Bajaj Consumer Care Ltd - Stock Valuation and Financial Performance

BSE: 533229 | NSE: BAJAJCON | Household & Personal Products | Small Cap

Bajaj Corp Share Price

167.20 0.95 0.57%
as on 13-May'25 11:43

DeciZen - make an informed investing decision on Bajaj Corp

Overall Rating
Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Semi Strong

Bajaj Consumer Care stock performance -

mw4me loader
P/E Ratio (SA):
17.51
Market Cap:
2,278.5 Cr.
52-wk low:
152
52-wk high:
288.7

Is Bajaj Consumer Care Ltd an attractive stock to invest in?

1. Is Bajaj Consumer Care Ltd a good quality company?

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

2. Is Bajaj Consumer Care Ltd undervalued or overvalued?

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

3. Is Bajaj Consumer Care Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Bajaj Consumer Care 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 Corp:

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 Consumer Care Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 43.3%51%55.7%53.3%56.2%39%36.7%26.1%20.5%22.9%-
Value Creation
Index
2.12.83.13.03.21.81.60.90.50.6-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 821796792830909844915878950968928
Sales YoY Gr.--3.1%-0.5%4.8%9.6%-7.2%8.3%-4%8.2%1.9%-
Adj EPS 13.715.515.314.815.612.915.111.79.9119.5
YoY Gr.-13.2%-1%-3.4%5.5%-17.7%17.3%-22.4%-15.6%10.9%-
BVPS (₹) 33.332.93434.332.745.752.956.857.460.657.5
Adj Net
Profit
202229226219230190222173141156130
Cash Flow from Ops. 207192213182183182237133104118-
Debt/CF from Ops. 00.10.10.10.10.10000-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 1.8%1.3%1.9%1.9%
Adj EPS -2.4%-6.9%-10.1%10.9%
BVPS6.9%13.1%4.6%5.7%
Share Price -9.1% 4.3% 4.1% -30.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
39.846.845.843.446.532.730.521.31718.516.1
Op. Profit
Mgn %
29.134.533.631.230.624.926.620.314.916.414.3
Net Profit
Mgn %
24.628.728.626.325.422.524.319.714.816.214
Debt to
Equity
00000.1000000
Working Cap
Days
38383542567461525056123
Cash Conv.
Cycle
-8-52-4-6-5-12-181398

Recent Performance Summary

No data to display

Return on Equity has declined versus last 3 years average to 16.10%

Sales growth has been subdued in last 3 years 1.90%

Net Profit has been subdued in last 3 years -10.12%

Sales growth is not so good in last 4 quarters at -2.31%

Latest Financials - Bajaj Consumer Care Ltd.

Standalone Consolidated
TTM EPS (₹) 9.5 9.1
TTM Sales (₹ Cr.) 928 950
BVPS (₹.) 57.5 54.6
Reserves (₹ Cr.) 775 734
P/BV 2.89 3.05
PE 17.51 18.19
From the Market
52 Week Low / High (₹) 151.95 / 288.70
All Time Low / High (₹) 73.30 / 525.00
Market Cap (₹ Cr.) 2,279
Equity (₹ Cr.) 13.7
Face Value (₹) 1
Industry PE 55.3

Management X-Ray of Bajaj Corp:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Bajaj Consumer Care Ltd: Q2FY24 result update - 17 Nov 2023

Particulars

Q2FY24

(Rs. Cr)

YoY Trend

Comments

Revenue

235

+1%

Led by volume growth of 4%
EBITDA

37

+19%

 
EBITDA Margin

16%

+3 00 bps

Decrease in advertisement spend led to margin increase
PAT

37

+16%

 

At par result.

Bajaj Consumer Care: Q1FY24 Result Update - 12 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

270

+8%

Driven by volume growth

EBITDA

48

+31%

 

EBITDA Margin

18%

+300 bps

On account of lower other expense

PAT

46

+36%

 

Healthy performance, with broad based growth across SKUs.

 

 

Bajaj Consumer Care: No uptick in performance - 15 Oct 2019

Event Update: 60% of the promoter's stake was pledged for its sister concern, Bajaj Hindustan. Promoter of Bajaj Consumer Care sold around 22% of their stake in the company to various institutional investors at 195/share. This led to sharp fall in stock price (-15%). Upon receiving this sum, promoter may pare their debt in Bajaj Hindustan.

This development would bring down pledge percentage of promoter’s stake. We believe high debt in sister concern took up promoter's bandwidth. We may see more focused approach toward Bajaj Consumer Care going forward.

(Bajaj Consumer & Bajaj Hindustan have separated from Bajaj Group led by Rahul Bajaj and cousins)

Quarterly Result update

Results: Bajaj Consumer Care reports 2.6% growth in sales. Operating profit barely grew by 2.71% year on year. 

Sales growth came with a set of challenges like:-

  • Stress in rural incomes has led to fall in volume growth for hair oil industry.

Stable operating margin:-

  • Gross margins were lower from higher raw material costs however, the operating margin remained stable due to better cost management.

Outlook: The management expects that the recent good monsoon would aid demand recovery through the course of the year. However, the company has so far not delivered on its hair-oils market share gains strategy – the flagship product Bajaj Almond Drops Hair Oil faced a marginal share decline. It still remains a single product dominant company. Pushing and growing a single brand is difficult as dealers/retailers may refuse to stock single brand versus similar offering from other companies with multiple brands. 

The stock has fallen below its discounted price but we do not find any trigger in near term for share price appreciation. We await new marketing strategy or pick-up in growth before we recommend buying the stock. Those who have smaller allocation may choose to hold on attractive valuation. 

Bajaj Corp: Sluggish business; expecting some growth post H1FY18 - 05 May 2017

Bajaj Corp reported decline in Sales volumes because destocking at wholesale segment for various reasons including demonetization. The company has not taken a price hike this month as it seeks more clarity on GST. Management is currently setting up facilities at Guwahati and Baroda to supply goods in respective regions. Nomarks marketing strategy is yet to show any effects. It recently started new marketing and integrated sales campaign in just two states.

We believe that we may see sluggish sales in coming quarters too due to low rural income. We expect the sales growth to kick start from Q3FY18. The stock price has not yet reacted to slow growth expectations. If stock corrects further to 300/share, it gives us good buying opportunity.

Some of our subscribers may have bought small amounts in the stock can continue to hold and add more at Rs. 300-330/share. Remember we are buying a stock for long term with expectation of 13%+ CAGR returns. Don't judge any business from its short term performance. Stock prices may move +/-20-30% but underlying businesses are quite stable.

Bajaj Corp: Focused on single product; High Dividends - 29 Nov 2016

Bajaj Corp currently holds 10% market share in hair oil market. Bajaj Almond Oil has strong brand awareness and decent penetration. The customer base is relatively sticky as they can’t give up on fragrance of hair oil they use in day to day life. Don’t make a mistake to assume it’s pure almond oil. It only has fragrance and applied to hair and body in cold weather.

Volumes growth in hair oil market has been subdued for last two years. Still many FMCG companies were clocking higher earnings growth due to lower raw material prices. We had mentioned this fact in our Marico note and Blog: “Investors’ common mistake in bullish market.” However, since the momentum of lower commodity prices is over, the stock has corrected to reflect its actual valuation.  

Bajaj Corp is focused on just two product of which Bajaj Almond Oil is single largest product. Other product being NOMARKS which the management acquired in 2013. Bajaj Almond Oil is now a household name thanks to distribution reach and advertisement spends. The peak margins the company has been enjoying will come off due to competitive pressures as we are seeing pricing war in hair oil market by unorganised and organised players like Parachute light hair oil. Even though the company sells Almond Oil (A light hair oil), it can’t have substantially higher pricing.

Rural volumes have been low in last two years. On low base of last two years, we expect volume growth at 13-15% CAGR over long term 4-5 years including exports and NOMARKS renewed launch. We also expect 4-5% value growth as FMCG companies can also pass on inflation to customers thanks to brand and sticky customer base. Apart from that, the company has employed less than 100 Cr to earn almost 200 Cr in profits.  That ~100% return on investment. Cash and Cash Equivalents on books is close to 300 Cr. Since the company doesn’t require lot of money to run the business, it throws away high dividends. Last two years the company paid out more than 80% of profits in dividends. If we buy the stock at an average price of 300-328/share, we would get Rs 11.5/share in dividends. That’s like 3.5% in dividend yield in first year itself. When the company grows, the dividends will rise further to 4-4.5% on our purchase price. Even if the company grows at 10-12% CAGR much lower than our estimate, we still end up making 13-16% CAGR (10-12%+3-4% dividend yield) over long term.

Since that would be a lucrative opportunity we are not sure whether the stock will correct to our average price of 300-330/share. Hence, we recommend to buying first trance at current price and later buy heavily when the price would correct to our attractive buying price. We may see slight slowdown in earnings in coming quarters due to demonetization. This will provide good opportunity to buy more.

Please follow discipline while buying the stock. Don’t buy more than recommended allocation. Always buy in 2-3 tranches for better average price. This may sound tedious but matters a lot if practiced across purchases. In case of any queries feel free to write to us or call us at the time of purchase/sell.

Currently, the broader markets have cooled down a bit on basic metrics. Use this opportunity to buy stocks as per our recommendations. Don't be fully invested at these levels. Uninvested cash should be parked in money market/liquid funds/fixed deposits earning 6-7% pre-tax returns.

A portfolio must be held for the long term, which we define as at least 5-7 years. However, this does not mean every stock will perform in each year. Our performance should be judged on the basis of the overall portfolio over 2-3 years at least, not on the basis of short-term performance of individual stocks.

Key Ratios of Bajaj Corp

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales821796792830909844915878950968
Operating Expenses 582521529577638634673700811809
Manufacturing Costs131151519182526252321
Material Costs198297268273301273329370437435
Employee Cost 38465975948482878796
Other Costs 215163188209225253236219264257
Operating Profit 239274263253271210241179139158
Operating Profit Margin (%) 29.1%34.5%33.2%30.5%29.8%24.9%26.4%20.3%14.6%16.3%
Other Income 32294230253037394045
Interest 0011141111
Depreciation 4457756589
Exceptional Items -47-47-180000000
Profit Before Tax 219252281275288231271211169192
Tax 46546059624047373034
Profit After Tax 173198221216226191224175140159
PAT Margin (%) 21.1%24.9%27.9%26.1%24.9%22.6%24.4%19.9%14.7%16.4%
Adjusted EPS (₹)11.813.415.014.715.312.915.211.89.811.1
Dividend Payout Ratio (%)98%86%77%82%91%15%66%68%51%27%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 492486502505482674781837818865
Share Capital 15151515151515151414
Reserves 477471487491467660766823804851
Minority Interest0000000000
Debt010151325205000
Long Term Debt0000000000
Short Term Debt010151325205000
Trade Payables51434068728169454540
Others Liabilities 272836304260617387104
Total Liabilities 5705675926176228359169559501,010

Fixed Assets

Gross Block202116128132133135138145160168
Accumulated Depreciation9251748186909599105114
Net Fixed Assets110655451484543465554
CWIP 1106897111
Investments 238369455432389590729771742757
Inventories39504243596242555054
Trade Receivables12232639412926203143
Cash Equivalents 13454101314119121437
Others Assets374633638959495764
Total Assets 5705675926176228359169559501,010

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 207192213182183182237133104118
PBT 266299299275288231271211169192
Adjustment -27-24-34-16-7-19-29-32-26-33
Changes in Working Capital 14-296-18-361841-14-10-7
Tax Paid -46-53-59-59-61-48-46-33-30-34
Cash Flow From Investing Activity -202-123661-176-106-5588
Capex -1-7-11-9-4-3-2-2-6-5
Net Investments -42-2-72655-196-137-2433-23
Others 2212619102332213136
Cash Flow From Financing Activity -204-194-200-216-238-9-134-124-163-120
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid 00-1-1-1-4-1-100
Dividend Paid -170-170-170-177-2070-118-118-59-114
Others -34-25-30-38-31-5-15-5-103-6
Net Cash Flow -16-1126-4-34-17
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)34.1940.544.7542.9545.7932.9530.7321.5816.8918.86
ROCE (%)43.2851.0155.6653.3356.2438.9536.726.1420.5322.94
Asset Turnover Ratio1.431.41.371.371.471.161.040.9410.99
PAT to CFO Conversion(x)1.20.970.960.840.810.951.060.760.740.74
Working Capital Days
Receivable Days481114161511101014
Inventory Days17212119202621202019
Payable Days845857728510283563836

Bajaj Consumer Care Ltd Stock News

Bajaj Consumer Care Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Bajaj Corp on 13-May-2025 11:43 is ₹167.2.
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 13-May-2025 11:43 the market cap of Bajaj Corp stood at ₹2,278.5.
The latest P/E ratio of Bajaj Corp as of 13-May-2025 11:43 is 17.51.
The latest P/B ratio of Bajaj Corp as of 13-May-2025 11:43 is 2.89.
The 52-week high of Bajaj Corp is ₹288.7 and the 52-week low is ₹151.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bajaj Corp is ₹927.7 ( Cr.) .

About Bajaj Consumer Care Ltd

Bajaj Consumer Care Ltd (BCCL) is part of Bajaj Group which has interests in varied industries including Sugar, Consumer Goods, Power Generation and Infrastructure Development. Bajaj Consumer Care is the second largest company in the Shishir Bajaj Group of companies. The history of Bajaj Consumer Care dates back to 1953 when Mr. Kamalnayan Bajaj established Bajaj Sevashram to market and sell hair oils and other beauty products.

At Bajaj Consumer Care, established distribution network provides the required strength for future growth in existing as well as new products. This is supported by the strong brand recall of ‘Bajaj’ both in the rural and urban markets. This also takes into consideration strong management, its experience in the FMCG industry and strong promoter background. The company has also been able to identify its consumer profiles (urban and rural) and continue to improvise its distribution systems in order to have greater reach and vialibility.

Overseas business of the company is constantly increasing its global footprints with focus on international business. The company market its personal care brands in many countries, with primary focus in SAARC, Gulf & Middle-East, ASEAN and African regions. The company has GMP certified manufacturing units in India and abroad to deliver products apposite to meet the diverse needs and preferences of consumers in different markets.

The company has registered subsidiary offices in UAE & Bangladesh to ensure focused business attention to the region & country. It is in continuous endeavor to strengthen the International Business in terms of increased penetration, accessibility & availability of its brands to the consumers of each and every market it operates in.

Business area of the company

Bajaj Consumer Care Ltd. is one of the leading player in Hair oil category with brands like Bajaj Almond Drops Hair oil, Bajaj Brahmi Amla Hair Oil, Bajaj Amla Hair oil and Bajaj Jasmine Hair oil. The company’s flagship Brand Bajaj Almond Drops Hair oil is the No. 1 hair oil in Indian market with Premium positioning and commands one of the highest per unit price in the industry. The company manufactures and markets other major brands i.e Bajaj Brahmi Amla, Bajaj Amla Shikakai and Bajaj Jasmine Hair Oil and also markets oral care products under the brand name Bajaj Red/Kala Dant Manjan.

Brands

Hair Care

  • Bajaj Almond Drops Hair Oil
  • Bajaj Cool Almond Drops Hair Oil
  • Bajaj Brahmi Amla Hair Oil
  • Bajaj Amla Hair Oil
  • Bajaj Jasmine Hair Oil
  • Bajaj Coco Jasmine Hair Oil
  • Bajaj Kailash Parbat Hair Oil

Skin Care

  • Bajaj Nomarks Cream
  • Bajaj Nomarks Face Wash
  • Bajaj Nomarks Scrub
  • Bajaj Nomarks Wet Face Pack
  • Bajaj Nomarks SunScreen
  • Bajaj Nomarks Soap

List of ISO Certifications

The following manufacturing facilities of the Company have been awarded the prestigious ISO certification in respect of quality management systems, environment management systems and occupational health and safety:

GUWAHATI PLANT, ASSAM

  • ISO: 9001: 2015 - Quality Management System
  • ISO: 14001: 2015 - Environment Management System
  • OHSAS 18001: 2007 - Occupational Health and Safety.

POANTA SAHIB PLANT, HIMACHAL PRADESH

  • ISO: 9001: 2015 - Quality Management System
  • ISO: 14001: 2015 - Environment Management System
  • OHSAS 18001: 2007 - Occupational Health and Safety.

DEHRADUN PLANT, UTTARAKHAND

  • ISO: 9001: 2015 - Quality Management System
  • ISO: 14001: 2015 - Environment Management System
  • OHSAS 18001: 2007 - Occupational Health and Safety.

DEHRADUN WAREHOUSE

  • ISO: 9001: 2015 - Quality Management System

AMBALA WAREHOUSE

  • ISO: 9001: 2015 - Quality Management System

Awards and recognitions

  • 2017-18: Bajaj Almond Drops hair oil gets recognized as one of Asia’s Most Valuable Business Brands - 2018
  • 2018-19: BCCL has been awarded the “Best Company in FMCG Sector” in March 2019 by CNBC Awaaz
  • 2018-19: The company’s Manufacturing Operations team won three Gold Awards in the 8th Convention on Quality Concepts and an “Excellence Award” in 32nd National Convention on Quality Concepts
  • 2019-20: BCCL was also recognized as “Maharashtra State’s Best Employer” and also won the “Best Employee Engagement Initiatives” award during an event organized by World HRD Congress at Mumbai
  • 2019-20: The company’s manufacturing team participated in the IMC Ramakrishna Bajaj National Quality (RBNQ) awards and won the “Certificate of Merit”
  • 2019-20: The company awarded “Par-Excellence and Excellence awards” at the 33rd National Convention on Quality Concepts, NCQC-Varanasi.
  • 2019-20: The Greentech Foundation, Delhi conferred BCCL the “Winner’s Award” during the 19th Annual Greentech Environment Excellence Awards 2019 from Greentech Foundation, Delhi.
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