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India's leading two- and three-wheeler maker, selling motorcycles domestically and exporting widely.
India's leading two- and three-wheeler maker, selling motorcycles domestically and exporting widely.
Sells motorcycles through dealers in India and exports a large share of its volume to Africa, Latin America and Asia, and it is also the biggest maker of three-wheeled autorickshaws. It has held a stake in Austria's KTM since 2007 and builds KTM and Triumph models in India for global sale.
In one line: India's Harley-Davidson/Polaris for two- and three-wheelers.
Moat: narrow (brand, distribution, scale). Strong export distribution network and long-running brand recognition in commuter and three-wheeler segments.
Headquarters: Pune, India · Founded: 1945 · Employees: 8,073
Size Bajaj Auto (BAJAJ-AUTO.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $31.7B, the 29th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹10,900 on 6 Nov 2026.
Performance Over six months the shares gained 2.8%, against -3.4% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 47.9% over the last twelve months (peer median +6.0%); the operating margin is 18.6% (peer median 6.0%).
Valuation It trades at 24.0× forward earnings against a peer median of 9.7× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.8 points above its cost of capital (14.7% WACC).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹809B | ₹606B | ₹494B | ₹439B | ₹354B |
| Revenue growth | — | +23% | +13% | +24% | — |
| Gross profit | ₹218B | ₹137B | ₹110B | ₹92.1B | ₹66.9B |
| EBITDA | ₹162B | ₹116B | ₹92.3B | ₹79.4B | ₹55.4B |
| Net income | ₹131B | ₹107B | ₹73.2B | ₹77.1B | ₹60.6B |
| Free cash flow | n/a | ₹22.2B | -₹19.8B | ₹62.5B | ₹45.9B |
| Capital expenditure | n/a | ₹7.22B | ₹8.74B | ₹7.23B | ₹11.1B |
| Total debt | ₹264B | ₹226B | ₹92.4B | ₹17.9B | ₹0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bajaj Auto BAJAJ-AUTO.NS | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% |
| Hero Motocorp HEROMOTOCO.NS | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% |
| TVS Motor TVSMOTOR.NS | $22.6B | +21% | +34% | 12% | 42.5× | n/a |
| Eicher Motors EICHERMOT.NS | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BAJAJ-AUTO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.3% | +5.2% | 7th highest of 21 |
| 6-month return | +2.8% | -3.4% | 6th highest of 21 |
| Distance from 52-week high | -12.6% | -28.1% | 6th highest of 21 |
| Revenue growth (TTM) | +47.9% | +6.0% | highest of 21 |
| Operating margin | 18.6% | 6.0% | 2nd highest of 21 |
| Forward P/E | 24.0× | 9.7× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 27.3% | 13.6% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +17.4% | +11.8% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | +10.0 pp | +5.0 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | +5.8 pp | -1.5 pp | 3rd highest of 20 |
| EV / EBITDA | 19.5× | 10.5× | 4th most expensive of 15 |
| Net debt / EBITDA | 1.0× | 3.6× | 6th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bajaj Auto BAJAJ-AUTO.NS | India | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% | +17.4% |
| Daimler Truck DTG.DE | Germany | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% | +4.8% |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| Volkswagen VOW.DE | Germany | $39.1B | -24% | -3% | 7% | 5.5× | n/a | n/a |
| Bayerische Motoren Werke BMW.DE | Germany | $40.3B | -22% | -6% | 6% | 9.7× | n/a | n/a |
| Maruti Suzuki India MARUTI.NS | India | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% | +21.1% |
| Mahindra & Mahindra M&M.NS | India | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% | +21.5% |
| TVS Motor TVSMOTOR.NS | India | $22.6B | +21% | +34% | 12% | 42.5× | n/a | n/a |
| Mercedes-Benz MBG.DE | Germany | $44.9B | -19% | -7% | 5% | 7.9× | 4.5% | +1.7% |
| Eicher Motors EICHERMOT.NS | India | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% | +21.8% |
| Honda Motor 7267.T | Japan | $45.2B | +45% | +4% | -1% | 11.7× | 18.2% | +10.6% |
| HyundaiMtr 005380.KS | South Korea | $47.5B | -47% | +1% | 5% | 7.3× | n/a | n/a |
| Porsche P911.DE | Germany | $47.8B | 0% | -10% | 6% | 22.9× | 17.3% | +4.8% |
| Ford Motor F | United States | $48.8B | +2% | -1% | 2% | 7.0× | 25.6% | +8.1% |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Rivian Automotive RIVN | United States | $19.9B | -4% | +11% | -53% | n/a | n/a | n/a |
| Traton 8TRA.DE | Germany | $18.9B | +2% | +1% | 6% | 6.1× | n/a | n/a |
| Hyundai Motor India HYUNDAI.NS | India | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% | +11.8% |
| SAIC Motor 600104.SS | China | $17.8B | -24% | -3% | 2% | 11.9× | -14.7% | -2.4% |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |