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Data-driven stock valuation

Bajaj Holdings & Investment Limited (BAJAJHLDNG) fair value: what the stock is really worth

We calculate from audited financials what Bajaj Holdings & Investment Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Financial Services · IN · Market cap ₹1.2T (≈ $12.3B) · ISIN INE118A01012

At a glance

BH Bajaj Holdings & Investment Limited BAJAJHLDNG · NSE
Price₹11,162
Fair Value₹11,257
Upside+0.9%
Quality68/100

A solid business, currently priced close to our fair value of ₹11,257.

As of Aug 29, 2026, the fair value of Bajaj Holdings & Investment Limited is ₹11,257 per share against a price of ₹11,162, so the fair value sits 1% above the price. A model estimate from reported figures, not an analyst target.

!Mixed Growth (revenue 5y +21.3 %/yr)
generates free cash flow
·0.83% dividend yield
!Mixed vs. peers (6/11)
!Moderate moat 64/100
!Weak on dividend: 17 out of 100
Evidence: High Range ₹7,997 to ₹17,263

Fair value as of: Aug 29, 2026

From 13 valuation models · updated 9 days ago

Share price −2.9% over the past month.

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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (₹7,997 to ₹17,263) leaves room in how you read the outcome.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

₹14,274 ₹3,166 Fair Value ₹11,257 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range ₹3,166 – ₹14,274 · fair‑value band ₹7,997 – ₹17,263 · the ₹11,162 price screens below the ₹11,257 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Bajaj Holdings & Investment Limited (BAJAJHLDNG) currently trades at ₹11,162, while our model-based Fair Value estimate is ₹11,257, implying the stock looks roughly 0.8% fairly valued today. The Quality Score stands at 68/100 (solid quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of ₹21,232 per share, and 7 of the 13 models we run sit above the ₹11,162 price. Bear case: the Dividend Discount group reads lowest at ₹1,737, and 6 of the 13 models stay below the price. Evidence for this calculation is high.

Revenue declined 48.3% year over year. It earns a return on equity of 12.6%. The balance sheet holds a net cash position of ₹21.3M. The stock trades on a trailing P/E of 12.9. Fundamentals as of Aug 29, 2026

Scenario range: ₹7,997 (bear) to ₹17,263 (bull), the price of ₹11,162 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 24% below its 52-week high and 30% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 1%, BAJAJHLDNG screens cheaper than that median.

Fair Value models

Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (₹338.70 per share) are deliberately not added.

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF best evidence ₹7,230 ₹13,988 ₹28,232 71
Rev-Margin DCF ₹3,059 ₹5,191 ₹8,966 68
Owner Earnings ₹14,457 ₹33,872 ₹76,454 67
All 13 models by family
DCF Models
Owner Earnings ₹14,457 ₹33,872 ₹76,454 67
5Y P/E Exit ₹8,477 ₹19,250 ₹33,925 65
10Y P/E Exit ₹8,415 ₹19,397 ₹38,430 57
Earnings-Based
Graham-Dodd ₹5,888 ₹41,062 ₹57,625 63
Lynch FV ₹14,862 ₹21,232 ₹27,601 61
Dividend Discount
Gordon GGM ₹971.13 ₹2,120 ₹3,567 65
DDM Multi-Stage ₹971.13 ₹1,737 ₹2,210 66
Multiples
P/E Multiple ₹8,442 ₹11,257 ₹14,071 63
P/B Multiple ₹6,901 ₹9,202 ₹11,502 55
Asset-Based
NCAV (Graham) ₹3,286 ₹4,404 ₹6,573 51
Growth DCF
Growth DCF best evidence ₹7,230 ₹13,988 ₹28,232 71
Rev-Margin DCF ₹3,059 ₹5,191 ₹8,966 68
Economic Profit
Residual Income ₹6,369 ₹8,266 ₹24,334 66

Widest divergence: Earnings-Based (₹21,232) versus Dividend Discount (₹1,737). Highest evidence: Growth DCF (71).

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Key figures & financial health

P/E ratio 12.9
P/S ratio 12.1 P/E × margin
EPS (TTM) ₹865.65 price ÷ EPS = P/E 12.9
Dividend yield 0.8% payout 10.7%
Net margin 94.0% FY2026
Return on equity 12.6% TTM
More key figures
Profitability
Return on assets (EBIT) 9.9% avg 5y
Operating margin 42.4% TTM
Growth
Revenue growth (YoY) −48.3% 3y avg +25.5%
EPS growth (YoY) +49.3%
Balance sheet & cash flow
Free cash flow ₹47.8B FY2026
Net cash ₹21.3M FY2026

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 66 · Market factors (momentum, volatility) 53

Profitability 49
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 41
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Bajaj Holdings & Investment Limited, an investment holding company, operates as a non-banking financial institution-investment and credit company in India. It invests in listed and unlisted securities of companies. The company was incorporated in 1945 and is headquartered in Pune, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Bajaj Holdings & Investment Limited reported revenue of ₹103B in FY2026 versus ₹43.8B in FY2022, a compound +23.7%/yr. Reported net income was ₹96.4B in FY2026, compounding +24.2%/yr from FY2022.

