BAJAJELEC - Bajaj Electricals Ltd. Share Price
Consumer Durables
Valuation | |
|---|---|
| Market Cap | 7.41 kCr |
| Price/Earnings (Trailing) | 55.53 |
| Price/Sales (Trailing) | 1.52 |
| EV/EBITDA | 19.01 |
| Price/Free Cashflow | 24.74 |
| MarketCap/EBT | 43.67 |
| Enterprise Value | 7.29 kCr |
Fundamentals | |
|---|---|
| Revenue (TTM) | 4.88 kCr |
| Rev. Growth (Yr) | 5.9% |
| Earnings (TTM) | 133.42 Cr |
| Earnings Growth (Yr) | 101.5% |
Profitability | |
|---|---|
| Operating Margin | 3% |
| EBT Margin | 3% |
| Return on Equity | 7.73% |
| Return on Assets | 3.16% |
| Free Cashflow Yield | 4.04% |
Price to Sales Ratio
Revenue (Last 12 mths)
Net Income (Last 12 mths)
Growth & Returns | |
|---|---|
| Price Change 1W | -4.8% |
| Price Change 1M | -6.3% |
| Price Change 6M | -3.5% |
| Price Change 1Y | -35.4% |
| 3Y Cumulative Return | -17.2% |
| 5Y Cumulative Return | 9.3% |
| 7Y Cumulative Return | 1.1% |
| 10Y Cumulative Return | 9.5% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -194.96 Cr |
| Cash Flow from Operations (TTM) | 346.8 Cr |
| Cash Flow from Financing (TTM) | -146.07 Cr |
| Cash & Equivalents | 119.79 Cr |
| Free Cash Flow (TTM) | 299.57 Cr |
| Free Cash Flow/Share (TTM) | 25.97 |
Balance Sheet | |
|---|---|
| Total Assets | 4.22 kCr |
| Total Liabilities | 2.49 kCr |
| Shareholder Equity | 1.73 kCr |
| Current Assets | 2.89 kCr |
| Current Liabilities | 2.25 kCr |
| Net PPE | 594.93 Cr |
| Inventory | 717.36 Cr |
| Goodwill | 190.01 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.00 |
| Debt/Equity | 0.00 |
| Interest Coverage | 1.43 |
| Interest/Cashflow Ops | 5.96 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 3 |
| Dividend Yield | 0.47% |
| Shares Dilution (1Y) | 0.10% |
| Shares Dilution (3Y) | 0.40% |
Risk & Volatility | |
|---|---|
| Max Drawdown | -43.9% |
| Drawdown Prob. (30d, 5Y) | 47.69% |
| Risk Level (5Y) | 41.9% |
Summary of Latest Earnings Report from Bajaj Electricals
Summary of Bajaj Electricals's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated:
**Outlook & Major Points from Management (Bajaj Electricals Q4FY24 Earnings Call):
Outlook:
- Near-term Challenges: Weak consumer demand in kitchen appliances & general trade (rural/non-premium focus), LED price erosion in lighting, and logistics inefficiencies impacting margins.
- Positive Signals: April 2024 saw double-digit growth in consumer & lighting segments; recovery expected in FY25 with improved product mix, price hikes (effective May 16), and festive demand.
- Growth Drivers: Focus on premiumization (Nex fans, Morphy Richards), alternate channels (e-commerce, institutional), cooling products (coolers/water heaters), and stabilizing LED prices.
- Margins: Aim to reduce discounting (5-6% impact in Q4), optimize logistics (potential external intervention), and leverage operating efficiency.
- Cash Flow & Balance Sheet: Strong operational cash flow (Rs.147 Cr in Q4); healthy liquidity with no immediate plans for fundraise beyond enabling resolution for Rs.500 Cr NCDs (opportunistic inorganic growth).
Major Points:
- Consumer Products (CP):
- Weakness in kitchen appliances (demand slump) offset by fan growth (single-digit; premium/non-premium) and cooler demand.
- Morphy Richards revived (high single-digit growth).
- Price hike (6%) implemented May 16 to counter discounts; rural recovery critical.
- Lighting:
- Margins improved (professional lighting strength); consumer lighting volumes flat (price erosion).
- LED prices to stabilize post-Q1FY25 (DOB tech normalization).
