Bajaj Electricals trails sector margin median by 5.55 points
Consolidated operating margin was 7.12%; other income of Rs 34.40 cr supported profit before tax of Rs 65.67 cr.
Filed 06 Aug 2026, 13:15 IST · Bajaj Electricals Ltd (BAJAJELEC)
Key takeaways
- Bajaj Electricals' consolidated operating margin was 7.12%, 5.55 percentage points below the 12.67% median for 105 Consumer Discretionary peers.
- Other income of Rs 34.40 cr provided significant support to consolidated profit before tax of Rs 65.67 cr.
- Interest of Rs 15.73 cr, depreciation of Rs 30.54 cr and a 26.33% tax rate reduced operating profit of Rs 77.54 cr to net profit of Rs 48.38 cr.
Price around the results
Operating profit was supported by non-operating income
Bajaj Electricals reported consolidated operating profit of Rs 77.54 cr on revenue of Rs 1,089.36 cr in Q1FY27. The profit bridge was not purely operating, as other income of Rs 34.40 cr supported profit before tax of Rs 65.67 cr.
Margin remained below the reporting peer set
The 7.12% operating margin was 5.55 percentage points below the 12.67% median for 105 Consumer Discretionary companies that had reported. Bajaj Electricals ranked 22nd from the bottom, indicating a sizeable operating profitability gap versus the sector group.
Financing, depreciation and tax narrowed earnings conversion
Interest of Rs 15.73 cr and depreciation of Rs 30.54 cr absorbed a substantial part of operating profit after the contribution from other income. Tax at 26.33% then brought profit after tax to Rs 48.38 cr, with EPS at Rs 4.19.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹1,089 cr |
| Other income | ₹34 cr |
| Expenses | ₹1,012 cr |
| Operating profit | ₹78 cr |
| Operating margin (%) | 7.12% |
| Interest | ₹16 cr |
| Depreciation | ₹31 cr |
| Profit before tax | ₹66 cr |
| Tax | ₹17 cr |
| Net profit | ₹48 cr |
| EPS (₹) | ₹4.19 |
Operating margin of 7.12% compares with a Consumer Discretionary sector median of 12.67% across 105 peers that have reported Q1FY27.
What to watch
- Whether operating margin moves closer to the 12.67% sector median.
- The contribution of Rs 34.40 cr of other income relative to profit before tax of Rs 65.67 cr.
- Whether interest of Rs 15.73 cr and depreciation of Rs 30.54 cr continue to constrain conversion from operating profit of Rs 77.54 cr to net profit.