10 new case studies · 14 news items · updated 04 Oct 2026ContactEducation only · not investment advice
Manage Our FinanceIndian stock case studies · every morning

Today › Two- and three-wheelers › Bajaj Auto

Two- and three-wheelers Historical case study · data as of 01 Jul 2026 · published 04 Oct 2026 (95 days later)

Bajaj Auto — 100-point case study

How Bajaj Auto looked on 50 technical and 50 fundamental measures on 01 Jul 2026 — and what happened over the next three months. Education only; not a current view.

CodesNSE: BAJAJ-AUTO · BSE: 532977
Close on 01 Jul 2026₹9,842.00
Market cap then₹2,70,461 crore
ValuationP/E 25.6× · P/B 6.96×
MomentumRSI (14) 44 · 1-year return +17.2%
Next 3 months+2.1% vs Nifty 50 -6.6% (to 01 Oct 2026)

Scorecard

Technical — 50 points

10 bullish · 26 neutral · 0 caution · 13 bearish — the picture was mixed.

Fundamental — 50 points

13 bullish · 28 neutral · 6 caution · 2 bearish — the picture leaned positive.

Price chart

7,5828,87310,16411,45512,747Jul 25Oct 25Jan 26Apr 26Jul 26Oct 26R2 10,810R1 10,036S1 9,646S2 9,396Snapshot 01 JulWhat happened next →
Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance
Data note: Bajaj Auto's ₹12,000-per-share buyback by tender offer (record date 24 Jun 2026) was open on the snapshot date (1–7 Jul 2026), which can affect trading around that period.

Technical analysis — 50 points

Calculated by code from daily prices up to 01 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

A. Trend

#PointReadingTagCommentary
1Short-term trend (20 days)slope -0.30%/dayBearishOver the last 20 sessions the regression line of closing prices was falling about 0.30% a day — a short-term downtrend.
2Medium-term trend (~5 months)3M return +8.8%BullishThe 100-session trend line was up (+0.08%/day) and the stock was +8.8% over three months, so the medium-term picture was bullish.
3Long-term trend (1 year)1Y return +17.2%BullishCompared with a year earlier the price was +17.2%. A strong positive year.
4Weekly chart trend10W 10,224.85 / 30W 9,683.92NeutralOn the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages.
5Swing structure (highs/lows)last highs 10,834.00→10,268.00; lows 10,078.50→9,902.00BearishThe two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure.
6ADX (14) — trend strength18.5NeutralADX at 18.5 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction.
7+DI vs –DI+DI 17.4 / –DI 27.2Bearish–DI was above +DI: sellers had the upper hand in directional movement.

B. Moving averages

#PointReadingTagCommentary
8Price vs 20-day SMA10,038.15 (-2.0%)BearishClose of 9,842.00 was 2.0% below the 20-day SMA — the short-term trend filter was negative.
9Price vs 50-day SMA10,135.42 (-2.9%)BearishClose of 9,842.00 was 2.9% below the 50-day SMA — the medium-term trend filter was negative.
10Price vs 200-day SMA9,453.07 (+4.1%)BullishClose of 9,842.00 was 4.1% above the 200-day SMA — the long-term trend filter was positive.
119 / 21 EMA crossover9E 9,869.64 / 21E 10,005.55BearishThe 9-day EMA was below the 21-day EMA; the last crossover happened on 10 Jun 2026.
12Golden / death cross (50 vs 200)no cross in data windowBullishThe 50-day average was 7.2% above the 200-day. No 50/200 crossover occurred in the data window.
1350-day SMA slope+3.4% in 20 sessionsBullishThe 50-day average rose 3.4% over the past month — rising.
14MA ribbon alignment10,038 / 10,135 / 9,813 / 9,453NeutralThe 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range.
15Monthly anchored VWAP9,834.67 (+0.1%)BullishAnchored to the start of July, the volume-weighted average price was 9,834.67; the close was above it — buyers that month were on average in profit.

C. Momentum

#PointReadingTagCommentary
16RSI (14)43.6BearishRSI at 43.6 reflected soft, below-average momentum.
17RSI divergence (last 40 days)noneNeutralComparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price.
18MACD line vs signalMACD -115.93 / signal -73.75BearishMACD was below its signal line — momentum turning or staying negative.
19MACD histogram (5-day change)-43.78 → -42.18BullishThe histogram rose over the last five sessions, meaning momentum was improving.
20MACD vs zero line-115.93BearishMACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime.
21Stochastic (14,3,3)%K 25.0 / %D 16.4BullishSlow stochastic at 25.0 was mid-range with %K above %D.
22Williams %R (14)-55.5Neutral%R of -55.5 put the close in the middle of its 14-day range.
23CCI (20)-90NeutralCCI at -90 was within the normal ±100 band.
24Rate of change (10-day)-1.0%NeutralPrice changed -1.0% over ten sessions.

D. Volatility

#PointReadingTagCommentary
25Bollinger Band position (%B)%B 0.26 (bands 9,628.61–10,447.69)Neutral%B of 0.26 — inside the bands, lower half.
26Bollinger width / squeezewidth 8.2% (39th pct of 6M)NeutralBand width was at the 39th percentile of the last six months, a normal level.
27ATR (14)₹225.28 (2.3% of price)NeutralA typical day's range was about ₹225.28, or 2.3% of the price — useful for judging how much 'normal noise' to expect.
28Historical volatility (30-day)21.7% vs 1Y 22.3%NeutralAnnualised 30-day volatility was 21.7%, close to the one-year level of 22.3%.
29Keltner Channel (20, 2×ATR)9,554.33–10,442.88NeutralThe close was inside the channel, so no volatility breakout.
30Beta vs Nifty 50 (1Y daily)0.96NeutralA beta of 0.96 means the stock tended to move roughly in line with the Nifty 50 day to day.

E. Volume & money flow

#PointReadingTagCommentary
31Volume vs 20-day averagelast day 0.53× / 5-day 1.01×NeutralThe final session traded 0.53× its 20-day average volume and the last five sessions averaged 1.01× — normal participation.
32Up-day vs down-day volume (20d)ratio 1.13NeutralAverage volume on up days was 1.13× that on down days — balanced.
33On-Balance Volume (20d)OBV fallingBearishOBV fell over the month while price fell — volume confirmed the price move.
34Accumulation/Distribution linefalling (20d)BearishThe A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume.
35Chaikin Money Flow (20)-0.16BearishCMF at -0.16 indicated net outflows.
36Money Flow Index (14)33.4BearishMFI, a volume-weighted RSI, was 33.4.
37Liquidity (avg daily turnover)₹383 cr/dayNeutralAbout ₹383 crore changed hands per day on average over 20 sessions — liquid.

F. Price levels

#PointReadingTagCommentary
38Support levels (S1/S2/S3)9,646.25 / 9,395.50 / 8,773.11NeutralNearest support (prior swing lows) sat at 9,646.25, 2.0% below the close, then 9,395.50, 8,773.11.
39Resistance levels (R1/R2/R3)10,035.64 / 10,809.50NeutralNearest resistance (prior swing highs) sat at 10,035.64, 2.0% above the close, then 10,809.50.
40Monthly pivot points (for next month)P 9,834.67 | R1 9,907.33 | S1 9,769.33NeutralClassic pivots from July's high/low/close gave a pivot of 9,834.67; the close was above it.
41Fibonacci retracement (6M swing)23.6% 10,312 | 38.2% 9,990 | 50.0% 9,729 | 61.8% 9,468NeutralMeasuring the 6-month rise from 8,624.00 to 10,834.00, the close was nearest the 50.0% retracement at 9,729.00.
4252-week high / lowH 10,834.00 / L 7,858.50NeutralThe close was 9.2% below the 52-week high and 25.2% above the 52-week low.
43Unfilled price gaps (6M)3 open; latest gap-up 01 Jul at 9,750.00NeutralThere were 3 unfilled gap(s). The latest, a gap-up on 01 Jul 2026, left an open level at 9,750.00 that price had not revisited.

G. Patterns

#PointReadingTagCommentary
44Price structure / chart patternpullback inside a larger uptrendNeutralRule-based pattern scan: pullback inside a larger uptrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.)
45Breakout / breakdown (20-day)range 9,501.00–10,452.00NeutralThe close was inside the prior 20-day range of 9,501.00–10,452.00.
46Latest candlestickOrdinary green candleNeutralOn 01 Jul the candle opened 9,762.00, ranged 9,762.00–9,900.00 and closed 9,842.00: Ordinary green candle. Single candles are weak signals on their own.
47Ichimoku Cloudcloud 9,704.50–10,242.88; Tenkan 9,884.50 / Kijun 10,167.50NeutralPrice was inside the cloud and the Tenkan line was below the Kijun line — an undecided Ichimoku setup.

H. Relative strength & summary

#PointReadingTagCommentary
48Relative strength vs Nifty 501M -7.8% / 3M +5.8%BullishThe stock outperformed the Nifty 50 by 5.8 points over three months and underperformed by 7.8 points over one month.
49Relative strength vs Nifty 50 (6M)6M +15.7%BullishNo sector index in today's data set, so we show the 6-month comparison instead: 15.7 points ahead of the Nifty 50.
50Technical summary10 bullish · 13 bearish · 26 neutral · 0 cautionNeutralAcross the 49 readings the technical picture was mixed. Levels that mattered: support 9,646.25, resistance 10,035.64. This is a description of the chart on 01 Jul 2026, not a forecast.

Fundamental analysis — 50 points

Uses only results published by 01 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 01 Jul 2026 close.

A. Valuation

#PointReadingTagCommentary
1P/E (trailing 12 months)25.6×NeutralAt ₹9,842.00 the market valued the company at about ₹2,70,461 crore, or 25.6× the ₹10,574 crore profit of the four quarters to Mar 2026. That is a moderate multiple.
2Price / Book6.96×NeutralMarket cap was 6.96× the Mar 2026 book value (equity + reserves) of ₹38,832 crore.
3Price / Sales4.30×NeutralThe company was valued at 4.30× its trailing-12-month sales of ₹62,904 crore.
4EV / EBITDA (approx.)23.6×NeutralEnterprise value (market cap + ₹22,713 cr borrowings; cash not netted) was 23.6× trailing operating profit of ₹12,427 crore.
5Earnings yield3.9%NeutralThe inverse of P/E: each ₹100 invested bought about ₹3.9 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds.
6PEG (P/E ÷ 3-yr profit CAGR)1.25NeutralP/E of 25.6 divided by 3-year profit growth of 20.4% a year gives a PEG of 1.25. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: the Mar 2026 quarter carried unusual other income of ₹1,894 crore — a one-off that distorts year-on-year profit comparisons.
7Dividend yield (trailing 12M)1.52%NeutralDividends with ex-dates in the 12 months to the snapshot totalled ₹150 a share, a 1.52% yield on the ₹9,842.00 price.
8Market capitalisation₹2,70,461 crNeutralAt about ₹2.70 lakh crore the company was a large-cap.
9Graham number vs price₹3,497.71 vs ₹9,842.00NeutralBenjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹3,497.71; the price was 181% above it. Quality franchises usually trade above this number.

B. Growth

#PointReadingTagCommentary
10Revenue growth FY26 (YoY)+23.4%BullishRevenue for FY26 was ₹62,905 crore, +23.4% versus FY25.
11Q4 FY26 revenue growth (YoY)+41.0%BullishThe Jan–Mar 2026 quarter brought ₹17,832 crore of revenue, +41.0% on the same quarter a year earlier.
12Net profit growth FY26 (YoY)+44.4%CautionFY26 net profit was ₹10,574 crore, +44.4% on FY25's ₹7,325 crore. Note: the Mar 2026 quarter carried unusual other income of ₹1,894 crore — a one-off that distorts year-on-year profit comparisons.
13Q4 FY26 profit growth (YoY)+93.8%CautionQuarterly profit was ₹3,492 crore versus ₹1,802 crore a year earlier (+93.8%). Note: the Mar 2026 quarter carried unusual other income of ₹1,894 crore — a one-off that distorts year-on-year profit comparisons.
14Revenue CAGR (3 years)19.9%BullishRevenue compounded at 19.9% a year from FY23 to FY26.
15Profit CAGR (3 years)20.4%CautionNet profit compounded at 20.4% a year from FY23 to FY26. Note: the Mar 2026 quarter carried unusual other income of ₹1,894 crore — a one-off that distorts year-on-year profit comparisons.
16Revenue CAGR (5 years)17.8%BullishOver five years (FY21–FY26) revenue compounded at 17.8% a year.
17EPS growth FY26 (reported)+46.6%CautionReported EPS went from ₹262.29 to ₹384.41 (+46.6%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Mar 2026 quarter carried unusual other income of ₹1,894 crore — a one-off that distorts year-on-year profit comparisons.

C. Profitability

#PointReadingTagCommentary
18Operating margin FY2621%NeutralOperating profit (EBITDA) was 21% of sales in FY26 versus 19% in FY25.
19Operating margin trend (4 quarters)21% → 18% → 23% → 17%BearishQuarterly margins moved from 21% to 17% over the last four quarters — contracting.
20Net profit margin FY2616.8%Neutral₹16.8 of every ₹100 of revenue ended up as net profit in FY26.
21Return on equity FY2628.6%BullishFY26 profit was 28.6% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak.
22ROCE FY2628%BullishReturn on capital employed (debt + equity) was 28% in FY26.
23Return on assets FY2613.75%NeutralNet profit was 13.75% of total assets.
24Effective tax rate FY2624%NeutralThe company paid about 24% of pre-tax profit as tax; India's base corporate rate is ~25%.
25Other income share of pre-tax profit19%NeutralNon-operating 'other income' of ₹2,668 crore made up 19% of pre-tax profit.

D. Balance sheet

#PointReadingTagCommentary
26Debt / equity0.58NeutralBorrowings of ₹22,713 crore were 0.58× equity — moderate leverage.
27Debt / EBITDA1.73×NeutralDebt equalled 1.73 years of FY26 operating profit.
28Interest coverage12.9×BullishEarnings before interest and tax covered interest cost 12.9 times.
29Book value growth+10.4%BullishShareholders' equity grew +10.4% from ₹35,188 crore to ₹38,832 crore in FY26.
30Capital work in progress₹1,521 cr (13% of fixed assets)NeutralProjects under construction (CWIP) were 13% of fixed assets — a modest pipeline.
31Working capital days22 daysNeutralWorking capital tied up equalled 22 days of sales (FY25: -6). Negative means suppliers/customers fund operations.
32Cash conversion cycle-1 daysNeutralIt took -1 days to turn inventory and receivables into cash, net of supplier credit.
33Debtor days20 (FY25 15)CautionCustomers took 20 days on average to pay, versus 15 a year earlier — a notable stretch in collections.

E. Cash flow

#PointReadingTagCommentary
34Operating cash flow FY26₹2,597 crBullishThe business generated ₹2,597 crore of operating cash in FY26 versus ₹-1,406 crore in FY25.
35Free cash flow FY26₹1,885 crBullishAfter capital spending, free cash flow was ₹1,885 crore.
36Cash conversion (CFO ÷ net profit)0.25×CautionOperating cash flow was 0.25× reported profit — cash lagged profits; worth watching.
37Free-cash-flow yield0.7%NeutralFY26 free cash flow was 0.7% of the snapshot market cap.
38Free cash flow — 3-year total₹5,459 crBullishFree cash flow over FY24–FY26 added up to ₹5,459 crore.
39Capex FY26 (CFO – FCF)₹712 crNeutralImplied capital expenditure was about ₹712 crore, 1.1% of sales.

