BAJAJ FINANCE LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 6,605 INR | -2.86% |
|
-4.03% | -9.86% |
| May. 03 | INDIA STOCKS-India's Nifty 50 slips from record high as IT stocks weigh | RE |
| May. 03 | India's Bajaj Finance jumps most in nearly two years after lending ban lifted | RE |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,739,781 | 1,328,463 | 3,089,441 | 4,395,117 | 3,388,270 | 4,201,978 | - | - |
| Enterprise Value (EV) 1 | 1,739,781 | 2,405,879 | 4,127,478 | 6,010,634 | 5,512,130 | 4,470,426 | 5,949,164 | 8,572,222 |
| P/E ratio | 44 x | 24.9 x | 70.5 x | 62.7 x | 29.6 x | 30.7 x | 24.1 x | 18.9 x |
| Yield | 0.2% | 0.45% | - | 0.28% | 0.53% | 0.49% | 0.63% | 0.77% |
| Capitalization / Revenue | 14.6 x | 7.85 x | 17.9 x | 20.1 x | 11.7 x | 12.3 x | 9.34 x | 7.47 x |
| EV / Revenue | 14.6 x | 14.2 x | 23.9 x | 27.5 x | 19.1 x | 12.3 x | 13.2 x | 15.2 x |
| EV / EBITDA | - | 14,077,736 x | - | - | - | - | - | - |
| EV / FCF | - | - | - | - | - | - | - | - |
| FCF Yield | - | - | - | - | - | - | - | - |
| Price to Book | 8.86 x | 4.11 x | 8.39 x | 10 x | 6.24 x | 5.57 x | 4.59 x | 3.79 x |
| Nbr of stocks (in thousands) | 575,134 | 599,541 | 599,909 | 605,392 | 603,244 | 617,988 | - | - |
| Reference price 2 | 3,025 | 2,216 | 5,150 | 7,260 | 5,617 | 6,799 | 6,799 | 6,799 |
| Announcement Date | 5/16/19 | 5/19/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/25/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 118,782 | 169,124 | 172,690 | 218,922 | 288,458 | 362,578 | 449,707 | 562,595 |
| EBITDA | - | 170,900 | - | - | - | - | - | - |
| EBIT 1 | - | 112,516 | 119,608 | 143,072 | 187,175 | 239,403 | 299,597 | 378,331 |
| Operating Margin | - | 66.53% | 69.26% | 65.35% | 64.89% | 66.03% | 66.62% | 67.25% |
| Earnings before Tax (EBT) 1 | - | 73,221 | 59,923 | 95,038 | 155,279 | 193,096 | 234,146 | 300,021 |
| Net income 1 | - | 52,638 | 44,198 | 70,282 | 115,077 | 144,512 | 174,690 | 222,976 |
| Net margin | - | 31.12% | 25.59% | 32.1% | 39.89% | 39.86% | 38.85% | 39.63% |
| EPS 2 | 68.75 | 89.07 | 73.00 | 115.8 | 189.6 | 236.0 | 282.4 | 360.1 |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| FCF margin | - | - | - | - | - | - | - | - |
| FCF Conversion (EBITDA) | - | - | - | - | - | - | - | - |
| FCF Conversion (Net income) | - | - | - | - | - | - | - | - |
| Dividend per Share 2 | 6.000 | 10.00 | - | 20.00 | 30.00 | 33.38 | 42.64 | 52.14 |
| Announcement Date | 5/16/19 | 5/19/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/25/24 | - | - |
1INR in Million2INR
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: March | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 S1 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 60,005 | 60,677 | 66,376 | 70,013 | 74,347 | 77,712 | 83,980 | 88,447 | - | 92,980 | 97,149 | 102,271 | 106,657 | 113,485 | 120,503 |
| EBITDA | - | - | - | - | - | - | 57,026 | - | - | - | - | - | - | - | - |
| EBIT | 39,192 | 39,671 | 42,575 | 44,865 | 48,530 | 51,206 | 55,465 | 58,348 | - | 61,420 | 64,151 | - | - | - | - |
| Operating Margin | 65.31% | 65.38% | 64.14% | 64.08% | 65.27% | 65.89% | 66.05% | 65.97% | - | 66.06% | 66.03% | - | - | - | - |
| Earnings before Tax (EBT) | 28,680 | 32,655 | 35,028 | 37,523 | 40,117 | 42,611 | 45,512 | 47,578 | 93,090 | 48,955 | 51,051 | - | - | - | - |
| Net income | 21,253 | 24,195 | 25,962 | 27,806 | 29,730 | 31,578 | 34,369 | 35,508 | 69,877 | 36,390 | 38,245 | - | - | - | - |
| Net margin | 35.42% | 39.88% | 39.11% | 39.72% | 39.99% | 40.63% | 40.93% | 40.15% | - | 39.14% | 39.37% | - | - | - | - |
| EPS 2 | 35.02 | 39.86 | 42.78 | 45.81 | 48.96 | 52.01 | 56.60 | 58.45 | - | 59.20 | 61.70 | 64.94 | 65.83 | 71.20 | 76.12 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 43.49 |
| Announcement Date | 1/18/22 | 4/26/22 | 7/27/22 | 10/20/22 | 1/27/23 | 4/26/23 | 7/26/23 | 10/17/23 | 10/17/23 | 1/29/24 | 4/25/24 | - | - | - | - |
1INR in Million2INR
Estimates
Balance Sheet Analysis
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | 1,077,416 | 1,038,036 | 1,615,516 | 2,123,860 | 2,820,022 | 1,747,186 | 4,370,244 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | - | 6.304 x | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - |
| ROE (net income / shareholders' equity) | - | 20.2% | 12.8% | 17.4% | 23.5% | 21.9% | 20.7% | 21.9% |
| ROA (Net income/ Total Assets) | - | 3.65% | 2.63% | 3.66% | 4.72% | 4.46% | 4.14% | 4.22% |
| Assets 1 | - | 1,443,120 | 1,679,901 | 1,919,757 | 2,438,690 | 3,218,191 | 4,222,624 | 5,288,482 |
| Book Value Per Share 2 | 342.0 | 539.0 | 614.0 | 725.0 | 900.0 | 1,221 | 1,483 | 1,793 |
| Cash Flow per Share | - | - | -14.60 | -610.0 | - | - | - | - |
| Capex | - | - | - | - | - | - | - | - |
| Capex / Sales | - | - | - | - | - | - | - | - |
| Announcement Date | 5/16/19 | 5/19/20 | 4/27/21 | 4/26/22 | 4/26/23 | 4/25/24 | - | - |
1INR in Million2INR
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
32
Last Close Price
6,799
INR
Average target price
8,337
INR
Spread / Average Target
+22.62%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -8.96% | 50.34B | |
| -6.54% | 30.87B | |
| +52.48% | 27.04B | |
| +28.99% | 23.91B | |
| +19.43% | 18.31B | |
| -2.69% | 12.73B | |
| +17.16% | 11.03B | |
| +8.92% | 7.98B | |
| -29.15% | 7.45B | |
| +4.98% | 6.19B |
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