Bajaj Holdings & Investment Ltd. Share Price

Bajaj Holdings: Understanding the holding-company discount

# Bajaj Holdings: Understanding the holding-company discount Bajaj Holdings & Investment Limited is essentially a holding and investment company. Its June 2026 investment portfolio had a market value of ₹2.34 lakh crore, while its book value was far lower, making NAV and the holding-company discount the key numbers to understand. **The portfolio:** BHIL's biggest assets are its strategic holdings in Bajaj group companies. As of June 2026, strategic equity investments had a market value of ₹2.30 lakh crore against a cost of ₹19,841 crore. Debt securities were worth ₹2,021 crore and investment properties ₹371 crore. This creates an important distinction between **book value and economic value**. The company's investment portfolio was worth about ₹21,062 per share on an NAV basis, compared with a book value of ₹2,425 per share. But shareholders cannot simply assume that the full NAV will be reflected in the share price. Holding companies often trade at a discount because investors consider taxes, corporate expenses, capital allocation and the difficulty of directly accessing the underlying assets. BHIL also generates income primarily through dividends from its group investments. For FY26, it recommended total dividends of ₹195 per share, including the special payout marking the Bajaj Group's centenary. **My view:** The interesting way to study BHIL is not through conventional PE or revenue growth. The key question is how much of its underlying portfolio value is being reflected in the market price. A narrowing discount can create value even without a major change in the underlying businesses. Conversely, a large discount can persist if investors expect the holding structure to remain unchanged. **What I'm watching:** NAV per share, market price versus NAV, changes in Bajaj Auto and Bajaj Finserv valuations, dividends and capital allocation.

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stock move to higher levels we will wait for the retracement

Bajaj Holdings & Investment Ltd. (BAJAJHLDNG) is fundamentally different from a conventional operating company. It is essentially a holding and investment company, with its value primarily linked to its strategic investments in the Bajaj Group. As of June 30, 2026, its major strategic holdings included Bajaj Auto and Bajaj Finserv, while the company also has subsidiaries including Bajaj Auto Holdings and Maharashtra Scooters. Fundamental Perspective The most important number for BHIL investors is arguably not its reported quarterly profit but the value of its investment portfolio. As of 30 June 2026, BHIL's investment portfolio had a market value of approximately ₹2,34,401 crore, against a cost of ₹22,025 crore. The company reported an investment NAV of approximately ₹21,062 per share, compared with a book value of around ₹2,425 per share. This highlights the distinctive nature of the stock: a very large portion of its underlying value comes from its holdings in other Bajaj companies. From a SEBI Registered Research Analyst perspective, I would look at BHIL primarily through the lens of: Underlying NAV → market price → discount/premium to NAV → quality and growth of underlying holdings. The underlying businesses also remain important. In Q1 FY27, Bajaj Auto's consolidated PAT increased 46% YoY to ₹3,226 crore, while Bajaj Finserv's consolidated PAT increased 12% to ₹3,132 crore For investors studying this stock, I would track NAV, market price/NAV discount, Bajaj Auto performance, Bajaj Finserv performance, dividend distribution and any changes in the investment portfolio rather than relying only on the quarterly EPS number.

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Bajaj Holdings Dividend: Rs 65 per share interim dividend

Bajaj Holdings Q1 results Bajaj Holdings & Investments reported a consolidated net profit of Rs 2,706 crore for the quarter ended June 30, 2026 (Q1FY27), registering a 28 per cent year-on-year increase from Rs 2,106 crore in Q1FY26, excluding the exceptional profit from the previous year’s share sale. The company’s Board of Directors approved the dividend at its meeting held on September 15, 2026. The record date for determining shareholders eligible to receive the interim dividend has been fixed as Monday, September 21, 2026.

Bajaj Holdings Dividend: Bajaj Holdings and Investment Ltd has declared an interim dividend of Rs 65 per equity share, amounting to 650 per cent of the face value of Rs 10 per share, for the financial year ending March 31, 2027.

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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

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buy on dips strategy to plan

Bajaj Holdings & Investment Limited is not a conventional operating company. It is essentially a holding/investment company, with its value driven largely by its strategic investments in the Bajaj Group. Its major investments include: Bajaj Auto Bajaj Finserv Maharashtra Scooters Bajaj Auto Holdings The FY2026 consolidated structure showed approximately 36.66% in Bajaj Auto, 40.78% in Bajaj Finserv, 100% in Bajaj Auto Holdings and 51% in Maharashtra Scooters. That makes holding-company valuation / discount to underlying investments particularly important when analysing this stock. 2. Fundamental Analysis Current valuation At around ₹11,200: Market Cap: roughly ₹1.25 lakh crore P/E: around 14x on Screener's consolidated data Book Value: around ₹6,573 ROE: around 11.9% ROCE: around 11% So on conventional P/E, it doesn't look excessively expensive. But P/E alone is not the best way to value Bajaj Holdings, because a large part of its value comes from its investment portfolio.

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ajaj Holdings & Investment Ltd. (BAJAJHLDNG) is a very different stock from Bajaj Finance/Bajaj Finserv. It is essentially a holding and investment company, with its value largely coming from its investments in Bajaj Group companies. The FY26 annual report describes BHIL as an NBFC-ICC whose primary revenue comes from dividends from investments. 1. Company Business The key attraction is its ownership in major Bajaj Group businesses. Most importantly, as of March 2026, BHIL held 34.19% of Bajaj Auto. So when analysing this stock, don't look at it like a normal operating company. Think of it as a listed investment/holding company whose valuation is influenced heavily by: Bajaj Auto Bajaj Finserv Other investments Dividend income Cash and investments The discount at which the holding company trades to the underlying asset value 2. Fundamental Analysis FY26 was extremely strong BHIL reported: Particular FY25 FY26 Consolidated PAT ₹1,725 Cr ₹2,575 Cr Standalone PAT ₹91 Cr ₹310 Cr The company described FY26 as an all-time high standalone and consolidated annual profit. It also declared an interim dividend of ₹65/share and recommended a final dividend of ₹130/share, including a special dividend of ₹50. That makes the dividend story particularly interesting.

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