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Bajaj Electricals Ltd. Earnings Release 2026
60535_rns_2026-05-15_811accbc-4f10-44d8-8686-afd34018655e.pdf
Earnings Release
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BAJAJ
Electricals
L-1/0058/PG/PD
May 15, 2026
To,
BSE Limited
: Code No. 500031
Department of Corporate Services
Phiroze Jeejeebhoy Towers,
Dalal Street Mumbai 400 001
National Stock Exchange of India Limited
: BAJAJELEC - Series: EQ
Listing Department
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai 400 051
Dear Sir / Madam,
Sub.: Outcome of the Board Meeting of Bajaj Electricals Limited ("Company") held today i.e. Friday, May 15, 2026 ("Meeting")
A. Financial Results:
Pursuant to the provisions of Regulations 30 (read with Part A of Schedule III) and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("SEBI Listing Regulations"), we enclose the following statements for the quarter and year ended March 31, 2026, as Annexure A, which were approved and taken on record at the Meeting of the Board of Directors:
a. Statement of the Audited Standalone Financial Results for the quarter and year ended March 31, 2026, along with Audit Report; and
b. Statement of Audited Consolidated Financial Results for the quarter and year ended March 31, 2026, along with Audit Report.
The audit reports for the year are submitted with unmodified opinion (free from any qualifications) and a declaration to that effect is enclosed as Annexure B.
B. Dividend:
In celebration of 100 years of the Bajaj Group, the Board of Directors has decided to maintain a dividend rate same as last year and accordingly approved / recommended a final dividend of Rs. 3.00 per share (150%) of face value of Rs.2 each on equity shares for the financial year ended March 31, 2026, in line with the Company's Dividend Distribution Policy. The said dividend, if approved by the shareholders at the forthcoming 87th Annual General Meeting ("87th AGM"), will be credited/dispatched on or after August 6, 2026.
The dividend on equity shares, if declared at the 87th AGM, will be credited/dispatched as under:
a. to all those shareholders holding shares in physical form, as per the details provided by the Registrar and share transfer agent of the Company i.e., MUFG Intime India Private Limited (formerly Link Intime India Private Limited) to the Company, as of or before the closing hours on Friday, July 17, 2026 ("Record Date"); and
b. to all those beneficial owners holding shares in electronic form, as per the beneficial ownership data made available to the Company by the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) as of the close of business hours on the Record Date.
Head Office: 27th Floor. One Unity Center, Senapati Bapat Marg, Prabhadevi (West), Mumbai - 400013
Tel: +91 22 6979 6000 | www.bajajelectricals.com
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
Tel.: +91 22 6149 7000 | Email: [email protected] | CIN: L31500MH1938PLC009887
BAJAJ
Electricals
C. Enabling approval to raise or borrow funds:
The Board at its Meeting has approved a proposal to obtain an enabling approval of shareholders, at their forthcoming 87th AGM, to raise or borrow funds from time to time (if required) by way of issuance of securities (including unsecured non-convertible debentures and/or commercial papers), upto an amount not exceeding Rs.500 crore, in one or more tranches, considering the prevailing money market conditions at the time of borrowing.
D. Change in Management - Appointment of Ms. Ashween Anand as the Chief Financial Officer of the Company:
Pursuant to provisions of Regulation 30 (read with sub-para 7 of Para A of Part A of Schedule III) of the SEBI Listing Regulations, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, last updated on 30 January 2026 ("SEBI Master Circular"), and further to our earlier communications dated May 11, 2026, and May 13, 2026, we wish to inform you that based on the recommendations of the Nomination and Remuneration Committee and the Audit Committee, the Board of Directors, at its Meeting held today, has approved the appointment of Ms. Ashween Anand as the Chief Financial Officer and Key Managerial Personnel of the Company, with effect from May 16, 2026. The details/disclosures, as required under Regulation 30 of the SEBI Listing Regulations, read with the SEBI Master Circular, are provided in the Annexure C.
E. Change in Management - Resignation of the Interim Chief Financial Officer of the Company:
Pursuant to the provisions of Regulation 30 (read with sub-paras 7 and 7C of Para A of Part A of Schedule III) of the SEBI Listing Regulations, read with SEBI Master Circular, and further to our earlier communications dated March 16, 2026, we have to inform you that, in light of the appointment of Ms. Ashween Anand as the Chief Financial Officer and Key Managerial Personnel of the Company, as disclosed above, Mr. Suketu Shah has resigned from his position of the Interim Chief Financial Officer and Key Managerial Personnel of the Company, from the close of the business hours of May 15, 2026. The details/disclosures, as required under Regulation 30 of the SEBI Listing Regulations, read with the SEBI Master Circular, are provided in the Annexure D.
