# Bajaj Auto (BAJAJ-AUTO.NSE)

Canonical: https://gigainvestors.com/s/BAJAJ-AUTO.NSE

Analysis as of: 2026-10-16T07:33:23.257Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 10,385.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2018: 0.18×

- FY2019: 0.16×

- FY2020: 0.16×

- FY2021: 0.17×

- FY2022: 0.15×

- FY2023: 0.17×

- FY2024: 0.19×

- FY2025: 0.18×

- FY2026: 0.20×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- Conservative return floor, median: 15.7%

- Conservative return floor, second lowest: 13.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 21.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 373B

- Net income, five-year total: INR 380B

- Return on incremental invested capital: 188.7%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.2 pp

- Working capital / revenue, final three-year average: -2.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 0.90×

- FY2024: 1.00×

- FY2025: 0.99×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 140.98 to 272.70 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: INR 1.64T

- Cumulative retained earnings: INR 285B

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.6%

- Per-share value change: INR 131.72

- Per-share value, starting three-year median: INR 140.98

- Per-share value, ending three-year median: INR 272.70

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 613B

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 140.98

- FY2018: INR 145.80

- FY2019: INR 170.30

- FY2020: INR 180.20

- FY2021: INR 167.90

- FY2022: INR 213.20

- FY2023: INR 212.50

- FY2024: INR 272.70

- FY2025: INR 262.00

- FY2026: INR 384.41

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 10.6%

- Receivables to sales index (DSRI): 1.32×

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.24×

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2017: 3.8%

- FY2018: -0.4%

- FY2019: 8.5%

- FY2020: 5.1%

- FY2021: 5.2%

- FY2022: 5.6%

- FY2023: 2.2%

- FY2024: 2.9%

- FY2025: 16.1%

- FY2026: 10.6%

## Holders

## Price story

Up 95% since Oct 2023 · sales +23.4%

Story as of 2026-10-16T09:59:55.882Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +23.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 218B 

- FY2018: INR 252B 

- FY2019: INR 304B 

- FY2020: INR 299B 

- FY2021: INR 277B 

- FY2022: INR 331B 

- FY2023: INR 365B 

- FY2024: INR 449B 

- FY2025: INR 510B 

- FY2026: INR 629B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in 2/3 wheelers; annual sales are INR 629 billion.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2026: revenue 629050000000; operatingIncome 124520000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 17.9% to 19.8% during 2024–26; it earns 16.5% on its capital.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2024: operatingIncome / revenue = 18.7%.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2025: operatingIncome / revenue = 17.9%.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2026: operatingIncome / revenue = 19.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.257Z); 10-year return on capital observations [[2023,0.1652253785247951],[2024,0.2161836959791437],[2025,0.1578150776903894]]; median 0.1652253785247951. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.7% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2017: growth capex 0; upkeep 2060000000; owner earnings 41800000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2018: growth capex 0; upkeep 1960000000; owner earnings 43380000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2019: growth capex 0; upkeep 1840000000; owner earnings 50100000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2020: growth capex 0; upkeep 2970000000; owner earnings 51610000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2021: growth capex 0; upkeep 2600000000; owner earnings 48560000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2022: growth capex 2810000000; upkeep 2700000000; cash acquisitions 0; owner earnings 61660000000. Growth capex plus acquisitions / owner earnings = 0.045572494323710674.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2023: growth capex 2041428987.7420197; upkeep 9058571012.25798; cash acquisitions 0; owner earnings 54401428987.74202. Growth capex plus acquisitions / owner earnings = 0.03752528243701105.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2024: growth capex 3580000000; upkeep 3650000000; cash acquisitions 0; owner earnings 77080000000. Growth capex plus acquisitions / owner earnings = 0.04644525168655942.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2025: growth capex 4131690118.1269865; upkeep 4608309881.8730135; cash acquisitions 0; owner earnings 72781690118.12698. Growth capex plus acquisitions / owner earnings = 0.05676826288893708.

- Source: https://www.screener.in/company/BAJAJ-AUTO/consolidated/ (filed 2026-10-16T07:33:23.257Z); FY2026: growth capex 770000000; upkeep 6450000000; owner earnings 107440000000. Growth capex / owner earnings = 0.007166790766939687.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.257Z); Dividend observations: [[2017,1730000000],[2018,15880000000],[2019,17360000000],[2020,51950000000],[2021,140000000],[2022,40490000000],[2023,40470000000],[2024,39600000000],[2025,22350000000],[2026,58550000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.257Z); FY2026: cash repurchases 767584053.2911555 INR.

