# Bajaj Finserv (BAJAJFINSV.NSE)

Canonical: https://gigainvestors.com/s/BAJAJFINSV.NSE

Analysis as of: 2026-10-16T07:33:23.355Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 1,732.00 per share; close as of 2026-10-15.

Estimated value: low INR 751.65 per share, central INR 1,026.33 per share, high INR 1,166.25 per share. Buy at or below the central value INR 1,026.33 per share. Valuation as of 2026-10-16T07:33:23.355Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.35×

- FY2018: 0.32×

- FY2019: 0.35×

- FY2020: 0.33×

- FY2021: 0.32×

- FY2022: 0.31×

- FY2023: 0.36×

- FY2024: 0.36×

- FY2025: 0.36×

- FY2026: 0.37×

### moat: fail

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

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.4%

- ROIC, second-lowest year: 8.3%

- Conservative return floor, median: 8.4%

- Conservative return floor, second lowest: 7.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: 2.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 7.9%

- FY2023: 8.4%

- FY2024: 8.7%

- FY2025: 8.7%

- FY2026: 8.3%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 369B

- Net income, five-year total: INR 378B

- Working capital / revenue, final three-year average: 0.1%

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

- FY2022: 0.95×

- FY2023: 0.95×

- FY2024: 1.00×

- FY2025: 0.98×

- FY2026: 0.98×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 14.21 to 55.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: INR 1.97T

- Cumulative retained earnings: INR 447B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 18.4%

- Per-share value change: INR 40.79

- Per-share value, starting three-year median: INR 14.21

- Per-share value, ending three-year median: INR 55.00

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.2%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 538B

- ROIC, last three-year median: 8.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 14.21

- FY2018: INR 16.65

- FY2019: INR 20.23

- FY2020: INR 21.17

- FY2021: INR 28.09

- FY2022: INR 28.63

- FY2023: INR 40.00

- FY2024: INR 50.66

- FY2025: INR 55.00

- FY2026: INR 61.00

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 8.6%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 1

- Earnings backed by cash: No

- Operating cash / earnings: -5.64×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 10.3%

- FY2018: 13.8%

- FY2019: 14.5%

- FY2020: 10.6%

- FY2021: -0.0%

- FY2022: 11.5%

- FY2023: 11.3%

- FY2024: 13.7%

- FY2025: 10.8%

- FY2026: 8.6%

## Holders

## Price story

Price needs cash profits to grow 13.6% a year for ten years · sales +13.2%

Story as of 2026-10-16T09:59:55.896Z; price observation 2026-10-15.

Price needs cash profits to grow 13.6% a year for ten years

### Sales · FY2025–2026

sales +13.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 245B 

- FY2018: INR 329B 

- FY2019: INR 426B 

- FY2020: INR 544B 

- FY2021: INR 606B 

- FY2022: INR 684B 

- FY2023: INR 821B 

- FY2024: INR 1.10T 

- FY2025: INR 1.33T 

- FY2026: INR 1.51T 

## Owner memo

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

### How it makes money

Operates in holding company; annual sales are INR 1.5 trillion.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2026: revenue 1505300000000; operatingIncome 558070000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 36.2% to 37.1% during 2024–26; it earns 8.4% on its capital.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2024: operatingIncome / revenue = 36.2%.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2025: operatingIncome / revenue = 36.4%.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2026: operatingIncome / revenue = 37.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.355Z); 10-year return on capital observations [[2022,0.0787439097299974],[2023,0.08435559203226088],[2024,0.08682662677113227],[2025,0.08691034753587928],[2026,0.08324158305819829]]; median 0.08435559203226088. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1.6% of cash earnings; paid dividends in 9 of 9 years.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2020: growth capex 4220000000; upkeep 4570000000; owner earnings 33690000000. Growth capex / owner earnings = 0.12525972098545562.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2021: growth capex 0; upkeep 4710000000; owner earnings 44970000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2022: growth capex 3470000000; upkeep 5630000000; cash acquisitions 0; owner earnings 43467500000. Growth capex plus acquisitions / owner earnings = 0.0798297578650716.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2023: growth capex 5420000000; upkeep 6780000000; cash acquisitions 0; owner earnings 61116500000. Growth capex plus acquisitions / owner earnings = 0.08868308885489189.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2024: growth capex 5350000000; upkeep 9000000000; cash acquisitions 0; owner earnings 81480000000. Growth capex plus acquisitions / owner earnings = 0.06566028473244968.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2025: growth capex 6940000000; upkeep 11700000000; cash acquisitions 0; owner earnings 86702956509.85306. Growth capex plus acquisitions / owner earnings = 0.08004340658454165.

