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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
Bajaj Finance Limited operates as a deposit-taking non-banking financial company in India. The company offers financing for various products, such as consumer electronics, furniture, digital products, lifestyle products, lifecare services, e-commerce purchases, retail spends, and two and three-wheelers; and personal, unsecured, home, secured, gold, and car loans. It also provides secured and unsecured loans to micro, small, and medium enterprises; loans against property, mutual funds, insurance policies, and shares; developer finance and lease rental discounting services; commercial vehicle financing; and new and used car financing, and tractor financing. In addition, the company offers commercial and rural lending; public and corporate deposits; loans against securities; micro-finance and auto financing lending; proprietary trading, ESOP financing, and broking and margin trade financing services. Further, it distributes life, health, and general insurance products. The company was formerly known as Bajaj Auto Finance Limited and changed its name to Bajaj Finance Limited in September 2010. The company was incorporated in 1987 and is based in Pune, India. Bajaj Finance Limited is a subsidiary of Bajaj Finserv Ltd.
How the price compares to earnings, assets and cash generation.
You are paying 29.1 years of current profit for each share. The earnings yield is 3.4%. The tracked Banking & Finance median is 20.4× (n=15), so this trades richer than its peers.
The market values the company at 5.2× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
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Pays 0.56% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 18.8× against 29.1× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
You pay 12.6× annual sales. Useful when earnings are depressed or negative and P/E breaks down — but a high multiple needs high margins to justify it.
Returns on capital and margins, the numerical shadow of a moat.
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Keeps ₹61.6 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹91.6 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
Lenders have put in 3.15× as much as the owners. Interest is owed whether or not customers show up. Note that banks and NBFCs are structurally leveraged and this rule does not apply to them.
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Against cash of ₹4741.06 Cr. Net debt is what matters, not gross borrowings.
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Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Profits are growing faster than sales — margins are expanding, which is the sign of genuine operating leverage.
EBITDA of — and operating cash flow of —.
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The figures quoted per share, and how much profit is handed back to owners.
₹32.60 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹183.34; price-to-book compares the market price with this.
Pays out 17% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of ₹5,89,929 Cr.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 7.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹49665.45 Cr | ₹41479.57 Cr | ₹34326.32 Cr | ₹26966.90 Cr |
| Cost of revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating expenses | ₹14099.85 Cr | ₹12294.02 Cr | ₹10381.15 Cr | ₹8237.73 Cr |
| Operating income | — | — | — | — |
| Interest expense | ₹28665.95 Cr | ₹24769.75 Cr | ₹18724.69 Cr | ₹12559.89 Cr |
| Pre-tax income | ₹25816.65 Cr | ₹22079.63 Cr | ₹19309.57 Cr | ₹15527.86 Cr |
| Tax | ₹6484.29 Cr | ₹5300.15 Cr | ₹4858.40 Cr | ₹4020.17 Cr |
| Net profit | ₹19017.39 Cr | ₹16637.82 Cr | ₹14451.17 Cr | ₹11507.69 Cr |