Bajaj Auto: Good Q: Exports & EVs firing. New product action to intensify in domestic 2W

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Bajaj Auto: Good Q: Exports & EVs firing. New product action to intensify in domestic 2W

iQprofile SM Bajaj Auto

Key Income Statement Data (Mar) 2025A 2026A 2027E 2028E 2029E Company Sector

(Rs Millions) Autos/Car Manufacturers

Sales 500,103 587,325 695,684 779,080 855,857

Gross Profit 146,729 175,467 207,314 234,503 259,325

Sell General & Admin Expense (15,018) (19,667) (22,632) (25,332) (27,393) Company Description Operating Profit 96,987 115,684 139,421 157,689 175,201

Net Interest & Other Income 13,532 15,270 16,167 16,995 17,952 Bajaj Auto is a leading two wheeler and three wheeler

Associates NA NA NA NA NA manufacturer in India. It has sub 20% market share

Pretax Income 110,519 130,954 155,588 174,685 193,153 domestic bikes industry in India with focus on premium

Tax (expense) / Benefit (29,005) (32,469) (39,208) (44,021) (48,675) sports bikes ("Pulsar"). On three wheelers, company has a

Net Income (Adjusted) 81,514 98,485 116,380 130,664 144,479

dominant market share in India. Further, it is largest

Average Fully Diluted Shares Outstanding 279 280 275 275 275

exporter out of India for 2Ws with Africa being the largest

Key Cash Flow Statement Data

market. It is promoted by Bajaj family.

Net Income 81,514 98,485 116,380 130,664 144,479

Depreciation & Amortization 4,001 4,482 5,154 5,773 6,466

Change in Working Capital (2,428) 1,048 3,415 2,126 1,982

Deferred Taxation Charge 3,414 522 0 0 0 Investment Rationale

Other Adjustments, Net (12,099) (12,730) 52 27 1 We rate Bajaj Auto as Buy. Bajaj is well placed to deliver

Cash Flow from Operations 74,402 91,806 125,002 138,591 152,927 healthy earnings growth largely led by strong recovery in

Capital Expenditure (28,416) (20,030) (6,000) (8,000) (8,000) exports and steady three wheelers business. Company's