Bajaj Electricals Ltd - Stock Valuation and Financial Performance

BSE: 500031 | NSE: BAJAJELEC | Consumer Durables - Domestic Appliances | Small Cap

Bajaj Electricals Share Price

985 -12.90 -1.29%
as on 12-Apr'24 10:20

DeciZen - make an informed investing decision on Bajaj Electricals

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Bajaj Electricals stock performance -

mw4me loader
P/E Ratio (SA):
64.78
Market Cap:
11,495.2 Cr.
52-wk low:
890
52-wk high:
1,325.9

Is Bajaj Electricals Ltd an attractive stock to invest in?

1. Is Bajaj Electricals Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Bajaj Electricals Ltd is a average quality company.

2. Is Bajaj Electricals Ltd undervalued or overvalued?

The key valuation ratios of Bajaj Electricals Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Bajaj Electricals Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Bajaj Electricals Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Bajaj Electricals:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bajaj Electricals Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 5.1%5.5%13.5%10.4%12.2%11.5%4.7%9.7%9.7%13.9%-
Value Creation
Index
-0.6-0.60.0-0.3-0.1-0.2-0.7-0.3-0.30.0-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 4,0304,2634,5904,2624,7076,6734,9774,5734,7885,4174,916
Sales YoY Gr.-5.8%7.7%-7.2%10.5%41.8%-25.4%-8.1%4.7%13.1%-
Adj EPS -0.5-1.410.610.314.415.9-013.912.119.615.4
YoY Gr.-NANA-3.2%40.4%10.7%-100.2%NA-13.6%63%-
BVPS (₹) 68.465.772.282.889.4101.8120.1139.1150.8168.8125.9
Adj Net
Profit
-5.2-14.3110107151167-0.3160138226177
Cash Flow from Ops. -6.8121305437-103-602627660931450-
Debt/CF from Ops. -51.53.42.91.4-7-2.61.50.700-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 3.3%2.9%2.9%13.1%
Adj EPS NA6.4%NA63%
BVPS10.6%13.6%12%11.9%
Share Price 13.8% 12.7% -2% -5.6%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
-0.7-2.115.213.116.616.5-010.78.312.210.5
Op. Profit
Mgn %
22.15.85.56.25.24.26.556.15.5
Net Profit
Mgn %
-0.1-0.32.42.53.22.5-03.52.94.23.6
Debt to
Equity
0.50.61.20.70.81.50.70.300-
Working Cap
Days
225236209214217211317301252217104
Cash Conv.
Cycle
89959910999103149134845320

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 10.50%

Sales growth has been subdued in last 3 years 2.87%

Net Profit has been subdued in last 3 years 0.00%

Sales growth is not so good in last 4 quarters at 1.14%

Latest Financials - Bajaj Electricals Ltd.

Standalone Consolidated
TTM EPS (₹) 15.4 13.3
TTM Sales (₹ Cr.) 4,916 4,915
BVPS (₹.) 125.9 120.3
Reserves (₹ Cr.) 1,428 1,362
P/BV 7.92 8.30
PE 64.78 74.83
From the Market
52 Week Low / High (₹) 890.00 / 1325.90
All Time Low / High (₹) 1.61 / 1588.55
Market Cap (₹ Cr.) 11,495
Equity (₹ Cr.) 23
Face Value (₹) 2
Industry PE 58.6

Management X-Ray of Bajaj Electricals:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.002.552.552.552.552.552.552.552.552.55
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Bajaj Electricals

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales4,0304,2634,5904,2624,7076,6734,9774,5734,7885,417
Operating Expenses 3,9484,1744,3264,0284,4256,3254,7704,2764,5505,085
Manufacturing Costs348328336354377541399327248184
Material Costs2,8862,9923,0912,7613,1044,7143,3312,9973,2793,714
Employee Cost 182224285329318357396388395419
Other Costs 531631614584626714643565627768
Operating Profit 8288264234282348207297238333
Operating Profit Margin (%) 2.0%2.1%5.8%5.5%6.0%5.2%4.2%6.5%5.0%6.1%
Other Income 152448446566537785108
Interest 781041088059116169766948
Depreciation 25292730343868696375
Exceptional Items 0000-890012-130
Profit Before Tax -6-2117716816425922241179318
Tax -1-76760819223584287
Profit After Tax -5-14110108841670184137231
PAT Margin (%) -0.1%-0.3%2.4%2.5%1.8%2.5%0.0%4.0%2.9%4.3%
Adjusted EPS (₹)-0.5-1.410.710.48.015.90.016.011.920.0
Dividend Payout Ratio (%)-282%-108%26%26%43%21%0%0%25%20%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 7096877478609351,0691,3671,5931,7331,942
Share Capital 20202020202023232323
Reserves 6896677268399151,0481,3441,5701,7101,919
Minority Interest0000000000
Debt3443868215467181,578737259230
Long Term Debt1311719617112138025120
Short Term Debt2142157255297061,365658234110
Trade Payables1,2001,1675606368541,0929009441,2241,560
Others Liabilities 8319647839908921,3581,5091,4029401,212
Total Liabilities 3,0853,2052,9103,0313,3995,0974,5134,1983,9204,715