F. Dividends & shareholder returns

#PointReadingTagCommentary
40Dividend payout ratio FY2639%NeutralThe company paid out about 39% of FY26 profit as dividends.
41Dividend consistency (3 years)29% / 80% / 39%BullishPayout ratios for FY24 / FY25 / FY26 — dividends were paid every year.
42Share capital change (FY25→FY26)+0.4%NeutralPaid-up equity capital changed +0.4% (₹279 cr → ₹280 cr). Essentially unchanged — no dilution.

G. Ownership

#PointReadingTagCommentary
43Promoter holding55.01% (-0.02 pts YoY)NeutralPromoters owned 55.01% at Mar 2026 versus 55.03% a year earlier.
44Foreign institutional holding8.82% (-2.79 pts YoY)BearishFIIs held 8.82% at Mar 2026, down from 11.61% a year before.
45Domestic institutional holding14.35% (+3.43 pts YoY)BullishMutual funds, insurers and other DIIs held 14.35%, up from 10.92%.
46Number of shareholders3.1 lakh (-8.8% YoY)NeutralThe shareholder count moved from 3.4 lakh to 3.1 lakh in a year — a rough gauge of retail interest.
47Promoter pledgenone reportedNeutralOur source showed no pledged promoter shares.

H. Quality & summary

#PointReadingTagCommentary
48Financial health checklist (Piotroski-style, 8 tests)5/8NeutralPassed: positive profit, positive operating cash flow, operating margin improved, ROA improved, no meaningful dilution (<3%). Failed: CFO > net profit, leverage fell, asset turnover improved.
49Automated screen flags3 strength(s) · 1 weakness(es)NeutralStrengths: Company expected to deliver solid quarterly performance; Strong return on equity history: 3-year ROE of 26.3%; Consistent dividend payouts maintained at 49.4%. Weaknesses: Stock is trading at 7.23 times its book value. (Flags generated by the data source’s rule screen.)
50Fundamental summary13 bullish · 2 bearish · 28 neutral · 6 cautionBullishOn the numbers published by 01 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 25.6×, P/B 6.96×. This describes the data, not a recommendation.

News in the three months before the snapshot

Company news from 01 Apr 2026 – 01 Jul 2026 that an investor could have known on the snapshot date.

What happened next (01 Jul 2026 → 01 Oct 2026)

Later news

Educational summary. On 01 Jul 2026 the technical picture was mixed and the fundamental picture leaned positive. Over the next three months the stock moved +2.1% against -6.6% for the Nifty 50. A mixed chart gave no clear message, and the outcome shows why mixed readings are hard to act on. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Bajaj Auto today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 04 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

More case studies today

₹3,143.60close 01 Jul
Diversified infrastructure incubatorNSE: ADANIENTData as of 01 Jul 2026

Adani Enterprises — 100-point case study

Technical
Fundamental

What happened next (3 months): -10.4% vs Nifty 50 -6.6%

Technical: positiveFundamental: negativeP/E 42.8×P/B 5.26×RSI 661Y +19.9%
₹1,848.20close 01 Jul
Ports and logisticsNSE: ADANIPORTSData as of 01 Jul 2026

Adani Ports & SEZ — 100-point case study

Technical
Fundamental

What happened next (3 months): -6.0% vs Nifty 50 -6.6%

Technical: positiveFundamental: positiveP/E 33.3×P/B 4.44×RSI 591Y +27.7%
₹8,618.50close 01 Jul
Hospitals and healthcareNSE: APOLLOHOSPData as of 01 Jul 2026

Apollo Hospitals — 100-point case study

Technical
Fundamental

What happened next (3 months): -5.6% vs Nifty 50 -6.6%

Technical: positiveFundamental: positiveP/E 61.9×P/B 13.07×RSI 651Y +15.0%