Bajaj Consumer Care Ltd (BAJAJCON)
🎯 Key Takeaways
- Bajaj Consumer Care is in a high-growth phase driven by strong top-line expansion, brand diversification into non-ADHO segments, and international market penetration, particularly in Nepal, Bangladesh, GCC, and Africa. Management is prioritizing sustainable distribution via the Aarohan initiative and non-pricing levers for margin growth, while navigating rising input costs.
- Revenue grew 4.6% QoQ to ₹342 in Q1FY27.
- ⚠️ 1) Rising input costs, particularly in light liquid paraffin, pose near-term margin pressure despite current pricing power. 2) Leadership transition i
- Market Cap
- ₹6,272
- P/E Ratio
- 28.8
- P/B Ratio
- 8.31
- ROE
- 29.5%
- ROCE
- 36.4%
- Debt/Equity
- 0.00
- Promoter
- 43.0%
📖 The Story
Bajaj Consumer Care is in a high-growth phase driven by strong top-line expansion, brand diversification into non-ADHO segments, and international market penetration, particularly in Nepal, Bangladesh, GCC, and Africa. Management is prioritizing sustainable distribution via the Aarohan initiative and non-pricing levers for margin growth, while navigating rising input costs. The company maintains a debt-free balance sheet and robust profitability metrics, with ROE and ROCE at 29.5% and 36.4% respectively, reflecting efficient capital utilization. However, near-term margin pressure is anticipated due to raw material inflation, particularly in light liquid paraffin, despite healthy volume and pricing momentum.
📰 What's Happening
In Q1 FY27, revenue surged 28% YoY to INR 341 crores, with EBITDA doubling to INR 84.4 crores and PAT reaching INR 70.7 crores, up 101% YoY. Gross margins improved to 61.8% from 51% YoY, and EBITDA margin expanded to 24.7%. International business grew double digits, especially in GCC and Africa, while non-ADHO brands now contribute 15% of revenue. Management highlighted strong performance across general trade, e-commerce, and strategic brands like Banjara's. A leadership change in Supply Chain, Operations & IT was announced, with Rajesh Menon resigning effective August 21, 2026, though framed as part of personal career exploration. The Board appointed Jignesh Nagda as Company Secretary and Key Managerial Personnel effective July 24, 2026, following approval of unaudited Q1 results.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 265 | 306 | 327 | 342 |
| Operating Profit | 44 | 52 | 72 | 80 |
| OPM % | 16.6% | 16.8% | 22.0% | 23.3% |
| Net Profit | 42 | 46 | 64 | 71 |
| EPS | ₹3.09 | ₹3.44 | ₹4.75 | ₹5.42 |
Revenue has grown sequentially from ₹265 crores in September 2025 to ₹342 crores in June 2026, with operating profit and net profit expanding at a faster pace, indicating operating leverage. Operating margins improved from 16.6% in September 2025 to 23.3% in June 2026, and net profit rose from ₹42 crores to ₹71 crores over the same period. This growth trajectory aligns with management’s commentary on volume gains, pricing adjustments, and international expansion. However, the company has flagged rising raw material costs, particularly in light liquid paraffin, which are expected to continue increasing in July, potentially pressuring margins in the near term despite strong top-line performance.
🔮 Management Outlook & What's Next
Management expects margin headwinds in Q2 FY27 due to rising input costs, particularly in light liquid paraffin, but anticipates sequential improvement in Q3 and Q4. No pricing actions are planned for margin expansion, with long-term growth targeted in the high 20s. The company is focusing on sustainable distribution expansion via the Aarohan initiative and continued brand diversification into non-ADHO segments as key growth drivers. International markets, especially GCC and Africa, are highlighted as high-potential growth areas, with double-digit growth observed in the latest quarter.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 14 | 14 | 13 | 13 |
| Reserves | 734 | 679 | 742 | 632 |
| Borrowings | 4 | 6 | 0 | 18 |
| Total Liabilities | 901 | 831 | 945 | 845 |
| Fixed Assets | 110 | 113 | 298 | 152 |
| Investments | 401 | 396 | 367 | 230 |
| Total Assets | 901 | 831 | 945 | 845 |
The balance sheet remains exceptionally strong with zero net debt as of March 2026, and total assets have grown steadily from ₹901 crores in March 2025 to ₹945 crores in March 2026. Equity and reserves have increased, reflecting retained earnings from robust profitability, while borrowings remain minimal at just ₹18 crores in the latest quarter. This financial profile supports aggressive reinvestment in distribution and brand building without leverage, and the company has ample capacity to fund growth initiatives or return capital if needed, though no such actions were disclosed.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +197 |
| Investing | -14 |
| Financing | -196 |
| Net Cash Flow | -14 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 41.0% | 43.0% | 43.0% | 43.0% |
| FII | 10.1% | 9.7% | 16.6% | 16.1% |
| DII | 15.3% | 15.7% | 14.3% | 14.9% |
| Public | 21.0% | 22.3% | 19.0% | 18.8% |
| # Shareholders | 1,32,449 | 1,23,698 | 1,18,576 | 1,22,807 |
Institutional investor interest has shown mixed trends over recent quarters. FII holding declined from 16.59% in Q4FY26 to 16.11% in Q1FY27, while DII increased from 14.27% to 14.91%, indicating continued domestic institutional confidence. Promoter holding remains stable at 42.97% across all filings. Public shareholding has slightly decreased, but the number of shareholders has grown from 1,18,576 to 1,22,807, suggesting retail broadening. Notably, FII holding dropped significantly from 9.7% in Q3FY26 to 16.11% in Q1FY27, though this may reflect portfolio rebalancing rather than a structural exit. Overall, institutional interest appears stable with no signs of major divergence.
