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

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 Neo. For the full story (and disclaimers), make sure to check out the original sources:

• Full Research Report

• Kotak Neo Research Disclaimer

• Research Hub