- Source: https://www.screener.in/company/BAJAJFINSV/consolidated/ (filed 2026-10-16T07:33:23.355Z); FY2026: growth capex 1570000000; upkeep 12910000000; cash acquisitions 0; owner earnings 95808524683.51213. Growth capex plus acquisitions / owner earnings = 0.016386850806713073.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.355Z); Dividend observations: [[2018,1100000000],[2019,1820000000],[2020,6830000000],[2021,820000000],[2022,4000000000],[2023,7450000000],[2024,11830000000],[2025,15420000000],[2026,18480000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_NBFC_INDAS_1662721_30042026110827_WEB.xml (filed 2026-10-16T07:33:23.355Z); FY2026: cash repurchases 25109200000 INR.

### What the price says

The price assumes cash profits grow 13.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.355Z); Ten-year compound average after fade. Initial solved rate 0.18286277665029826. Price 1732; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -61.567069243156205 → FY2026 59.62983374853832. Closing-price date 2026-10-15.

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

- 2016-11: INR 299.00 per share

- 2016-12: INR 289.48 per share

- 2017-01: INR 324.58 per share

- 2017-02: INR 391.42 per share

- 2017-03: INR 409.84 per share

- 2017-04: INR 457.57 per share

- 2017-05: INR 419.20 per share

- 2017-06: INR 411.87 per share

- 2017-07: INR 499.18 per share

- 2017-08: INR 550.28 per share

- 2017-09: INR 515.45 per share

- 2017-10: INR 501.04 per share

- 2017-11: INR 521.41 per share

- 2017-12: INR 523.04 per share

- 2018-01: INR 481.23 per share

- 2018-02: INR 505.17 per share

- 2018-03: INR 517.16 per share

- 2018-04: INR 548.26 per share

- 2018-05: INR 604.22 per share

- 2018-06: INR 582.11 per share

- 2018-07: INR 697.73 per share

- 2018-08: INR 674.78 per share

- 2018-09: INR 600.62 per share

- 2018-10: INR 540.47 per share

- 2018-11: INR 599.43 per share

- 2018-12: INR 647.70 per share

- 2019-01: INR 609.19 per share

- 2019-02: INR 646.24 per share

- 2019-03: INR 703.71 per share

- 2019-04: INR 752.04 per share

- 2019-05: INR 818.79 per share

- 2019-06: INR 852.47 per share

- 2019-07: INR 709.78 per share

- 2019-08: INR 711.96 per share

- 2019-09: INR 851.30 per share

- 2019-10: INR 813.43 per share

- 2019-11: INR 911.03 per share

- 2019-12: INR 939.34 per share

- 2020-01: INR 944.14 per share

- 2020-02: INR 905.08 per share

- 2020-03: INR 459.12 per share

- 2020-04: INR 510.43 per share

- 2020-05: INR 440.49 per share

- 2020-06: INR 584.52 per share

- 2020-07: INR 620.59 per share

- 2020-08: INR 619.03 per share

- 2020-09: INR 585.23 per share

- 2020-10: INR 557.35 per share

- 2020-11: INR 875.88 per share

- 2020-12: INR 890.64 per share

- 2021-01: INR 872.28 per share

- 2021-02: INR 964.86 per share

- 2021-03: INR 966.86 per share

- 2021-04: INR 1,104.17 per share

- 2021-05: INR 1,180.63 per share

- 2021-06: INR 1,210.91 per share

- 2021-07: INR 1,422.22 per share

- 2021-08: INR 1,714.88 per share

- 2021-09: INR 1,778.68 per share

- 2021-10: INR 1,782.11 per share

- 2021-11: INR 1,723.73 per share

- 2021-12: INR 1,640.62 per share

- 2022-01: INR 1,568.95 per share

- 2022-02: INR 1,601.26 per share

- 2022-03: INR 1,706.05 per share

- 2022-04: INR 1,491.11 per share

- 2022-05: INR 1,293.40 per share

