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Consumer Durables
Bajaj Electricals Limited engages in the consumer durables; and engineering, procurement, and construction businesses in India. The company operates through Consumer Products and Lighting Solutions segments. It also offers breakfast appliances comprises juicer, electric kettle, pop-up toaster, and sandwich makers. In addition, the company provides cooking appliances consisting of electric cooker, gas stove, induction cooker, microwave oven, pressure cookers, pans, tavas, and OTG ovens. Further, it offers mixer grinder, hand blender, food processor, chopper, and wet grinders; room heater, air cooler, irons, and water heater. Additionally, the company provides fans and lighting, as well as engages in generation of wind energy business. Bajaj Electricals Limited operates retail outlets. The company exports its products to Sri Lanka, Bangladesh, Singapore, Myanmar, Mauritius, Nigeria, Ethiopia, Uganda, Ghana, Tanzania, Madagascar, Kenya, Egypt, the United Arab Emirates, Oman, Bahrain, Iraq, Jordan, and other countries. Bajaj Electricals Limited was formerly known as Radio Lamp Works Limited and changed its name to Bajaj Electricals Limited in October 1960. The company was incorporated in 1938 and is based in Mumbai, India.
Valuation | |
|---|---|
| Market Cap | 6.38 kCr |
| Price/Earnings (Trailing) | 61.58 |
| Price/Sales (Trailing) | 1.33 |
| EV/EBITDA | 19.63 |
| Price/Free Cashflow | 40.37 |
| MarketCap/EBT | 51.96 |
Fundamentals | |
|---|---|
| Revenue (TTM) | 4.81 kCr |
| Rev. Growth (Yr) | 2.48% |
| Rev. Growth (Qtr) | 14.91% |
| Earnings (TTM) | 103.68 Cr |
| Earnings Growth (Yr) | -10.71% |
| Earnings Growth (Qtr) | 158.6% |
Profitability | |
|---|---|
| Operating Margin | 2.55% |
| EBT Margin | 2.55% |
| Return on Equity | 7.09% |
| Return on Assets | 2.68% |
| Free Cashflow Yield | 2.48% |
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Smart Money: Smart money has been increasing their position in the stock.
Size: Market Cap wise it is among the top 20% companies of india.
Insider Trading: There's significant insider buying recently.
Technicals: Bullish SharesGuru indicator.
Balance Sheet: Reasonably good balance sheet.
Growth: Poor revenue growth. Revenue grew at a disappointing -5% on a trailing 12-month basis.
Momentum: Stock is suffering a negative price momentum. Stock is down -4.6% in last 30 days.
Comprehensive comparison against sector averages
BAJAJELEC metrics compared to Consumer
| Category | BAJAJELEC | Consumer |
|---|---|---|
| PE | 61.58 | 55.76 |
| PS | 1.33 | 2.40 |
| Growth | -5 % | 13.9 % |
BAJAJELEC vs Consumer (2021 - 2025)
Investor Care | |
|---|---|
| Dividend Yield | 0.95% |
| Dividend/Share (TTM) | 7 |
| Shares Dilution (1Y) | 0.20% |
| Diluted EPS (TTM) | 8.99 |
Financial Health | |
|---|---|
| Current Ratio | 1.2 |
| Debt/Equity | 0.00 |
| Debt/Cashflow | 0.00 |
Summary of Bajaj Electricals's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated: May 24
**Outlook & Major Points from Management (Bajaj Electricals Q4FY24 Earnings Call):
Outlook:
Major Points:
FY25 Focus: Margin recovery via pricing, logistics fixes, and operating leverage; growth in fans, coolers, lighting, and Morphy Richards. Cautious optimism on rural demand revival and festive uptick.
Last updated: May 24
1. What were the volume/value splits between premium and non-premium fans, and why did operating deleverage occur despite fan growth?
Anuj Poddar clarified fans contribute 40% (not 60%) to Consumer Products (CP). Non-premium (70% of fans) grew faster in Q4. Discounting (5"“6% impact) due to weak demand and old-product clearance, along with logistics inefficiencies, hurt margins. A 6% price hike was implemented on May 16 to address this.
2. How did lighting EBIT margins improve despite revenue contraction? What are the splits between consumer/professional lighting?
Consumer lighting (35% of lighting revenue) faced LED price erosion, while professional lighting (65%) had a high base effect. Margins improved due to gross margin expansion, with professional lighting's solution-based model supporting stability. Prices were not hiked, but LED pricing is expected to stabilize by Q1FY25.
