Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - Bajaj Auto Sep'26 sales rose 5% to 5,38,443 units; Apr-Sep'26 sales up 24% to 29,87,135.
Source: Bse
Bajaj Auto Limited (BAJAJ-AUTO)
Large CapAuto stocks · Large cap · NSE
Bajaj Auto Limited is an Indian two-wheeler and three-wheeler manufacturer. FY26 was a record year with highest ever volumes, revenues, and profits, driven by strong performance across all business units including domestic motorcycles (150cc+), electric vehicles (2W & 3W), and exports (Latam, Asia, KTM, Triumph).
₹10,056
-231.00 · -2.25%
Market cap ₹2,83,265 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 12:17 pm ISTDetails
Quote21 Oct, 12:17 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result21 Jul, 06:16 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 -10.8% / mo · MACD + · sector -2.5pp vs Nifty 500 (3M)
Stock trend: 51
Sector RS: 42
Sector 3M: -8.5% vs Nifty 500 -6.0%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BAJAJ-AUTOD candles · FIT view+5.9%TODAY · PROVISIONALLatest price ₹10056.00 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.4%
RSI
36
MACD hist
34.97
52W pos
38%
2026-10-21O ₹10300.00H ₹10398.00L ₹10048.00C ₹10056.00Vol 72,161 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BAJAJ-AUTONifty AutoNifty 500
- BAJAJ-AUTO
- -2.2%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +3.3 pp
Chart stats
19 Oct 2026- From 52W high
- -17.5%
- 52W range position
- 44%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.36x
- Avg traded value
- ₹311 Cr
- 20D price channel
- ₹9,637 - ₹11,533
₹12,470
₹8,605 - ₹12,470
₹254.2
Latest completed session
20-session average
36.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE57
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +65.2% · PAT +44.3% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+38.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 72/100Rev +65% YoY · PAT +44% YoY · +22% QoQ · margin compression
Filed 21 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹21,689 Cr | +65.2% | +21.6% |
| EBITDA | ₹4,528 Cr | +62.1% | +47.3% |
| Operating margin | 21.0% | +0 bps | +400 bps |
| PAT | ₹3,189 Cr | +44.3% | -8.7% |
| PAT margin | 14.7% | -213 bps | -488 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.00
- P/B
- 7.37
- EV/EBITDA
- 20.27
- Market Cap
- 283265.00Cr
Profitability
- ROE
- 29.20%
- ROCE
- 28.20%
- ROA
- 15.02%
- Dividend Y
- 1.45%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 0.58
- Interest Coverage
- 10.63×
- Altman Z
- 6.88
- Book Value
- 1389.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 2597.00 Cr
- EPS TTM
- 420.80
Shareholding
- Promoter Hold
- 55.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 62.9k+23.4% vs prev
Net Profit
₹ CrLatest: 10.6k+44.4% vs prev
Return on Equity
%Latest: 27.2+30.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~12.8% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 19% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
77
RS percentile
Stage 1 Base / Transition
1M return
-9.9%
3M return
-2.2%
6M return
+7.1%
1Y return
+13.6%
RS 1D
+2
RS 20D
-2
Sector rank
#10
Industry rank
-
Stage evidence
- Price is within 2.0% of the 30-week proxy.
- The 30-week proxy changed +1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 121.74-0.11%
RS vs Nifty 500122
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 57 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation7/30
Growth15/25
Quality17/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
57
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
57/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 38.0%.
