Bajaj Electricals Ltd(BAJAJELEC)

NSE: BAJAJELECBSE: 500031

₹ 274.8-1.17%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,172 crNext results: 28 Oct 2026Website: www.bajajelectricals.comUpdated: 24 Oct 2026

About

Bajaj Electricals Ltd is an Indian consumer electricals company operating in two segments: Consumer Products (fans, appliances, water heaters, coolers) and Lighting Solutions (LED lighting, switchgear, wires). The Consumer Products segment posted an EBIT loss of Rs 49 Cr in FY26 due to channel inventory corrections, while Lighting Solutions reached its highest-ever annual EBIT margin of ~8.5%.^[1][2][3]

Business segments

Consumer Products: Rs 3,343 Cr revenue in FY26 (74.9% of total), covering fans, kitchen appliances, coolers, water heaters and irons; posted EBIT loss of Rs 49 Cr (-1.5% margin) for FY26.^[2][3]
Lighting Solutions: Rs 1,120 Cr revenue in FY26 (25.1% of total), covering consumer LED lighting, professional/B2B lighting, switchgear and wires; EBIT margin ~8.5% in FY26, highest-ever for the segment.^[2][3]
In Q1 FY27, Consumer Products recovered to Rs 820 Cr (+1.7% YoY) with EBIT margin turning positive at 3.9% vs -1.7% in Q1 FY26; Lighting Solutions reached Rs 269 Cr (+4.4% YoY) with ~7% EBIT margin.^[4]

Products and brands

Consumer Products portfolio spans fans (including BLDC), kitchen appliances (induction cooktops, mixers), water heaters, air coolers and irons; Bajaj is described as an undisputed market leader in mixers, iron and water heaters.^[5]
Morphy Richards brand acquired in Q4 FY26 / Q1 FY27, adding a premium brand tier; the brand grew double-digit in Q1 FY27 post-acquisition and is positioned as the trade-up lever.^[4][5]
Seven new BLDC fan SKUs launched under the Raftaar brand in Q1 FY27 starting at INR 1,999 with a 5-star BEE rating, aimed at closing the BLDC share gap vs. industry.^[4]
New products contributed ~40% of Consumer Products revenue in Q2 FY26, indicating a high pace of portfolio renewal.^[5]
Lighting Solutions portfolio expanded with switchgear (launched August 2025), solar solutions (announced Q3 FY26) and wires (launched February 2026), building an adjacent electricals suite.^[6][5]

Key operating numbers

Gross margin: ~32.3% in Q1 FY27, up 130 bps YoY; Consumer Products gross margin improved 220 bps YoY in Q1 FY27.^[4]
BLDC fans: Bajaj's BLDC share is below the industry penetration of 30-35% as of Q1 FY27; the gap is identified as the primary cause of fan market share loss.^[4][3]
Professional Lighting B2B order book: INR 178 Cr in Q2 FY26, down from INR 210 Cr in Q2 FY25; a fresh INR 30-40 Cr order was won in October 2025.^[5]
A&P spend was 2.3% of total revenue in Q2 FY26, down 20 bps YoY; management plans a step-up in brand and innovation investment over the next 12 months.^[5][3]
Kitchen appliances grew ~30% YoY in Q4 FY26, while overall Consumer Products segment fell 6.9% YoY in the same quarter due to fans and cooler channel overhang.^[3]

Customers and distribution

Alternate channels made up ~45% of revenue mix in Q1 FY27 and grew ~11% YoY; e-commerce reached ~15% of revenues, with quick commerce at 8-10% of e-commerce.^[4]
Exports grew ~28% YoY in Q2 FY26 and grew in high double digits in Q1 FY27; no export market breakdown provided in the sources.^[5][4]
General Trade grew ~5% YoY in Q2 FY26, with consumer lighting driving ~20% YoY GT growth; GT contracted 2% YoY in Q4 FY26 amid channel inventory correction.^[5][3]
Distribution model is shifting from volume-push primary sales to secondary offtake-led execution, with tiered outlet coverage replacing uniform RREP visits; direct dealer model being accelerated in South and West geographies.^[6][4]

Operations and capacity

Switchgear and wires are produced on an asset-light/bought-out basis with no manufacturing capex, per the Q2 FY26 call describing the switchgear launch.^[5]
Capex intensity is set to decline to less than half of recent years in FY27 and FY28, focused on mould replacement and innovation-led spend rather than new plant capacity.^[3]
Fan segment faced supply-chain disruptions in Q1 FY27 from gas shortages and PCB shortfalls; management has extended PCB procurement to address the supply gap.^[4]

Cash and working capital

Cash and surplus investments stood at ~INR 884 Cr as of 30 June 2026, down from INR 934 Cr at end of FY26.^[4][3]
Full-year FY26 cash flow from operations was INR 619 Cr; the company operated at negative working capital at FY26 year-end.^[3]
Consumer Products channel inventory was reduced by 30% in number of days during Q3 FY26; normalization was largely complete across most categories by Q4 FY26, except coolers.^[6][3]

Recent developments

Morphy Richards brand acquisition was principally approved by the board in Q2 FY26 and completed by Q4 FY26 / Q1 FY27; the brand is now positioned as the premium tier alongside the core Bajaj brand.^[5][4]
Wires category launched in February 2026 under the Lighting Solutions vertical, reporting robust market response; management also exploring expansion into cables.^[6][4]
Switchgear launched on a pan-India basis in August 2025; initial channel orders exceeded management expectations.^[5]
Price increases of 2%-5% were implemented from 1 February 2026 to offset commodity inflation, supplemented by ongoing VAVE cost-reduction activities.^[6]
A Chief Growth Officer (CGO) hire is planned to drive category expansion over the next 3-5 years, with cables and solar cited as target adjacencies.^[4]

Market Cap

₹3,172 Cr

High / Low

₹547 / 273

Stock P/E

-74.5

Price / Book

2.0

Book Value

₹138

EPS

₹-7.9

No. of Shares

11.54 Cr

ROCE

3.2%

ROE

-5.5%

OPM

1.3%

Debt / Equity

0.00

Sales

₹4,462 Cr

Net Profit

₹-91 Cr

Promoter holding

62.7%

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Bajaj Electricals Ltd(BAJAJELEC)

About

Business segments

Products and brands

Key operating numbers

Customers and distribution

Operations and capacity

Cash and working capital

Recent developments

Signal history

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