Switched On: Bajaj Electricals – Q4FY25 Result Review
Powering through Q4, Bajaj Electricals lit up the financial stage with improved performance and growing margins. The company’s strong show in appliances and margin management has sparked investor optimism.
The Spark – Rationale
“Q4FY25 results improved yoy and were better than our estimates.”
The Consumer Products (CP) segment drove performance with double-digit growth in domestic appliances and Morphy Richards.
In Lighting Solutions (LS), consumer lighting growth was offset by professional lighting decline, resulting in flat performance.
Management is focused on cash flow generation and aims to achieve double-digit EBIT margin in the next three years.
Forecasted Outlook
“We value the stock at a PE of 36x on FY27E earnings.”
The Circuit Board – Q4 Earnings
Power Surge – The Positives
- Revenue: ₹1,265 crore (+6.5% YoY, 2% above estimates)
- EBITDA Margin: 7.3% (+316 bps YoY / +57 bps QoQ)
- Adjusted PBT: ₹50 crore, up 104% YoY
- Net cash company with ₹509 crore in cash & investments
Short Circuits – What Didn’t Work
- Lighting Solutions revenue remained flat YoY
- Fans segment posted low single-digit growth
Key Numbers
| Metric | Q4FY25 Performance | YoY Movement |
|---|---|---|
Revenue | ₹1,265 crore | ↑ 6.5% |
EBITDA Margin | 7.3% | ↑ 316 bps |
Adjusted PBT | ₹50 crore | ↑ 104% |
Net Cash Position | ₹509 crore |
Bright Outlook with Margin Sparks
With robust CP performance, improving profitability, and clear management focus, Bajaj Electricals remains a bright spot for long-term investors.
Disclaimers (The Fine Print)
This feature is based on a synopsis of a research report issued by Kotak Securities Limited. For the full story (and disclaimers), make sure to check out the original sources:
Investments in securities market are subject to market risks, read all the related documents carefully before investing. This information is purely backed by KSL research analyst based on research recommendation. Kotak Securities Ltd has registration granted by SEBI, Enlistment as RA and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. SEBI Registration No. INZ000200137 (Member of NSE, BSE, MSE, MCX & NCDEX), Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262. Research Analyst INH000000586; BSE Enlistment No: 5035 for compliance T&C and disclaimers, Visit https://ddei5-0-ctp.trendmicro.com:443/wis/clicktime/v1/query?url=https%3a%2f%2fbit.ly%2flongdisc&umid=818E14E7-34FE-7906-906B-8F0B1C42A394&auth=d2c41a7df2e2ef1fca42bbbefb1c825d24cf1548-36f3d1caa4f5ef82b030dac05eca909befcec775,