- Quality contributes 17/20 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
24.0
PB
7.4
EV/EBITDA
20.3
ROE
29.2%
ROCE
28.2%
FCF Yield
—
Debt/Equity
0.6
MoS
+38.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
57
Previous: 57
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+38.0%
Previous: +36.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
59
59
57
57
57
57
57
57
57
57
57
57
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹3,626.44
-177.3% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹16,221.84
+38.0% MoS
PEG
1.29
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HEROMOTOCO
Large
Hero MotoCorp Limited
Two Wheelers
match 164
71
18.1
28.1%
+50%
UNDERVALUED
TVSMOTOR
Large
TVS Motor Company Limited
Two Wheelers
match 164
47
55.2
33.6%
-46%
FAIR VALUE
M&M
Large
Mahindra & Mahindra Limited
Passenger & Commercial Vehicles
match 100
56
18.2
20.3%
+49%
FAIR VALUE
EICHERMOT
Large
Eicher Motors Limited
Two Wheelers & CV
match 99
61
33.4
24.0%
+9%
UNDERVALUED
HYUNDAI
Large
Hyundai Motor India Limited
Passenger Vehicles
match 98
58
32.2
29.9%
+17%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T08:22:53.083Z
Management commentary snapshot
Bajaj Auto reported record FY26 performance with revenues exceeding INR58,000 Cr, EBITDA over INR12,000 Cr (20.5% margin), and PAT above INR9,800 Cr. Q4 FY26 saw 24% YoY volume growth, 32% YoY revenue growth, and 36% YoY PAT growth, with EBITDA margins at 20.8% despite operating challenges.
The company delivered record FY26 results with broad-based growth across segments and strong operational management. However, significant commodity inflation, softening domestic motorcycle demand, and supply chain disruptions pose material near-term challenges to sustaining current margin levels and growth tempo.
Growth engines
Domestic 150cc+ Motorcycle Segment
The 150cc+ segment is the fastest growing, with Bajaj gaining sequential market share month-on-month driven by refreshed Pulsar portfolio (N and NS series grew over twice the industry rate in Q4).
Electric Vehicles (2W & 3W)
Electric category in both 3-wheelers and 2-wheelers will witness continued and potentially increased growth. Bajaj holds #1 position in electric 3-wheelers and Chetak is gaining e-scooter share.
Exports (Latin America & Asia)
Latin America continues to outperform with sustained growth for 11 quarters. Asia recorded double-digit growth due to Sri Lanka, Philippines, and Nepal. Bajaj holds strong competitive positions.
Probiking (KTM & Triumph)
KTM and Triumph delivered record domestic performance in Q4 with combined volumes of nearly 43,000 units (+43% YoY). New 350cc variants and network expansion are driving growth.
Capacity and execution
Brazil Manufacturing Capacity
Expanded manufacturing capacity in Brazil to 60,000 units per annum, supporting sales of nearly 10,000 units during Q4.
Chetak Electric Scooter Capacity
Current capacity is 50,000 units per month. Management is exploring substantive capacity increase due to unfulfilled demand and strong growth.
KTM and Triumph Showrooms
Rollout of joint KTM and Triumph showrooms has progressed swiftly with 80 such showrooms already operational, driving reach.
Tailwinds
Favorable Currency Depreciation
Rupee depreciated through Q4 with realized exchange rate at INR90.6/USD (vs. INR88.3/USD in Q3). Current USD realization rates reaching INR95 are very helpful in managing costs.
Shift to Premium Domestic Segments
Domestic motorcycle growth is expected to come almost entirely from the 125cc+ segment, and even more so from the 150cc+ segment, where Bajaj has strong competitive positions.
Accelerated EV Adoption
Electric category in both 3-wheelers and 2-wheelers will witness not just continuity of growth, but perhaps a further increase in growth, outpacing ICE segments.
Strong Export Market Performance
Latin America continues to outperform, delivering sustained growth. Nigeria reached stability in Q4 with volumes crossing 1 lakh units, equaling FY25 performance.
Headwinds
Sharply Inflationary Commodity Environment
Commodity environment moved to being sharply inflationary in Q1 FY27, with steel up 15%, copper 20%, and aluminum/noble metals up 35-45%.
Softening Domestic Motorcycle Demand
Motorcycle category growth estimated to slow from 20% in Q4 to 7-9% in the near term due to general inflation, increased prices, LPG shortages, and adverse consumer sentiment.
Supply Chain Difficulties
LPG shortage, manpower availability, and outbound logistics to overseas markets have impaired availability to service demand by about 10% to 15%.