Fixed Assets

Gross Block372433304366405456603569807934
Accumulated Depreciation120152275689126192227253310
Net Fixed Assets252280276310316330411342554624
CWIP 332186911184342
Investments 67598080145153384991
Inventories4474755075715798216919719761,050
Trade Receivables1,2351,2901,4121,3421,7492,6232,0491,5121,1371,480
Cash Equivalents 54385565261610562142369
Others Assets1,0271,0605596547091,2471,1941,2561,0201,059
Total Assets 3,0853,2052,9103,0313,3995,0974,5134,1983,9204,715

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -7121305437-103-602627660931450
PBT -6-2117716816425922241179318
Adjustment 159181138129203133201103115106
Changes in Working Capital -130-947184-415-85644932768249
Tax Paid -30-31-57-44-54-139-45-12-45-22
Cash Flow From Investing Activity -76-83-53-9136-127-46-111-87-99
Capex -47-62-46-47-35-56-28-10-43-60
Net Investments -383-25-3161-370-22-33-36
Others 9-2418-1210-34-17-79-10-4
Cash Flow From Financing Activity 87-56-239-36864718-491-605-772-129
Net Proceeds from Shares 4133617934810149
Net Proceeds from Borrowing 0000000000
Interest Paid -73-91-87-77-76-108-143-67-126-46
Dividend Paid -20-15-430-28-36-3600-34
Others 17638-112-297151852-661-549-660-58
Net Cash Flow 4-1913-21-3-1190-5672222
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-0.75-2.0215.4813.419.3216.68-0.0112.418.2312.54
ROCE (%)7.477.8320.8215.8214.1417.347.6714.3812.8519.53
Asset Turnover Ratio1.431.361.511.451.471.571.041.051.181.25
PAT to CFO Conversion(x)N/AN/A2.774.05-1.23-3.6N/A3.596.81.95
Working Capital Days
Receivable Days9810710711712012017114210188
Inventory Days39393946453855667468
Payable Days636862748773103109121137

Bajaj Electricals Ltd Stock News

Bajaj Electricals Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bajaj Electricals on 12-Apr-2024 10:20 is ₹985.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 10:20 the market cap of Bajaj Electricals stood at ₹11,495.2.
The latest P/E ratio of Bajaj Electricals as of 12-Apr-2024 10:20 is 64.78.
The latest P/B ratio of Bajaj Electricals as of 12-Apr-2024 10:20 is 7.92.
The 52-week high of Bajaj Electricals is ₹1,325.9 and the 52-week low is ₹890.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bajaj Electricals is ₹4,916 ( Cr.) .

About Bajaj Electricals Ltd

Bajaj Electricals Limited (BEL), a globally renowned and trusted company is a part of Bajaj Group. Bajaj Electricals business is spread across - Consumer Products (Appliances, Fans, Lighting), Exports, and EPC (Illumination, Transmission Towers and Power Distribution). The company is scattered in different parts of the country. It also has presence in premium home appliances and cookware segments with brands like Morphy Richards and Nirlep.

But to know Bajaj Electricals, one must understand its core principles. It get a Gandhian set of values by its founding father, Jamnalal Bajaj which its current leaders follow and aim to carry forward, as a legacy. Its tagline 'Inspiring Trust' is a value it’s strongly associate with and try to fulfil in its everyday endeavours. Apart from work, it brings change in the society through its philanthropic work. The company’s Corporate Social Responsibility (CSR) division rests on sustainability, gender diversity, employee volunteering and community outreach programmes.

To increase its footprint globally and in India, the company has partnered with reputed brands from across the world to give you the best possible services. BEL has marketing arrangements with and Securiton of Switzerland for Luminaires, Delta Controls of Canada for Integrated Building Management Systems, Greystone of Canada and Magnum Energy of the USA for Wired and Wireless Sensors, DiUSA and Midea of China for Fans, and Morphy Richards of UK for Appliances. Bajaj Electricals has also invested in Starlite Lighting for manufacturing energy-saving lamps (CFL).

Business area of the company

The Company is engaged in the business of Consumer Products (Appliances, Fans, Lighting), EPC (Illumination, Power Transmission and Power Distribution) and Exports.

