Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Oct - Please refer to the enclosed file.
Source: Bse
Bajaj Electricals Limited (BAJAJELEC)
Micro CapConsumer stocks · Micro cap · NSE
Bajaj Electricals Limited is an Indian consumer electrical equipment company. It operates in two main segments: Consumer Products (Appliances, Morphy Richards, Summer products) and Lighting Solutions (Consumer Lighting, Professional Lighting). The company focuses on manufacturing and marketing a range of electrical goods.
Data qualityFresh enough for analysisQuote updated 21 Oct, 02:00 pm ISTDetails
Quote21 Oct, 02:00 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result06 Aug, 06:51 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -7.9% / mo · MACD + · near 52W low · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 32
Sector 3M: -10.6% vs Nifty 500 -6.1%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BAJAJELECD candles · FIT view-26.9%TODAY · PROVISIONALLatest price ₹290.80 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.9%
RSI
33
MACD hist
0.25
52W pos
1%
2026-10-21O ₹296.35H ₹297.00L ₹289.65C ₹290.80Vol 1.2L 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
BAJAJELECNifty Consumer DurablesNifty 500
- BAJAJELEC
- -11.3%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -5.8 pp
Chart stats
19 Oct 2026- From 52W high
- -47.2%
- 52W range position
- 3%
- ATR (14)
- 3.8%
- Volume vs 20D
- 0.24x
- Avg traded value
- ₹18.2 Cr
- 20D price channel
- ₹289.1 - ₹347.7
₹561
₹289.1 - ₹561
₹11.2
Latest completed session
20-session average
24.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED21
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +2.3% · PAT +4700.0% YoY
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
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 · 70/100Rev +2% YoY · PAT +4700% YoY · margin expansion · operating leverage
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,089 Cr | +2.3% | -12.2% |
| EBITDA | ₹77 Cr | +133.3% | +92.5% |
| Operating margin | 7.0% | +390 bps | +380 bps |
| PAT | ₹48 Cr | +4700.0% | NDF |
| PAT margin | 4.4% | +432 bps | +989 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 2.20
- EV/EBITDA
- 11.54
- Market Cap
- 3498.00Cr
Profitability
- ROE
- -0.72%
- ROCE
- 2.89%
- ROA
- -1.01%
- Dividend Y
- 0.99%
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- -24.00%
- Revenue 3Y
- -3.00%
- EPS 3Y
- -34.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 3.37×
- Altman Z
- 2.63
- Book Value
- 138.00
Cash Flow
- FCF Yield
- 6.83%
- FCF Positive Y
- 8/5
- OCF
- 619.00 Cr
- EPS TTM
- -3.77
Shareholding
- Promoter Hold
- 62.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,089-12.2% vs prev
Net Profit
₹ CrLatest: 48.0+170.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.8% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 21 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth0/25
Quality0/20
Balance Sheet8/15
Cash Flow9/10
Piotroski
4/9 (+1)
Penalties
1
Raw sum
21
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
21/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 6.8%.
- Cash flow contributes 9/10 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Growth is weaker at 0/25; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; 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
—
PB
2.2
EV/EBITDA
11.5
ROE
-0.7%
ROCE
2.9%
FCF Yield
6.8%
Debt/Equity
0.1
MoS
—
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
21
Previous: 21
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
22
22
22
22
21
21
21
21
21
21
21
21
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
—
Growth-justified P/E
2.0
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Consumer — 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
CROMPTON
Small
Crompton Greaves Consumer Electricals Limited
Consumer Durables
match 85
31
28.5
10.6%
-685%
OVERVALUED
IFBIND
Micro
IFB Industries Limited
Consumer Durables
match 83
59
28.6
15.7%
+16%
FAIR VALUE
WHIRLPOOL
Small
Whirlpool of India Limited
Consumer Durables
match 70
21
39.0
7.7%
-572%
OVERVALUED
EVEREADY
Small
Eveready Industries India Limited
Consumer Durables
match 58
47
14.5
18.5%
-466%
FAIR VALUE
SHANKESH
Micro
Shankesh Jewellers Limited
Consumer Durables
match 56
71
12.2
68.8%
+67%
UNDERVALUED
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 2026-10-11T14:41:58.568Z
Management commentary snapshot
Q1 FY'27 saw 2.3% YoY revenue growth, driven by Lighting Solutions (+4%) and Consumer Products (+2%). Gross margin improved by 130 bps YoY to 32.3%, and EBIT margin significantly rose to 6.6% from 2.5% YoY, aided by cost optimization and operating leverage.