The copy of the resignation letter as received from Mr. Suketu Shah is attached as Annexure E.
F. Holding of 87th Annual General Meeting ("87th AGM") of the Company:
The 87th AGM of the Company will be held on Thursday, August 6, 2026.
The above-mentioned Meeting of Board of Directors commenced at 2.00 P.M. and concluded at 4:25 P.M.
We request you to take the above on record and treat the same as compliance under the applicable provisions of the SEBI Listing Regulations.
Thanking you,
Yours faithfully,
Fa. Bajaj Electricals Limited
Chief Compliance Officer & Company Secretary (ICSI Membership No.: A51129)
Encl. as above.
Head Office: 27th Floor, One Unity Center, Senapati Bapat Marg, Prabhadevi (West), Mumbai - 400013.
Tel: +91 22 6979 6000 | www.bajajelectricals.com
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
Tel.: +91 22 6149 7000 | Email: [email protected] | CIN: L31500MH1938PLC009887
Annexure A
SRBC & CO LLP
Chartered Accountants
12th Floor, The Ruby
29 Senapati Bapat Marg
Dadar (West)
Mumbai - 400 028, India
Tel : +91 22 6819 8000
Independent Auditor's Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
Bajaj Electricals Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date standalone financial results of Bajaj Electricals Limited (the “Company”) for the quarter ended March 31, 2026 and for the year ended March 31, 2026 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net loss and other comprehensive income and other financial information of the Company for the quarter ended March 31, 2026 and for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net loss and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
SRBC & CO LLP
Page 1 of 3
SRBC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318
Regd. Office : 22, Camac Street, Block B', 3rd Floor, Kolkata-700 016
SRBC & COLLP
Chartered Accountants
Bajaj Electricals Limited
Limited review report on standalone financial results
In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Page 2 of 3
SRBC & COLLP
Chartered Accountants
Bajaj Electricals Limited
Limited review report on standalone financial results
Other Matter
The Statement includes the results for the quarter ended March 31, 2026 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For SRBC & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Aruna Kumaraswamy
Partner
Membership No.: 219350
UDIN: 26219350ACOSTTL4208
Navi Mumbai, May 15, 2026
Page 3 of 3
Bajaj Electricals Limited
CIN: L31500MH1938PLC009887
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
Tel. 022-61497000 Website: http://www.bajajelectricals.com Email: [email protected]
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2026
(Rs. In Lakhs except per share data)
| Sr.No. | Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|---|
| 31-Mar-26 | 31-Dec-25 | 31-Mar-26 | 31-Mar-26 | 31-Mar-25 | ||
| (Audited) (refer note 5) | (Unaudited) | (Audited) (refer note 5) | (Audited) | (Audited) | ||
| 1 | Revenue from operations | |||||
| (a) Net sales | 123,605 | 104,830 | 126,273 | 444,628 | 481,591 | |
| (b) Other operating income | 147 | 261 | 274 | 1,388 | 1,252 | |
| Total Revenue from operations | 123,952 | 105,091 | 126,547 | 446,216 | 482,843 | |
| 2 | Other income | 843 | 1,459 | 1,618 | 6,218 | 5,476 |
| 3 | Total income (1 + 2) | 124,895 | 106,550 | 128,165 | 452,434 | 489,321 |
| 4 | Expenses | |||||
| (a) Cost of raw materials consumed | 11,220 | 13,500 | 13,711 | 49,292 | 54,852 | |
| (b) Purchase of traded goods | 70,237 | 55,244 | 70,759 | 237,028 | 271,781 | |
| (c) Changes in inventories of finished goods, work-in-progress and traded goods | 3,706 | 3,242 | 1,676 | 18,274 | 2,887 | |
| (d) Erection & Subcontracting Expenses | 2,410 | 1,165 | 1,049 | 5,116 | 3,893 | |
| (e) Employee benefits expense | 9,440 | 9,110 | 9,496 | 39,110 | 37,999 | |
| (f) Depreciation and amortisation expense | 3,259 | 3,500 | 4,124 | 14,152 | 14,407 | |
| (g) Other expenses | 22,623 | 21,539 | 20,555 | 82,265 | 80,686 | |
| (h) Finance Costs | 1,315 | 1,278 | 1,807 | 5,620 | 6,985 | |
