Bajaj Auto Limited

BAJAJ-AUTO.NS

Auto - Manufacturers · Consumer Cyclical

Price

₹11800.00

+100.00 (+0.85%)

Market Cap

₹3.30T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−3.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 289.1M (2022) → 279.5M (2026)

Winston Score History

The full picture

Bajaj Auto is one of India's largest manufacturers of motorcycles and three-wheelers. Its well-known brands include Pulsar, Dominar, and the iconic Bajaj auto-rickshaw. The company sells vehicles to everyday consumers and commercial operators across India, Africa, Latin America, and Southeast Asia.

Bajaj Auto earns revenue primarily by selling two-wheelers and three-wheelers, along with spare parts and related services. Headquartered in Pune, India, it is one of the world's largest motorcycle makers by volume and benefits from strong brand recognition, an extensive dealer network, and cost-efficient manufacturing. The company also holds a significant stake in KTM, the Austrian sports motorcycle brand. Key growth drivers include expanding exports and the shift toward electric vehicles, though increasing competition from both traditional rivals and new EV entrants remains a notable risk.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+43.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+103.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

60.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹390.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Bajaj Auto Limited grew revenue 43% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

33.6%

Modest — 33.6% gross margin

Profit after running costs

Operating Margin

19.8%

Healthy — 19.8% operating margin

Return on the money invested

ROCE

34.5%

Exceptional — 34.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+33.9%

Fast-growing sales (+33.9% YoY)

Profit growth

EPS YoY

+54.7%

Earnings growing fast (+54.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

-2%

Weak — only -2% of profit becomes cash

Spare cash per sale

FCF Margin

-0.7%

Burning cash (-0.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

10.41x

Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

28.0x

Growth-priced — P/E 28.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+3.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.0 → 24.7)

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Dividends

Dividend

Dividend Yield

1.27%

Small dividend — 1.27% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+26.1%

Dividend growing fast (26.1% YoY)

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