Revenue and Operating Income Trends
Net sales for Bajaj Consumer have shown moderate variability over the past seven years. The company’s revenue peaked at ₹984.12 crores in March 2024 before slightly declining to ₹964.83 crores in March 2025. Earlier years saw net sales ranging from ₹852.21 crores in 2020 to ₹921.82 crores in 2021, indicating a generally upward trend with occasional dips. Total operating income mirrored this pattern, as other operating income remained nil throughout the period, confirming that core sales drove the company’s top line.
Raw material costs have fluctuated, with a notable decrease from ₹297.03 crores in 2019 to ₹266.79 crores in 2025, suggesting some cost optimisation or changes in input sourcing. Conversely, purchases of finished goods increased significantly, reaching ₹174.27 crores in 2025 from a mere ₹12.47 crores in 2019, reflecting a strategic shift in inventory or supply chain management. Employee costs have steadily risen, reaching ₹111.78 crores in 2025, consistent with business expansion and inflationary pressures.
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Profitability and Margins
Operating profit excluding other income declined from ₹274.40 crores in 2019 to ₹127.44 crores in 2025, highlighting margin pressures. Including other income, operating profit fell from ₹291.41 crores in 2019 to ₹162.99 crores in 2025. The operating profit margin contracted from a robust 30.83% in 2019 to 13.42% in 2025, signalling increased cost burdens or competitive pricing pressures.
Profit before tax followed a similar downward trend, decreasing from ₹283.15 crores in 2019 to ₹152.28 crores in 2025. Correspondingly, profit after tax dropped from ₹221.59 crores to ₹124.78 crores over the same period. The PAT margin declined from 24.9% in 2019 to 13.19% in 2025, reflecting the impact of rising expenses and possibly subdued pricing power.
Earnings per share (EPS) also mirrored this trend, falling from ₹15.02 in 2019 to ₹9.14 in 2025, indicating reduced profitability on a per-share basis.
Balance Sheet and Asset Management
Bajaj Consumer’s total assets decreased from ₹983.19 crores in 2024 to ₹900.58 crores in 2025, with shareholder’s funds declining from ₹830.58 crores to ₹747.90 crores in the same period. The company maintained a debt-free position from 2022 onwards, reflecting a conservative capital structure. Net block assets remained stable around ₹150 crores, while capital work in progress increased modestly to ₹28.18 crores in 2025, signalling ongoing investments.
Current assets contracted from ₹791.94 crores in 2024 to ₹653 crores in 2025, largely due to a reduction in current investments and cash balances, although cash and bank balances improved to ₹112.23 crores in 2025 from ₹44.35 crores the previous year. Trade payables rose to ₹49.92 crores in 2025, indicating higher short-term liabilities, while total current liabilities remained relatively stable.
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Cash Flow and Financial Health
Cash flow from operating activities has shown a declining trend, falling from ₹237 crores in 2021 to ₹65 crores in 2025. Investing activities fluctuated, with a significant inflow of ₹154 crores in 2025 compared to outflows in earlier years, possibly due to asset sales or investment realignments. Financing activities consistently recorded outflows, peaking at ₹211 crores in 2025, reflecting debt repayments or dividend distributions.
Net cash inflow remained positive but modest at ₹8 crores in 2025, consistent with a cautious liquidity stance. The company’s ability to maintain positive cash flow despite margin pressures suggests prudent financial management.
Summary of Historical Performance
Overall, Bajaj Consumer’s historical performance reveals a company navigating a challenging operating environment with fluctuating revenues and compressing margins. While sales have remained relatively stable, profitability has declined, impacted by rising costs and competitive pressures. The balance sheet remains strong with no debt and healthy reserves, supporting ongoing investments and operational stability. Cash flow trends indicate a conservative approach to capital allocation, balancing growth with financial prudence.
Investors should weigh these factors carefully, considering both the company’s solid asset base and the margin challenges it faces in the current market context.
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