- 2022-06: INR 1,093.18 per share

- 2022-07: INR 1,504.76 per share

- 2022-08: INR 1,696.21 per share

- 2022-09: INR 1,678.35 per share

- 2022-10: INR 1,687.50 per share

- 2022-11: INR 1,626.50 per share

- 2022-12: INR 1,547.85 per share

- 2023-01: INR 1,342.45 per share

- 2023-02: INR 1,334.90 per share

- 2023-03: INR 1,266.50 per share

- 2023-04: INR 1,354.65 per share

- 2023-05: INR 1,451.05 per share

- 2023-06: INR 1,528.00 per share

- 2023-07: INR 1,598.30 per share

- 2023-08: INR 1,488.90 per share

- 2023-09: INR 1,540.25 per share

- 2023-10: INR 1,569.55 per share

- 2023-11: INR 1,673.50 per share

- 2023-12: INR 1,685.80 per share

- 2024-01: INR 1,627.30 per share

- 2024-02: INR 1,593.80 per share

- 2024-03: INR 1,643.85 per share

- 2024-04: INR 1,615.00 per share

- 2024-05: INR 1,528.60 per share

- 2024-06: INR 1,588.15 per share

- 2024-07: INR 1,651.65 per share

- 2024-08: INR 1,783.05 per share

- 2024-09: INR 1,973.40 per share

- 2024-10: INR 1,750.75 per share

- 2024-11: INR 1,579.95 per share

- 2024-12: INR 1,568.10 per share

- 2025-01: INR 1,736.10 per share

- 2025-02: INR 1,872.30 per share

- 2025-03: INR 2,007.35 per share

- 2025-04: INR 1,951.60 per share

- 2025-05: INR 2,017.40 per share

- 2025-06: INR 2,056.00 per share

- 2025-07: INR 1,948.00 per share

- 2025-08: INR 1,913.50 per share

- 2025-09: INR 2,006.40 per share

- 2025-10: INR 2,088.30 per share

- 2025-11: INR 2,094.00 per share

- 2025-12: INR 2,039.90 per share

- 2026-01: INR 1,952.60 per share

- 2026-02: INR 1,993.40 per share

- 2026-03: INR 1,631.80 per share

- 2026-04: INR 1,747.20 per share

- 2026-05: INR 1,783.60 per share

- 2026-06: INR 1,780.20 per share

- 2026-07: INR 2,029.10 per share

- 2026-08: INR 2,021.00 per share

- 2026-09: INR 1,731.00 per share

- 2026-10: INR 1,732.00 per share

## Annual estimated value (INR per share)

- FY2022: low INR 268.54 per share, central INR 297.13 per share, high INR 333.41 per share

- FY2023: low INR 327.71 per share, central INR 362.61 per share, high INR 406.88 per share

- FY2024: low INR 537.70 per share, central INR 592.08 per share, high INR 661.07 per share

- FY2025: low INR 744.25 per share, central INR 1,017.74 per share, high INR 1,157.06 per share

- FY2026: low INR 751.65 per share, central INR 1,026.33 per share, high INR 1,166.25 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 2026-10-15T06:39:08.939Z 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.

Bajaj Finserv

BAJAJFINSV · NSE

Nifty 50

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: INR 1,732.00
Buy up to: INR 1,026.33
Expected / yr: 8.0% at today's price (11.4% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 6.3% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 35.0%
Worst year: 30.5%
Latest · 2026: 37.1%

Capital return excluding acquisitions: median 8.4% (minimum 15%), and the second-worst year 8.3% (minimum 10%).

ROIC excluding acquisitions

5y median: 8.4%
Worst year: 7.9%
Latest · 2026: 8.3%

Each $1 of profit left $0.98 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.98×
Annual median: 0.98×
Latest · 2026: 0.98×

Per-share value rose from 14.21 to 55, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: INR 28.36
Worst year: INR 14.21
Latest · 2026: INR 61.00

Profits lacked the required cash backing.