Growth Quality 83/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹103B
Latest YoY
+49.1%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+25.5%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+21.3%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.8%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+22.2%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+21.4%
Dividend yield0.8%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 21.4% vs 10Y 15.6%, picking up
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.96.4% (2021) → 98.1% (2026) · rising
Worst earnings drop82% (2009) · in INR
Revenue +23.7%/yr
FY22 ₹43.8B
FY23 ₹51.9B
FY24 ₹76.7B
FY25 ₹68.8B
FY26 ₹103B
Net income +24.2%/yr
FY22 ₹40.6B
FY23 ₹48.5B
FY24 ₹72.7B
FY25 ₹65.2B
FY26 ₹96.4B
Character of growth · EPS growth decomposed (2015-2026) +14.8 % p.a.
Revenue per share +33.2 %

of which total revenue +33.2 % · buybacks/dilution +0.0 %

EBIT margin +1.8 %
Tax rate +0.2 %
Residual (interest, one-offs) −15.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Bajaj Holdings & Investment Limited Fair Value". https://www.fairvalue-calculator.com/stock/BAJAJHLDNG

Peer Group

Asset Management · 696 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation
Quality Score 67 · Above median
Fair Value upside +1% · Below median
Profitability
Return on equity (TTM) 13% · Above median
Return on assets 1% · Below median
Operating margin (TTM) 42% · Above median
Growth and dividend
Revenue growth −48% · Bottom 25%
Dividend yield (TTM) 0.8% · Bottom 25%

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 12.9× · Pricier than median
P/S (TTM) 1.09× · Cheapest 25%
P/FCF 0.3× · Cheapest 25%
EV/EBITDA 1.3× · Cheapest 25%

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Bajaj Holdings & Investment Limited deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+12.6 % per year
Achieved revenue growth, 5 years+21.3 % p.a.
Sector median revenue growth+8.1 %
FCF yield on price3.85 %
Discount rate (WACC) in the models10.4 %

The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE34 · sector 40
FUTURE0 · sector 14
PAST50 · sector 24
HEALTH0 · sector 95
DIVIDEND17 · sector 81

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $142.39 $52.88 −63%
Investor AB INVEB kr 408.05 kr 827.56 +103%
Brookfield Corporation BN C$55.74 C$10.67 −81%
KKR & Co KKR $108.68 $19.97 −82%
Apollo Global Management, Inc APO $135.04 $101.04 −25%
State Street Corporation STT $193.33 $138.33 −28%
Ameriprise Financial, Inc AMP $559.32 $515.24 −8%
Ares Management Corporation ARES $143.10 $30.88 −78%
Northern Trust Corporation NTRS $186.79 $122.02 −35%
Raymond James Financial, Inc RJF $181.10 $142.42 −21%

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Frequently asked questions

Is Bajaj Holdings & Investment Limited (BAJAJHLDNG) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of ₹11,257 versus a price of ₹11,162, about +1% upside (fairly valued).
What is the fair value of BAJAJHLDNG?
Our model-based fair value for Bajaj Holdings & Investment Limited is ₹11,257 (as of Aug 29, 2026), built from audited fundamentals. The current price: ₹11,162.
What is the quality score of BAJAJHLDNG?
Bajaj Holdings & Investment Limited has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bajaj Holdings & Investment Limited (BAJAJHLDNG)?
Our model-based price target is the fair value of ₹11,257 (as of Aug 29, 2026) from 13 valuation models. Cautious scenario ₹7,997, optimistic scenario ₹17,263. It is a calculation from audited fundamentals, not an analyst target.
What is the Bajaj Holdings & Investment Limited stock forecast for 2026?
Our models put fair value at ₹11,257, about +1% upside versus a price of ₹11,162 (fairly valued). Cautious scenario ₹7,997, optimistic scenario ₹17,263. The calculation is refreshed regularly with new filings.
Does Bajaj Holdings & Investment Limited pay a dividend?
Bajaj Holdings & Investment Limited currently shows a dividend yield of about 0.83% relative to its recent price (as of Aug 29, 2026).
What growth is priced into Bajaj Holdings & Investment Limited (BAJAJHLDNG)?
For today's price to be fair in a discounted-cash-flow model, Bajaj Holdings & Investment Limited would have to grow free cash flow by +12.6 % per year for ten years (discount rate 10.4 %, then 2 % perpetual growth). Over the last 5 years revenue grew +21.3 % per year. As of Aug 29, 2026.
What discount rate (WACC) does the fair value of BAJAJHLDNG use?
Our models discount Bajaj Holdings & Investment Limited at 10.4 %: a base by market capitalisation (large), damped by beta 0.13, country premium for India. The same rate applies in all 26 models.
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