3. What is the growth outlook for fans and appliances, and how is Morphy Richards performing?
Fans grew in single digits in Q4, with new launches (e.g., BLDC fans) driving April momentum. Kitchen appliances remained weak, but coolers and Morphy Richards (high single-digit growth) improved. April saw double-digit CP growth, with festivals likely to boost appliances later.
4. Why were discounts high despite weak growth, and what is the path to margin recovery?
Discounts (5"“6%) were used to clear outdated inventory and counter weak demand. Price hikes (May 16) and reduced discounting are expected to improve margins. Logistics optimization (targeting 2"“2.5% savings) and premiumization via new launches will aid recovery.
5. What drove employee cost reduction, and how will other expenses trend?
Employee costs dropped due to variable pay adjustments. FY25 costs will normalize with July salary hikes. Other expenses are stable, offering operating leverage as sales rebound.
6. What is the strategy for balancing growth and margins?
The focus shifts to margin recovery via price hikes and reduced discounting, even at the cost of slower near-term volume growth. New product launches (e.g., Nex fans) and logistics improvements are expected to drive sustainable growth.
7. How is the rural vs. urban demand split, and what are April trends?
April saw double-digit CP growth across rural and urban markets. Rural demand improved slightly, though kitchen appliances remain sluggish. Monsoon optimism and low bases are expected to support FY25 growth.
8. What is the purpose of the Rs. 500 crore NCD raise?
The NCD approval is an enabling resolution for potential inorganic opportunities, with no immediate plans for utilization.
9. What is the CAPEX outlook, and how much is manufactured in-house?
FY24 CAPEX was Rs. 124 crore, focusing on molds/tools for new products. In-house manufacturing (20% of output) will rise to 22"“23% in FY25, emphasizing premium product control.
10. How does Bajaj view industry demand weakness amid strong GDP growth?
Weak consumption (3% private spending vs. 8% GDP growth) and high interest rates dampened demand. Recovery is expected post-monsoon, aided by infra-CAPEX trickle-down and potential fiscal stimulus.
Analysis of Bajaj Electricals's financial performance, highlighting revenue trends, growth patterns, and key metrics through quarterly analysis.
Last Updated: Dec 31, 2024
| Description | Share | Value |
|---|---|---|
| A) Consumer Products | 80.5% | 1 kCr |
| B) Lighting Solutions | 19.5% | 251.3 Cr |
| Total | 1.3 kCr |
Understand Bajaj Electricals ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| Jamnalal Sons Private Limited | 19.55% |
| Bajaj Holdings And Investment Limited | 16.59% |
| Hdfc Small Cap Fund | 9.46% |
| Kiran Bajaj | 6.54% |
| Government Pension Fund Global | 3.2% |
| Icici Prudential Multicap Fund | 2.96% |
| Geetika Bajaj | 1.87% |
| Vanraj Bajaj | 1.6% |
| Shekhar Bajaj | 1.57% |
| Pooja Bajaj | 1.34% |
| Baroda Industries Private Limited | 1.22% |
| Hind Musafir Agency Limited | 1.12% |
| Manish Santoshkumar Kejriwal | 1.08% |
| Niraj Bajaj | 0.98% |
| Vanraj Bajaj Trust (Kiran Bajaj as a Trustee) | 0.87% |
| Bajaj International Private Limited | 0.8% |
| Neelima Bajaj Swamy Family Trust (Neelima Bajaj Swamy as a Trustee) | 0.7% |
| Minal Bajaj | 0.6% |
| Hercules Hoists Limited | 0.54% |
| Nimisha Jaipuria Family Trust (Nimisha Jaipuria as a Trustee) | 0.54% |
Distribution across major stakeholders
Distribution across major institutional holders
Detailed comparison of Bajaj Electricals against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| HAVELLS | Havells IndiaConsumer Electronics | 1 LCr | 20.99 kCr | +7.15% | +2.51% | 71.64 | 4.78 | +15.14% | +18.43% |
| POLYCAB | Polycab IndiaCables - Electricals | 82.84 kCr | 21.23 kCr | +6.91% | -2.24% | 44.42 | 3.9 | +24.92% | +11.16% |
| CROMPTON | Crompton Greaves Consumer ElectricalsHousehold Appliances | 21.56 kCr | 7.83 kCr | -7.01% | +8.10% | 41 | 2.75 | +8.63% | +19.52% |
| VGUARD | V-Guard IndustriesHousehold Appliances | 15.52 kCr | 5.4 kCr | +0.96% | +3.95% | 51.94 | 2.87 | +15.32% | +27.60% |
| ORIENTELEC | Orient ElectricHousehold Appliances | 5.19 kCr | 3.03 kCr | +11.67% | +11.90% | 80.12 | 1.71 | +12.36% | -25.65% |