Financials Bajaj Auto Limited

Equities

BAJAJ-AUTO

INE917I01010

Auto & Truck Manufacturers

End-of-day quote NSE India S.E. 03:30:00 18/07/2024 am IST 5-day change 1st Jan Change
9,626 INR -0.95% Intraday chart for Bajaj Auto Limited +0.88% +41.62%

Valuation

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 5,85,201 10,62,151 10,57,058 10,99,219 25,53,978 27,19,390 - -
Enterprise Value (EV) 1 4,39,514 8,85,261 8,66,158 10,96,361 25,56,953 25,03,380 24,71,822 24,46,570
P/E ratio 11.5 x 23.3 x 21 x 19.7 x 34.6 x 30.7 x 26.7 x 23.8 x
Yield 5.93% 3.81% 3.83% 3.6% 0.87% 2.24% 2.57% 2.9%
Capitalization / Revenue 1.96 x 3.83 x 3.19 x 3.02 x 5.72 x 5.22 x 4.56 x 4.05 x
EV / Revenue 1.47 x 3.19 x 2.61 x 3.01 x 5.72 x 4.81 x 4.14 x 3.64 x
EV / EBITDA 8.62 x 18 x 16.5 x 16.7 x 29 x 23.6 x 20.2 x 17.7 x
EV / FCF 12.3 x 30.8 x 23.7 x 24 x 38.3 x 34.5 x 27.2 x 23.8 x
FCF Yield 8.14% 3.25% 4.22% 4.17% 2.61% 2.9% 3.68% 4.2%
Price to Book 2.94 x 4.21 x 3.96 x 4.32 x 10.3 x 9.38 x 8.36 x 7.49 x
Nbr of stocks (in thousands) 2,89,367 2,89,367 2,89,367 2,82,957 2,79,180 2,79,820 - -
Reference price 2 2,022 3,671 3,653 3,885 9,148 9,718 9,718 9,718
Announcement Date 20/05/20 29/04/21 27/04/22 25/04/23 18/04/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 2,99,186 2,77,411 3,31,447 3,64,276 4,46,852 5,20,896 5,96,487 6,71,661
EBITDA 1 50,962 49,285 52,586 65,491 88,250 1,05,869 1,22,360 1,38,135
EBIT 1 48,498 46,692 49,895 62,667 84,752 1,02,007 1,17,849 1,32,825
Operating Margin 16.21% 16.83% 15.05% 17.2% 18.97% 19.58% 19.76% 19.78%
Earnings before Tax (EBT) 1 65,802 59,390 65,053 74,086 98,220 1,16,387 1,33,849 1,49,748
Net income 1 51,000 45,546 50,189 56,276 74,788 88,635 1,01,755 1,13,108
Net margin 17.05% 16.42% 15.14% 15.45% 16.74% 17.02% 17.06% 16.84%
EPS 2 176.3 157.5 173.6 197.3 264.6 316.2 363.4 408.4
Free Cash Flow 1 35,790 28,728 36,569 45,686 66,706 72,592 90,857 1,02,677
FCF margin 11.96% 10.36% 11.03% 12.54% 14.93% 13.94% 15.23% 15.29%
FCF Conversion (EBITDA) 70.23% 58.29% 69.54% 69.76% 75.59% 68.57% 74.25% 74.33%
FCF Conversion (Net income) 70.18% 63.08% 72.86% 81.18% 89.19% 81.9% 89.29% 90.78%
Dividend per Share 2 120.0 140.0 140.0 140.0 80.00 217.6 250.0 281.7
Announcement Date 20/05/20 29/04/21 27/04/22 25/04/23 18/04/24 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1
Net sales 1 88,055 79,748 80,050 1,02,028 93,151 89,047 1,03,098 1,07,773 1,21,135 1,14,847 1,19,280 1,31,017 1,39,566 1,32,301 1,45,886
EBITDA 1 14,050 13,656 12,970 17,587 17,770 17,166 19,539 21,328 24,300 23,070 24,150 26,326 27,435 25,415 -
EBIT 1 13,340 12,959 12,297 16,917 17,030 16,424 18,704 20,452 23,419 22,164 23,213 25,694 26,963 26,793 28,932
Operating Margin 15.15% 16.25% 15.36% 16.58% 18.28% 18.44% 18.14% 18.98% 19.33% 19.3% 19.46% 19.61% 19.32% 20.25% 19.83%
Earnings before Tax (EBT) 1 15,733 18,972 15,447 20,140 19,635 18,865 22,046 24,000 26,758 25,416 26,218 28,525 29,969 28,108 -
Net income 1 12,142 14,690 11,733 15,300 14,914 14,329 16,648 18,361 20,419 19,360 19,883 21,726 22,818 21,412 -
Net margin 13.79% 18.42% 14.66% 15% 16.01% 16.09% 16.15% 17.04% 16.86% 16.86% 16.67% 16.58% 16.35% 16.18% -
EPS 2 42.00 50.80 40.60 53.50 52.70 50.70 58.90 64.90 72.20 68.50 71.20 77.80 75.70 81.20 -
Dividend per Share 2 - 140.0 - - - 140.0 - - - 80.00 - - - 221.3 -
Announcement Date 19/01/22 27/04/22 26/07/22 14/10/22 25/01/23 25/04/23 25/07/23 18/10/23 24/01/24 18/04/24 16/07/24 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - - - - 2,974 - - -
Net Cash position 1 1,45,688 1,76,890 1,90,900 2,858 - 2,16,010 2,47,567 2,72,820
Leverage (Debt/EBITDA) - - - - 0.0337 x - - -
Free Cash Flow 1 35,790 28,728 36,569 45,686 66,706 72,592 90,857 1,02,677
ROE (net income / shareholders' equity) 24.5% 20.2% 19.4% 21.6% 29.7% 32.4% 32.8% 33.9%
ROA (Net income/ Total Assets) 19.6% 16.2% 15.8% 17.9% 22.9% 23.7% 23.8% 25.2%
Assets 1 2,60,769 2,81,518 3,17,260 3,15,249 3,26,892 3,73,214 4,27,436 4,48,743
Book Value Per Share 2 689.0 871.0 922.0 899.0 890.0 1,036 1,163 1,297
Cash Flow per Share 2 133.0 108.0 145.0 193.0 265.0 294.0 364.0 389.0
Capex 1 2,828 2,410 5,507 9,433 8,077 8,661 8,674 9,396
Capex / Sales 0.95% 0.87% 1.66% 2.59% 1.81% 1.66% 1.45% 1.4%
Announcement Date 20/05/20 29/04/21 27/04/22 25/04/23 18/04/24 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

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