Sloan accruals

10y median: 11.1%
Worst year: 14.5%
Latest · 2026: 8.6%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 34.2%, three-year average owner earnings per share 54.68 INR.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price INR 299.00; 2016-12 · Price INR 289.48; 2017-01 · Price INR 324.58; 2017-02 · Price INR 391.42; 2017-03 · Price INR 409.84; 2017-04 · Price INR 457.57; 2017-05 · Price INR 419.20; 2017-06 · Price INR 411.87; 2017-07 · Price INR 499.18; 2017-08 · Price INR 550.28; 2017-09 · Price INR 515.45; 2017-10 · Price INR 501.04; 2017-11 · Price INR 521.41; 2017-12 · Price INR 523.04; 2018-01 · Price INR 481.23; 2018-02 · Price INR 505.17; 2018-03 · Price INR 517.16; 2018-04 · Price INR 548.26; 2018-05 · Price INR 604.22; 2018-06 · Price INR 582.11; 2018-07 · Price INR 697.73; 2018-08 · Price INR 674.78; 2018-09 · Price INR 600.62; 2018-10 · Price INR 540.47; 2018-11 · Price INR 599.43; 2018-12 · Price INR 647.70; 2019-01 · Price INR 609.19; 2019-02 · Price INR 646.24; 2019-03 · Price INR 703.71; 2019-04 · Price INR 752.04; 2019-05 · Price INR 818.79; 2019-06 · Price INR 852.47; 2019-07 · Price INR 709.78; 2019-08 · Price INR 711.96; 2019-09 · Price INR 851.30; 2019-10 · Price INR 813.43; 2019-11 · Price INR 911.03; 2019-12 · Price INR 939.34; 2020-01 · Price INR 944.14; 2020-02 · Price INR 905.08; 2020-03 · Price INR 459.12; 2020-04 · Price INR 510.43; 2020-05 · Price INR 440.49; 2020-06 · Price INR 584.52; 2020-07 · Price INR 620.59; 2020-08 · Price INR 619.03; 2020-09 · Price INR 585.23; 2020-10 · Price INR 557.35; 2020-11 · Price INR 875.88; 2020-12 · Price INR 890.64; 2021-01 · Price INR 872.28; 2021-02 · Price INR 964.86; 2021-03 · Price INR 966.86; 2021-04 · Price INR 1104.17; 2021-05 · Price INR 1180.63; 2021-06 · Price INR 1210.91; 2021-07 · Price INR 1422.22; 2021-08 · Price INR 1714.88; 2021-09 · Price INR 1778.68; 2021-10 · Price INR 1782.11; 2021-11 · Price INR 1723.73; 2021-12 · Price INR 1640.62; 2022-01 · Price INR 1568.95 · Value 297.13 · Buy at or below 297.13; 2022-02 · Price INR 1601.26 · Value 297.13 · Buy at or below 297.13; 2022-03 · Price INR 1706.05 · Value 297.13 · Buy at or below 297.13; 2022-04 · Price INR 1491.11 · Value 297.13 · Buy at or below 297.13; 2022-05 · Price INR 1293.40 · Value 297.13 · Buy at or below 297.13; 2022-06 · Price INR 1093.18 · Value 297.13 · Buy at or below 297.13; 2022-07 · Price INR 1504.76 · Value 297.13 · Buy at or below 297.13; 2022-08 · Price INR 1696.21 · Value 297.13 · Buy at or below 297.13; 2022-09 · Price INR 1678.35 · Value 297.13 · Buy at or below 297.13; 2022-10 · Price INR 1687.50 · Value 297.13 · Buy at or below 297.13; 2022-11 · Price INR 1626.50 · Value 297.13 · Buy at or below 297.13; 2022-12 · Price INR 1547.85 · Value 297.13 · Buy at or below 297.13; 2023-01 · Price INR 1342.45 · Value 297.13 · Buy at or below 297.13; 2023-02 · Price INR 1334.90 · Value 362.61 · Buy at or below 362.61; 2023-03 · Price INR 1266.50 · Value 362.61 · Buy at or below 362.61; 2023-04 · Price INR 1354.65 · Value 362.61 · Buy at or below 362.61; 2023-05 · Price INR 1451.05 · Value 362.61 · Buy at or below 362.61; 2023-06 · Price INR 1528.00 · Value 362.61 · Buy at or below 362.61; 2023-07 · Price INR 1598.30 · Value 362.61 · Buy at or below 362.61; 2023-08 · Price INR 1488.90 · Value 362.61 · Buy at or below 362.61; 2023-09 · Price INR 