Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated on: 15 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

Bajaj Electricals Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 11, 2024, 1:03 pm

Market Cap 9,914 Cr.
Current Price 860
High / Low1,120/820
Stock P/E92.1
Book Value 127
Dividend Yield0.36 %
ROCE12.7 %
ROE7.74 %
Face Value 2.00
PEG Ratio1.17

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Bajaj Electricals Ltd

Competitors of Bajaj Electricals Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Hawkins Cookers Ltd 4,602 Cr. 8,6999,099/5,81040.7 6221.36 %44.5 %36.0 % 10.0
Harsha Engineers International Ltd 4,560 Cr. 501614/36033.6 1370.20 %13.4 %10.6 % 10.0
Gorani Industries Ltd 55.5 Cr. 104160/86.876.0 23.50.00 %12.2 %11.5 % 10.0
Eureka Forbes Ltd 11,407 Cr. 590644/39787.5 2220.00 %3.46 %2.45 % 10.0
V-Guard Industries Ltd 17,667 Cr. 406577/28368.0 42.70.35 %16.1 %13.8 % 1.00
Industry Average11,138.00 Cr1,717.6475.89188.680.39%14.59%11.60%6.09

All Competitor Stocks of Bajaj Electricals Ltd

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales1,4971,2548531,2971,3121,3271,1241,2201,3081,2921,1121,1131,229
Expenses1,3491,1838461,2051,2201,2641,0511,1271,2041,1951,0431,0361,174
Operating Profit148727929263739410498697755
OPM %10%6%1%7%7%5%6%8%8%8%6%7%4%
Other Income232913211019920122223945
Interest1611151916107101512121420
Depreciation18161415161615181621212629
Profit before tax13674-979705660868686594651
Tax %26%24%26%21%26%24%26%26%26%32%27%27%26%
Net Profit10156-662524244646359433338
EPS in Rs8.814.89-0.565.404.493.663.875.565.525.103.762.913.29

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales3,0773,3514,0024,2324,5904,2544,6976,6564,9754,5724,7865,4185,000
Expenses2,8403,2393,9204,1434,3264,0114,4036,3084,7684,2714,5355,0604,675
Operating Profit2371128288264243293348207302251358325
OPM %8%3%2%2%6%6%6%5%4%7%5%7%7%
Other Income144115244836-36655384598391
Interest636978104108805911616976694854
Depreciation13142529273034386869637586
Profit before tax17669-6-2117716816425922241179318277
Tax %33%26%11%33%38%36%49%36%101%24%23%27%
Net Profit11851-5-1411010884167-0184137231199
EPS in Rs10.664.62-0.48-1.259.859.577.3914.69-0.0116.0411.9120.0317.29
Dividend Payout %24%39%-282%-108%26%26%43%21%0%0%25%20%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202021-20222022-2023
YoY Net Profit Growth (%)-56.78%-109.80%-180.00%885.71%-1.82%-22.22%98.81%-100.00%-25.54%68.61%
Change in YoY Net Profit Growth (%)0.00%-53.02%-70.20%1065.71%-887.53%-20.40%121.03%-198.81%74.46%94.16%

Bajaj Electricals Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:1%
5 Years:-7%
3 Years:0%
TTM:-3%
Compounded Profit Growth
10 Years:38%
5 Years:-5%
3 Years:-6%
TTM:-44%
Stock Price CAGR
10 Years:14%
5 Years:22%
3 Years:-9%
1 Year:-22%
Return on Equity
10 Years:9%
5 Years:8%
3 Years:9%
Last Year:8%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:38 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital20202020202020232323232323
Reserves7096906677368519241,0571,3571,5821,7221,8841,4181,440
Borrowings1663484088996477231,5821,07954182101215229
Other Liabilities1,2631,6271,7271,3051,5691,8052,5002,1002,1052,1752,9852,1772,177
Total Liabilities2,1572,6852,8222,9603,0873,4735,1604,5594,2504,0024,9933,8333,869
Fixed Assets226249278276310316322404461685770916937
CWIP63321869111843426353
Investments30675980801451533849473541
Other Assets1,8952,3662,4822,5832,6883,1364,7784,0913,7343,2254,1342,8192,838
Total Assets2,1572,6852,8222,9603,0873,4735,1604,5594,2504,0024,9933,8333,869

