At a glance
Bajaj Holdings & Investment Ltd (BHIL) posted a FY25 consolidated profit of ₹6,626 crore, declared a ₹93/share total dividend, and is now flexing a portfolio worth over ₹2.2 lakh crore (yes, lakh crore, not lakhs). EPS? ₹586. CMP? ₹13,826. And NAV? A mind-numbing ₹20,103/share.
Yet, the market is pricing it at a 35% discount to NAV.
Is this India’s cleanest conglomerate holdco… or the most underappreciated discount store in Dalal Street?
🧠 About the Company
BHIL is not your average investment company — it’s the patriarch of the Bajaj family tree. With major stakes in:
- 🛵 Bajaj Auto (36.67%)
- 💸 Bajaj Finserv (41.53%)
- 🏭 Maharashtra Scooters (51%)
…it’s basically the unofficial family office of the Bajaj Empire, structured as a Core Investment Company (CIC) under RBI norms.
It earns its keep from dividends, interest, and strategic investing muscle — no factories, just balance sheets.
📊 FY25 Financial Highlights (Consolidated)
| Metric | Q4 FY25 | Q4 FY24 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | ₹232 Cr | ₹1,222 Cr | ₹831 Cr | ₹1,713 Cr |
| Share of Profits (Assoc.) | ₹1,608 Cr | ₹1,554 Cr | ₹6,132 Cr | ₹5,955 Cr |
| Net Profit (PAT) | ₹1,726 Cr | ₹2,716 Cr | ₹6,521 Cr | ₹7,267 Cr |
| EPS (Consolidated) | ₹155 | ₹244 | ₹586 | ₹653 |
| Total Comprehensive Inc. | ₹9,779 Cr | ₹12,360 Cr |
FY24 base was inflated by ₹1,111 Cr one-time gain from Bajaj Auto buyback. Adjusted for that, BHIL actually grew core profit this year.
💸 Dividend Bonanza
| Type | Amount (₹/share) | Date |
|---|---|---|
| Interim | ₹65 | Paid – Oct 2024 |
| Final (FY25) | ₹28 | Payable – Aug 2025 |
| Total FY25 | ₹93 | 💰 ₹1,035 Cr payout |
Yield at CMP ₹13,826 = 0.67% — not exciting, but remember: you’re buying ₹20,000 worth of assets.
🧾 Standalone Highlights (FY25)
| Metric | FY25 | FY24 |
|---|---|---|
| Total Income | ₹1,600 Cr | ₹3,176 Cr |
| Net Profit (PAT) | ₹1,292 Cr | ₹2,896 Cr |
| Dividend Income | ₹1,040 Cr | ₹1,610 Cr |
| EPS (Standalone) | ₹116.1 | ₹260.3 |
Massive fall vs FY24 due to absence of ₹1,153 Cr gain from Bajaj Auto buyback in FY24.
🏦 Portfolio Snapshot
| Investment Type | Cost (₹ Cr) | Market Value (₹ Cr) |
|---|---|---|
| Strategic Group Cos | ₹3,150 | ₹2,08,587 |
| Equity – Others | ₹469 | ₹3,587 |
| Debt Securities | ₹12,397 | ₹12,456 |
| Investment Properties | ₹167 | ₹305 |
| Total | ₹16,183 | ₹2,23,734 |
🧠 NAV per Share = ₹20,103
📈 CMP = ₹13,826
📉 Holding Co Discount = ~31%
🧮 Forward Value (FV) Calculation
Let’s be fair and treat BHIL like a discounted family trust, not a high-growth fintech.
- EPS = ₹586
- Assume 8% EPS CAGR (due to Finserv & Auto growth)
- Forward EPS (FY28E) = ₹586 × (1.08)^3 ≈ ₹739
- Assign P/E = 18 (low float, holdco)
- FV = ₹739 × 18 = ₹13,302
- Add 30% discount-adjusted NAV = ₹20,103 × 0.7 = ₹14,072
- Take average = (₹13,302 + ₹14,072) / 2 = ₹13,687
🎯 Fair Value Range: ₹13,500 – ₹14,000
✅ CMP: ₹13,826 — fairly valued, not undervalued anymore
🧾 Balance Sheet (Consolidated, FY25)
| Metric | FY25 | FY24 |
|---|---|---|
| Total Assets | ₹75,266 Cr | ₹65,161 Cr |
| Investments (Assoc. + Others) | ₹73,808 Cr | ₹64,715 Cr |
| Equity | ₹72,669 Cr | ₹62,971 Cr |
| Cash & Equivalents | ₹82.86 Cr | ₹39.73 Cr |
This is literally a money warehouse. 98% of its net worth is in listed assets.
🔁 Cash Flow FY25
| Type | ₹ Cr |
|---|---|
| Operating | -₹1,957 |
| Investing | +₹3,054 |
| Financing | -₹1,055 |
| Net Cash | +₹43 |
BHIL continues to rotate portfolio strategically, while staying cash-positive despite ₹1,000+ Cr dividend payout.
🧵 EduInvesting Take
BHIL is like that grand old landlord uncle — owns half of Pune, earns rent and dividends, quietly getting richer… but never shows off.
- ✅ Incredibly clean company
- ✅ Holds India’s top performers (Bajaj Finserv, Bajaj Auto)
- ✅ Discount to NAV = free lunch
- ✅ Consistent 500+ EPS club
But… it’s not for traders. It’s slow, boring, and dividends don’t shoot fireworks.
If you’re okay with letting your wealth marinate in Bajaj bluechip gravy, this is your plate.
⚠️ Risks & Red Flags
- Holding company structure means low liquidity & no control over ops
- Depends entirely on associate company performance
- Valuation gains dominate actual income — susceptible to market crashes
- Regulatory changes (esp. Core Investment Co norms) could restrict restructuring
📦 What’s Cooking Ahead?
- 🏥 BFS acquiring full stake in Bajaj Allianz Life & General — BHIL wants 19.95%
- 🔄 Reclassification into Unregistered Core Investment Company in progress
- 🏍️ Bajaj Auto eyeing control of KTM Global business — future value bump?
🎯 Final Word
BHIL is the spiritual opposite of Zomato. It doesn’t promise the moon, doesn’t burn cash, and still ends up richer every year.
It’s not sexy, but solid.
If you want a bet that gives you indirect exposure to BFS, Bajaj Auto, KTM, Bajaj Finance, and you’re patient?
Then BHIL is the ultimate “boring billionaire builder”.
🏷️ Tags:
BHIL FY25 Results, Bajaj Holdings Dividend, Bajaj Finserv Stake, Bajaj Auto Investment, Core Investment Companies India, NAV Discount Stocks, EduInvesting
🖋️ Prashant Marathe | 🗓️ 30 May 2025
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