Value: exports, 3W, net cash
Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles, electric vehicles etc. and parts thereof. Some of its two wheelers are Pulsar, Avenger, Platina etc., while three-wheelers covered Gogo, Maxima and RE. The company sells its products in India as well as in various other global markets.
Bajaj Auto Limited, together with its subsidiaries, engages in the development, manufacture, and distribution of automobiles in India and internationally. The company offers motorcycles, bikes, commercial vehicles, electric two-wheelers, and three-wheeler, as well as related parts and accessories. It also provides financing services for automobiles, as well as exports its products. The company was founded in 1945 and is based in Pune, India.
Key people: Mr. Rajivnayan Rahulkumar Bajaj (MD, CEO & Executive Director) · Mr. Rakesh Sharma (Joint MD & Executive Director) · Mr. Pradeep Shrivastava (Executive Director) · Mr. Dinesh Thapar (Chief Financial Officer) · Mr. Vijay Jerome (Chief Digital & Information Officer) · Anand Newar (Divisional Manager of Investor Relations)
Bajaj Auto major competitors are Eicher Motors, TVS Motor Company, Hero MotoCorp, Wardwizard Innovat.. Market Cap of Bajaj Auto is ₹3,13,276 Crs. While the median market cap of its peers are ₹1,53,514 Crs.
Bajaj Auto seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Bajaj Auto is India's largest exporter of two- and three-wheelers and the world's largest 3W maker (Pulsar, Platina, Chetak EV, Boxer, RE/Maxima autos, Riki e-rickshaw), with ~7 million units/yr capacity being raised to 9 million+. Since 18-Nov-2025 it owns 100% of PBAG, which holds ~74.9% of Pierer Mobility/KTM, and sells Triumph mid-weight bikes in India. Chetak is India's #2 electric scooter with 22.8% share in Aug-2026 (TVS 27.5%); EV is ~30% of domestic revenue.
27.5x TTM PE vs 23x FY27E (MOFSL); P/B 8.5x is high but backed by 29% ROE and 49% payout; stock is near record high after topping its buyback price (Business Standard, 1-Sep-2026). EV/EBITDA n.m.; dividend yield 1.3%.
| Hero MotoCorp | Hero is cheaper (19x TTM, 3.5% yield, ROE 28%) but its growth is GST-cut-led entry motorcycles (Bernstein: Bajaj's growth is execution-led); Hero has only 9.8% e-2W share, no export engine (Bajaj exports 732k/qtr) and promoter holding 34.7%. |
| TVS Motor | TVS leads e-2W (27.5%) and grew Q1 PAT 64%, but trades at 56.8x TTM PE / 20.5x P/B vs Bajaj 27.5x / 8.5x - Bajaj gives similar volume growth (+29%) at half the multiple with a much stronger balance sheet. |
| Eicher Motors | Eicher (36.4x TTM, ROE 24%) is a single-brand (Royal Enfield) mid-weight play; Bajaj offers 3W dominance, EV scale and KTM/Triumph at a lower 24.3x FY28e. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Automobile — 4.4%: a Value leader and two cyclical component makers
FY26 was a record year for Indian autos: 2.83 crore wholesale units (+10.4%), two-wheelers +10.7% with scooters +18.5%, passenger vehicles +7.9%, commercial vehicles +12.6% and exports +24% to 66.5 lakh units — SIAM credits the September 2025 GST cuts and 125 bp of repo cuts. Retail momentum continued into August 2026 (FADA +18%, PVs above 4 lakh in an August for the first time), although the base was soft. Two structural shifts matter to how we are positioned. First, exports: Bajaj Auto ships around half its two- and three-wheelers abroad and Indian component makers are winning global platforms as the world de-risks from China. Second, the powertrain mix is changing faster than anyone expected — in August 2026 alternative fuels (CNG 25%, hybrid 9%, EV 7.6%) overtook petrol in passenger-vehicle retail for the first time and EV registrations hit 3.5 million in FY26 — which rewards the players with the broadest technology portfolio, not the incumbents. We hold the sector through one Value large cap (Bajaj Auto, 34x FY27E, 30% ROE, ~50% of units exported, a net cash balance sheet and the Chetak EV scooter now number two in the market) and two small-cap Cyclicals bought at earnings troughs (RK Forgings after a one-off inventory write-off; Varroc after its debt and Europe restructuring).
Maruti is the PV leader but at 30x prices a recovery that CNG/hybrid mix has already delivered, and it is the most exposed to small-car weakness; Tata Motors is a JLR story; M&M is the best-run OEM but at 30x+ after a 3x move we prefer Bajaj's export optionality and net cash. Hero MotoCorp is losing share to scooters and EVs; TVS and Eicher are great franchises at 40–45x. Among components, Bharat Forge carries a defence multiple and Motherson a European-auto cycle we do not want.
| Electric Vehicles - 2W - Market Share | 22.43 % | as of Aug 26 |
| Sports or Performance Motorcycle Segment (Pulsar & Avenger) Market Share | 18.20 % | as of Mar 24 |
| Three Wheeler - Market Share | 33.57 % | as of Jul 26 |
| Three Wheeler Goods Carrier Segment Market Share | 52.80 % | as of Mar 24 |
| Three Wheeler Passenger Vehicle - Market Share | 77.90 % | as of Mar 24 |
| Two Wheeler - Market Share | 9.91 % | as of Jul 26 |