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +141-7121305437-103-602627660931449354
Cash from Investing Activity +-0-76-83-53-9036-127-46-110-86-88-449
Cash from Financing Activity +-14487-56-239-36864718-491-605-772-139-133
Net Cash Flow-44-1913-22-3-1190-5673223-227

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow237.00-54.00-266.00-320.00-635.00-404.00-430.00347.00206.00-239.00169.00257.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days102113111112115136144150121878392
Inventory Days605758607668647611810910685
Days Payable13915214266841008599115136195206
Cash Conversion Cycle23172710610710412312712459-6-30
Working Capital Days282019604171856967294215
ROCE %13%7%8%21%16%20%17%7%12%13%18%13%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthDec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
Promoters63.01%62.98%62.96%62.91%62.89%62.86%62.85%62.85%62.85%62.80%62.78%62.76%
FIIs11.75%10.64%10.51%10.81%11.26%11.22%10.92%10.49%10.41%10.18%7.93%8.23%
DIIs11.61%12.04%12.41%12.30%12.23%12.39%11.96%12.06%12.11%12.61%14.75%15.59%
Public13.64%14.35%14.12%13.98%13.62%13.51%14.26%14.60%14.62%14.41%14.53%13.41%
No. of Shareholders66,82571,89772,57370,31966,01863,05960,38963,10165,60063,09459,46061,774

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Small Cap Fund - Regular Plan5,582,5402.46569.67137,0232024-11-133974.16%
Nippon India Small Cap Fund3,062,0710.84312.47137,0232024-11-132134.71%
ICICI Prudential Multicap Fund693,0150.8170.72137,0232024-11-13405.77%
Mahindra Manulife Small Cap Fund296,1811.3530.22137,0232024-11-13116.15%
Baroda BNP Paribas Flexi Cap Fund143,8001.2414.67137,0232024-11-134.95%
Mahindra Manulife Flexi Cap Fund137,0231.3713.98137,0232024-11-130%
HDFC Capital Builder Value Fund - Regular Plan88,5710.169.04137,0232024-11-13-35.36%
Aditya Birla Sun Life Special Opportunities Fund86,3101.398.81137,0232024-11-13-37.01%
LIC MF Multi Cap Fund75,4681.137.7137,0232024-11-13-44.92%
LIC MF ULIS 10 Yrs Regular Premium Reducing cover61,8541.416.31137,0232024-11-13-54.86%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue2.002.002.002.002.00
Basic EPS (Rs.)11.3918.8010.8516.54-0.99
Diluted EPS (Rs.)11.3718.7710.8116.49-0.99
Cash EPS (Rs.)20.8925.8916.8623.065.82
Book Value[Excl.RevalReserv]/Share (Rs.)125.11165.74148.44140.10118.51
Book Value[Incl.RevalReserv]/Share (Rs.)125.11165.74148.44140.10118.51
Revenue From Operations / Share (Rs.)402.90471.80418.98400.27438.37
PBDIT / Share (Rs.)30.0537.6727.7232.5122.37
PBIT / Share (Rs.)20.5430.5721.7025.9515.89
PBT / Share (Rs.)15.0326.3714.4821.500.87
Net Profit / Share (Rs.)11.3818.7910.8316.50-0.65
NP After MI And SOA / Share (Rs.)11.3818.7911.1916.64-0.81
PBDIT Margin (%)7.457.986.618.125.10
PBIT Margin (%)5.096.475.176.483.62
PBT Margin (%)3.725.583.455.370.20
Net Profit Margin (%)2.823.982.584.12-0.14
NP After MI And SOA Margin (%)2.823.982.674.15-0.18
Return on Networth / Equity (%)9.0911.337.4211.87-0.68
Return on Capital Employeed (%)14.1117.0713.5917.0711.25
Return On Assets (%)3.414.623.214.48-0.20
Long Term Debt / Equity (X)0.000.000.010.010.05
Total Debt / Equity (X)0.000.000.020.160.55
Asset Turnover Ratio (%)1.091.241.151.041.02
Current Ratio (X)1.211.301.211.181.11
Quick Ratio (X)0.850.890.740.780.87
Inventory Turnover Ratio (X)0.560.500.410.350.40
Dividend Payout Ratio (NP) (%)35.1215.940.000.000.00
Dividend Payout Ratio (CP) (%)19.1311.570.000.000.00
Earning Retention Ratio (%)64.8884.060.000.000.00
Cash Earning Retention Ratio (%)80.8788.430.000.000.00
Interest Coverage Ratio (X)5.458.964.574.871.49
Interest Coverage Ratio (Post Tax) (X)3.145.472.973.140.95
Enterprise Value (Cr.)10157.4611736.7812224.9911392.023680.34
EV / Net Operating Revenue (X)2.192.162.542.480.73
EV / EBITDA (X)29.3427.0738.3830.5914.46
MarketCap / Net Operating Revenue (X)2.252.232.572.440.61
Retention Ratios (%)64.8784.050.000.000.00
Price / BV (X)7.246.357.136.982.26
Price / Net Operating Revenue (X)2.252.232.572.440.61
EarningsYield0.010.010.010.010.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Bajaj Electricals Ltd as of November 15, 2024 is: 908.58

