ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ₹11175 at the close on 23 Oct 2026, 12:00 CEST.
Models: Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
60
out of 100
P/E
14.0x
1-year return
-15.0%
Dividend yield
1.15%
Bajaj Holdings & Investment Limited in four questions
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Overview
ACCE thesis
Bajaj Holdings & Investment is an Indian holding company whose income comes mostly from its large stake in Bajaj Auto, the motorcycle and three-wheeler maker, plus a smaller portfolio of other listed and unlisted investments. Its edge is structural: it earns dividends and investment gains on a crown-jewel stake without the operating risk of running a manufacturer, which shows in a 99% gross margin and 84.8% operating margin. Revenue growth of 24.2% reflects the parent's recovering earnings and the flow-through of its equity holdings, so the near-term driver is Bajaj Auto's volume and export performance rather than anything the holding company does itself. At 14.2 times trailing earnings with an 11.6% ROE, the stock is priced modestly against that growth, though the return on equity is thin for an asset manager and the forward multiple is not available in our data. Worth a deeper look to test how much of the 24% growth is repeatable, and whether the holding discount to the underlying stake is wide enough to matter.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Earnings declining despite revenue growth
Revenue grew 24.2% year on year while earnings fell 22.4%, and Q3 2018 EPS missed by 13.8%. The gap between top-line and bottom-line trends is worth tracking.
moderate
Trades above ACCE price target
The stock trades 8.1% above the ACCE price target of ₹10335.00, with the current price at ₹11175.00.
moderate
Extreme EV/EBITDA multiple
EV/EBITDA of 131.1 sits far above the 14.2 P/E, which suggests the enterprise value and EBITDA figures are distorted by holding-company structure and should not be read at face value.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Trailing P/E of 14.2x is modest for a business with a debt to equity ratio of 0.00.
Revenue grew 24.2% over the latest year, and averaged 59.8% a year over five years.
The dividend yield of 1.2% gives shareholders some cash return while they wait for the holding to be valued higher.
Why it could disappoint
Latest earnings per share came in 13.8% below expectations, with 68.70 reported against 79.67 forecast.
Return on equity of 11.6% is modest, and the 734.6% net margin is inflated by investment gains rather than operations.
The share price of ₹11175.00 sits 8.1% above the ACCE price target of ₹10335.00.
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Where BAJAJHLDNG.NS's valuation models land
Price
₹11175.00
Model
Fair value
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