Bajaj Auto financials and balance sheet

NSE: BAJAJ-AUTOBSE: 532977AutomobilesLarge Cap

₹10,072.00₹83.00 (0.82%)BSE ₹10,080.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹10,155.00.

52-week range of traded prices to 23 Oct 2026

₹8,605.00Low, 7 Nov 2025₹12,470.00High, 1 Sep 2026

Next results date: the board meets on 27 Oct 2026 to consider: financial results.

Market cap: ₹2,76,782 Cr31st largest listed
P/E: 23.5
P/B: 7.1
Dividend yield: 1.49%
ROE: 31.8%
ROCE: 22.3%
Debt to equity: 0.55
Volume, NSE: 2,51,12858.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Bajaj Auto annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹62,905 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue62,905
Materials and goods−42,410
Employee costs−2,461
Other expenses−4,973
Operating profit13,061
Depreciation−645
Other income+2,182
One-off items−39
Finance costs−1,169
Profit before tax13,391
Tax−3,377
Joint ventures+561
Net profit10,575

What the company owns

Plant, investments and other assets₹56,572 Cr
Current investments₹7,812 Cr
Inventory₹6,294 Cr
Receivables₹3,473 Cr
Cash and bank₹3,072 Cr

What pays for it: net worth and liabilities

Net worth₹40,220 Cr
Borrowings₹21,981 Cr
Owed to suppliers₹8,804 Cr
Other liabilities₹6,218 Cr

Bajaj Auto business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Bajaj Auto segment results by quarter

Revenue by segment

₹65,087 CrTotal

Automotive₹60,530 Cr93.0% of total
Financing₹3,248 Cr5.0% of total
Investments₹1,309 Cr2.0% of total

Profit by segment

Automotive₹12,016 Cr84.6% of total
Financing₹889 Cr6.3% of total
Investments₹1,307 Cr9.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Automotive
Revenue, ₹ crore
30,540
29,968
27,750
33,271
36,665
44,870
49,982
60,530
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5,697
5,223
4,984
6,506
6,905
8,708
8,770
12,016
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financing
Revenue, ₹ crore
17
1,041
3,248
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−25
78
889
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investments
Revenue, ₹ crore
1,265
1,475
1,267
1,157
978
1,420
1,446
1,309
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,263
1,472
1,264
1,155
976
1,418
1,444
1,307
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	31,805	31,443	29,018	34,429	37,643	46,306	52,469	65,087
Company revenue, as in its results	30,250	29,919	27,741	33,145	36,455	44,870	50,995	62,905
Revenue	30,540	29,968	27,750	33,271	36,665	44,870	49,982	60,530
Revenue growth	–	−1.9%	−7.4%	19.9%	10.2%	22.4%	11.4%	21.1%
Profit	5,697	5,223	4,984	6,506	6,905	8,708	8,770	12,016
Profit growth	–	−8.3%	−4.6%	30.5%	6.1%	26.1%	0.7%	37.0%
Margin	18.7%	17.4%	18.0%	19.6%	18.8%	19.4%	17.5%	19.9%
Return on capital	113.2%	117.9%	86.4%	94.1%	96.0%	175.7%	127.2%	70.2%
Assets	9,904	8,746	11,387	11,576	12,436	13,658	15,750	30,331
Liabilities	4,871	4,316	5,619	4,663	5,246	8,702	8,856	13,216
Capital employed	5,032	4,430	5,768	6,913	7,190	4,956	6,894	17,114
Revenue	–	–	–	–	–	17	1,041	3,248
Revenue growth	–	–	–	–	–	–	–	212.0%
Profit	–	–	–	–	–	−25	78	889
Profit growth	–	–	–	–	–	–	–	1,037.0%
Margin	–	–	–	–	–	−152.3%	7.5%	27.4%
Return on capital	–	–	–	–	–	−2.9%	3.3%	23.6%
Assets	–	–	–	–	–	1,259	10,973	19,774
Liabilities	–	–	–	–	–	376	8,637	16,003
Capital employed	–	–	–	–	–	883	2,336	3,771
Revenue	1,265	1,475	1,267	1,157	978	1,420	1,446	1,309
Revenue growth	–	16.6%	−14.1%	−8.7%	−15.5%	45.2%	1.9%	−9.5%
Profit	1,263	1,472	1,264	1,155	976	1,418	1,444	1,307
Profit growth	–	16.6%	−14.1%	−8.7%	−15.5%	45.2%	1.8%	−9.5%
Margin	99.8%	99.8%	99.8%	99.8%	99.8%	99.9%	99.8%	99.8%
Return on capital	6.9%	8.6%	5.9%	5.1%	4.5%	6.0%	5.5%	5.1%
Assets	18,346	17,049	21,500	22,786	21,888	23,521	26,135	25,579
Liabilities	0	0	0	0	0	0	0	0
Capital employed	18,346	17,049	21,500	22,786	21,888	23,521	26,135	25,579