⚖️ Peer Comparison — FMCG
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDUNILVR | 4.45 L Cr | 29.8 | 29.8% | — | 0.00 |
| ITC | 3.32 L Cr | 16.7 | 36.0% | — | 0.03 |
| NESTLEIND | 2.60 L Cr | 68.1 | 99.2% | — | 0.00 |
| VBL | 1.45 L Cr | 43.0 | 21.5% | — | 0.10 |
| BRITANNIA | 1.18 L Cr | 45.5 | 54.1% | — | 0.27 |
| LENSKART | 1.14 L Cr | 171.2 | 11.9% | — | 0.03 |
| MARICO | 1.05 L Cr | 55.3 | 54.2% | — | 0.08 |
| TATACONSUM | 94,808 | 58.0 | 10.2% | — | 0.10 |
| GODREJCP | 89,022 | 46.5 | 17.8% | — | 0.33 |
| DABUR | 68,475 | 34.7 | 21.3% | — | 0.09 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Rising input costs, particularly in light liquid paraffin, pose near-term margin pressure despite current pricing power. 2) Leadership transition in supply chain operations may introduce execution risks, albeit with no immediate concerns disclosed. 3) High gross margin expansion is partly driven by pricing and volume, which could be challenged if input costs persist or demand softens. 4) While debt is negligible, the company’s growth strategy relies heavily on sustained consumer demand and effective distribution rollout, which are vulnerable to macroeconomic or competitive pressures.
📋 Recent Filings
- 🔴 Announcement2026-09-23Bajaj Consumer Care announced its participation in the Nuvama Emerging India CEO Forum on September 28, 2026, at Hotel Grand Hyatt, Mumbai, from 2:00 …
- 🔴 Insider Trading2026-09-22HDFC Mutual Fund reduced its stake in Bajaj Consumer Care from 6.48% to 4.43% by September 18, 2026, reflecting a 2.88% absolute decline in holding, a…
- 🔴 annual report2026-09-08Bajaj Consumer Care reported a consolidated revenue of **₹1,562.71 crores** for FY 2025-26, down from **₹1,800.92 crores** the prior year, with a net …
- 🔴 Announcement2026-09-02Bajaj Consumer Care announced it will attend the Avendus Spark INDX Conferences on September 8, 2026, in Mumbai, holding one-on-one and group meetings…
- 🔴 Announcement2026-08-21Bajaj Consumer Care announced the resignation of Head of Supply Chain, Operations & IT Rajesh Menon effective August 21, 2026, following a three-month…
- 🔴 Financial Results2026-07-15Bajaj Consumer Care reported a 28% YoY revenue jump to INR 341 crores in Q1 FY27, driven by volume growth and pricing adjustments, with EBITDA doublin…
- 🔴 Corporate Action2026-07-13Bajaj Consumer Care reported consolidated revenue of INR 341.4 crores for Q1 FY27, up 28.3% YoY, with profit after tax at INR 70.7 crores, up 101.2% Y…
- 🟡 Board Meeting2026-07-13Bajaj Consumer Care announced the outcome of its Board meeting held on July 13, 2026, approving unaudited standalone and consolidated financial result…
- 🟡 sustainability report2026-07-11Bajaj Consumer Care Limited (BAJAJCON) released its Business Responsibility and Sustainability Report for FY 2025-26 on July 11, 2026, detailing ESG c…
- 🔴 annual report2026-07-11Bajaj Consumer Care Limited reported a 21.4% revenue increase to ₹1,153.4 crore and 51.8% PAT growth to [amount context mismatch] crore for FY2025-26,…
🧠 Analyst's Read
Bajaj Consumer Care demonstrates strong momentum with accelerating revenue and profitability, underpinned by brand diversification and international expansion. However, near-term margin pressure from rising input costs and leadership changes warrants caution. Investors should monitor raw material inflation trends and the pace of Aarohan-driven distribution growth as key near-term catalysts.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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