- Logistics: Operational drag (2-2.5% margin impact); external consulting likely to optimize.
- New Products: Continued launches (BLDC fans, Nex portfolio) to drive premium mix.
- EPR Costs: Rs.9 Cr in FY24; Rs.12 Cr expected in FY25 (passed through pricing).
- CapEx: ~Rs.150 Cr/year for 2-3 years (moulds/tools for new products).
- Manufacturing: In-house contribution at 20%, targeting 22-23% in FY25 with quality focus.
FY25 Focus: Margin recovery via pricing, logistics fixes, and operating leverage; growth in fans, coolers, lighting, and Morphy Richards. Cautious optimism on rural demand revival and festive uptick.
Last updated:
1. What were the volume/value splits between premium and non-premium fans, and why did operating deleverage occur despite fan growth?
Anuj Poddar clarified fans contribute 40% (not 60%) to Consumer Products (CP). Non-premium (70% of fans) grew faster in Q4. Discounting (5"“6% impact) due to weak demand and old-product clearance, along with logistics inefficiencies, hurt margins. A 6% price hike was implemented on May 16 to address this.
2. How did lighting EBIT margins improve despite revenue contraction? What are the splits between consumer/professional lighting?
Consumer lighting (35% of lighting revenue) faced LED price erosion, while professional lighting (65%) had a high base effect. Margins improved due to gross margin expansion, with professional lighting's solution-based model supporting stability. Prices were not hiked, but LED pricing is expected to stabilize by Q1FY25.
3. What is the growth outlook for fans and appliances, and how is Morphy Richards performing?
Fans grew in single digits in Q4, with new launches (e.g., BLDC fans) driving April momentum. Kitchen appliances remained weak, but coolers and Morphy Richards (high single-digit growth) improved. April saw double-digit CP growth, with festivals likely to boost appliances later.
4. Why were discounts high despite weak growth, and what is the path to margin recovery?
Discounts (5"“6%) were used to clear outdated inventory and counter weak demand. Price hikes (May 16) and reduced discounting are expected to improve margins. Logistics optimization (targeting 2"“2.5% savings) and premiumization via new launches will aid recovery.
5. What drove employee cost reduction, and how will other expenses trend?
Employee costs dropped due to variable pay adjustments. FY25 costs will normalize with July salary hikes. Other expenses are stable, offering operating leverage as sales rebound.
6. What is the strategy for balancing growth and margins?
The focus shifts to margin recovery via price hikes and reduced discounting, even at the cost of slower near-term volume growth. New product launches (e.g., Nex fans) and logistics improvements are expected to drive sustainable growth.
7. How is the rural vs. urban demand split, and what are April trends?
April saw double-digit CP growth across rural and urban markets. Rural demand improved slightly, though kitchen appliances remain sluggish. Monsoon optimism and low bases are expected to support FY25 growth.
8. What is the purpose of the Rs. 500 crore NCD raise?
The NCD approval is an enabling resolution for potential inorganic opportunities, with no immediate plans for utilization.
9. What is the CAPEX outlook, and how much is manufactured in-house?
FY24 CAPEX was Rs. 124 crore, focusing on molds/tools for new products. In-house manufacturing (20% of output) will rise to 22"“23% in FY25, emphasizing premium product control.
10. How does Bajaj view industry demand weakness amid strong GDP growth?
Weak consumption (3% private spending vs. 8% GDP growth) and high interest rates dampened demand. Recovery is expected post-monsoon, aided by infra-CAPEX trickle-down and potential fiscal stimulus.