| Total Expenses | 124,210 | 108,578 | 123,177 | 450,657 | 473,490 | |
| 5 | Profit / (loss) before exceptional items and before tax (3 - 4) | 685 | (2,028) | 4,888 | 1,577 | 14,831 |
| 6 | Exceptional Items (refer note 1) | (5,558) | (2,889) | 2,137 | (9,115) | 2,137 |
| 7 | Profit / (loss) before tax (5 + 6) | (4,673) | (4,917) | 7,125 | (7,638) | 16,968 |
| 8 | Tax Expense / (Credit) | |||||
| Current Tax | 4,692 | (5,029) | 1,568 | 778 | 4,951 | |
| Deferred Tax (refer note 2) | (4,385) | 3,033 | (348) | (1,642) | (1,325) | |
| Adjustment of tax relating to earlier periods | 1,052 | - | - | 1,052 | - | |
| Total Tax Expense / (Income) | 1,559 | (1,996) | 1,220 | 188 | 3,626 | |
| 9 | Net Profit / (Loss) for the period / year (7 - 8) | (5,432) | (2,921) | 5,905 | (7,726) | 13,342 |
| 10 | Other comprehensive income / (loss), net of income tax | |||||
| Items that will not be reclassified to profit or loss (net of tax) | (184) | 120 | (136) | 98 | 158 | |
| Total other comprehensive income / (loss), net of income tax | (184) | 120 | (136) | 98 | 158 | |
| 11 | Total comprehensive income / (loss) for the period / year (9 + 10) | (5,616) | (2,801) | 5,769 | (7,628) | 13,500 |
| 12 | Paid-up equity share capital (Face value of Rs. 2/-) | 2,308 | 2,307 | |||
| 13 | Reserve excluding revaluation reserves | 142,796 | 152,774 | |||
| 14 | Network | 147,256 | 157,271 | |||
| 15 | Earnings Per Share (not annualised) (Face value of Rs. 2/-) | |||||
| Basic before exceptional items | (1.97) | (0.66) | 3.19 | (0.78) | 9.64 | |
| Diluted before exceptional items | (1.97) | (0.66) | 3.19 | (0.78) | 9.63 | |
| Basic after exceptional items | (5.57) | (2.53) | 5.12 | (6.70) | 11.57 | |
| Diluted after exceptional items | (5.57) | (2.52) | 5.11 | (6.70) | 11.56 |
JA
SIGNED FOR IDENTIFICATION BY
N
S R B C & CO LLP
MUMBAI
Notes to the standalone financial results:
1) Exceptional items:
| Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|
| 31-Mar-26 | 31-Dec-25 | 31-Mar-26 | 31-Mar-26 | 31-Mar-25 | |
| (Audited) (refer note 5) | (Unaudited) | (Audited) (refer note 5) | (Audited) | (Audited) | |
| Profit on liquidation of few immovable properties | - | - | 3,013 | - | 3,013 |
| Voluntary retirement scheme / Ex-gratia for Nasirik Factory, Maharashtra | - | - | (878) | (668) | (878) |
| New labour codes (see note a below) | 17 | (2,889) | - | (2,872) | - |
| Impairment of Goodwill (see note b below) | (2,644) | - | - | (2,644) | - |
| Impairment of moulds and dies (see note c below) | (2,931) | - | - | (2,931) | - |
| Total exceptional items | (5,558) | (2,889) | 2,137 | (9,115) | 2,137 |
Note a
The Government of India has notified the Code on Wages, 2019; Industrial Relations Code, 2020; Code on Social Security, 2020; and Occupational Safety, Health and Working Conditions Code, 2020 (collectively, "Labour Codes") on November 21, 2025. Based on the revised definition of wages under the Labour Codes, the Company has recognised an estimated additional expense of Rs. 2,872 lakhs towards gratuity and leave encashment as an exceptional item in the Statement of Profit and Loss for the year ended March 31, 2026. Once the Government notifies the Rules for Labour codes, the Company will evaluate the impact on the measurement of employee benefits and provide the appropriate accounting treatment, if any.
Note b
The Company has recognised impairment provision of Goodwill of Rs. 2,644 lakhs of the Chhatrapati Sambhajinagar Unit (Aurangabad facility, Nirep) as an exceptional item in the Statement of Profit and Loss for the year ended March 31, 2026. The impairment is based on a valuation performed by an independent valuer and has been recognised in accordance with Ind AS 36 - Impairment of Assets.
Note c
The Company has recognised an impairment provision of Rs. 2,931 lakhs on certain Property, Plant and Equipment pertaining to moulds and dies, based on annual review of their expected economic benefits and market performance. The same has been classified as an exceptional item in the Statement of Profit and Loss for the year ended March 31, 2026.