While revenue growth was modest at 2.3% YoY, the substantial improvement in EBIT margin (from 2.5% to 6.6%) and PAT (5216.5% YoY) indicates effective cost optimization and operating leverage. The strong cash position further supports the balance sheet. Mixed segment performance requires monitoring.
Current business mix
Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Consumer Products75.3%
Lighting Solutions24.7%
Growth engines
Appliances & Morphy Richards
Strong double-digit growth in Appliances and Morphy Richards offset muted performance in Summer products within the CP segment.
Consumer Lighting
Strong growth in Consumer Lighting contributed to the 4.4% YoY growth in the Lighting Solutions segment.
E-commerce & Exports
Alternate channels, including E-commerce (double-digit growth) and Exports (high double-digit growth), drove overall alternate channel growth of 11% YoY.
New Product Launches
Launched 7 new BLDC fan SKUs (Raftaar) and 85 new Professional Lighting SKUs (Fluence, Solar Trio, Flute Neo, NEXO NEO).
Headwinds
Muted Professional Lighting
Professional lighting segment remains muted, impacting overall Lighting Solutions segment growth and EBIT margins due to legacy projects.
Drop in Summer Products
Performance of Summer products dropped, offsetting strong growth in Appliances and Morphy Richards within the Consumer Products segment.
General Trade Decline
General Trade (GT) channel witnessed a drop of c.2% on YoY basis.
Risk radar
High Overheads & Fixed Costs
Management noted high overheads compared to competition and a heavy fixed cost structure, leading to low ability to absorb sales loss.
Legacy Projects in Professional Lighting
EBIT margins in Lighting Solutions dropped due to Wires and legacy projects in Professional Lighting.
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 YOY
Q1 results for consumer products are often seasonal, making year-over-year comparison more relevant to assess underlying business performance and growth trends. QoQ shows a decline in revenue, which is typical for Q1 after Q4.
Sector KPIs management disclosed
Revenue Growth (YoY)
Overall revenue from operations grew by c.2.3% YoY to INR 1,089 Cr.
Gross Margin
Gross Margin improved by 130 bps on YoY basis to c.32.3% in Q1 FY'27.
EBIT Margin
EBIT Margin significantly increased to c.6.6% in Q1 FY'27 from c.2.5% in Q1 FY'26.
Consumer Products Segment Growth
Consumer Products (CP) Segment grew c.2% YoY, with strong growth in Appliances and Morphy Richards, offset by a drop in Summer products.
Management forward view
Focus on Cost Optimization
Management is focused on cost optimization, specifically 'Vare cost', 'Spend as you earn', and 'Ring-fencing cost' due to high fixed costs.
Strong Balance Sheet
Management highlights a strong balance sheet with Cash & Cash Equivalents and surplus investments of c.INR 884 Cr as of June 30, 2026.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consumer Products Segment Growth | c.2% YoY, with strong Appliances/MR offset by Summer products drop. | Sustained growth in Appliances/MR and recovery in seasonal Summer products. |
| Professional Lighting Performance | Muted, with EBIT margin drop due to Wires and legacy projects. | Improvement in order book and resolution of legacy project impacts on margins. |
| General Trade Channel | Dropped c.2% YoY. | Stabilization or recovery in the General Trade channel performance. |
| Cost Optimization Initiatives | Focus on 'Vare cost', 'Spend as you earn', 'Ring-fencing cost'. | Continued improvement in EBIT margins and profitability through cost control. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited 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 42nd percentile of the scored universe and 45th percentile within Consumer. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
114 docs text-extracted · 73 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Consumer: 45th pctile, median 66 · Micro: 25th pctile, median 73
Evidence depth
Financial-only
114 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
89
strong · profit to cash conversion
Balance sheet
80
strong · leverage and solvency
Discipline
30
weak · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 62.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.3%.
- ▸8 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 2.9%.
- ▸ROE is low at -0.7%.
- ▸ROCE trend is -6.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bajaj Electricals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 4 Sep - Please refer to the enclosed file.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Aug - Bajaj Electricals appoints Krishnan Sundaram as Chief Growth & New Business Officer, effective August 11, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Please refer to the enclosed file.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 2 Jul - Bajaj Electricals appoints Tiny Sengupta as Chief Marketing Officer, effective June 29, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Jun - Bajaj Electricals appoints Ms. Tiny Sengupta as Senior Management Personnel effective June 30, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Jun - Please refer to the enclosed file.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.