Revenue Breakdown
Analysis of Bajaj Electricals's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Mar 31, 2025
| Description | Share | Value |
|---|---|---|
| Consumer Products | 78.5% | 994 Cr |
| Lighting Solutions | 21.5% | 271.5 Cr |
| Total | 1.3 kCr |
Share Holdings
Understand Bajaj Electricals ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
Holding Pattern
Share Holding Details
| Shareholder Name | Holding % |
|---|---|
| Jamnalal Sons Private Limited | 19.55% |
| Bajaj Holdings And Investment Limited | 16.59% |
| Hdfc Small Cap Fund | 9.61% |
| Kiran Bajaj | 6.54% |
| Government Pension Fund Global | 3.2% |
| Icici Prudential Multicap Fund | 2.56% |
| Geetika Bajaj | 1.87% |
| Vanraj Bajaj | 1.6% |
| Shekhar Bajaj | 1.57% |
| Pooja Bajaj | 1.34% |
| Baroda Industries Private Limited | 1.22% |
| Hind Musafir Agency Limited | 1.12% |
| Manish Santoshkumar Kejriwal | 1.08% |
| Niraj Bajaj | 0.98% |
| Vanraj Bajaj Trust (Kiran Bajaj as a Trustee) | 0.87% |
| Bajaj International Private Limited | 0.8% |
| Neelima Bajaj Swamy Family Trust (Neelima Bajaj Swamy as a Trustee) | 0.7% |
| Minal Bajaj | 0.6% |
| Hercules Hoists Limited | 0.54% |
| Nimisha Jaipuria Family Trust (Nimisha Jaipuria as a Trustee) | 0.54% |
Overall Distribution
Distribution across major stakeholders
Ownership Distribution
Distribution across major institutional holders
Is Bajaj Electricals Better than it's peers?
Detailed comparison of Bajaj Electricals against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| POLYCAB | Polycab India | 1.01 LCr | 23.85 kCr | +4.60% | +4.80% | 45.71 | 4.25 | - | - |
| HAVELLS | Havells India | 95.56 kCr | 21.72 kCr | -2.90% | -16.60% | 67.66 | 4.4 | - | - |
| CROMPTON | Crompton Greaves Consumer Electricals | 21.18 kCr | 7.93 kCr | -7.30% | -26.40% | 38.07 | 2.67 | - | - |
| VGUARD | V-Guard Industries | 17.53 kCr | 5.6 kCr | +5.30% | -12.60% | 56.07 | 3.13 | - | - |
| ORIENTELEC | Orient Electric | 4.75 kCr | 3.12 kCr | +1.10% | -18.20% | 55.07 | 1.52 | - | - |
Sector Comparison: BAJAJELEC vs Consumer Durables
Comprehensive comparison against sector averages
Comparative Metrics
BAJAJELEC metrics compared to Consumer
| Category | BAJAJELEC | Consumer |
|---|---|---|
| PE | 55.53 | 52.92 |
| PS | 1.52 | 2.35 |
| Growth | 2.7 % | 11.6 % |
Performance Comparison
BAJAJELEC vs Consumer (2021 - 2025)
- 1. BAJAJELEC is among the Top 10 Household Appliances companies but not in Top 5.
- 2. The company holds a market share of 5.4% in Household Appliances.
- 3. In last one year, the company has had a below average growth that other Household Appliances companies.
Income Statement for Bajaj Electricals
Balance Sheet for Bajaj Electricals
Cash Flow for Bajaj Electricals
What does Bajaj Electricals Ltd. do?
Bajaj Electricals is a prominent household appliances company, listed under the stock ticker BAJAJELEC. With a market capitalization of Rs. 6,440.3 Crores, it operates primarily in India and has diverse business interests in consumer durables, engineering, procurement, and construction.
The company functions through two main segments: Consumer Products and Lighting Solutions. It offers a wide range of products including:
- Breakfast appliances: juicer, electric kettle, pop-up toaster, sandwich makers.
- Cooking appliances: electric cooker, gas stove, induction cooker, microwave oven, pressure cookers, pans, tavas, OTG ovens.
- Mixers and blenders: mixer grinder, hand blender, food processor, chopper, wet grinders.
- Other household products: room heaters, air coolers, irons, water heaters, fans, and lighting solutions.
In addition to its extensive product lineup, Bajaj Electricals is involved in the generation of wind energy and operates retail outlets throughout India.
The company also has a notable export footprint, supplying products to countries such as Sri Lanka, Bangladesh, Singapore, and several nations across Africa and the Middle East.
Bajaj Electricals was originally established as Radio Lamp Works Limited in 1938 and rebranded in October 1960. As of the last twelve months, it reported a revenue of Rs. 4,812.1 Crores and distributed dividends to its investors, yielding 0.95% annually. Last year, it returned Rs. 7 dividend per share, although it has experienced a slight dilution of shareholder holdings by 0.5% over the past three years and a revenue growth of -0.1%.