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]
Market LeadershipThe company is the2nd-largest playerin the domestic motorcycle segment in terms of volume. It is the largest3W producer in the world and the largest exporter of 2W and 3W from India.[1][2]Segment Performance1) Motorcycles:The company holds a market share of 18.2% in FY24 vs 17.3% in FY23 of motorcycle sales in India.[3]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Bajaj Auto | 9789.50 | 31.33 | 273661.15 | 2.15 | 2479.74 | 11.89 | 14922.05 | 13.67 | 37.65 | 52461.32 | 20.14 | 8733.76 | 2479.74 | 8.89 | 21.20 | 0.00 |
| 2. | Eicher Motors | 7582.50 | 40.71 | 207901.72 | 0.92 | 1369.45 | 24.46 | 6171.59 | 44.77 | 29.81 | 21427.66 | 24.14 | 5107.32 | 1369.45 | 9.42 | 18.85 | 0.02 |
| 3. | TVS Motor Co. | 3840.20 | 69.99 | 182350.98 | 0.26 | 832.76 | 41.93 | 14051.22 | 24.33 | 15.35 | 48838.15 | 15.25 | 2605.48 | 795.48 | 22.48 | 5.15 | 2.08 |
| 4. | Hero Motocorp | 5981.00 | 22.65 | 119672.80 | 2.76 | 1320.98 | 23.05 | 12218.39 | 16.56 | 30.34 | 42175.84 | 14.31 | 5283.06 | 1308.89 | 5.70 | 15.62 | 0.03 |
| 5. | Ather Energy | 692.45 | – | 26421.57 | 0.00 | -154.10 | 21.86 | 898.90 | 54.05 | -65.71 | 2854.50 | -20.32 | -764.50 | -154.10 | 9.68 | -40.47 | 0.16 |
| 6. | Ola Electric | 42.31 | – | 18679.37 | 0.00 | -418.00 | 15.56 | 690.00 | -43.16 | -28.09 | 3174.00 | -50.25 | -2280.00 | -418.00 | 4.30 | -23.94 | 0.72 |
| 7. | Eraaya Lifespace | 41.00 | – | 847.44 | 0.00 | -23.54 | -2182.29 | 609.28 | 36826.06 | 0.86 | 2088.74 | 1.76 | -370.38 | -19.99 | 10.34 | -15.23 | 17.75 |
| – | Median: 10 Co. | 540.45 | 31.33 | 22550.47 | 0.28 | 10.16 | 23.76 | 794.45 | 34.55 | 17.64 | 3014.25 | 13.03 | 17.88 | 10.16 | 8.89 | 6.96 | 0.48 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 9,315 | 12,114 | 12,807 | 10,310 | 11,928 | 12,584 | 8,905 | 11,485 | 12,148 | 10,203 | 10,777 | 13,127 | 14,922 |
Expenses | 7,538 | 9,684 | 10,226 | 8,356 | 9,513 | 10,103 | 7,188 | 9,178 | 9,697 | 8,444 | 8,644 | 10,475 | 11,870 |
Operating Profit | 1,777 | 2,430 | 2,581 | 1,954 | 2,415 | 2,482 | 1,717 | 2,306 | 2,451 | 1,759 | 2,133 | 2,652 | 3,052 |
Other Income | 269 | 346 | 335 | 346 | 321 | 431 | 260 | 349 | 381 | 333 | 361 | 173 | 369 |
Profit before tax | 1,964 | 2,676 | 2,801 | 2,205 | 2,622 | 2,788 | 1,886 | 2,542 | 2,703 | 2,014 | 2,400 | 2,714 | 3,295 |
Tax % | 24% | 24% | 25% | 24% | 24% | 25% | 24% | 24% | 24% | 24% | 24% | 26% | 25% |
Net Profit | 1,491 | 2,042 | 2,109 | 1,665 | 1,988 | 2,096 | 1,433 | 1,936 | 2,049 | 1,530 | 1,836 | 2,005 | 2,480 |
EPS in Rs | 52.71 | 72.11 | 75.51 | 58.83 | 71.22 | 75.06 | 50.64 | 69.35 | 73.38 | 52.87 | 64.89 | 71.80 | 88.80 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 20,088 | 21,593 | 22,574 | 21,755 | 25,210 | 30,358 | 29,919 | 27,741 | 33,145 | 36,428 | 44,685 | 50,010 | 52,461 |
Expenses | 15,974 | 17,461 | 17,780 | 17,323 | 20,362 | 25,157 | 24,809 | 22,800 | 27,877 | 29,864 | 35,883 | 39,914 | 41,897 |
Operating Profit | 4,113 | 4,132 | 4,794 | 4,432 | 4,848 | 5,201 | 5,110 | 4,942 | 5,268 | 6,563 | 8,802 | 10,096 | 10,565 |
Other Income | 699 | 227 | 1,062 | 1,213 | 1,251 | 1,772 | 1,720 | 1,263 | 1,516 | 1,167 | 1,423 | 1,424 | 1,515 |
Interest | 0 | 6 | 1 | 1 | 1 | 4 | 3 | 7 | 9 | 39 | 54 | 68 | 60 |
Depreciation | 180 | 267 | 307 | 307 | 315 | 266 | 246 | 259 | 269 | 282 | 350 | 400 | 433 |
Profit before tax | 4,632 | 4,085 | 5,547 | 5,336 | 5,783 | 6,703 | 6,580 | 5,939 | 6,505 | 7,409 | 9,822 | 11,052 | 11,587 |
