Financials Bajaj Finserv Ltd.

Equities

Market Closed - NSE India S.E. Other stock markets 06:49:36 2025-01-22 am EST			5-day change	1st Jan Change
1,743.30 ^INR	+1.53%		+4.29%	+11.17%

Jan. 15	Indian Equities Close Higher on Wednesday, Led by IT, Energy Stocks	MT
Jan. 02	Gains in Auto, IT Stocks Push Indian Equities Higher on Tuesday	MT

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	543,515	605,916	684,390	698,706	1,103,830	1,301,033	1,500,857	1,811,757
Change	-	11.48%	12.95%	2.09%	57.98%	17.87%	15.36%	20.71%
EBITDA ¹	222,117	-	-	-	269,006	258,407	295,114	351,598
Change	-	-100%	-	-	-	-3.94%	14.2%	19.14%
EBIT ¹	217,549	158,412	160,740	200,011	260,005	307,277	379,132	456,808
Change	-	-27.18%	1.47%	24.43%	30%	18.18%	23.38%	20.49%
Interest Paid ¹	-93,385	-91,413	-94,983	-122,014	-183,995	-251,904	-295,948	-351,187
Earnings before Tax (EBT) ¹	83,017	98,623	112,706	168,111	213,750	247,822	314,263	379,028
Change	-	18.8%	14.28%	49.16%	27.15%	15.94%	26.81%	20.61%
Net income ¹	33,691	44,705	45,568	64,173	81,478	125,256	162,087	179,169
Change	-	32.69%	1.93%	40.83%	26.97%	53.73%	29.4%	10.54%
Announcement Date	5/21/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	-	132,942	141,900	150,496	-	-	-	-	-	188,617	-	-	-	-	-	260,227	290,384	320,419	314,801	337,037	303,574	309,477
Change	-	-	6.74%	6.06%	-100%	-	-	-	-	-	-100%	-	-	-	-	-	11.59%	10.34%	-1.75%	7.06%	-9.93%	1.94%
EBITDA	-	54,511	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-100%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	53,240	-	61,550	64,118	36,191	31,160	33,040	39,190	41,638	-	44,860	48,530	53,995	-	52,922	-	-	-	78,619	-	-
Change	-	-	-100%	-	4.17%	-43.55%	-13.9%	6.03%	18.61%	6.25%	-100%	-	8.18%	11.26%	-100%	-	-100%	-	-	-	-100%	-
Charge d'intérêts	-	-25,523	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	26,272	7,929	25,681	21,566	27,792	23,585	17,671	27,923	32,490	34,622	35,939	42,578	-	45,405	51,254	-	-	-	59,684	-	64,125	-
Change	-	-69.82%	223.88%	-16.02%	28.87%	-15.14%	-25.08%	58.01%	16.36%	6.56%	3.8%	18.47%	-100%	-	12.88%	-100%	-	-	-	-100%	-	-100%
Net income ¹	11,256	1,944	12,152	9,863	12,900	9,791	8,328	11,221	12,558	13,461	13,094	15,569	17,820	17,690	19,426	-	-	-	21,377	20,870	23,085	-
Change	-	-82.73%	524.98%	-18.83%	30.79%	-24.1%	-14.94%	34.75%	11.91%	7.19%	-2.73%	18.91%	14.46%	-0.73%	9.82%	-100%	-	-	-	-2.37%	10.61%	-100%
Announcement Date	1/29/20	5/21/20	7/21/20	10/21/20	1/20/21	4/28/21	7/21/21	10/28/21	1/20/22	4/28/22	7/28/22	10/21/22	1/30/23	4/27/23	7/27/23	10/27/23	1/30/24	4/26/24	7/24/24	10/23/24	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	2,150,613	3,759,934	4,632,256	5,707,399
Change	-	-	-	-	-	74.83%	23.2%	23.21%
Announcement Date	5/21/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2019	2020	2021	2022	2023	2024
CAPEX ¹	5,487	7,689	2,930	6,512	7,793	9,613
Change	-	40.14%	-61.89%	122.23%	19.68%	23.35%
Free Cash Flow (FCF) ¹	42,555	7,658	162,185	213,854	110,225	170,952
Change	-	-82%	2,017.89%	31.86%	-48.46%	55.09%
Announcement Date	6/28/19	6/29/20	6/26/21	7/5/22	7/4/23	6/27/24

¹INR in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	40.87%	-	-	-	24.37%	19.86%	19.66%	19.41%
EBIT Margin (%)	40.03%	26.14%	23.49%	28.63%	23.55%	23.62%	25.26%	25.21%
EBT Margin (%)	15.27%	16.28%	16.47%	24.06%	19.36%	19.05%	20.94%	20.92%
Net margin (%)	6.2%	7.38%	6.66%	9.18%	7.38%	9.63%	10.8%	9.89%
FCF margin (%)	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-
Profitability
ROA	1.47%	1.68%	1.48%	3.3%	1.73%	3.53%	3.73%	3.7%
ROE	12.24%	13.32%	11.98%	14.81%	15.27%	15.74%	16.73%	17.47%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	7.99x	14.55x	15.7x	16.23x
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	0.5	0.3	0.4	0.8	1	2.533	2.6	2.633
Change	-	-40%	33.33%	100%	25%	153.33%	2.63%	1.28%
Book Value Per Share ¹	196.7	225.2	252.9	291.4	378.4	594.7	653.9	721.7
Change	-	14.47%	12.33%	15.22%	29.88%	57.13%	9.96%	10.38%
EPS ¹	21.17	28.09	28.63	11	50.7	74.45	87.33	108.6
Change	-	32.69%	1.92%	-61.58%	360.91%	46.84%	17.3%	24.36%
Nbr of stocks (in thousands)	1,591,373	1,591,374	1,591,374	1,592,815	1,607,413	1,594,128	1,594,128	1,594,128
Announcement Date	5/21/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-