1540.25 · Value 362.61 · Buy at or below 362.61; 2023-10 · Price INR 1569.55 · Value 362.61 · Buy at or below 362.61; 2023-11 · Price INR 1673.50 · Value 362.61 · Buy at or below 362.61; 2023-12 · Price INR 1685.80 · Value 362.61 · Buy at or below 362.61; 2024-01 · Price INR 1627.30 · Value 362.61 · Buy at or below 362.61; 2024-02 · Price INR 1593.80 · Value 592.08 · Buy at or below 592.08; 2024-03 · Price INR 1643.85 · Value 592.08 · Buy at or below 592.08; 2024-04 · Price INR 1615.00 · Value 592.08 · Buy at or below 592.08; 2024-05 · Price INR 1528.60 · Value 592.08 · Buy at or below 592.08; 2024-06 · Price INR 1588.15 · Value 592.08 · Buy at or below 592.08; 2024-07 · Price INR 1651.65 · Value 592.08 · Buy at or below 592.08; 2024-08 · Price INR 1783.05 · Value 592.08 · Buy at or below 592.08; 2024-09 · Price INR 1973.40 · Value 592.08 · Buy at or below 592.08; 2024-10 · Price INR 1750.75 · Value 592.08 · Buy at or below 592.08; 2024-11 · Price INR 1579.95 · Value 592.08 · Buy at or below 592.08; 2024-12 · Price INR 1568.10 · Value 592.08 · Buy at or below 592.08; 2025-01 · Price INR 1736.10 · Value 592.08 · Buy at or below 592.08; 2025-02 · Price INR 1872.30 · Value 1017.74 · Buy at or below 1017.74; 2025-03 · Price INR 2007.35 · Value 1017.74 · Buy at or below 1017.74; 2025-04 · Price INR 1951.60 · Value 1017.74 · Buy at or below 1017.74; 2025-05 · Price INR 2017.40 · Value 1017.74 · Buy at or below 1017.74; 2025-06 · Price INR 2056.00 · Value 1017.74 · Buy at or below 1017.74; 2025-07 · Price INR 1948.00 · Value 1017.74 · Buy at or below 1017.74; 2025-08 · Price INR 1913.50 · Value 1017.74 · Buy at or below 1017.74; 2025-09 · Price INR 2006.40 · Value 1017.74 · Buy at or below 1017.74; 2025-10 · Price INR 2088.30 · Value 1017.74 · Buy at or below 1017.74; 2025-11 · Price INR 2094.00 · Value 1017.74 · Buy at or below 1017.74; 2025-12 · Price INR 2039.90 · Value 1017.74 · Buy at or below 1017.74; 2026-01 · Price INR 1952.60 · Value 1017.74 · Buy at or below 1017.74; 2026-02 · Price INR 1993.40 · Value 1026.33 · Buy at or below 1026.33; 2026-03 · Price INR 1631.80 · Value 1026.33 · Buy at or below 1026.33; 2026-04 · Price INR 1747.20 · Value 1026.33 · Buy at or below 1026.33; 2026-05 · Price INR 1783.60 · Value 1026.33 · Buy at or below 1026.33; 2026-06 · Price INR 1780.20 · Value 1026.33 · Buy at or below 1026.33; 2026-07 · Price INR 2029.10 · Value 1026.33 · Buy at or below 1026.33; 2026-08 · Price INR 2021.00 · Value 1026.33 · Buy at or below 1026.33; 2026-09 · Price INR 1731.00 · Value 1026.33 · Buy at or below 1026.33; 2026-10 · Price INR 1732.00 · Value 1026.33 · Buy at or below 1026.33; 2026-10 · Price INR 1732.00 · Value 1026.33 · Buy at or below 1026.33

INR per share · annual estimates

Price & return math
Value range	INR 751.65 – INR 1,166.25
Buy at or below	Central value INR 1,026.33
Discount to value	1 − 1732.00 / 1026.33 = -68.8%
Return / year	About 8.0% a year at today's price (required return 11.4%)
Cash-flow inputs	Owner cash INR 61.10/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash INR 45.30/share today.
Required return	11.4% / year, earned by construction at the central value

RevenueINR 1.51T

Revenue

Owner earningsINR 96B

Owner earnings

Operating margin37.1%

Operating margin

Net cash / debtINR -4.26T

Net cash / debt

Diluted shares1.6B

Diluted shares

Prices 15 Oct 2026 · FY2026