BAJAJ FINANCE LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 6,731 INR | -7.73% |
|
-5.45% | -8.14% |
| Apr. 26 | Weak March Quarter Earnings Weigh Down Indian Equities on Friday | MT |
| Apr. 26 | Bajaj Finserv's Consolidated Profit Climbs in Fiscal Q4; Shares Slide 3% | MT |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,328,463 | 3,089,441 | 4,395,117 | 3,388,270 | 4,470,426 | 4,159,800 | - | - |
| Enterprise Value (EV) 1 | 2,405,879 | 4,127,478 | 6,010,634 | 5,512,130 | 4,470,426 | 7,638,147 | 8,530,045 | 9,646,032 |
| P/E ratio | 24.9 x | 70.5 x | 62.7 x | 29.6 x | 30.7 x | 23.9 x | 18.7 x | 14.2 x |
| Yield | 0.45% | - | 0.28% | 0.53% | - | 0.63% | 0.77% | 0.98% |
| Capitalization / Revenue | 7.85 x | 17.9 x | 20.1 x | 11.7 x | 12.3 x | 9.25 x | 7.39 x | 6.14 x |
| EV / Revenue | 14.2 x | 23.9 x | 27.5 x | 19.1 x | 12.3 x | 17 x | 15.1 x | 14.2 x |
| EV / EBITDA | 14,077,736 x | - | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 4.11 x | 8.39 x | 10 x | 6.24 x | - | 4.54 x | 3.77 x | 3.1 x |
| Nbr of stocks (in thousands) | 599,541 | 599,909 | 605,392 | 603,244 | 617,015 | 617,988 | - | - |
| Reference price 2 | 2,216 | 5,150 | 7,260 | 5,617 | 7,245 | 6,731 | 6,731 | 6,731 |
| Announcement Date | 5/19/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/25/24 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: Maart | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 169,124 | 172,690 | 218,922 | 288,458 | 362,578 | 449,738 | 563,092 | 677,062 |
| EBITDA | 170,900 | - | - | - | - | - | - | - |
| EBIT 1 | 112,516 | 119,608 | 143,072 | 187,175 | 239,403 | 299,433 | 378,964 | 445,387 |
| Operating Margin | 66.53% | 69.26% | 65.35% | 64.89% | 66.03% | 66.58% | 67.3% | 65.78% |
| Earnings before Tax (EBT) 1 | 73,221 | 59,923 | 95,038 | 155,279 | 193,096 | 233,377 | 300,771 | 344,507 |
| Net income 1 | 52,638 | 44,198 | 70,282 | 115,077 | 144,512 | 174,189 | 223,446 | 253,405 |
| Net margin | 31.12% | 25.59% | 32.1% | 39.89% | 39.86% | 38.73% | 39.68% | 37.43% |
| EPS 2 | 89.07 | 73.00 | 115.8 | 189.6 | 236.0 | 281.6 | 360.9 | 473.5 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 10.00 | - | 20.00 | 30.00 | - | 42.64 | 52.14 | 66.21 |
| Announcement Date | 5/19/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/25/24 | - | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 60,005 | 60,677 | 66,376 | 70,013 | 74,347 | 77,712 | 83,980 | 88,447 | - | 92,980 | 97,149 | 102,271 | 106,657 | 113,485 | 120,503 |
| EBITDA | - | - | - | - | - | - | 57,026 | - | - | - | - | - | - | - | - |
| EBIT | 39,192 | 39,671 | 42,575 | 44,865 | 48,530 | 51,206 | 55,465 | 58,348 | - | 61,420 | 64,151 | - | - | - | - |
| Operating Margin | 65.31% | 65.38% | 64.14% | 64.08% | 65.27% | 65.89% | 66.05% | 65.97% | - | 66.06% | 66.03% | - | - | - | - |
| Earnings before Tax (EBT) | 28,680 | 32,655 | 35,028 | 37,523 | 40,117 | 42,611 | 45,512 | 47,578 | 93,090 | 48,955 | 51,051 | - | - | - | - |
| Net income | 21,253 | 24,195 | 25,962 | 27,806 | 29,730 | 31,578 | 34,369 | 35,508 | 69,877 | 36,390 | 38,245 | - | - | - | - |
| Net margin | 35.42% | 39.88% | 39.11% | 39.72% | 39.99% | 40.63% | 40.93% | 40.15% | - | 39.14% | 39.37% | - | - | - | - |
| EPS 2 | 35.02 | 39.86 | 42.78 | 45.81 | 48.96 | 52.01 | 56.60 | 58.45 | - | 59.20 | 61.70 | 64.94 | 65.83 | 71.20 | 76.12 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 43.49 |
| Announcement Date | 1/18/22 | 4/26/22 | 7/27/22 | 10/20/22 | 1/27/23 | 4/26/23 | 7/26/23 | 10/17/23 | 10/17/23 | 1/29/24 | 4/25/24 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,077,416 | 1,038,036 | 1,615,516 | 2,123,860 | - | 3,478,347 | 4,370,244 | 5,486,231 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 6.304 x | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | 20.2% | 12.8% | 17.4% | 23.5% | - | 21.3% | 22.3% | 21.6% |
| ROA (Net income/ Total Assets) | 3.65% | 2.63% | 3.66% | 4.72% | - | 4.16% | 4.24% | 3.9% |
| Assets 1 | 1,443,120 | 1,679,901 | 1,919,757 | 2,438,690 | - | 4,187,927 | 5,271,344 | 6,494,973 |
| Book Value Per Share 2 | 539.0 | 614.0 | 725.0 | 900.0 | - | 1,483 | 1,787 | 2,170 |
| Cash Flow per Share | - | -14.60 | -610.0 | - | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 5/19/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/25/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
33
Last Close Price
6,731
INR
Average target price
8,365
INR
Spread / Average Target
+24.28%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -8.14% | 49.88B | |
| -5.25% | 30.53B | |
| +20.03% | 23.38B | |
| +16.97% | 17.94B | |
| -6.99% | 11.81B | |
| +21.92% | 11.27B | |
| -20.90% | 8.31B | |
| +14.34% | 8.13B | |
| +36.65% | 6.39B | |
| +3.43% | 6.09B |
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