BAJAJ-AUTO · Recreational Products · INE917I01010
Analyst mean 2.26 · 38 analysts · 58% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is just 22% of trailing profit — the classic pattern where reported earnings are not backed by cash. This is the single most important thing to understand on this page.
Operating cash flow ₹2,597 cr against trailing net profit ₹11,553 cr. When profit rises but cash does not follow, the questions are: are receivables ballooning, is revenue being recognised ahead of collection, or are costs being capitalised?
Both revenue and profit grew over the last year (36.9% and 52.2%) — growth is translating to the bottom line.
Trailing revenue ₹71,460 cr, trailing profit ₹11,553 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin has narrowed from 16.8% to 14.7% year-on-year — profitability per rupee of sales is shrinking.
Quarter net margin 14.7% vs 16.8% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is positive and consistent — the business funds itself after capex.
Latest free cash flow ₹1,885 cr. Negative in only 1 of 12 years. A self-funding business needs less external capital and dilutes less.
Borrowings rose 1088% over two years while the company also carries ₹24,642 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹22,713 cr from ₹1,912 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,247 | 13,169 | 12,646 | 13,133 | 15,735 | 16,204 | 17,832 | 21,689 |
| Expenses | 11,174 | 10,418 | 10,289 | 10,340 | 12,906 | 12,475 | 14,757 | 17,161 |
| Other Income | 399 | 348 | 392 | 509 | 576 | 359 | 1,894 | 688 |
| Depreciation | 98 | 102 | 119 | 118 | 119 | 119 | 289 | 405 |
| Profit before tax | 2,299 | 2,876 | 2,484 | 2,961 | 2,999 | 3,656 | 4,336 | 4,423 |
| Net Profit | 1,385 | 2,196 | 1,802 | 2,210 | 2,122 | 2,750 | 3,492 | 3,189 |
| EPS | 49.61 | 78.62 | 64.52 | 79.15 | 75.99 | 98.38 | 131.02 | 115.41 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 289 | 289 | 283 | 279 | 279 | 280 |
| Reserves | 26,984 | 29,570 | 29,079 | 28,683 | 34,909 | 38,552 |
| Borrowings | 121 | 123 | 124 | 1,912 | 9,364 | 22,713 |
| Fixed Assets | 1,668 | 1,836 | 2,842 | 3,217 | 3,677 | 11,961 |
| CWIP | 16 | 77 | 85 | 35 | 61 | 1,521 |
| Investments | 24,687 | 26,634 | 26,183 | 28,087 | 28,914 | 24,642 |
| Total Assets | 33,602 | 35,111 | 35,136 | 39,344 | 54,110 | 76,914 |