### What the price says

The price is 4.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.257Z); Closing price 10385 INR; reporting-to-trading FX 1; FY2026 annual sales per share 2250.6804774758007; price multiple 4.614160074666422. FY2026 cash earnings/share 384.41. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 2,685.15 per share

- 2016-12: INR 2,632.20 per share

- 2017-01: INR 2,833.45 per share

- 2017-02: INR 2,755.90 per share

- 2017-03: INR 2,805.45 per share

- 2017-04: INR 2,864.00 per share

- 2017-05: INR 2,845.95 per share

- 2017-06: INR 2,791.20 per share

- 2017-07: INR 2,808.55 per share

- 2017-08: INR 2,814.50 per share

- 2017-09: INR 3,109.40 per share

- 2017-10: INR 3,257.10 per share

- 2017-11: INR 3,305.50 per share

- 2017-12: INR 3,333.60 per share

- 2018-01: INR 3,337.15 per share

- 2018-02: INR 3,020.60 per share

- 2018-03: INR 2,744.70 per share

- 2018-04: INR 2,952.60 per share

- 2018-05: INR 2,750.30 per share

- 2018-06: INR 2,810.30 per share

- 2018-07: INR 2,700.05 per share

- 2018-08: INR 2,744.85 per share

- 2018-09: INR 2,687.45 per share

- 2018-10: INR 2,593.70 per share

- 2018-11: INR 2,745.70 per share

- 2018-12: INR 2,720.15 per share

- 2019-01: INR 2,554.55 per share

- 2019-02: INR 2,900.60 per share

- 2019-03: INR 2,911.10 per share

- 2019-04: INR 2,984.10 per share

- 2019-05: INR 2,925.90 per share

- 2019-06: INR 2,827.05 per share

- 2019-07: INR 2,516.50 per share

- 2019-08: INR 2,788.30 per share

- 2019-09: INR 2,941.80 per share

- 2019-10: INR 3,247.35 per share

- 2019-11: INR 3,176.00 per share

- 2019-12: INR 3,185.00 per share

- 2020-01: INR 3,180.05 per share

- 2020-02: INR 2,890.00 per share

- 2020-03: INR 2,022.35 per share

- 2020-04: INR 2,623.30 per share

- 2020-05: INR 2,710.50 per share

- 2020-06: INR 2,826.05 per share

- 2020-07: INR 3,004.95 per share

- 2020-08: INR 2,967.00 per share

- 2020-09: INR 2,881.10 per share

- 2020-10: INR 2,886.90 per share

- 2020-11: INR 3,173.55 per share

- 2020-12: INR 3,444.05 per share

- 2021-01: INR 4,005.80 per share

- 2021-02: INR 3,798.70 per share

- 2021-03: INR 3,670.60 per share

- 2021-04: INR 3,833.75 per share

- 2021-05: INR 4,192.80 per share

- 2021-06: INR 4,133.85 per share

- 2021-07: INR 3,829.60 per share

- 2021-08: INR 3,727.85 per share

- 2021-09: INR 3,832.65 per share

- 2021-10: INR 3,707.25 per share

- 2021-11: INR 3,240.30 per share

- 2021-12: INR 3,249.25 per share

- 2022-01: INR 3,564.65 per share

- 2022-02: INR 3,530.35 per share

- 2022-03: INR 3,653.00 per share

- 2022-04: INR 3,729.55 per share

- 2022-05: INR 3,864.10 per share

- 2022-06: INR 3,706.60 per share

- 2022-07: INR 3,914.45 per share

- 2022-08: INR 4,084.85 per share

- 2022-09: INR 3,527.75 per share

- 2022-10: INR 3,671.85 per share

- 2022-11: INR 3,750.70 per share

- 2022-12: INR 3,616.05 per share

- 2023-01: INR 3,818.25 per share

- 2023-02: INR 3,661.20 per share

- 2023-03: INR 3,884.75 per share

- 2023-04: INR 4,431.95 per share

- 2023-05: INR 4,567.15 per share

- 2023-06: INR 4,691.55 per share

- 2023-07: INR 4,931.40 per share

- 2023-08: INR 4,613.80 per share

- 2023-09: INR 5,063.70 per share

- 2023-10: INR 5,314.05 per share

- 2023-11: INR 6,090.55 per share

- 2023-12: INR 6,797.25 per share

- 2024-01: INR 7,667.55 per share

- 2024-02: INR 7,909.35 per share

- 2024-03: INR 9,148.15 per share

- 2024-04: INR 8,903.65 per share

- 2024-05: INR 9,084.75 per share

- 2024-06: INR 9,501.65 per share

- 2024-07: INR 9,664.20 per share

- 2024-08: INR 10,891.55 per share

- 2024-09: INR 12,345.95 per share

- 2024-10: INR 9,836.30 per share

- 2024-11: INR 9,033.65 per share

- 2024-12: INR 8,798.60 per share

- 2025-01: INR 8,847.80 per share

- 2025-02: INR 7,902.90 per share

- 2025-03: INR 7,878.85 per share

- 2025-04: INR 8,030.00 per share

- 2025-05: INR 8,607.00 per share

- 2025-06: INR 8,376.00 per share

- 2025-07: INR 8,008.00 per share

- 2025-08: INR 8,631.50 per share

- 2025-09: INR 8,678.50 per share

- 2025-10: INR 8,892.50 per share

- 2025-11: INR 9,073.50 per share

- 2025-12: INR 9,343.00 per share

- 2026-01: INR 9,597.50 per share

- 2026-02: INR 9,972.50 per share

- 2026-03: INR 8,781.50 per share

- 2026-04: INR 9,994.00 per share

- 2026-05: INR 10,460.00 per share

- 2026-06: INR 9,716.00 per share

- 2026-07: INR 11,520.50 per share

- 2026-08: INR 12,130.00 per share

- 2026-09: INR 10,874.00 per share

- 2026-10: INR 10,385.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:08.858Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.