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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Automobile/Bajaj Auto
NSE: BAJAJ-AUTO· AutomobileNot in Aug top-30Large cap

Bajaj Auto

Value: exports, 3W, net cash

Last close
₹10,811.00
29 Sept 2026 · reference
1D · 1M
−1.9% · −9.2%
price-only
Weight
1.6%
31 Jul 2026 · Aug rank —
Thesis review
8 Sep 2026
Why We Own, p58
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p58Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
Broker research · 1 report

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedBUYdailymulti-company
Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)
19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗
Target
₹12,275
At report
₹11,607
Vs our close
+13.5%

Bajaj Auto appears only in Antique's Valuation Guide appendix in this daily (no dedicated commentary), rated BUY.

Key points
  • Valuation Guide: TP Rs 12,275 (6% upside), Mcap $33.9bn, FY27E/FY28E/FY29E EPS Rs 437.4/490.4/548.5, P/E 26.5x/23.7x/21.2x, EV/EBITDA 20.3x/17.9x/16.1x, RoE (FY28) 31.5%

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft
Strengths
  • Best-in-class growth among 2W majors: Q1FY27 volumes +29% to a record 1.44 mn, exports +54% to 732k (management targets 250k export units/month in Q2), with FY26 PAT +44% to Rs 10,574 cr.
  • EV franchise has turned profitable: Chetak 22.8% e-2W share (Aug-2026, 33.4k units), EV ~30% of domestic revenue with double-digit profitability; TVS+Bajaj now hold 50.3% of India's e-2W market vs Ola's collapse from ~35% (2024) to 7%.
  • Margin resilience: 20.9% EBITDA margin held in Q1FY27 despite a 4.5% commodity inflation hit; ROE 29.2% (3-yr 26.3%), ROCE 28.2%, surplus funds Rs 21,000 cr+ and FCF Rs 2,300 cr+ per quarter.
  • KTM/Pierer control (74.9% via PBAG since Nov-2025) plus Triumph: premium domestic revenue +60% YoY in Q1FY27, giving a global premium-motorcycle platform Hero/TVS lack.
Weaknesses
  • vs 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%.
  • vs 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.
Opportunities
  • Monthly dispatches (Oct-2026 festive season) - exports run-rate of 250k/month and Chetak/e-3W share gains.
  • Q2FY27 results (Oct/Nov-2026) with the first full quarters of KTM consolidation showing turnaround progress.
  • Capacity expansion to 9 mn+ units and new EV/premium launches; buyback completion (stock crossed buyback price on 1-Sep-2026).
Threats
  • GST-cut base effect: FY26 H2 and Q1FY27 domestic growth (+11%) was helped by the Sep-2025 tax cut; FY27 H2 comparisons get tougher and rural demand is described as measured.
  • KTM/Pierer consolidation adds European cost base, restructuring and FX exposure to reported numbers; Q1 consolidated PAT fell 12% QoQ.
  • Commodity (4.5% inflation in Q1), rare-earth magnet supply and export-market currency risk (Africa/LatAm) can compress the 20-21% margin; bear-case brokers (Morgan Stanley TP 9,259, UBS 9,530) see limited upside.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

0 approved · 0 pending · 0 rejected

Only approved reports are readable from the company page; the reviewer must differ from the uploader. Files are hashed (duplicates skipped) and held in the private store.

Internal evidence

Buoyant sources for this name

  • August 2026 top-30 disclosure — rank n/a, Automobile, —. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
  • One-pager, "Why We Own What We Own" — p58, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
  • Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

Company filings

Investor documents (Tijori knowledge base)

annual reports
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Links open the issuer's or exchange's document; fetched only through the user's browser, never by the platform.

Ownership

Shareholding · Jun'26

Promoter55.01%
Indian Promoters54.76%
BAJAJ HOLDINGS AND INVESTMENT LIMITED34.19%
JAMNALAL SONS PVT LIMITED9.29%
MAHARASHTRA SCOOTERS LIMITED2.48%
BAJAJ SEVASHRAM PVT LIMITED1.58%
BACHHRAJ AND COMPANY PVT LIMITED1.30%
BACHHRAJ FACTORIES PVT LIMITED0.69%
BARODA INDUSTRIES PVT LIMITED0.59%
SUMAN JAIN0.37%
MANISH KEJRIWAL0.30%
NIRAVNAYAN BAJAJ0.28%
Foreign Promoters0.25%
KRITI BAJAJ0.17%