Bajaj Holdings & Investment (BHIL) is essentially

Bajaj Holdings & Investment (BHIL) is essentially a listed investment/holding company rather than a normal operating business. The investment thesis is therefore based mainly on the value of its Bajaj group holdings, dividends received, investment income and the discount/premium to its NAV. 🟢 Key positives As of June 30, 2026, BHIL's strategic equity investments in group companies had a market value of about ₹2.30 lakh crore, against a cost of ₹19,841 crore. Its reported NAV was ₹21,062 per share at June 30, 2026, compared with a book value of ₹2,425/share. This makes the NAV discount one of the most important valuation parameters for the stock. Q1 FY27 consolidated PAT was around ₹2,706–₹2,708 crore. The YoY decline was largely because Q1 FY26 had a large one-off gain from selling Bajaj Finserv shares; excluding that gain, Q1 FY27 profit was actually higher than the comparable period. Dividend remains an important attraction. BHIL paid ₹130/share final dividend for FY26, in addition to the ₹65 interim dividend, and its board is scheduled to consider an FY27 interim dividend on September 15, 2026