BAJAJELEC
Bajaj Electricals share price & financials
- Price
- ₹325.65
- Market cap
- ₹4.2k Cr
- Sector
- Consumer Durables
- Calls analysed
- 7
Bajaj Electricals Limited Q1 FY27
What went well
- Overall revenue growth of 2.3% YoY, indicating a positive start to FY27.
- EBIT margin expanded significantly to 6.6% from 2.5% YoY, reflecting improved operating discipline.
- Consumer products segment achieved 1.7% growth and positive EBIT, a meaningful turnaround after previous declines.
What to watch
- Fans business saw a decline, contributing to lower overall consumer products growth.
- Legacy projects in professional lighting faced margin pressure due to fixed contracts and rising commodity prices.
What Bajaj Electricals Limited does
Bajaj Electricals Limited, part of the Bajaj Group, is an Indian consumer-electricals manufacturer operating through two segments: Consumer Products (fans, kitchen appliances, cookware, water heaters, air coolers, irons and grooming appliances) and Lighting Solutions (consumer LED lighting plus Professional Lighting for infrastructure and industrial projects). It sells under its own Bajaj brand alongside Nex, Morphy Richards and Nirlep, manufactures across owned factories in India, and reaches customers through a nationwide dealer, retailer and customer-care network. Its Professional Lighting arm also executes large third-party infrastructure lighting projects such as street lighting, stadium illumination and facade lighting for government and private clients.
Segments
- Consumer Products
- Lighting Solutions
- Manufacturing sites
- 4 (India)
- Installed capacity – Consumer Products
- 10.8 Mn units/year
- Installed capacity – Lighting Solutions
- 18.8 Mn units/year
- Dealer base
- 850+
- Retailer base
- ~1.7 lakh
- Customer care centres
- 660+
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 2 delivered 7 missed 9 open- Consumer Products Inventory Normalization delivered, diluted said Q3 FY26 Promised: healthy place in a quarter or so Q1 FY27: Management confirmed that 'at an overall level, our stocks are in a much healthier position than what they were a quarter or a couple of quarters ago,' reinforcing the achievement of this target.
- Consumer Products EBIT Margin missed said Q4 FY25 Promised: around 6% Q1 FY27: The promise deadline of FY26 has passed and the target was missed. No further updates.
- Overall Profit Margin revised down said Q4 FY26 Promised: industry average is between 6 to 8%, 9%, and that is where it should be Q1 FY27: Management refined the target to a stable 6-7% for the next two years, a slight downward revision of the upper bound from the original 6-9% range. Q1 EBIT margin was 6.6%, in line with this new guidance.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 2.3%, net profit up 4700.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,118 | 1,290 | 1,265 | 1,065 | 1,107 −1% | 1,051 −19% | 1,240 −2% | 1,089 +2% |
| EBITDA | 52 | 87 | 93 | 33 | 57 +10% | 8 −91% | 40 −57% | 77 +133% |
| Net profit | 13 | 33 | 59 | 1 | 10 −23% | -34 −203% | -68 −215% | 48 +4700% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −42.8% 1Y
1Y: ₹585.85 on 10 Sept 2025 → ₹335.3. High ₹604.85 (17 Sept 2025), low ₹303.75 (4 Jun 2026).
How the price took the results
close before → close after
- Q1 FY27
- +9.9%
- 6 Aug
- Q4 FY26
- −0.7%
- 26 May
- Q3 FY26
- −1.0%
- 9 Feb
- Q2 FY26
- −1.8%
- 30 Sept
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 3.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 3.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹5.0k Cr | ₹4.6k Cr | ₹4.8k Cr | ₹4.5k Cr |
| Operating profit | ₹370 Cr | ₹251 Cr | ₹307 Cr | ₹138 Cr |
| Operating margin | 7.5% | 5.4% | 6.4% | 3.1% |
| Interest | ₹44 Cr | ₹64 Cr | ₹70 Cr | ₹57 Cr |
| Depreciation | ₹75 Cr | ₹110 Cr | ₹144 Cr | ₹142 Cr |
| Net profit | ₹216 Cr | ₹130 Cr | ₹133 Cr | ₹-91 Cr |
| Net margin | 4.4% | 2.8% | 2.8% | -2.0% |
| Cash from operations | ₹449 Cr | ₹354 Cr | ₹347 Cr | ₹619 Cr |
| Free cash flow | ₹378 Cr | ₹223 Cr | ₹318 Cr | ₹534 Cr |
| ROCE | 18.0% | 13.0% | 12.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹23 Cr | ₹23 Cr | ₹23 Cr | ₹23 Cr | ₹23 Cr | ₹23 Cr |
| Reserves | ₹1.6k Cr | ₹1.7k Cr | ₹1.9k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹1.6k Cr |
| Borrowings | ₹548 Cr | ₹91 Cr | ₹101 Cr | ₹215 Cr | ₹215 Cr | ₹159 Cr |
| Other liabilities | ₹2.1k Cr | ₹2.2k Cr | ₹3.0k Cr | ₹2.2k Cr | ₹2.0k Cr | ₹2.5k Cr |
| Total liabilities | ₹4.3k Cr | ₹4.0k Cr | ₹5.0k Cr | ₹3.8k Cr | ₹3.9k Cr | ₹4.3k Cr |
| Fixed assets | ₹531 Cr | ₹754 Cr | ₹770 Cr | ₹916 Cr | ₹899 Cr | ₹908 Cr |
| Capital work in progress | ₹18 Cr | ₹44 Cr | ₹42 Cr | ₹63 Cr | ₹12 Cr | ₹2 Cr |
| Investments | ₹5 Cr | ₹5 Cr | ₹47 Cr | ₹35 Cr | ₹306 Cr | ₹402 Cr |
| Other assets | ₹3.7k Cr | ₹3.2k Cr | ₹4.1k Cr | ₹2.8k Cr | ₹2.7k Cr | ₹2.9k Cr |
| Total assets | ₹4.3k Cr | ₹4.0k Cr | ₹5.0k Cr | ₹3.8k Cr | ₹3.9k Cr | ₹4.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −2.52 pp while the public added +1.29 pp. The shareholder count grew 24% to 84,855.
