

Weaknesses

  • −Stock is trading at 8.09 times its book value

Shareholding Pattern

Promoters55.01%
FIIs8.82%
DIIs14.35%
Public21.62%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.06%55.04%▼0.055.04%55.03%▼0.055.04%▲0.055.04%54.99%▼0.055.01%▲0.0
FIIs14.19%14.32%▲0.112.45%▼1.911.61%▼0.810.3%▼1.39.66%▼0.68.84%▼0.88.82%▼0.0
DIIs8.73%8.67%▼0.19.98%▲1.310.92%▲0.912.01%▲1.112.78%▲0.814.07%▲1.314.35%▲0.3
Public21.92%21.89%▼0.022.44%▲0.622.32%▼0.122.53%▲0.222.51%▼0.022.01%▼0.521.62%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales12,11411,48511,92813,12712,80712,14812,58414,92215,22016,006
Expenses9,6849,1789,51310,47510,2269,69710,10311,87012,06012,683
Operating Profit2,4302,3062,4152,6522,5812,4512,4823,0523,1603,323
OPM %20%20%20%20%20%20%20%20%21%21%
Net Profit2,0421,9361,9882,0052,1092,0492,0962,4802,5032,746
EPS ₹72.1169.3571.2271.875.5173.3875.0688.889.5598.25

AI Insights

Revenue Trend

Mar 2026 revenue at ₹58,732Cr, up 17.4% YoY. OPM at 20%.

Debt Position

Borrowings at ₹73Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹43Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 14.35% (+4.79pp change). FIIs: 8.82% (-4.85pp change). Promoters hold 55.01%.

Margin & Efficiency

ROCE declining from 42% (Mar 2015) to 39% (Mar 2026). Working capital days: 35.

Valuation

PE 28.9x with 38.6% ROCE. Price is 714% above book value of ₹1,251. Dividend yield: 1.46%.

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