BAJAJST

Bajaj Steel Industries financials

Market cap
₹758 Cr
Sector
Capital Goods

What Bajaj Steel Industries Limited does

Bajaj Steel Industries manufactures cotton ginning machinery (roller, saw and roto-bar ginning technologies, delinting equipment and bale presses) sold domestically and exported to 60+ countries. It has diversified into an Infrastructure division that designs, fabricates and erects pre-engineered buildings, industrial sheds, warehouses and solar mounting structures on EPC/turnkey basis; an Electrical Panels division making power/motor control centres, APFC, LT/HT and PLC-SCADA panels as a channel partner of Schneider Electric, ABB and Mitsubishi; and a Heavy Engineering division producing custom steel fabrications, aerobridges/passenger boarding systems and biomass pellet plant equipment. It also makes fire-fighting systems, steel doors, ducts, conveyors and other industrial products.

Segments

  • Cotton Ginning Machinery
  • Infrastructure (PEBs)
  • Electrical Panels
  • Heavy Engineering
  • Other Products
Manufacturing facilities
14 facilities, ~100,000 sq. mtrs (10 lakh+ sq. ft.) built-up area across 5 divisions, Nagpur
Countries with presence
60+
Cotton ginning plants supplied
3,000+
Workforce
2,000+ (incl. 200+ design & detailing engineers)
Wholly-owned subsidiaries
4 (USA, Uganda, Brazil x2)
Global market share — cotton ginning machinery
~35-40% global, 50% domestic
Founded 1961Headquarters Nagpur, Maharashtra, IndiaEmployees 2,000 (FY26) Company website

Quarterly results

Q1 FY27: revenue up 15.7%, net profit down 174.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue138 131 151 93 150 +9%118 −10%114 −25%108 +16%
EBITDA21 20 26 10 24 +10%10 −48%5 −81%1 −87%
Net profit14 13 20 5 15 +4%7 −48%1 −95%-4 −175%
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 −30.4% 1Y

₹300₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Aug 26

1Y: ₹525.2 on 10 Sept 2025 → ₹365.65. High ₹602.6 (23 Sept 2025), low ₹307.2 (30 Mar 2026).

Financials, as filed

Revenue fell 1.9% a year over 2 years, FY24 to FY26. Operating margin narrowed to 10.3%.

Year endingFY24FY25FY26
Revenue₹494 Cr₹535 Cr₹475 Cr
Operating profit₹66 Cr₹83 Cr₹49 Cr
Operating margin13.3%15.4%10.3%
Interest₹5 Cr₹4 Cr₹5 Cr
Depreciation₹12 Cr₹14 Cr₹17 Cr
Net profit₹48 Cr₹76 Cr₹28 Cr
Net margin9.6%14.2%5.8%
Cash from operations₹42 Cr₹49 Cr₹75 Cr
Free cash flow₹-28 Cr₹-5 Cr₹16 Cr
ROCE21.0%20.0%10.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹3 Cr₹3 Cr₹3 Cr₹3 Cr₹10 Cr₹10 Cr
Reserves₹157 Cr₹188 Cr₹244 Cr₹290 Cr₹404 Cr₹382 Cr
Borrowings₹58 Cr₹64 Cr₹43 Cr₹63 Cr₹50 Cr₹62 Cr
Other liabilities₹135 Cr₹102 Cr₹101 Cr₹147 Cr₹166 Cr₹199 Cr
Total liabilities₹352 Cr₹357 Cr₹390 Cr₹503 Cr₹629 Cr₹654 Cr
Fixed assets₹77 Cr₹83 Cr₹107 Cr₹179 Cr₹168 Cr₹243 Cr
Capital work in progress₹4 Cr₹14 Cr₹23 Cr₹9 Cr₹41 Cr₹27 Cr
Investments₹14 Cr₹14 Cr₹15 Cr₹15 Cr₹10 Cr₹10 Cr
Other assets₹257 Cr₹246 Cr₹244 Cr₹299 Cr₹411 Cr₹373 Cr
Total assets₹352 Cr₹357 Cr₹390 Cr₹503 Cr₹629 Cr₹654 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, promoters added +8.35 pp while the public trimmed −8.24 pp. The shareholder count shrank 2% to 23,071.

Promoters
56.6%
FIIs
0.0%
DIIs
0.0%
Public
43.4%

Since Jun 2025

  • Promoters +8.35 pp
  • Public −8.24 pp
  • FIIs −0.11 pp

How it drifted, 12 quarters

Over this window promoters went from 47.7% to 56.6% — +8.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 47.7%, FIIs 0.1%, Public 52.3%.Dec '23: Promoters 47.8%, FIIs 0.1%, Public 52.2%.Mar '24: Promoters 48.4%, FIIs 0.1%, Public 51.5%.Jun '24: Promoters 48.3%, FIIs 0.1%, Public 51.7%.Sep '24: Promoters 48.3%, FIIs 0.2%, Public 51.6%.Dec '24: Promoters 48.3%, FIIs 0.1%, Public 51.6%.Mar '25: Promoters 48.3%, FIIs 0.1%, DIIs 0.1%, Public 51.6%.Jun '25: Promoters 48.3%, FIIs 0.1%, DIIs 0.0%, Public 51.6%.Sep '25: Promoters 48.3%, FIIs 0.1%, DIIs 0.0%, Public 51.7%.Dec '25: Promoters 56.6%, FIIs 0.0%, DIIs 0.0%, Public 43.3%.Mar '26: Promoters 56.6%, FIIs 0.0%, DIIs 0.0%, Public 43.3%.Jun '26: Promoters 56.6%, FIIs 0.0%, DIIs 0.0%, Public 43.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Bajaj Steel Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vidarbha Tradelinks Private Limited 16.39%unchanged
Sidhi Vinimay Private Limited Corporate15.19%unchanged
Rohit Bajaj 14.76%unchanged
Investor Education And Protection Fund A 3.62%−0.07 pp
Sunil Bajaj 3.33%unchanged
Bajaj Global Limited 1.88%unchanged
Bina Bajaj 1.81%unchanged
Kumkum Bajaj 1.72%unchanged
Manish Goel 1.21%−0.37 pp
Lav Bajaj 1.13%unchanged
Kush Bajaj 1.13%unchanged
Varun Bajaj 0.96%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.

What the price assumes

Growth trap

To justify its price of ₹366, this stock must grow earnings at 35% every year for 7 years. Our analysis caps realistic growth at ~-20%. At that growth it is worth ₹20 — downside of 94%.

Growth the price implies
34.9% a year
for 7 years, fading to 4%
It has actually compounded at
-20.0% a year
net profit, FY24–FY26 · EPS -19.9%
The gap
0.5 pp
-94% downside if it only repeats history
Price today ₹365.65 Value at the reference growth ₹20.13

Change the assumptions yourself →

Learn to analyse Bajaj Steel Industries Limited

Guides on how to read this kind of business and the numbers that matter.