01 — At a Glance
The Bajaj Family’s Portfolio in a Stock Wrapper
- 52-Week High / Low₹14,873 / ₹10,400
- TTM Revenue₹1,154 Cr
- TTM PAT₹7,355 Cr
- Full-Year EPS (TTM)₹790.00
- Q3 FY26 EPS₹181.16
- Book Value₹6,095
- Price to Book1.73x
- Dividend Yield0.88%
- Debt / Equity0.00x
- Return (1-Year)-10.3%
Auditor’s Opening Note: Bajaj Holdings is less a company and more a holding company masquerading as one. TTM PAT of ₹7,355 crore includes ₹8,599 crore in “other income” — the investment portfolio’s gains, dividends, and mark-to-market adjustments. Strip that out, and operating profit is barely ₹987 crore. The Q3 result showed ₹2,018 crore PAT with exceptional gain of ₹1,983 crore from selling 1.04 crore Bajaj Finserv shares. This is a portfolio company that happens to be listed. P/E of 16x is fair only if you’re confident the portfolio keeps printing gains. If not, you’re paying for a holding company earning 9.8% ROCE.
02 — Introduction
The Bajaj Family’s Greatest Hit: Owning Other Bajaj Companies
In December 2024, the Bajaj family did something mathematically clever and operationally bizarre — they demerged Bajaj Auto Limited. The manufacturing arm (vehicles, two-wheelers, three-wheelers) went to a new Bajaj Auto. The financial services (Bajaj Finserv, Bajaj Finance, wind farms) went to Bajaj Finserv. Everything else — the family’s historical investments, real estate, cash, and strategic positions — stayed in Bajaj Holdings & Investment Ltd.
Why? Because Bajaj Holdings now owns 36.68% of Bajaj Auto and 41.53% of Bajaj Finserv. It’s a holding company that collects dividends from subsidiaries and occasionally sells equity to fund new acquisitions. Think of it as the Bajaj family’s personal investment portfolio, except it’s traded on the stock exchange and taxed as a company.
The Q3 FY26 results (ended December 31, 2025) dropped in February 2026, and they were a study in calculated portfolio management. Profit of ₹2,018 crore, but ₹1,983 crore came from selling Bajaj Finserv shares. Meanwhile, the board approved acquisition of 17.56% stakes in Bajaj General Insurance and Bajaj Life Insurance for ₹16,330 crore, with completion by July 31, 2026. The Allianz exit. The Bajaj consolidation. It’s chess, played very slowly.
The Demerger Setup (Dec 2024): BHIL holds 36.68% of BAL, 41.53% of BFS, and 51% of Maharashtra Scooters. This is not operating leverage. This is portfolio concentration with style.
03 — Business Model: We Own Stuff. That’s It.
A Holding Company That Forgot to Operate
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