Bajaj Electricals Limited (BAJAJELEC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+30.4%

₹350.77

vs ₹268.90 price

Levered DCF

₹968.23

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.89

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-42.86×	47.5×	81.46×	50.23×	86.14×	52.56×	-270.78×	31.88×
P/B	2.44×	3.66×	7.41×	5.69×	6.39×	6.34×	1.86×	4.72×
P/S	0.87×	1.31×	2.31×	2.23×	2.3×	2.18×	0.51×	0.75×
EV / EBITDA	34.91×	17.79×	39.92×	28.24×	36.16×	26.33×	15.05×	16.46×
Gross margin	18.7%	30.9%	28.7%	29.7%	17.7%	27.8%	25.3%	21.5%
Operating margin	0.2%	3.6%	3.5%	6.5%	4.9%	5.3%	3.2%	4.9%
Net margin	-2.0%	2.8%	2.8%	4.4%	2.7%	4.2%	-0.2%	2.4%
Current ratio	1.11×	1.29×	1.21×	1.32×	1.21×	1.17×	1.11×	1.05×
Debt / equity	0.1×	0.14×	0.15×	0.68×	0.05×	0.32×	1.04×	1.51×
Interest coverage	0.17×	2.51×	2.61×	7.54×	3.35×	3.21×	0.94×	2.86×
Dividend yield	0.9%	0.5%	0.4%	0.3%	0.0%	0.0%	1.7%	0.7%
Payout ratio	-38.1%	26.0%	35.1%	15.9%	0.0%	0.0%	-465.7%	22.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-5.7%	7.7%	9.1%	11.3%	7.4%	12.1%	-0.7%	14.8%
Return on invested capital	0.5%	6.7%	7.4%	6.5%	9.3%	8.6%	-7.8%	7.6%
Return on assets	-2.1%	3.2%	3.4%	4.6%	3.2%	4.5%	-0.2%	3.0%
Free cash flow yield	14.9%	5.4%	2.1%	3.4%	7.6%	6.2%	23.8%	-13.6%
Earnings yield	-2.3%	2.1%	1.2%	2.0%	1.2%	1.9%	-0.4%	3.1%
Enterprise value	₹38B	₹64.4B	₹107.8B	₹118B	₹110.4B	₹104.8B	₹38.1B	₹65.6B
Net debt / EBITDA	-0.91×	0.34×	0.37×	2.26×	-0.09×	1.17×	5.15×	3.96×
Cash conversion cycle (days)	-50	-33	122	4	65	130	138	136