Net Profit | 3,243 | 2,814 | 3,930 | 3,828 | 4,068 | 4,675 | 5,100 | 4,555 | 5,019 | 5,628 | 7,479 | 8,151 | 8,734 |
EPS in Rs | 112.08 | 97.24 | 135.80 | 132.27 | 140.59 | 161.57 | 176.25 | 157.40 | 173.44 | 198.89 | 267.88 | 291.90 | 312.75 |
Dividend Payout % | 45% | 51% | 40% | 42% | 43% | 37% | 68% | 89% | 81% | 70% | 30% | 72% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 283 | 279 | 279 | 279 |
Reserves | 9,319 | 10,403 | 12,977 | 16,745 | 18,814 | 21,491 | 19,636 | 24,913 | 26,379 | 25,143 | 24,581 | 31,868 | 30,468 |
Borrowings | 59 | 112 | 118 | 120 | 121 | 125 | 126 | 121 | 123 | 124 | 960 | 928 | 129 |
Other Liabilities | 5,080 | 4,758 | 3,102 | 3,661 | 4,595 | 5,476 | 4,722 | 6,206 | 5,130 | 5,578 | 8,438 | 9,354 | 11,240 |
Total Liabilities | 14,748 | 15,562 | 16,486 | 20,815 | 23,819 | 27,380 | 24,773 | 31,530 | 31,922 | 31,128 | 34,259 | 42,429 | 42,116 |
Fixed Assets | 2,006 | 1,917 | 2,026 | 2,002 | 1,878 | 1,764 | 1,699 | 1,665 | 1,834 | 2,716 | 3,199 | 3,551 | 3,504 |
Gross Block | 4,077.04 | 4,100.91 | 4,434.89 | 4,602.67 | 4,518.80 | 4,295.63 | 4,157.32 | 4,344.30 | 4,631.22 | 5,504.47 | 6,232.55 | 6,951.74 | – |
Accumulated Depreciation | 2,071.00 | 2,183.67 | 2,409.22 | 2,600.88 | 2,640.47 | 2,531.69 | 2,458.30 | 2,679.37 | 2,797.20 | 2,788.46 | 3,033.89 | 3,400.98 | – |
CWIP | 144 | 255 | 52 | 42 | 56 | 48 | 60 | 16 | 77 | 82 | 27 | 28 | 51 |
Investments | 8,550 | 9,153 | 10,321 | 14,731 | 17,588 | 19,159 | 18,196 | 22,631 | 23,819 | 22,923 | 23,451 | 28,570 | 27,567 |
Other Assets | 4,048 | 4,237 | 4,088 | 4,039 | 4,296 | 6,409 | 4,818 | 7,218 | 6,192 | 5,406 | 7,582 | 10,280 | 10,994 |
Total Assets | 14,748 | 15,562 | 16,486 | 20,815 | 23,819 | 27,380 | 24,773 | 31,530 | 31,922 | 31,128 | 34,259 | 42,429 | 42,116 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 3,546 | 2,147 | 3,657 | 3,339 | 4,261 | 2,490 | 3,862 | 3,114 | 4,208 | 5,512 | 7,478 | 7,267 |
Cash from Investing Activity | -2,141 | -414 | -30 | -3,687 | -1,894 | -271 | 1,757 | -2,867 | -92 | 1,322 | -139 | -3,648 |
Cash from Financing Activity | -1,468 | -1,644 | -3,384 | -190 | -1,885 | -2,074 | -6,247 | -20 | -4,056 | -7,179 | -7,110 | -3,254 |
Net Cash Flow | -64 | 89 | 242 | -538 | 481 | 144 | -628 | 228 | 59 | -345 | 229 | 365 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 14 | 12 | 12 | 16 | 22 | 31 | 21 | 36 | 17 | 18 | 17 | 17 |
Inventory Days | 17 | 20 | 17 | 18 | 16 | 16 | 18 | 28 | 18 | 20 | 20 | 20 |
Days Payable | 56 | 43 | 49 | 56 | 68 | 63 | 56 | 85 | 55 | 57 | 64 | 65 |
Cash Conversion Cycle | -24 | -11 | -20 | -22 | -31 | -17 | -16 | -22 | -19 | -20 | -27 | -28 |
Working Capital Days | -34 | -23 | -4 | -3 | -21 | -4 | -9 | -0 | -3 | -10 | -31 | -18 |
ROCE % | 52% | 42% | 46% | 35% | 32% | 31% | 31% | 26% | 24% | 28% | 38% | 38% |
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Stock Analysis
Bajaj Auto, the flagship company of Bajaj Group, is a prominent Indian manufacturer of motorcycles and three-wheelers. It has a significant global presence through exports and has also been expanding its electric vehicle offerings.
Key growth drivers for Bajaj Auto include its strong domestic market share in motorcycles, robust export performance across various geographies, and expansion in the electric vehicle segment with products like the Chetak. The company's strategic initiatives, including its stake in KTM AG, also contribute to its growth trajectory.
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