- Promoters
- 62.7%
- FIIs
- 5.4%
- DIIs
- 16.8%
- Public
- 15.1%
Since Jun 2025
- FIIs −2.52 pp
- Public +1.29 pp
- DIIs +1.25 pp
How it drifted, 12 quarters
Over this window FIIs fell from 10.5% to 5.4% — −5.1 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 62.9%, FIIs 10.5%, DIIs 12.1%, Public 14.6%.Dec '23: Promoters 62.9%, FIIs 10.4%, DIIs 12.1%, Public 14.6%.Mar '24: Promoters 62.8%, FIIs 10.2%, DIIs 12.6%, Public 14.4%.Jun '24: Promoters 62.8%, FIIs 7.9%, DIIs 14.8%, Public 14.5%.Sep '24: Promoters 62.8%, FIIs 8.2%, DIIs 15.6%, Public 13.4%.Dec '24: Promoters 62.7%, FIIs 7.8%, DIIs 15.9%, Public 13.5%.Mar '25: Promoters 62.7%, FIIs 7.8%, DIIs 15.8%, Public 13.7%.Jun '25: Promoters 62.7%, FIIs 7.9%, DIIs 15.6%, Public 13.8%.Sep '25: Promoters 62.7%, FIIs 7.8%, DIIs 15.9%, Public 13.7%.Dec '25: Promoters 62.7%, FIIs 6.5%, DIIs 17.1%, Public 13.7%.Mar '26: Promoters 62.7%, FIIs 6.5%, DIIs 16.9%, Public 13.9%.Jun '26: Promoters 62.7%, FIIs 5.4%, DIIs 16.8%, Public 15.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tata Flexi Cap Fund Mutual fund newly disclosed 1.00% held
- Rahul Securities Pvt Ltd +0.82 pp 1.22% held
- Shekhar Holdings Pvt Ltd +0.81 pp 1.28% held
- Niraj Holdings Pvt Ltd +0.81 pp 1.22% held
- Madhur Securities Pvt Ltd +0.81 pp 0.81% held
- Kamalnayan Investments And Trading Private Limited +0.81 pp 0.81% held
- Rupa Equities Private Limited +0.81 pp 0.81% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bajaj Electricals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bajaj Holdings And Investment Limited | 16.58% | unchanged |
| Jamnalal Sons Pvt Ltd | 14.67% | −4.87 pp |
| HDFC Small Cap Fund Mutual fund | 8.08% | −0.05 pp |
| ICICI Prudential Multicap Fund Mutual fund | 4.97% | unchanged |
| Kiran Bajaj | 4.89% | unchanged |
| Government Pension Fund Global Sovereign | 3.07% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 2.68% | unchanged |
| Geetika Bajaj | 1.87% | unchanged |
| Geetika Shekhar Bajaj Trust (Shekhar Bajaj as a Trustee) | 1.65% | unchanged |
| Vanraj Bajaj | 1.60% | unchanged |
| Shekhar Bajaj | 1.57% | unchanged |
| Pooja Bajaj | 1.34% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BAJAJELEC
Filings to Aug 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −0.28 L shares (−0.2%).
- Held by funds
- ₹410 Cr
- 7 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹208 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹208 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹100 Cr | held | Mar '16 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹39 Cr | held | May '24 |
| HDFC ELSS Tax saver HDFC Mutual Fund | ₹28 Cr | −0.28 L | Jun '24 |
| HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund | ₹23 Cr | held | Dec '22 |
| HDFC Housing Opportunities Fund HDFC Mutual Fund | ₹6 Cr | held | Jun '23 |
| HDFC Retirement Savings Fund - Hybrid-Equity Plan HDFC Mutual Fund | ₹4 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 1 trimmed — net −27,612 shares (−0.2%)
- Funds are sitting on
- -65%
- vs est. average cost
- Held by funds
- ₹410 Cr
- 7 schemes · ≈ 9.6% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹208 Cr · 0.5% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 10y 6m · since Mar '16
Shares held by these funds +31%
Aug '23 1.24 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Bajaj Electricals Limited
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