Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

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-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

4.3

Profitability

3.8

Balance sheet

3.8

Cash conversion

2.5

Valuation

3.2

Sales62,905 cr FY26

Net Profit10,744 cr FY26

Operating margin20.8% FY26

ROCE25.4% FY26

Revenue CAGR 3y

19.9%

5y 17.8%

Net profit CAGR 3y

21.0%

5y 17.2%

Operating margin

20.8%

3y avg 19.2%

CFO / PAT, 3y

0.30x

FCF ₹5,451 cr cumulative

ROCE

25.4%

3y avg 28.3%

Debt / equity

0.57x

interest cover 12.9x

Cash conversion cycle

-25 days

-24 days three years earlier

P/E

26.5x

PEG 1.3 on 3y PAT growth

Promoter holding

55.0%

pledged 0.0%

Growth. Revenue compounded 19.9% a year over FY23–FY26, net profit 21.0%; the latest year grew 23.4% (profit 46.7%). · Tijori P&L, annual
Margins. Operating margin 20.8% in FY26, +1.5 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 0.30x reported profit across the last three years; free cash flow of ₹5,451 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 25.4% and ROE 27.7% in FY26 (three-year average ROCE 28.3%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.57x, interest covered 12.9x by EBIT in FY26. · Tijori ratios sheet
Valuation. 26.5x trailing earnings, 17.3x EV/EBITDA, 6.3x book — 1.3x the three-year profit growth rate; dividend yield 1.7%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 65.1% YoY, net profit 46.0% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Chances of aggressive revenue recognition - operating profit of company is not getting converted to cash and recievables rising faster than sales
Depreciation Effect: Company is depreciating a greater percentage of assets. this is contributing to a reduction in net profit

Price & Performance

ROE: Roe has decreased vs 10 year trend
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Capex vs ROCE: Company has made significant capex which might be affecting its roce
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Bajaj Auto

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	27.67%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	27.67%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	29.20%
Net profit	Tijori P&L	FY26	consolidated, annual	₹10,744 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹10,996 cr
	Tijori screener	TTM	trailing 12 months	₹10,995 cr
	House model (one-pager)	FY26	standalone, annual	₹10,574 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹3,226 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	26.60x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	22.83x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	34.20x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	8.05x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	6.34x
Market cap	BSE master	2026-09-28	BSE full market cap	₹3,12,791 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹3,12,479 cr
	House one-pager	31-Jul-26	₹ lakh crore as printed	₹3,20,000 cr
Promoter holding	Tijori screener	latest filing	% of shares	55.01%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	44,870	50,995	62,905
EBITDA (₹ cr)	8,765	9,555	13,097
Net profit (₹ cr)	7,708	7,325	10,574
ROE (%)	n.a.	n.a.	29.2

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	25,219	30,358	29,919	27,741	33,145	36,455	44,870	50,995	62,905	71,460
Operating Expenses	20,383	25,168	24,823	22,822	27,917	30,007	36,149	40,532	49,850	56,661
Raw Material	17,400	21,854	21,071	19,829	24,142	26,222	31,970	35,231	42,015	43,981
Material Cost (%)	69.04	71.80	70.22	70.69	73.40	71.65	71.08	69.14	67.42	61.96
Employee Cost	1,069	1,257	1,391	1,288	1,363	1,484	1,627	1,926	2,461	3,328
Power & Fuel Cost	100	115	117	91	108	123	148	177	202	—
Operating Profit	4,836	5,190	5,096	4,919	5,228	6,449	8,721	10,463	13,055	14,799
Other Income	1,158	1,344	1,525	1,282	1,306	1,190	1,476	1,479	2,188	2,361
OPM (%)	19.17	17.09	17.03	17.73	15.77	17.69	19.44	20.52	20.75	20.71
Depreciation and Amortisation	315	266	246	259	270	286	365	414	645	932
Interest	1	4	3	7	9	40	60	389	1,169	1,332
Profit Before Tax	5,933	6,956	6,692	6,241	7,652	7,842	10,040	10,224	13,952	14,857
Tax	1,714	2,028	1,480	1,384	1,486	1,782	2,332	2,899	3,377	3,861
Net Profit	4,219	4,928	5,212	4,857	6,166	6,060	7,708	7,325	10,744	10,996
Number of shares(Crs)	29	29	29	29	29	28	28	28	28	—
Dividend Payout Ratio(%)	41.15	35.23	66.63	83.41	65.70	65.37	28.97	80.06	39.02	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	3,992.00	4,530.00	1,554.00	2,119.00	938.00	885.00	199.00	167.00	27.29	12.94
Cash Conversion Cycle	-28.55	-29.71	-24.27	-22.20	-26.30	-23.52	-24.07	-26.96	-33.56	-25.05
Inventory Days	11.44	10.42	10.24	12.35	16.82	14.89	13.87	13.12	13.38	24.13
Days Receivable	13.21	17.32	24.36	26.14	29.22	23.14	16.23	15.44	14.93	16.13
Days Payable	53.20	57.45	58.87	60.69	72.35	61.56	54.17	55.52	61.87	65.31
Debt to Equity Ratio	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.07	0.27	0.57
Free Cash Flow/Sales (%)	14.11	16.43	7.84	11.93	10.33	11.10	11.90	13.02	-4.46	2.99
Free Cash Flow(est) (Crs)	3,070.00	4,144.00	2,379.00	3,570.00	2,866.00	3,680.00	4,340.00	5,841.00	-2,273.00	1,883.00
Gross Margin (%)	32.81	30.96	28.20	29.78	29.31	26.60	28.35	28.92	30.86	32.58
Op Profit Margin (%)	20.30	19.17	17.09	17.03	17.73	15.77	17.69	19.44	20.52	20.75
Net Profit Margin (%)	18.74	16.73	16.23	17.42	17.51	18.60	16.62	17.18	14.36	17.08
ROCE (%)	28.95	27.01	26.16	28.64	21.25	20.59	24.62	32.50	27.11	25.36
ROIC (%)	159.00	700.00	241.00	387.00	223.00	241.00	240.00	-3,422.00	247.00	53.97
ROE (%)	22.85	20.66	21.21	24.06	17.81	20.65	20.64	26.61	20.82	27.67
Net Profit Margin (%)	18.74	16.73	16.23	17.42	17.51	18.60	16.62	17.18	14.36	17.08
P/E	19.91	18.85	17.12	11.24	21.88	17.14	18.13	33.12	30.02	22.83
Price to Book	4.55	3.89	3.63	2.71	3.90	3.54	3.75	8.85	6.27	6.34
EV/EBITDA	14.37	13.16	12.79	8.82	17.07	16.05	14.31	25.02	18.96	17.34
Dividend Yield (%)	1.96	2.18	2.06	5.93	3.81	3.83	3.60	0.87	2.67	1.71

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.