Bajaj Auto Ltd

₹ 9,493 2.31%

26 Jul - close price

bajajauto.com BSE: 532977 NSE: BAJAJ-AUTO

About

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]

Key Points

Market Leadership
The company is the 2nd-largest player in the domestic motorcycle segment in terms of volume. It is the largest 3W producer in the world and the largest exporter of 2W and 3W from India. ^[1] ^[2]

Segment Performance
1) Motorcycles: The company holds a market share of 18.2% in FY24 vs 17.3% in FY23 of motorcycle sales in India. ^[3]

Website BSE NSE

Market Cap ₹ 2,65,023 Cr.
Current Price ₹ 9,493
High / Low ₹ 10,039 / 4,541
Stock P/E 33.1
Book Value ₹ 1,037
Dividend Yield 0.84 %
ROCE 33.5 %
ROE 26.5 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 53.4%

Cons

Stock is trading at 9.15 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Automobile Industry: Automobiles - Scooters And 3 - Wheelers

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
	7,386	8,762	9,022	7,975	8,005	10,203	9,319	8,929	10,312	10,838	12,165	11,555	11,932
	6,268	7,362	7,650	6,614	6,719	8,453	7,561	7,272	8,380	8,708	9,750	9,271	9,562
Operating Profit	1,118	1,400	1,371	1,361	1,286	1,750	1,757	1,657	1,932	2,130	2,415	2,284	2,370
OPM %	15%	16%	15%	17%	16%	17%	19%	19%	19%	20%	20%	20%	20%
	440	1,085	489	666	320	532	271	595	351	552	356	444	335
Interest	2	2	2	3	4	11	8	16	12	7	12	30	47
Depreciation	64	66	70	70	68	67	75	76	87	92	93	93	95
Profit before tax	1,492	2,417	1,788	1,954	1,534	2,203	1,945	2,160	2,184	2,584	2,666	2,606	2,564
Tax %	22%	16%	20%	22%	24%	22%	24%	21%	25%	22%	24%	23%	24%
	1,170	2,040	1,430	1,526	1,163	1,719	1,473	1,705	1,644	2,020	2,033	2,011	1,942
EPS in Rs	40.44	70.49	49.41	52.74	40.20	59.42	52.05	60.25	58.11	71.39	71.78	72.05	69.55
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	20,025	20,137	21,595	22,574	21,755	25,210	30,358	29,919	27,741	33,145	36,455	44,870	46,491
	16,370	15,974	17,467	17,781	17,326	20,364	25,160	24,809	22,803	27,886	29,991	36,106	37,291
Operating Profit	3,656	4,163	4,128	4,793	4,429	4,846	5,198	5,109	4,938	5,259	6,465	8,765	9,200
OPM %	18%	21%	19%	21%	20%	19%	17%	17%	18%	16%	18%	20%	20%
	790	674	228	1,194	1,468	1,404	2,028	1,832	1,570	2,671	1,703	1,700	1,688
Interest	1	1	6	1	1	1	4	3	7	9	40	60	95
Depreciation	168	181	267	307	307	315	266	246	259	270	286	365	373
Profit before tax	4,277	4,655	4,083	5,679	5,588	5,933	6,956	6,692	6,241	7,652	7,842	10,040	10,420
Tax %	29%	31%	31%	28%	27%	29%	29%	22%	22%	19%	23%	23%
	3,133	3,380	3,026	4,061	4,079	4,219	4,928	5,212	4,857	6,166	6,060	7,708	8,006
EPS in Rs	108.26	116.82	104.56	140.35	140.98	145.80	170.29	180.11	167.85	213.08	214.17	276.10	284.77
Dividend Payout %	42%	43%	48%	39%	39%	41%	35%	67%	83%	66%	65%	29%