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Bajaj Auto quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 20 May	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 6 May
Revenue from operations	23,088	25,563	30,250	29,919	27,741	33,145	36,455	44,870	50,995	62,905
	18,669	20,782	25,271	24,823	22,816	27,895	30,005	36,109	40,527	49,844
Materials and goods bought	1,339	17,410	21,824	21,008	19,610	24,330	26,121	31,893	35,259	42,410
Employee costs	–	–	1,257	1,391	1,288	1,363	1,484	1,627	1,926	2,461
Other expenses	–	–	2,190	2,424	1,919	2,202	2,399	2,589	3,342	4,973
Operating profit before depreciation	4,419	4,782	4,979	5,096	4,925	5,250	6,451	8,762	10,468	13,061
Operating margin	19.1%	18.7%	16.5%	17.0%	17.8%	15.8%	17.7%	19.5%	20.5%	20.8%
Materials, % of revenue	–	–	72.1%	70.2%	70.7%	73.4%	71.7%	71.1%	69.1%	67.4%
Employee costs, % of revenue	–	–	4.2%	4.6%	4.6%	4.1%	4.1%	3.6%	3.8%	3.9%
Other expenses, % of revenue	–	–	7.2%	8.1%	6.9%	6.6%	6.6%	5.8%	6.6%	7.9%
Depreciation and amortisation	307	315	266	246	259	270	286	365	414	645
Operating profit after depreciation	4,112	4,467	4,713	4,849	4,665	4,980	6,165	8,397	10,054	12,416
Other income	1,222	1,212	1,555	1,525	1,276	1,284	1,188	1,436	1,474	2,182
Finance costs	1	1	4	3	7	9	40	60	389	1,169
Profit before one-off items and tax	5,333	5,678	6,264	6,371	5,935	6,256	7,313	9,772	11,139	13,430
One-off items	0	−32	342	0	0	817	0	0	0	−39
Profit before tax	5,333	5,646	6,606	6,371	5,935	7,072	7,313	9,772	11,139	13,391
	1,508	1,714	2,028	1,480	1,384	1,486	1,782	2,332	2,899	3,377
Current tax	1,458	1,646	1,819	1,547	1,348	1,667	1,855	2,286	2,624	3,632
Deferred tax	50	68	209	−67	36	−181	−73	46	275	−255
Share of profit of joint ventures and associates	255	288	350	322	306	580	529	268	−915	561
	4,079	4,219	4,928	5,212	4,857	6,166	6,060	7,708	7,325	10,575
Belonging to the company's shareholders	4,079	4,219	4,928	5,212	4,857	6,166	6,060	7,708	7,325	10,744
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	–	0	0	−170
Other comprehensive income	–	–	−45	−509	753	430	553	704	1,315	−1,362
Total comprehensive income	–	–	4,882	4,703	5,610	6,596	6,613	8,412	8,640	9,213
Net margin	17.7%	16.5%	16.3%	17.4%	17.5%	18.6%	16.6%	17.2%	14.4%	16.8%
Net margin without joint ventures and associates	16.6%	15.4%	15.1%	16.3%	16.4%	16.9%	15.2%	16.6%	16.2%	15.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 17 May	Mar 2020Filed 20 May	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 6 May
	23,234	21,662	27,273	29,860	29,362	28,962	35,189	40,220
	23,234	21,662	27,273	29,860	29,362	28,962	35,189	38,832
Share capital	289	289	289	289	283	279	279	280
Reserves	22,944	21,373	26,984	29,570	29,079	28,683	34,909	38,552
Belonging to outside owners of subsidiaries	0	0	0	0	0	0	0	1,388
	0	0	0	0	0	1,786	9,237	21,981
Repayable after a year	0	0	0	0	0	633	6,083	15,339
Repayable within a year	0	0	0	0	0	1,153	3,154	6,642
	4,874	4,253	5,644	4,689	5,271	9,091	11,584	19,338
Trade payables	3,787	3,200	4,574	3,632	4,121	5,597	6,373	8,804
Other financial liabilities	371	548	407	397	464	597	744	1,534
Other liabilities	557	329	483	479	493	1,531	814	1,244
Provisions	141	158	152	154	166	191	262	699
Tax owed	16	16	24	24	24	20	236	413
	727	595	685	563	504	1,290	7,426	17,664
Other financial liabilities	125	126	121	123	124	126	178	612
Other liabilities	1	1	1	0	0	0	0	16
Provisions	15	81	2	1	1	7	14	368
Deferred tax	543	346	522	403	345	493	1,123	1,304
	28,834	26,510	33,602	35,111	35,136	39,344	54,199	77,223
Held for sale or for a demerger	–	–	–	–	–	–	–	75
	21,761	19,894	19,414	24,746	25,486	27,545	34,753	43,171
Plant in use, after depreciation	1,689	1,602	1,568	1,760	2,762	3,147	3,589	7,727
Plant being built	12	47	16	77	85	28	29	120
Intangible assets	20	43	47	25	31	21	40	4,185
Intangible assets being developed	36	14	0	0	0	7	32	1,401
Property held to earn rent	56	54	52	51	50	49	48	48
Investments	16,360	14,183	13,370	17,601	16,718	17,835	19,324	16,661
Stakes in joint ventures and associates	2,666	2,951	3,289	4,064	4,884	4,820	3,688	169
Loans given	32	32	32	5	2	577	6,451	10,888
Other financial assets	0	3	0	61	34	28	125	364
Deferred tax	0	0	0	0	0	0	89	309
Other assets	891	965	1,040	1,101	921	1,032	1,339	1,298
	7,073	6,616	14,188	10,366	9,650	11,798	19,446	33,977
Inventories	962	1,064	1,494	1,231	1,564	1,689	2,077	6,294
Trade receivables	2,560	1,725	2,717	1,516	1,752	2,076	2,125	3,473
Cash and cash equivalents	916	285	517	934	242	560	2,332	2,990
Other bank balances	17	31	22	24	449	395	516	82
Current investments	1,576	2,780	8,028	4,969	4,581	5,432	5,902	7,812
Loans given	6	6	6	4	4	208	3,465	7,936
Other financial assets	113	88	224	596	473	747	2,168	2,711
Other assets	923	637	1,181	1,091	586	692	861	2,679
Net debt	−2,510	−3,096	−8,567	−5,927	−5,272	−4,601	487	11,097

