Stock BAJAJ-AUTO BAJAJ AUTO LIMITED
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Financials Bajaj Auto Limited

Equities

BAJAJ-AUTO

INE917I01010

Auto & Truck Manufacturers

End-of-day quote NSE India S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
8,974 INR +2.74% Intraday chart for Bajaj Auto Limited +1.93% +32.03%
Apr. 24 Indian Equities End Higher Midweek as Iran-Israel Conflict Subsides MT
Apr. 22 Nomura Adjusts Bajaj Auto’s Price Target to INR10,207 From INR8,939, Keeps at Buy MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 842,376 585,201 1,062,151 1,057,058 1,099,219 2,505,443 - -
Enterprise Value (EV) 1 668,417 439,514 885,261 866,158 1,096,361 2,556,953 2,274,122 2,250,205
P/E ratio 18 x 11.5 x 23.3 x 21 x 19.7 x 34.6 x 28.7 x 25 x
Yield 2.06% 5.93% 3.81% 3.83% 3.6% 0.87% 2.47% 2.75%
Capitalization / Revenue 2.78 x 1.96 x 3.83 x 3.19 x 3.02 x 5.72 x 4.83 x 4.22 x
EV / Revenue 2.21 x 1.47 x 3.19 x 2.61 x 3.01 x 5.72 x 4.38 x 3.79 x
EV / EBITDA 13.4 x 8.62 x 18 x 16.5 x 16.7 x 29 x 21.7 x 18.5 x
EV / FCF 28.7 x 12.3 x 30.8 x 23.7 x 24 x 38.3 x 34.7 x 24.6 x
FCF Yield 3.48% 8.14% 3.25% 4.22% 4.17% 2.61% 2.88% 4.06%
Price to Book 3.87 x 2.94 x 4.21 x 3.96 x 4.32 x 10.3 x 8.64 x 7.77 x
Nbr of stocks (in thousands) 289,367 289,367 289,367 289,367 282,957 279,180 - -
Reference price 2 2,911 2,022 3,671 3,653 3,885 8,974 8,974 8,974
Announcement Date 5/17/19 5/20/20 4/29/21 4/27/22 4/25/23 4/18/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 302,500 299,186 277,411 331,447 364,276 446,852 518,972 593,554
EBITDA 1 49,820 50,962 49,285 52,586 65,491 88,250 104,822 121,488
EBIT 1 47,163 48,498 46,692 49,895 62,667 84,752 100,725 116,175
Operating Margin 15.59% 16.21% 16.83% 15.05% 17.2% 18.97% 19.41% 19.57%
Earnings before Tax (EBT) 1 67,032 65,802 59,390 65,053 74,086 98,220 115,385 132,363
Net income 1 46,752 51,000 45,546 50,189 56,276 74,788 87,464 100,470
Net margin 15.46% 17.05% 16.42% 15.14% 15.45% 16.74% 16.85% 16.93%
EPS 2 161.6 176.3 157.5 173.6 197.3 264.6 313.1 359.1
Free Cash Flow 1 23,260 35,790 28,728 36,569 45,686 66,706 65,465 91,348
FCF margin 7.69% 11.96% 10.36% 11.03% 12.54% 14.93% 12.61% 15.39%
FCF Conversion (EBITDA) 46.69% 70.23% 58.29% 69.54% 69.76% 75.59% 62.45% 75.19%
FCF Conversion (Net income) 49.75% 70.18% 63.08% 72.86% 81.18% 89.19% 74.85% 90.92%
Dividend per Share 2 60.00 120.0 140.0 140.0 140.0 80.00 221.4 247.0
Announcement Date 5/17/19 5/20/20 4/29/21 4/27/22 4/25/23 4/18/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 154,631 89,099 85,961 73,860 87,622 88,055 79,748 80,050 102,028 93,151 89,047 103,098 109,015 120,199 111,029 124,464
EBITDA 1 24,763 17,296 15,241 11,198 14,011 14,050 13,656 12,970 17,587 17,770 17,166 19,539 21,280 23,482 22,110 24,709
EBIT 1 23,548 16,646 14,579 10,557 13,355 13,340 12,959 12,297 16,917 17,030 16,424 18,704 20,699 23,156 21,282 24,092
Operating Margin 15.23% 18.68% 16.96% 14.29% 15.24% 15.15% 16.25% 15.36% 16.58% 18.28% 18.44% 18.14% 18.99% 19.26% 19.17% 19.36%
Earnings before Tax (EBT) 1 - 20,328 17,395 13,827 16,521 15,733 18,972 15,447 20,140 19,635 18,865 22,046 23,301 26,033 24,123 26,823
Net income 1 25,281 15,563 13,321 10,612 12,746 12,142 14,690 11,733 15,300 14,914 14,329 16,648 17,552 19,731 18,915 20,520
Net margin 16.35% 17.47% 15.5% 14.37% 14.55% 13.79% 18.42% 14.66% 15% 16.01% 16.09% 16.15% 16.1% 16.42% 17.04% 16.49%
EPS 2 87.40 53.80 46.10 36.70 44.10 42.00 50.80 40.60 53.50 52.70 50.70 58.90 61.99 69.02 66.92 72.50
Dividend per Share 2 - - 140.0 - - - 140.0 - - - 140.0 - - - 194.5 -
Announcement Date 10/23/19 1/21/21 4/29/21 7/22/21 10/27/21 1/19/22 4/27/22 7/26/22 10/14/22 1/25/23 4/25/23 7/25/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 2,974 - -
Net Cash position 1 173,959 145,688 176,890 190,900 2,858 201,757 231,321 255,238
Leverage (Debt/EBITDA) - - - - - 0.0337 x - -
Free Cash Flow 1 23,260 35,790 28,728 36,569 45,686 66,706 65,465 91,348
ROE (net income / shareholders' equity) 22.9% 24.5% 20.2% 19.4% 21.6% 29.7% 32% 32.6%
ROA (Net income/ Total Assets) 18.3% 19.6% 16.2% 15.8% 17.9% 22.9% 23.2% 22.9%
Assets 1 255,999 260,769 281,518 317,260 315,249 326,892 376,252 439,006
Book Value Per Share 2 753.0 689.0 871.0 922.0 899.0 890.0 1,038 1,155
Cash Flow per Share 2 86.00 133.0 108.0 145.0 193.0 265.0 288.0 348.0
Capex 1 1,635 2,828 2,410 5,507 9,433 8,077 9,559 9,165
Capex / Sales 0.54% 0.95% 0.87% 1.66% 2.59% 1.81% 1.84% 1.54%
Announcement Date 5/17/19 5/20/20 4/29/21 4/27/22 4/25/23 4/18/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bajaj Auto Limited

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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