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Bajaj Holdings (BAJAJHLDNG) Fair Value & Analysis

Financial Services · IN · Market cap ₹1.2T

BH Bajaj Holdings BAJAJHLDNG · NSE
Price₹11,387
Fair Value₹9,202
Upside-19.2%
Quality63/100
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Mixed Growth
generates free cash flow
1.38% dividend yield
Mixed vs. peers (5/11)
Moderate moat 64/100
Evidence: Medium Range ₹6,901 – ₹11,502 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 21 days ago

Share price +5.8% over the past month.

A solid business, but screening 19% overvalued on our models.

What matters now

  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

₹14,274 ₹2,982 Fair Value ₹9,202 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range ₹2,982 – ₹14,274 · fair‑value band ₹6,901 – ₹11,502 · the ₹11,387 price screens above the ₹9,202 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

Bajaj Holdings (BAJAJHLDNG) currently trades at ₹11,387, while our model-based Fair Value estimate is ₹9,202, implying the stock looks roughly 19.2% overvalued today. We read business quality at 63/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Trailing-twelve-month revenue stands at ₹11.2B. 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. Fundamentals as of Jul 17, 2026

Our scenario range runs from ₹6,901 (bear case) to ₹11,502 (bull case); at ₹11,387, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 33% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -56% fair-value upside, at -19%, BAJAJHLDNG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income ₹6,369 ₹8,266 ₹24,334 76
Growth DCF ₹7,230 ₹13,988 ₹28,232 72
Gordon GGM ₹971.13 ₹2,120 ₹3,567 70
All 26 models by family
DCF Models
FCF DCF ₹7,672 ₹12,369 ₹27,729 38
Owner Earnings ₹14,457 ₹33,872 ₹76,454 31
5Y Revenue Exit ₹3,324 ₹5,065 ₹8,613 39
5Y EBITDA Exit ₹8,781 ₹16,177 ₹30,599 41
5Y P/E Exit ₹11,966 ₹28,149 ₹50,356 38
10Y Revenue Exit ₹4,507 ₹8,180 ₹10,168 36
10Y EBITDA Exit ₹8,641 ₹20,059 ₹41,123 37
10Y P/E Exit ₹11,010 ₹26,991 ₹55,071 35
Earnings-Based
Graham-Dodd ₹5,888 ₹41,062 ₹57,625 54
Lynch FV ₹14,862 ₹21,232 ₹27,601 50
PEG = 1.0 ₹14,862 ₹21,232 ₹27,601 46
EPV ₹8,134 ₹9,569 ₹10,844 59
Dividend Discount
Gordon GGM ₹971.13 ₹2,120 ₹3,567 70
DDM Multi-Stage ₹971.13 ₹1,737 ₹2,210 61
Multiples
P/E Multiple ₹12,988 ₹17,318 ₹21,647 63
P/S Multiple ₹1,727 ₹2,303 ₹2,879 58
P/B Multiple ₹11,040 ₹14,720 ₹18,400 55
EV/EBIT ₹12,200 ₹16,266 ₹20,332 53
EV/EBITDA ₹8,839 ₹11,785 ₹14,731 54
EV/Revenue ₹1,613 ₹2,304 ₹2,995 43
Asset-Based
NCAV (Graham) ₹3,286 ₹4,404 ₹6,573 50
Growth DCF
Growth DCF ₹7,230 ₹13,988 ₹28,232 72
Rev-Margin DCF ₹3,324 ₹5,807 ₹10,215 67
Economic Profit
Residual Income ₹6,369 ₹8,266 ₹24,334 76
ROIC Compounder ₹9,799 ₹14,153 ₹18,053 67
Growth Earnings
Growth-Adj P/E ₹18,819 ₹26,885 ₹34,950 68

Widest divergence: Growth Earnings (₹26,885) versus Dividend Discount (₹1,737). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) ₹11.2B
Revenue growth (YoY) -48.3%
Net margin 857%
Return on equity 12.6%
Free cash flow ₹47.8B FY2026
P/E ratio 12.0
More key figures
Operating margin 42.4%
EPS (TTM) ₹865.65
Dividend yield 1.4%
EPS growth (YoY) +49.3%
Net cash ₹21.3M FY2026

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 66 · Market factors (momentum, volatility) 51

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 40
Price trend over the last 3–12 months (market factor)
52W Momentum 31
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.

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 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. growth/yr (3Y)
+25.5%
Avg. growth/yr (5Y)
+21.3%
Avg. growth/yr (21Y)
+2.8%
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

BAJAJHLDNG screens 19% overvalued. Compare with Fondul Proprietatea SA →

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

Peer Group

Asset Management · 963 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.

Quality Score 62 · Above median
Fair Value upside −19% · Below median
Return on equity (TTM) 13% · Above median
Return on assets 1% · Below median
Operating margin (TTM) 42% · Below median
Revenue growth -48% · Bottom 25%
Dividend yield (TTM) 1.4% · Below median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 12.0× · Pricier than median
P/S (TTM) 1.08× · Cheaper than 75% of peers
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 1.3× · Cheaper than 75% of peers

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.

VALUE 8 · sector 37
FUTURE 0 · sector 6
PAST 50 · sector 26
HEALTH 0 · sector 95
DIVIDEND 28 · sector 70

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,036 $504.81 -51%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 394.40 kr 788.80 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
HDFC Asset Management Company HDFCAMC ₹2,729 ₹301.41 -89%
360 One Wam Limited 360ONE ₹1,099 ₹338.59 -69%

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Frequently asked questions

Is Bajaj Holdings (BAJAJHLDNG) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of ₹9,202 versus a price of ₹11,387, about −19% (overvalued).
What is the fair value of BAJAJHLDNG?
Our model-based fair value for Bajaj Holdings is ₹9,202 (as of Jul 17, 2026), built from audited fundamentals. The current price is ₹11,387.
What is the quality score of BAJAJHLDNG?
Bajaj Holdings has a Quality Score of 63/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Bajaj Holdings (BAJAJHLDNG)?
Bajaj Holdings reported trailing-twelve-month revenue of about ₹11.2B (latest available figure, as of Jul 17, 2026).
Does Bajaj Holdings pay a dividend?
Bajaj Holdings currently shows a dividend yield of about 1.43% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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