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 6 May
	3,120	4,197	5,277	6,558	−1,406	2,597
	4,460	5,899	7,196	8,945	1,344	6,026
	−484	595	592	137	−8,910	−6,438
Receivables	−1,002	1,203	−243	−293	−52	1,346
Inventories	−430	263	−333	−125	−389	639
Other working capital	948	−871	1,169	555	−8,470	−8,423
Tax paid	−1,340	−1,702	−1,919	−2,387	−2,750	−3,430
Capital spending	244	551	1,074	706	814	560
Free cash flow	2,876	3,646	4,203	5,852	−2,219	2,036
	−2,868	−81	1,200	−344	−1,056	−7,034
Plant and property sold	6	33	137	12	6	10
Companies bought	0	0	0	0	0	355
Interest received	66	243	423	456	307	322
	−20	−4,056	−7,181	−6,167	4,230	5,079
Borrowings raised	0	0	0	1,785	8,945	23,730
Borrowings repaid	0	0	0	0	−1,511	−12,585
Interest paid	−5	−7	−38	−59	−66	−258
Lease payments	0	0	0	0	0	−24
Dividends paid	9	4,049	4,047	3,960	2,235	5,855
Shares bought back	0	0	0	–	932	0
Shares issued	0	0	3,096	3,933	29	93
Net change in cash	232	60	−704	47	1,768	642

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares bought back is left blank for the year to Mar 2024: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Bajaj Auto dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 20 May	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 6 May
Earnings per share	₹141.00	₹145.80	₹170.30	₹180.20	₹167.90	₹213.20	₹212.50	₹272.70	₹262.40	₹385.00
Diluted earnings per share	₹141.00	₹145.80	₹170.30	₹180.20	₹167.90	₹213.20	₹212.50	₹272.70	₹262.00	₹384.40
Dividend per share	₹55.00	₹60.00	₹60.00	₹120.00	₹140.00	₹140.00	₹140.00	₹80.00	₹210.00	₹150.00
Book value per share	–	–	₹802.91	₹748.59	₹942.51	₹1,031.88	₹1,037.66	₹1,037.41	₹1,260.07	₹1,389.34
Dividend payout	39.0%	41.2%	35.2%	66.6%	83.4%	65.7%	65.4%	29.0%	80.1%	39.0%
Shareholder yield	–	–	–	–	0.0%	3.8%	0.9%	–	1.4%	2.3%
Market cap at the year end (₹ crore)	81,180	79,423	84,238	58,520	1,06,215	1,05,706	1,09,922	2,59,057	2,20,023	2,45,441

Shareholder yield is left blank for the year to Mar 2024: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Ratios

Consolidated, years to March.Bajaj Auto PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 May	Mar 2020Filed 20 May	Mar 2021Filed 30 Apr	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 19 Apr	Mar 2025Filed 16 Jun	Mar 2026Filed 6 May
Revenue growth	1.8%	10.7%	18.3%	−1.1%	−7.3%	19.5%	10.0%	23.1%	13.6%	23.4%
Operating profit growth	–	8.2%	4.1%	2.3%	−3.4%	6.6%	22.9%	35.8%	19.5%	24.8%
Net profit growth	7.8%	3.4%	16.8%	5.8%	−6.8%	26.9%	−1.7%	27.2%	−5.0%	44.4%
Earnings per share growth	–	3.4%	16.8%	5.8%	−6.8%	27.0%	−0.3%	28.3%	−3.8%	46.7%
	–	–	21.2%	23.2%	19.9%	21.6%	20.5%	26.4%	22.8%	29.0%
	–	–	–	2.0 pts	−3.4 pts	1.7 pts	−1.1 pts	6.0 pts	−3.6 pts	6.2 pts
From the net margin	–	–	–	1.5 pts	0.1 pts	1.2 pts	−2.3 pts	0.7 pts	−4.3 pts	4.3 pts
From asset turnover	–	–	–	0.7 pts	−3.4 pts	1.0 pts	1.5 pts	3.4 pts	−2.1 pts	−3.3 pts
From borrowing	–	–	–	−0.2 pts	−0.1 pts	−0.5 pts	−0.3 pts	1.9 pts	2.8 pts	5.2 pts
Return on capital employed	–	–	20.3%	22.4%	17.1%	16.7%	21.0%	27.3%	22.6%	20.0%
Cash conversion	–	–	–	–	64.2%	68.1%	87.1%	85.1%	−19.2%	24.6%
Interest cover	2,937.2	3,409.8	1,052.1	1,534.6	700.5	575.1	156.0	139.1	25.9	10.6
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.06	0.26	0.55
Receivable days	–	–	31	21	36	17	18	17	15	20
Inventory days	–	–	16	18	28	18	22	19	22	54
Payable days	–	–	63	56	85	54	58	64	66	76
Cash conversion cycle, days	–	–	−16	−16	−22	−19	−18	−28	−29	−1
Working capital days	–	–	−4	−9	0	−3	−9	−21	16	60
Asset turnover	–	–	1.05	1.08	0.92	0.96	1.04	1.20	1.09	0.96
Assets per rupee of net worth	–	–	1.24	1.23	1.23	1.20	1.19	1.28	1.46	1.78
Sales per rupee of plant	–	–	17.91	18.68	17.69	18.84	13.20	14.26	14.21	8.14
Capital spending to depreciation	–	–	–	–	0.94	2.04	3.76	1.94	1.96	0.87
Plant being built, % of plant in use	–	–	0.7%	2.9%	1.0%	4.4%	3.1%	0.9%	0.8%	1.6%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 16.4%
Cash from operations against operating profit: 19.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.7%	17.8%	19.9%
Profit growth, yearly rate	11.0%	17.2%	21.0%
Return on equity, average	–	24.1%	26.1%
Return on capital employed, average	–	21.5%	23.3%
Operating margin, average	18.3%	18.9%	20.3%
Net margin, average	16.9%	16.7%	16.1%
Asset turnover, average	–	1.05	1.08
Cash conversion cycle, days, average	–	−19	−20
Interest cover, average	1,054.1	181.3	58.5
Debt to equity, average	–	0.17	0.29

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	17,224	7,749	2,597
Cash from investing	−7,315	−8,434	−7,034
Cash from financing	−8,095	3,142	5,079
Capital spending	3,706	2,080	560
Dividends paid	20,146	12,050	5,855
Shares bought back	–	–	0
Shares issued for cash	7,151	4,056	93
Borrowings raised	34,460	34,460	23,730
Borrowings repaid	14,096	14,096	12,585

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	4	5	6	4	5
Altman Z-scorePublished threshold 1.81	–	–	12.04	10.40	12.91	15.06	14.46	17.83	9.66	6.34
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.76	−2.41	−2.29	−2.49	−1.67	−1.62
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	15.32	5.97	−1.19	4.01	20.92	22.85
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.74	0.80	0.49	0.30
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−31.51	64.77	−63.66	5.58	−4.65	−11.25	40.08
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	14.35	47.13	−41.70	19.70	−14.09	12.46	182.72
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.04	2.45	0.85	−1.72	0.85	3.12	3.75
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.29	0.07	0.17	0.07	0.04	0.03	0.03
Effective tax ratePublished threshold 17.16 per cent	28.28	30.37	30.70	23.24	23.33	21.01	24.37	23.86	26.02	25.22
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.05	−1.87	−0.56	1.34	−0.39

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
1 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		158
1 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	384
28 Aug 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+Review, Re-affirm	Stable	1,200

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.