2) Pursuant to change in tax rate on long term capital gain and withdrawal of the indexation benefit on long term capital gains on enactment of the Finance Act, 2024, the Company had reassessed deferred tax asset / liabilities on land which have been fair valued in earlier years resulting in a net reduction of Rs. 216 lakhs considered as a one time cumulative true up while computing the profit after tax for the year ended March 31, 2025.
3) Pursuant to Board approval dated September 23, 2025, the Company has executed definitive agreements on March 16, 2026 for the acquisition of certain intellectual property rights, including Brand, for a total consideration of Rs. 16,799 lakhs and the same has been recognised as per Ind AS 38 - Intangible assets.
4) The Board of Directors of the Company, at its meeting held on May 15, 2026, has proposed a final dividend of Rs. 3 per share of face value of Rs 2 each for the financial year ended March 31, 2026. The proposal is subject to the approval of shareholders at the Annual General Meeting to be held, and if approved would result in a cash outflow of approximately Rs. 3,462 lakhs.
5) The standalone figures for the March quarter are the balancing figure between the audited figures in respect of full financial year upto March 31, 2026 and March 31, 2025 and the unaudited year-to-date figures upto December 31, 2025 and December 31, 2024, being the date of the end of the third quarter of the financial year which were subjected to limited review.
6) The above standalone results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on May 15, 2026.
7) These standalone financial results are available on the Company's website viz. www.bajojelectricals.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com).
SIGNED FOR IDENTIFICATION BY
A
S R B C & CO LLP
MUMBAI
Bajaj Electricals Limited
CIN: L31500MH1938PLC009887
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. 022-61497000 Website: http://www.bajajelectricals.com Email: [email protected]
STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 31st MARCH, 2026
(Rs. In Lakhs)