Awards and recognitions

2017-18

  • IDC Digital ICON Award 2017 for its Digital Transformation Project.
  • Digital Transformation of the department award for its Consumer Care Applications.
  • CIO Power List Digital ICON 2017 for its Digital Transformation Project.
  • IMC Digital Award 2017 for its Consumer Care Application.
  • POOGI Award at TOCICO International Conference 2017, Berlin, Germany.
  • Leadership in Energy and Environmental Design (LEED) Platinum Certificate, by the United States Green Building Council (USGBC) to Bajaj Electricals R&D Centre - ‘AB SQUARE’ Navi Mumbai, India.
  • The SEAD Global Efficiency Medal for Outdoor Lighting 2017, Paris, France.

2018-19

  • Oracle Excellence Award; Chatbot implementation for Consumer Care.
  • CIO Power list Award 2019; Manufacturing Icon.
  • MITS Leadership Award 2019; Thought leader for re-imaging manufacturing.
  • Datacentre Summit and Awards 2019.
  • Technology Senate Award 2019; from Indian Express Group in Category ‘Enterprise Mobility’.

2019-20

  • Bajaj Electricals was honoured in USA with The 2019 Association of Supply Chain Management (ASCM) Award of Excellence- Corporate Transformation.
  • Felicitated with Express Computer IT Award in Mumbai, India.
  • The Global SSL Showcase 100, 2019 Award by International SSL Alliance (ISA) was presented to Bajaj Electricals in Shenzhen, China for illuminating the Bogibeel Railcum-Road Bridge in Dibrugarh, Assam, India.
  • TOCICO, a global organisation, felicitated Bajaj Electricals with Process of Ongoing Improvement (POOGI) Award 2019 in Chicago, USA.
  • Conferred with Fire and Security Association of India (FIST) Award for Safe and Secure Mall for its project Market City Kurla, Mumbai which is run on Bajaj Electricals’ IBMS.

History and milestones

  • 1938: The company was incorporated as Radio Lamp Works Limited under the Indian Companies Act, 1913 as a public company limited by shares, pursuant to a certificate of incorporation dated
  • 1960: Subsequently the name of the company was changed to Bajaj Electricals Limited, pursuant to a fresh certificate of incorporation.
  • 1964: Matchwell Electricals (India) Limited, (Matchwell), a manufacturer of electric fans became a subsidiary of the company and subsequently, with effect from July 1, 1984, the business and undertaking of Matchwell was amalgamated with the company.
  • 1993-94: The company entered into a joint venture with Black & Decker Corporation, United States, for the manufacture and marketing of power tools, household appliances, and related accessories, through a separate company named Black & Decker Bajaj Private Limited, ('Black & Decker Bajaj').
  • 1998: The company established a new manufacturing unit at Chakan near Pune and commenced operations for manufacturing fans and die-cast components. The production of fans at its manufacturing activities of the Matchwell unit also, was gradually shifted to its Chakan unit.
  • 1999: The company established and commissioned a wind energy generation unit with an installed capacity of 2.8 MW at Village Vankusawade, Tal. Patan, District Satara, Maharashtra.
  • 1999-2000: Black & Decker Bajaj became a 100% subsidiary of the Company upon the Company acquiring a further 50% of the shareholding thereof from Black & Decker Corporation, pursuant to which Black & Decker Bajaj was renamed as Bajaj Ventures Limited.
  • 2000-01: The company set-up its manufacturing facilities including a fabrication unit and a galvanizing plant at Ranjangaon, near Pune for the manufacture of high masts, lattice towers, and related products, and the said manufacturing facilities commenced commercial production with effect from April 1, 2001.
  • 2002: The company entered into a technical collaboration and brand licensing agreement with Morphy Richards, United Kingdom, for the sales and marketing of electrical appliances under the brand name of 'Morphy Richards' in India.
  • 2002-03: The company divested 50% of its shareholding in Bajaj Ventures Limited and Bajaj Ventures Limited ceased to be a subsidiary of the Company. The Company also discontinued manufacturing die-cast components.
  • 2005: The company entered into a Distribution agreement with Trilux Lenze of Germany for high end technical lighting.
  • 2007: The company has acquired 32% of the share capital of Starlite Lighting Limited, a company engaged in the manufacture of Compact Fluorescent Lamps ('CFLs').
  • 2017: With an objective of creating innovative products that offers best solutions to consumers, a modern R&D centre ‘AB SQUARE’ was set up at Navi Mumbai.
  • 2018: The company completed the acquisition of cookware brand Nirlep Appliances with 79.85 percent stake purchase. Nirlep has become a subsidiary of Bajaj Electricals.
  • 2019: With the commissioning of the 400kV Monopole in Noida, under UPPTCL, Bajaj Electricals has become a pioneer in long distance 400kV monopole line construction, with in-house ‘concept to commissioning’ capabilities, both in the domestic as well as international front.
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