Company Valuation: Bajaj Finserv Ltd.

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 2,714,956 2,017,301 2,642,346 3,199,974 2,604,364 2,964,052 - -
Change - -25.7% 30.98% 21.1% -18.61% 13.81% - -
Enterprise Value (EV) 1 2,714,956 2,017,301 4,792,958 5,872,073 6,041,969 8,559,007 9,750,305 11,228,347
Change - -25.7% 137.59% 22.51% 2.89% 41.66% 13.92% 15.16%
P/E 59.6x 115x 32.4x 36.5x 26.8x 25x 20.8x 16.7x
PBR 6.75x 4.35x 4.34x 4.43x 3.35x 3.35x 2.87x 2.43x
PEG - -1.9x 0x 4.3x 2.5x 1.2x 1x 0.7x
Capitalization / Revenue 3.97x 2.89x 2.39x 2.39x 1.73x 1.78x 1.5x 1.27x
EV / Revenue 3.97x 2.89x 4.34x 4.39x 4.01x 5.13x 4.93x 4.8x
EV / EBITDA - - 17.8x 17.9x 15.9x 25.5x 23.6x 22.4x
EV / EBIT 16.9x 10.1x 18.4x 18.5x 16.5x 19.7x 19.9x 17.5x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.8 1 1 1.5 1.453 1.62 2.25
Rate of return 0.02% 0.06% 0.06% 0.05% 0.09% 0.08% 0.09% 0.12%
EPS 2 28.63 11 50.7 55 61 74.23 89.15 111
Distribution rate 1.4% 7.27% 1.97% 1.82% 2.46% 1.96% 1.82% 2.03%
Net sales 1 684,390 698,706 1,103,830 1,338,221 1,505,038 1,667,580 1,979,590 2,337,436
EBITDA 1 - - 269,006 328,481 379,909 336,280 413,898 501,638
EBIT 1 160,740 200,011 260,005 316,778 366,996 435,416 489,435 642,045
Net income 1 45,568 64,173 81,478 88,723 98,010 118,548 142,321 177,310
Net Debt 1 - - 2,150,612 2,672,099 3,437,605 5,594,955 6,786,254 8,264,295
Reference price 2 1,706.04 1,266.50 1,643.85 2,007.35 1,631.80 1,854.00 1,854.00 1,854.00
Nbr of stocks (in thousands) 1,591,374 1,592,815 1,607,413 1,594,128 1,596,007 1,598,733 - -
Announcement Date 28/04/22 27/04/23 26/04/24 29/04/25 30/04/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.98x5.13x25.45x0.08% 30.78B
26.32x16.99x - 0.65% 68.2B
28.61x4.73x16.01x-.--% 41.14B
17.97x12.28x23.38x1.15% 25.32B
7.89x1.82x - 1.73% 24.76B
28.92x4.29x12.58x-.--% 22.17B
23.45x19.03x46.24x0.15% 16.02B
29.48x - - - 15.51B
12.56x - - 1.32% 12.46B
Average 22.24x 9.18x 24.73x 0.64% 28.49B
Weighted average by Cap. 23.49x 9.93x 22.55x 0.57%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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