1. At a Glance
If laziness were an Olympic sport, Bajaj Holdings & Investment Ltd (BHIL) would be on the podium—gold medal, national anthem, fireworks. This is a company that doesn’t sell bikes, doesn’t lend aggressively, doesn’t chase customers, and yet casually posts ₹2,018 crore PAT in a single quarter, runs an OPM of 86%, and sits on ₹81,322 crore worth of investments like it’s a fixed deposit with steroids.
Market cap stands at ₹1.22 lakh crore, stock price around ₹11,002, and the market politely values this holding company at ~1.84x book—neither dirt cheap nor bubble territory. Over the last 3 months, the stock is down 13.4%, which is the market’s way of saying, “Yes, we know you’re rich, but can you please entertain us a little?”
Q3 FY26 numbers were solid but not fireworks-driven like some previous quarters. PAT grew 15.3% YoY, sales jumped 128% QoQ, and yet the real hero remains Other Income, which alone was ₹1,846 crore this quarter. If this were a Bollywood movie, operations would be a side character and investments would be the superstar with their own vanity van.
So the question is simple: is BHIL a boring holding company, or is it secretly one of India’s most elegant compounding machines?
2. Introduction
Bajaj Holdings is that uncle at weddings who doesn’t dance, doesn’t talk much, but quietly paid for half the event. No noise, no drama, no quarterly guidance circus—just dividends, buybacks, and long-term equity ownership done right.
Formed after the demerger of Bajaj Auto, BHIL ended up holding what really matters: ownership. Over time, it has steadily increased its stakes in Bajaj Auto, Bajaj Finserv, and Maharashtra Scooters, turning itself into a pure-play investment company with almost zero operational headache.
The beauty of BHIL is that it doesn’t pretend to be anything else. It openly says: “We invest. We collect dividends. Sometimes we sell. Sometimes we buy. And we sleep very well at night.”
But here’s where investors get confused. On paper, revenue growth looks erratic. Sales growth over the last year is -34%, profit growth -2%, and working capital days have ballooned to 500 days. Alarm bells? Not really—this is what happens when accounting tries to make sense of a company whose income is
largely financial in nature.
So instead of asking “Why aren’t sales growing?”, the better question is: Are the underlying investments compounding? Because if they are, BHIL will look boring today and brilliant in hindsight.
3. Business Model – WTF Do They Even Do?
Let’s simplify it brutally.
BHIL does not operate a business. It operates a portfolio.
No factories.
No sales teams.
No distributors yelling for higher incentives.
BHIL owns large chunks of some of India’s finest businesses and earns money through:
- Dividends
- Interest income
- Capital gains
- Fair value changes
- Occasional strategic exits
That’s it. That’s the business model.
Its crown jewels are its strategic stakes in:
- Bajaj Auto
- Bajaj Finserv
- Maharashtra Scooters
Over the last 16 years, BHIL has increased its ownership in these companies, not diluted it. That alone tells you this is not a trader—it’s a patient allocator of capital.
In FY24, revenue breakup looked hilarious in a good way:
- Profit on buyback of equity shares: ~65%
- Interest income: ~18%
- Dividend income: ~10%
- Everything else: rounding errors
If you’re looking for EBITDA margin expansion, customer acquisition costs, or ARPU growth—wrong page, boss. This is a balance-sheet-first, patience-is-the-product kind of company.
Now ask yourself: how many promoters in India can sit on ₹80,000+ crore of investments without leveraging the balance sheet or doing something stupid?
4. Financials Overview
Quarterly Comparison (Q3 FY26)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 288 | 126 | 397 | 128% | -27% |
| EBITDA (₹ Cr) | 247 | 96 | 353 | 157% | -30% |
| PAT (₹ Cr) | 2,018 | 1,750 | 1,690 | 15.3% | 19.4% |
| EPS (₹) | 181.16 | 157.09 | 140.08 | 15.3% | 29.3% |
- Q1 FY26 EPS: 313.27
- Q2 FY26 EPS: 140.08
- Q3 FY26 EPS: 181.16
Average EPS = 211.50
Annualised EPS ≈ ₹846