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of November 15, 2024, Bajaj Electricals Ltd is Undervalued by 5.65% compared to the current share price 860.00

Intrinsic Value of Bajaj Electricals Ltd as of November 15, 2024 is: 1,625.00

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 15, 2024, Bajaj Electricals Ltd is Undervalued by 88.95% compared to the current share price 860.00

Last 5 Year EPS CAGR: 78.85%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The company has higher reserves (1,156.69 cr) compared to borrowings (540.00 cr), indicating strong financial stability.
  2. The company has shown consistent growth in sales (4.15 cr) and profit (155.62 cr) over the years.
  1. The stock has a low average ROCE of 13.75%, which may not be favorable.
  2. The stock has a high average Working Capital Days of 45.50, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 65.08, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Bajaj Electricals Ltd:
    1. Net Profit Margin: 2.82%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 14.11% (Industry Average ROCE: 14.59%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 9.09% (Industry Average ROE: 11.6%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 3.14
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 0.85
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 92.1 (Industry average Stock P/E: 75.89)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

Bajaj Electricals Ltd. is a Public Limited Listed company incorporated on 14/07/1938 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L31500MH1938PLC009887 and registration number is 009887. Currently Company is involved in the business activities of Manufacture of other pumps, compressors, taps and valves. Company’s Total Operating Revenue is Rs. 4770.35 Cr. and Equity Capital is Rs. 22.97 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Domestic Appliances45/47, Veer Nariman Road, Mumbai Maharashtra 400001legal@bajajelectricals.com
http://www.bajajelectricals.com
Management
NamePosition Held
Mr. Shekhar BajajChairman
Mr. Anuj PoddarManaging Director & CEO
Mrs. Pooja BajajExecutive Director
Mr. Rajiv BajajNon Executive Director
Mr. Madhur BajajNon Executive Director
Mr. Shailesh HaribhaktiIndependent Director
Mr. Sudarshan SampathkumarIndependent Director
Mr. Saurabh KumarIndependent Director
Ms. Swati SalgaocarIndependent Director
Mr. Vikram HosangadyIndependent Director

FAQ

What is the latest intrinsic value of Bajaj Electricals Ltd?

The latest intrinsic value of Bajaj Electricals Ltd as on 15 November 2024 is ₹908.58, which is 5.65% higher than the current market price of ₹860.00.

What is the Market Cap of Bajaj Electricals Ltd?

The Market Cap of Bajaj Electricals Ltd is 9,914 Cr..

What is the current Stock Price of Bajaj Electricals Ltd as on 15 November 2024?

The current stock price of Bajaj Electricals Ltd as on 15 November 2024 is ₹860.

What is the High / Low of Bajaj Electricals Ltd stocks in FY 2024?

In FY 2024, the High / Low of Bajaj Electricals Ltd stocks is 1,120/820.

What is the Stock P/E of Bajaj Electricals Ltd?

The Stock P/E of Bajaj Electricals Ltd is 92.1.

What is the Book Value of Bajaj Electricals Ltd?

The Book Value of Bajaj Electricals Ltd is 127.

What is the Dividend Yield of Bajaj Electricals Ltd?

The Dividend Yield of Bajaj Electricals Ltd is 0.36 %.

What is the ROCE of Bajaj Electricals Ltd?

The ROCE of Bajaj Electricals Ltd is 12.7 %.

What is the ROE of Bajaj Electricals Ltd?

The ROE of Bajaj Electricals Ltd is 7.74 %.

What is the Face Value of Bajaj Electricals Ltd?

The Face Value of Bajaj Electricals Ltd is 2.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Bajaj Electricals Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE