BAJAJELEC
Micro CapBajaj Electricals Limited
Consumer
Bajaj Electricals Limited (BAJAJELEC) is an Indian company operating in two primary segments: Consumer Products (FMEG) and Lighting Solutions (Consumer and Professional Lighting).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -2% YoY · PAT -215% YoY · margin compression · +18% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,240 Cr | -2.0% | +18.0% |
| EBITDA | ₹40 Cr | -57.0% | +400.0% |
| Operating margin | 3.0% | -400 bps | +200 bps |
| PAT | ₹-68 Cr | -215.3% | NDF |
| PAT margin | -5.5% | -1014 bps | -224 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 saw a 2.1% YoY revenue de-growth, with Consumer Products down 6.9% due to high summer product inventory, while Lighting Solutions grew 15.6%. PAT plunged 215.3% YoY to a loss of INR 68 Cr, heavily impacted by INR 59 Cr in exceptional impairment charges.
The company's Q4 FY26 performance was weak, primarily due to a sharp decline in the Consumer Products segment and substantial exceptional impairment charges. While Lighting Solutions showed healthy growth and margins, the overall profitability was severely impacted, raising concerns about cost structure and inventory management.
Q4 FY26 Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Kitchen Appliances
Strong double-digit growth in Kitchen appliances in Q4 FY26, offsetting de-growth in summer products.
Consumer Lighting
Double-digit growth in Consumer lighting due to a higher mix of wires and switchgears.
Professional Lighting
Steady order book in Professional lighting delivering higher double-digit growth, with projects in industrial, street, and façade lighting.
New Product Launches
Launched 5 new SKUs in Consumer Products, including the Bajaj 3000TMC (30L) OTG.
High Channel Inventory
High channel inventory of summer products led to de-growth in the Consumer Products segment.
Operating De-leverage
Consumer Products EBIT margins reduced due to operating de-leverage.
High Overheads/Fixed Costs
Management notes high overheads compared to competition and a heavy fixed cost structure, leading to low ability to absorb sales loss.
Exceptional Impairment Charges
Significant exceptional items of INR 59 Cr in Q4 FY26, including goodwill impairment for Aurangabad factory and moulds/dies for NEX and Nirlep.
Seasonal Product Dependence
De-growth in summer products due to high channel inventory highlights vulnerability to seasonal demand and inventory management.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The consumer durables and lighting sectors often exhibit seasonality, making year-on-year comparisons more appropriate to assess underlying business trends and performance.
Consumer Products Volume Growth
Consumer Products (CP) Segment reported c.7% de-growth on a YoY basis.
Lighting Solutions Volume Growth
Lighting Solutions (LS) Segment reported c.16% growth on a YoY basis, driven by both Consumer Lighting and Professional Lighting.
Gross Margin
Gross Margin declined 7.6% YoY to INR 364 Cr in Q4 FY26, with gross margin percentage falling from 31.1% to 29.3%.
General Trade (GT) Performance
GT witnessed a drop of c.2% on YoY basis.
Cost Optimization Focus
Management is focused on cost optimization, specifically 'Vare cost', 'Spend as you earn', and 'Ring-fencing cost' due to high overheads and fixed costs.
Working Capital Management
Positive CFO of INR 619 Cr in FY26, contributed by improvement in working capital (reduction in debtors and inventories).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consumer Products Volume Growth | Q4 FY26: c.7% de-growth YoY | Monitor recovery in volume growth, especially in seasonal products, and effectiveness of inventory management. |
| EBIT Margin (Consumer Products) | Q4 FY26: (0.7%) | Watch for improvement in EBIT margins, indicating better operating leverage and cost control. |
| Exceptional Items | Q4 FY26: INR 59 Cr impairment | Assess if further exceptional charges related to asset impairments or JV losses will recur. |
| Cost Optimization Initiatives | Management focus on 'Vare cost', 'Spend as you earn', 'Ring-fencing cost' | Track tangible results and impact of cost optimization efforts on overall profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -17.9% / mo · near 52W low
Technical chart
BAJAJELECweekly · 6M-34.4%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 31.
- RSI(14) at 31 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.8%.
- Cash flow contributes 9/10 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Growth is weaker at 0/25; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 48th percentile within Consumer. Main check: results consistency is weak at 27/100.
Healthy Trust Lite: Promoter holding is 62.7%. Key concern: 4 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 48th pctile, median 67 · Micro: 33rd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.1%.
- ▸8 years of positive FCF.
Trust risks
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 3.1%.
- ▸ROE is low at -1.1%.
- ▸ROCE trend is -6.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 2.22
- EV/EBITDA
- 13.19
- Market Cap
- 3535.00Cr
Profitability
- ROE
- -1.09%
- ROCE
- 3.14%
- ROA
- -2.14%
- Dividend Y
- 0.98%
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- -21.00%
- Revenue 3Y
- -3.00%
- EPS 3Y
- -34.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 2.46×
- Altman Z
- 2.60
- Book Value
- 138.00
Cash Flow
- FCF Yield
- 6.76%
- FCF Positive Y
- 8/5
- OCF
- 619.00 Cr
- EPS TTM
- -7.87
Shareholding
- Promoter Hold
- 62.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.