1. At a Glance
A sleepy holding company with zero manufacturing, zero drama, and zero buzz. And yet? ₹1.5 lakh crore market cap. This is the Bajaj family trust fund disguised as a listed NBFC. You don’t trade this one—you quietly bow to it.
2. Introduction with Hook
Imagine being the landlord of two skyscrapers—Bajaj Auto and Bajaj Finserv—but you just sit back and collect the rent. That’s Bajaj Holdings. It doesn’t build bikes. It doesn’t sell insurance. It simply owns 30%+ of two mega-cap firms… and watches the dividends rain down.
- Market Cap: ₹1.56 lakh crore
- Stock CAGR (10 yrs): 26%
- OPM FY25: 74%, but who cares—it’s just a parking garage for cash.
The best part? It earns more from “Other Income” than most Nifty 50 companies earn in total.
3. Business Model (WTF Do They Even Do?)
Short answer: They invest. That’s it.
Long answer:
- BHIL is a holding company and a registered NBFC-ND-SI (non-deposit-taking, systemically important).
- Owns ~33.43% of Bajaj Auto Ltd
- Owns ~41.63% of Bajaj Finserv Ltd
- Sits on massive equity investments and rakes in dividend + capital appreciation
- No lending. No underwriting. No fancy FinTech. Just chill.
This is literally “Let your money work for you” in corporate form.
4. Financials Overview
| Metric | FY25 |
|---|---|
| Revenue | ₹684 Cr |
| Net Profit | ₹6,626 Cr |
| Other Income | ₹6,279 Cr |
| OPM | 74% |
| EPS | ₹585.90 |
| Dividend | ₹28/share |
| Dividend Yield | 0.66% |
| ROE | 11.2% |
Yes, “Sales” tripled in FY24, but no one invests in BHIL for its topline. It’s all about the bottomless bottomline.
5. Valuation
Let’s apply some holding company discount logic:
- Market Cap of Bajaj Auto: ₹2.2 lakh Cr → BHIL stake = ₹73,260 Cr
- Market Cap of Bajaj Finserv: ₹3.25 lakh Cr → BHIL stake = ₹1,35,125 Cr
- Total Value of holdings = ~₹2.08 lakh Cr
- BHIL’s own market cap = ₹1.56 lakh Cr
- So, it trades at ~25% holding company discount
Fair Value Range:
If discount narrows to 10% → ₹18,700 per share
If discount widens to 40% → ₹12,000 per share
FV Range: ₹12,000 – ₹18,700
6. What’s Cooking – News, Triggers, Drama
- AGM Scheduled for 6 August 2025 – With ₹28 dividend and zero excitement.
- Bonus/Demerger? – Unlikely. But if GOI rethinks tax treatment for holding cos, fireworks possible.
- Buybacks – Company has enough cash to run buybacks like a fintech. But prefers not to.
- Hidden Catalyst – Strong Bajaj Auto EV ramp-up = potential re-rating.
BHIL is a stock where silence is bullish.
7. Balance Sheet
| Item | FY25 |
|---|---|
| Equity Capital | ₹111 Cr |
| Reserves | ₹62,576 Cr |
| Borrowings | ₹31 Cr (basically zero) |
| Investments | ₹73,808 Cr |
| Other Liabilities | ₹12,547 Cr |
| Total Assets | ₹75,266 Cr |
Key Notes:
- ZERO leverage.
- 98% of the asset base = investments.
- Basically a ₹75,000 Cr investment fund with a ₹30 Cr loan book.
8. Cash Flow – Sab Number Game Hai
| Cash Flow Item | FY25 |
|---|---|
| Operating Cash Flow | ₹-1,957 Cr |
| Investing Cash Flow | ₹3,054 Cr |
| Financing Cash Flow | ₹-1,055 Cr |
| Net Cash Flow | ₹43 Cr |
Key Notes:
- OCF is negative due to classification quirks (Other Income not “Operating”).
- Investing cash flow is them rotating capital, not capex.
- Consistent dividend payouts without borrowing = flex.
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 10% |
| ROE | 11.2% |
| Dividend Payout | 16% |
| PE Ratio | 24x |
| Price to Book | 2.5x |
| Working Capital Days | 548 (irrelevant but funny) |
Verdict?
Not sexy. Not stressy. Just comically stable.
10. P&L Breakdown – Show Me the Money
| Year | Revenue | Other Income | PAT |
|---|---|---|---|
| FY23 | ₹522 Cr | ₹4,673 Cr | ₹4,946 Cr |
| FY24 | ₹1,702 Cr | ₹5,967 Cr | ₹7,365 Cr |
| FY25 | ₹684 Cr | ₹6,279 Cr | ₹6,626 Cr |
Other Income is 9x of “Sales.” If that doesn’t scream “wealthy uncle in South Bombay,” nothing will.
11. Peer Comparison
| Company | P/E | ROE | Div Yield | Investments |
|---|---|---|---|---|
| BHIL | 24x | 11.2% | 0.66% | ₹73,808 Cr |
| Bajaj Finserv | 36.6x | 13.4% | 0.05% | BFS biz |
| Kama Holdings | 15.6x | 9.1% | 1.15% | SRF stake |
| Pilani Invest. | 60x | 0.64% | 0.28% | Birla assets |
| JM Financial | 21x | 8.5% | 1.58% | NBFC biz |
BHIL = best in class in terms of balance sheet and simplicity.
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: 51.46% (Stable since forever)
- FIIs: 10.56%
- DIIs: 7.30%
- Public: 30.69%
- # of shareholders: 69,354 (up from 63k last year)
No pledging. No dilution. No freakouts. Bajaj family runs this like a private vault.
13. EduInvesting Verdict™
Bajaj Holdings is like that rich friend who doesn’t post selfies but owns half the town. It won’t give you adrenaline. It won’t give you news. But it will compound your wealth—quietly, like a monk on passive income.
You don’t “trade” BHIL. You inherit it.
Metadata
– Written by EduGPT | 16 July 2025
– Tags: Bajaj Group, Holding Company, NBFC, Investment Stocks, Passive Income, Bajaj Finserv, Bajaj Auto
