Bajaj Finserv Ltd. (BAJAJFINSV.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

+2875.7%

₹50,923.12

vs ₹1,711.30 price

Levered DCF

-₹201,121.22

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 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	26.62×	34.84×	32.18×	31.4×	59.59×	34.42×	21.69×	35.69×
P/B	3.35×	4.26×	4.35×	4.38×	6.8×	4.33×	2.35×	4.83×
P/S	1.71×	4.56×	4.86×	5.05×	8.71×	5.74×	2.77×	6.1×
EV / EBITDA	10.72×	11.93×	11.93×	12.4×	18.76×	13.07×	9.78×	13.4×
Gross margin	73.8%	64.1%	65.9%	69.7%	69.8%	66.2%	64.8%	65.3%
Operating margin	17.6%	35.1%	39.6%	41.7%	35.9%	36.5%	31.3%	43.3%
Net margin	6.4%	13.1%	15.1%	15.9%	14.5%	16.5%	12.7%	17.1%
Current ratio	0.31×	0.73×	0.51×	0.15×	0.27×	0.22×	0.63×	0.31×
Debt / equity	4.64×	3.93×	3.79×	3.61×	3.24×	2.87×	3.38×	3.64×
Interest coverage	0.95×	0.98×	1.16×	1.38×	1.19×	1.08×	0.89×	1.25×
Dividend yield	0.7%	0.5%	0.5%	0.4%	0.1%	0.1%	1.1%	0.2%
Payout ratio	18.9%	17.4%	14.5%	11.6%	8.8%	1.8%	23.7%	5.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.6%	12.3%	13.5%	13.8%	11.3%	12.5%	10.8%	13.5%
Return on invested capital	2.7%	2.6%	2.8%	649.2%	222.2%	359.7%	35.1%	868.2%
Return on assets	1.3%	1.4%	1.5%	1.6%	1.4%	1.6%	1.3%	1.5%
Free cash flow yield	-20.0%	-20.7%	-26.1%	-20.0%	-12.6%	2.6%	-32.9%	-24.0%
Earnings yield	3.8%	2.9%	3.1%	3.2%	1.7%	2.9%	4.6%	2.8%
Enterprise value	₹6T	₹5.9T	₹4.9T	₹3.7T	₹4T	₹2.5T	₹1.8T	₹2T
Net debt / EBITDA	6.09×	5.66×	5.48×	5.56×	5.92×	5.11×	5.71×	5.7×
Cash conversion cycle (days)	-60	-67	-78	-108	-98	-104	-56	-129