Bajaj Holdings & Investment Q1 FY26 – PAT ₹6,964 Cr (boosted by BFS stake sale), Dividend ATM at ₹65/share, but 90% Income is “Other Income” Magic

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1. At a Glance

Bajaj Holdings & Investment Ltd (BHIL) is that uncle at weddings who doesn’t dance, doesn’t drink, but still pays everyone’s bill. With barely ₹875 Cr sales in FY25, it still reported a mind-boggling ₹6,964 Cr PAT — courtesy of dividends, buybacks, and “other income” sorcery. It’s basically an NBFC that doesn’t lend, a holding company that’s richer than most banks, and a perpetual dividend ATM for Bajaj family shareholders.

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2. Introduction

In 2008, Bajaj Auto did an Indian family drama split: motorcycles stayed with Bajaj Auto, financial services went to Bajaj Finserv, and all the remaining wealth/investments got dumped into Bajaj Holdings. Since then, BHIL has basically lived like a retired patriarch — no day job, no daily hustle, just collecting dividends and watching its children (Bajaj Auto, Bajaj Finance, Bajaj Finserv) grow up and send money home.

Today, BHIL holds:

• 36.7% of Bajaj Auto (your Pulsar, KTM, Triumph dreams).
• 41.6% of Bajaj Finserv (which itself controls Bajaj Finance, Bajaj Allianz insurance arms).
• 51% of Maharashtra Scooters.

Basically, BHIL is a glorified family office listed on the exchange. Yet, with a market cap of ₹1.47 lakh Cr, it’s not just “glorified,” it’s “institutionalised.”

So what’s the business model? Sit tight, collect dividends, occasionally sell shares, declare interim dividend of ₹65/share, and enjoy.

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3. Business Model – WTF Do They Even Do?

Unlike its aggressive children (Bajaj Auto races bikes, Bajaj Finance throws loans faster than pani puri), BHIL has zero operational stress. Its three revenue engines are:

• Dividends from Bajaj Auto/Finserv/Finance – the financial backbone.
• Interest income from investments – because even 10-year FDs deserve love.
• Other Income / Gains – FY25 saw ₹8,152 Cr booked here, mostly from BFS share sale and buybacks.

No factories, no product launches, no new-age AI blabber. Just sitting on ₹73,808 Cr investments, drinking dividends, and laughing at every fintech founder who thinks raising Series C is an achievement.

Question: If your salary was just dividends from your kids, would you even bother going to office?

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4. Financials Overview

Source table

Metric	Latest Qtr (Jun 25)	YoY Qtr (Jun 24)	Prev Qtr (Mar 25)	YoY %	QoQ %
Revenue	₹325 Cr	₹134 Cr	₹145 Cr	142.5%	124%
EBITDA	₹284 Cr	₹73 Cr	₹103 Cr	289%	176%
PAT	₹3,504 Cr*	₹1,615 Cr	₹1,751 Cr	117%	100%
EPS (₹)	313	145	155	116%	102%

*Includes ₹1,983 Cr one-off gain from BFS share sale.

Annualised EPS (normalized, excluding one-offs): ~₹600–650. At CMP ₹13,218 → P/E ~20–22x.

Commentary: Revenue is tiny, PAT is massive. This company is the Sachin Tendulkar of “Other Income.”

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5. Valuation Discussion – Fair Value Range

• P/E Method:
  Normalized EPS ~₹620. Apply 18–22x (holding company usually trades at discount).
  Fair Value Range: ₹11,000 – ₹13,600.
• EV/EBITDA:
  EV ₹1.47 lakh Cr, EBITDA (core recurring) ~₹700 Cr → absurd ~200x. Not meaningful since income is dividends/other gains.
• SOTP (Sum of the Parts):
• Bajaj Auto stake ~₹90,000