Compounded Sales Growth
10 Years:	8%
5 Years:	8%
3 Years:	17%
TTM:	20%

Compounded Profit Growth
10 Years:	9%
5 Years:	11%
3 Years:	17%
TTM:	22%

Stock Price CAGR
10 Years:	16%
5 Years:	31%
3 Years:	35%
1 Year:	94%

Return on Equity
10 Years:	23%
5 Years:	22%
3 Years:	22%
Last Year:	26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	289	289	289	289	289	289	289	289	289	289	283	279
Reserves	7,776	9,878	10,806	13,731	17,567	20,136	22,944	21,373	26,984	29,570	29,079	28,683
	116	59	112	118	120	121	125	126	121	123	124	1,912
	4,461	5,081	4,758	3,102	3,661	4,595	5,476	4,722	6,207	5,129	5,651	8,470
Total Liabilities	12,642	15,308	15,966	17,240	21,638	25,141	28,834	26,510	33,602	35,111	35,136	39,344
	2,355	2,660	2,448	2,026	2,002	1,878	1,764	1,699	1,668	1,836	2,842	3,217
CWIP	294	144	255	52	42	56	48	60	16	77	85	35
Investments	6,059	8,448	8,985	11,067	15,477	18,895	20,603	19,914	24,687	26,634	26,183	28,087
	3,934	4,056	4,277	4,095	4,117	4,312	6,420	4,837	7,232	6,564	6,026	8,005
Total Assets	12,642	15,308	15,966	17,240	21,638	25,141	28,834	26,510	33,602	35,111	35,136	39,344

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2,218	3,502	2,114	3,690	3,267	4,328	2,487	3,850	3,120	4,197	5,277	6,558
	-1,394	-2,072	-380	-68	-3,610	-1,954	-273	1,766	-2,869	276	1,211	-72
	-1,445	-1,496	-1,644	-3,384	-190	-1,885	-2,074	-6,247	-20	-4,056	-7,181	-6,167
Net Cash Flow	-621	-66	90	238	-532	488	140	-630	231	417	-692	319

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	13	14	12	12	16	22	31	21	36	17	18	17
Inventory Days	16	17	20	17	18	16	16	18	28	18	22	19
Days Payable	50	56	43	49	56	68	63	56	85	54	58	64
Cash Conversion Cycle	-20	-24	-11	-20	-22	-31	-17	-16	-22	-19	-18	-28
Working Capital Days	-23	-34	-22	-4	-2	-21	-4	-9	-0	-3	-9	-21
ROCE %	59%	50%	40%	45%	35%	31%	30%	30%	25%	23%	27%	34%

Shareholding Pattern

Numbers in percentages

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
	53.70%	53.73%	53.77%	53.77%	54.84%	54.99%	54.99%	54.99%	54.99%	54.95%	55.06%	55.06%
	11.21%	10.20%	10.49%	11.16%	11.56%	11.82%	12.35%	13.67%	14.37%	14.64%	14.53%	14.19%
	12.85%	13.23%	13.17%	12.40%	11.53%	10.91%	10.79%	9.56%	9.03%	8.66%	8.47%	8.73%
	0.00%	0.00%	0.00%	0.00%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.08%	0.08%
	22.24%	22.84%	22.57%	22.68%	21.99%	22.20%	21.79%	21.72%	21.54%	21.67%	21.88%	21.92%
No. of Shareholders	2,11,203	2,44,081	2,33,225	2,28,873	2,25,518	2,26,836	2,09,076	2,02,928	1,96,543	2,00,795	2,97,605	2,74,956

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Jun 2024
	49.30%	49.30%	51.18%	53.66%	53.70%	53.77%	54.99%	55.06%	55.06%
	17.44%	17.20%	15.64%	13.94%	11.99%	10.49%	12.35%	14.53%	14.19%
	7.67%	8.51%	7.38%	8.76%	12.29%	13.17%	10.79%	8.47%	8.73%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.08%	0.08%
	25.59%	24.99%	25.80%	23.64%	22.02%	22.57%	21.79%	21.88%	21.92%
No. of Shareholders	80,360	88,377	1,09,541	1,25,263	1,56,955	2,33,225	2,09,076	2,97,605	2,74,956

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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