Bajaj Holdings & Investment Limited

Financial Services — Asset Management · NSE

₹11,198.00−₹27.00 (−0.24%)

DalalBaazaar Score

85 / 100

🟢 Strong

Verdict

ATTRACTIVE

Risk

Low

Driven by falling profits.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Bajaj Holdings & Investment Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bajaj Holdings & Investment Limited, an investment holding company, operates as a non-banking financial-investment and credit company in India. It invests in listed and unlisted securities of companies.

IndustryAsset Management

SectorFinancial Services

Employees14

Annual revenue₹8,729 Cr

How does it make money?

Turns over ₹8,729 Cr a year. Of every ₹100 of sales, about ₹110 reaches shareholders as profit. Each of its 14 employees supports ₹623.51 Cr of revenue a year, the signature of a capital- or asset-led business.

Net margin110.4%

Revenue / employee₹623.51 Cr

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

BAJAJ FINANCE LIMITEDP/E 30.2x · ROE 17.8%

HDFC BANK LTDP/E 15.9x · ROE 13.8%

ICICI BANK LTD.P/E 18.1x · ROE 16.5%

STATE BANK OF INDIAP/E 10.3x · ROE 15.2%

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

ROE11.6%

Peer median ROE16.5%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +68% while net margin moved +18% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+68%

Margin effect+18%

DalalBaazaar Score

85/ 100

Strong

Weighted across six categories. Every point is explained below.

• ROE of 11.6% is moderate

Quality vs. Valuation

Company Quality

86/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

78/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

14.1x

3Y Median

18.3x

40 monthly readings · mean 18.0x · range 12.5x–22.1x

Sector Median

17.0x

median of 4 sector peers

🟢Current valuation is approximately 23% below its 3y median of 18.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 17% below the peer median of 17.0x.

vs. its own history

Cheap

18.3x median over 40 months · -23%

vs. sector peers

Fair

17.0x median of 4 peers · -17%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

14.1x

P/B

1.70x

EV/EBITDA

—

PEG

0.55

Dividend Yield

1.16%

What's Good / What's Bad

🟢 What's Going Well2

Valuation below its historical average
At 14.1x the stock trades 23% below its own median of 18.3x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 23% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

No clear risk case emerges from the available numbers — which is not the same as there being none.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 14% a year✓ 19.0% CAGR
Latest reported year was 24.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2Return on equity stays above 10%✓ 11.6%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Valuation vs its own median of 18.3x✓ 14.1x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹1.25 L Cr

Large Cap

Large, widely-covered business — typically the steadiest of the bands

P/E (Trailing)

14.1x

Cheap

Cheap against the generic band

P/B Ratio

1.70x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹795.88

Profitable

Profitable on a per-share basis

ROE

11.6%

Moderate

Moderate capital efficiency

ROCE

Not meaningful

N/A for lenders

Banks and NBFCs don't report capital employed the way other businesses do

Debt/Equity

0.01x

Low

Conservative leverage

Revenue Growth (YoY)

24.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-22.4%

Falling

Profits are shrinking

Dividend Yield

1.16%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹4,780 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹11,198

Operating Margin

84.8%

Good

Healthy core-business profitability

Net Margin

734.6%

Good

Strong bottom-line conversion

Beta (vs Nifty)

0.18

Defensive

Steadier than the market

52W Range Position

56%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

10910.3 / 11128.9

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

57.0

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5,183 Cr	₹7,665 Cr	₹6,875 Cr	₹8,729 Cr	+19.0%
PAT (Net Profit)	₹4,851 Cr	₹7,267 Cr	₹6,521 Cr	₹9,637 Cr	+25.7%
EPS	₹435.8	₹653	₹585.9	₹865.9	+25.7%
ROE	11.0%	13.4%	10.4%	13.2%	—
Total Debt	₹93 Cr	₹63 Cr	₹31 Cr	₹10 Cr	-53.0%
Free Cash Flow	₹1,726 Cr	₹1,941 Cr	-₹1,958 Cr	₹4,780 Cr	+40.4%

🟢 Revenue has grown at 19.0% a year over 3 years.

🟢 PAT (Net Profit) has grown at 25.7% a year over 3 years.

🟢 EPS has grown at 25.7% a year over 3 years.

🟢 ROE has risen from 11.0% to 13.2% over 3 years (+2.2 pts).

🟢 Total Debt has shrunk at 53.0% a year over 3 years.

🟢 Free Cash Flow has grown at 40.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹85,187 Cr

Total Liabilities

₹2,769 Cr

Total Debt

₹10 Cr

Cash & Equivalents

₹12 Cr

Operating Cash Flow

₹4,780 Cr

Capex

-₹0 Cr

Shareholding (proxy)

Institutional Holding

13.4%

Insider Holding

61.6%

Corporate Actions

Next Earnings

03 Nov 2026

Dividend Rate

₹130

Ex-Dividend Date

21 Sept 2026

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 mixed5 general

Bonus + Stock Splits + Dividends + Buybacks From June 29-July 3: Bajaj, M&M, Biocon, TechM; 46 Stocks In Focus

Goodreturns, 17 Oct

What Is the Bajaj Holdings and Investment Share Price Target for 2026?

Univest, 05 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Bajaj Holdings & Investment Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 27 Aug

Top 29 High-Priced Stocks To Invest In India In October 2026

Samco, 18 Oct

Bajaj Holdings & Investment Ltd is Rated Hold

MarketsMojo, 15 Oct

Bajaj Holdings & Investment Ltd AGM scheduled on 31 July 2026

scanx.trade, 07 Jul

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong18/20

🟢Financial HealthStrong17/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong10.9/15

🟢ValuationAttractive11.8/15

🟢RiskLow8.5/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

This thesis breaks if

✓Revenue growth stays above 14% a year19.0% CAGR
✓Return on equity stays above 10%11.6%
✓Valuation vs its own median of 18.3x14.1x today