Geopolitical Issues in Middle East
Loss of business in the Gulf region (5,000-6,000 units per month) and potential for further disruptions due to geopolitical issues in the Middle East.
Risk radar
Commodity Price Volatility
The commodity situation is 'very volatile and dynamic' with frequent refreshes of cost estimates, making future cost management challenging.
Demand Sensitivity to Price Hikes
Price hikes (partially rolling back GST rate cut benefits) combined with adverse sentiment could lead to postponement of purchases and further impact demand.
Regulatory Enforcement in E-Rick Segment
The E-Rick segment has slowed down due to enforcement of regulations on the streets, impacting growth in this business opportunity.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 results show strong YoY growth across segments, indicating robust recovery and market share gains. QoQ is relevant for sequential momentum in specific segments like domestic motorcycles (H2 recovery) and EV adoption, and for tracking commodity cost impacts.
Sector KPIs management disclosed
Volume Growth
Q4 FY26 total volumes reached a new high of 13.7 lakh units, growing 24% year-on-year. FY26 closed with highest ever annual volumes over 5 million units.
Realization
Q4 revenue from operations grew 32% YoY on 24% volume growth, indicating richer sales mix and favorable currency. FY26 exports revenue was highest ever at USD2.2 billion.
Product/Customer Mix
Domestic growth driven by 125cc+ segment, with 150cc+ being the fastest growing. Refreshed Pulsar portfolio (10 new variants) contributes 50% of sales.
Exports Performance
Exports business unit crossed 6 lakh units for the second consecutive quarter, clocking 25% growth YoY. Latin America delivered sustained growth for 11 consecutive quarters, reporting an all-time high.
Management forward view
Gain Share in 125cc+ Segment
Focus on gaining share in the 125cc+ segment, particularly 150cc+, through new product launches and brand development, with new Pulsar range expected in July.
Push Exports to Higher Levels
Aim to move exports needle to 220,000+ units per month, leveraging leadership in Latam sports segment and aggressive outreach in commercial bikes against Chinese competitors.
Deepen EV Leadership
Deepen leadership position in electric business by leveraging wider product portfolio, new launches, and expansion of an exclusive network.
Balance Growth and Profitability
Team will remain focused on balancing growth and profitability in the most optimal way through robust operational management amidst the changed operating environment.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Motorcycle Growth (125cc+) | 150cc+ segment growing at twice the industry rate in Q4. | Sustained share gains and industry growth in the 125cc+ and 150cc+ segments, especially with new Pulsar launches. |
| Chetak Electric Scooter Capacity Utilization | Capacity of 50,000 units per month, demand unfulfilled. | Achievement of 100% utilization and announcement of substantive capacity expansion plans. |
| Exports Volume Run-Rate | Q4 exports crossed 600,000 units (25% YoY growth). | Ability to push exports to 220,000+ units per month in Q1 FY27 despite geopolitical issues. |
| Commodity Cost Inflation Impact | Estimated 3.5-4% of revenue for Q1 FY27. | Effectiveness of pricing actions, cost savings, and currency tailwinds in mitigating the impact and protecting margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 85th percentile within Auto. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
45 docs text-extracted · 27 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Auto: 85th pctile, median 74 · Large: 82nd pctile, median 73
Evidence depth
Financial-only
45 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 55%.
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸ROCE is 28.2%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bajaj Auto Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Sep - Intimation is hereby given for Newspaper Advertisement regarding the Notice of Special Window for Transfer and Dematerialisation of Physical Securities.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 1 Sep - Crisil reaffirmed Bajaj Auto ratings: AAA/Stable for ₹384 crore cash credit, A1+ for ₹507.75 crore facilities.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 27 Aug - Bajaj Mobility AG H1 2026 revenue rose 65% to EUR 701.4 mn; EBITDA turned positive at EUR 37.6 mn.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - Post Buyback Public Advertisement published in the Financial express, Loksatta and Jansatta Newspapers
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.