Bajaj Electricals Ltd: Sparks Are Flying, But Is There Fire Beneath the Wires?

1. At a Glance

A household name selling everything from fans to floodlights. Bajaj Electricals is deep into the FMEG market, but with a 69x P/E and sluggish sales growth, it might be more fuse than flash. Is this just another overcharged legacy stock?

2. Introduction with Hook

Imagine a company that lights up tunnels, cooks your dinner, cools your room… and somehow still struggles to electrify its P&L. Bajaj Electricals, part of the Bajaj legacy, should’ve been India’s Philips meets Siemens — instead, it’s been limping with a 5-year sales CAGR of negative 1%.

• FY25 Net Profit: ₹133 Cr
• ROE: 7.52% — lower than your FD return after tax.
  Will new CEO Sanjay Sachdeva flip the switch?

3. Business Model (WTF Do They Even Do?)

Bajaj Electricals operates across two key verticals:

• Consumer Products: Fans, appliances, lighting, Morphy Richards (premium brand), Nirlep (cookware).
• Lighting Solutions (LS) & EPC: Smart street lighting, tunnel illumination, power distribution infra.

It’s part FMEG, part infra-lighting EPC. A confusing combo — one sells ceiling fans, the other lights up highways.

4. Financials Overview

📊 FY25 Standalone Financials (₹ Cr)