| Particulars | Standalone | |
|---|---|---|
| As at 31-March-26 | As at 31-March-25 | |
| (Audited) | (Audited) | |
| ASSETS | ||
| Non-Current Assets | ||
| Property, plant and equipment | 27,370 | 35,081 |
| Capital work in progress | 142 | 923 |
| Right-of-use assets | 15,771 | 24,412 |
| Other intangible assets (refer note 3) | 16,485 | 895 |
| Intangible assets under development | 89 | 332 |
| Investment properties | 14,851 | 15,629 |
| Goodwill | 16,357 | 19,001 |
| Financial Assets | ||
| i) Investments | 489 | 515 |
| ii) Trade receivables | 3,176 | 1,492 |
| iii) Other financial assets | 36,404 | 6,929 |
| Deferred tax assets (net) | 1,997 | 388 |
| Income tax assets (net) | 3,356 | 4,376 |
| Other non-current assets | 3,076 | 6,449 |
| Total Non-Current Assets | 139,563 | 116,422 |
| Current Assets | ||
| Inventories | 53,352 | 71,736 |
| Financial Assets | ||
| i) Investments | 26,196 | 6,187 |
| ii) Trade receivables | 114,149 | 128,639 |
| iii) Cash and cash equivalents | 22,231 | 11,979 |
| iv) Bank balances other than (iii) above | 3,538 | 76 |
| v) Loans | 1 | 1 |
| vi) Other current financial assets | 13,670 | 33,360 |
| Other current assets | 36,552 | 36,417 |
| Contract assets | 1,483 | 477 |
| 271,172 | 288,872 | |
| Assets classified as held for sale | 1,773 | - |
| Total Current Assets | 272,945 | 288,872 |
| Total Assets | 412,508 | 405,294 |
S R B C & CO LLP
MUMBAI
- M.G. Road
B. J. C.
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road. Fort, Mumbai – 400001, Maharashtra, India
STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 31st MARCH, 2026
(Rs. In Lakhs)
| Particulars | Standalone | |
|---|---|---|
| As at 31-March-26 | As at 31-March-25 | |
| (Audited) | (Audited) | |
| EQUITY & LIABILITIES | ||
| EQUITY | ||
| Equity share capital | 2,308 | 2,307 |
| Other Equity | 143,604 | 153,583 |
| Total Equity | 145,912 | 155,890 |
| LIABILITIES | ||
| Non-Current Liabilities | ||
| Financial Liabilities | ||
| ia) Lease liabilities | 11,134 | 18,667 |
| ii) Other financial liabilities | 3,454 | 19 |
| Provisions | 779 | 1,222 |
| Employee Benefit Obligations | 6,215 | 4,836 |
| Total Non-Current Liabilities | 21,582 | 24,744 |
| Current Liabilities | ||
| Financial Liabilities | ||
| ia) Lease liabilities | 4,755 | 5,662 |
| ii) Trade credits | 150,822 | 146,295 |
| iii) Trade payables | ||
| a) Total outstanding dues of micro enterprises & small enterprises | 4,626 | 5,424 |
| b) Total outstanding dues of other than micro enterprises & small enterprises | 42,121 | 39,533 |
| iv) Other current financial liabilities | 11,268 | 6,960 |
| Provisions | 8,034 | 5,320 |
| Employee benefit obligations | 3,375 | 1,534 |
| Current tax liabilities (net) | 2,079 | 2,023 |
| Contract liabilities | 6,106 | 4,913 |
| Other current liabilities | 11,828 | 6,996 |
| Total Current Liabilities | 245,014 | 224,660 |
| Total Liabilities | 266,596 | 249,404 |
| Total Equity & Liabilities | 412,508 | 405,294 |
3A
SRBC & CO LLP
MUMBAI
C/N: L31500MH1938PLC009887
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
STANDALONE CASH FLOW STATEMENT FOR YEAR ENDED 31st MARCH 2026
(Rs in Lakhs)
| Particulars | Year ended
31-Mar-26 | Year ended
31-Mar-25 |
| --- | --- | --- |
| | (Audited) | (Audited) |
| Cash flow from operating activities | | |
| Profit / (loss) before income tax | (7,538) | 16,968 |
| Adjustments for: | | |
| Depreciation and amortisation expense | 14,152 | 14,407 |
| Employee share-based payment expense | 1,012 | 1,121 |
| Gain on disposal of property, plant and equipment (net) and right of use assets | (464) | (497) |
| Measurement of financial assets held at fair value through Profit or Loss | (113) | (305) |
| Measurement of financial assets and liabilities held at amortised cost | (147) | (160) |
| Exceptional items (refer note 1) | 9,115 | (2,137) |
| Finance costs | 5,621 | 6,985 |
| Interest income | (2,459) | (2,609) |
| Credit balance written back | (61) | (226) |
| Impairment allowance for doubtful debts & advances (net of write back) | 327 | 83 |
| Bad debts and other irrecoverable debit balances written off | 1,112 | 816 |
| | 20,557 | 34,446 |
| Change in operating assets and liabilities: | | |
| (Increase)/decrease in trade receivables (current & non-current) | 11,949 | (13,225) |
| (Increase)/decrease in financial and other assets (current & non-current) | 42 | 1,452 |
| (Increase)/decrease in inventories | 18,384 | 3,926 |
| Increase/(decrease) in trade payables, provisions, employee benefit obligations, other financial liabilities, trade credits and other liabilities (current & non-current) | 11,749 | 8,321 |
| Cash generated from operations | 62,681 | 34,922 |
| Income taxes paid (net of refunds) | (754) | (242) |
| Net cash inflow from operating activities (A) | 61,927 | 34,680 |
| Cash flows from investing activities | | |
| Purchase of property, plant and equipment including capital work in progress and capital advances | (3,206) | (4,723) |
| Purchase of intangible assets including intangible assets under development (refer note 3) | (5,472) | (672) |
| Proceeds from sale of property, plant and equipment | 135 | 2,497 |
| Proceeds from sale of assets held for sale | - | 2,389 |
| Proceeds from sale of investment properties | - | 5 |
| Purchase of mutual funds | (29,369) | (6,046) |
| Proceeds from sale of mutual funds | 9,336 | 3,146 |
| Investment in bank deposits | (12,444) | (17,644) |
| Interest received | 3,042 | 1,552 |
| Net cash used in investing activities (B) | (37,978) | (19,496) |
| Cash flows from financing activities | | |
| Proceeds from exercise of share options | 85 | 604 |
| Payment of principal portion of lease liabilities | (4,777) | (4,853) |
| Interest paid on lease liabilities | (1,797) | (2,005) |
| Interest paid | (3,747) | (4,896) |
| Dividend paid to equity shareholders | (3,461) | (3,457) |
| Net cash used in financing activities (C) | (13,697) | (14,607) |
| Net increase in cash and cash equivalents (A+B+C) | 10,252 | 577 |
| Cash and cash equivalents at the beginning of the year | 11,979 | 11,402 |
| Cash and cash equivalents at the end of the year | 22,231 | 11,979 |
SRBC & CO LLP
MUMBAI
Mulla House, 51, M.G. Road
STANDALONE SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES
FOR THE QUARTER AND YEAR ENDED 31st MARCH 2026
(Rs. in Lakhs)
| Sr.
No. | Particulars | Quarter ended | | | Year ended | |
| --- | --- | --- | --- | --- | --- | --- |
| | | 31-Mar-26 | 31-Dec-25 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 |
| | | (Audited)
(refer note 5) | (Unaudited) | (Audited)
(refer note 5) | (Audited) | (Audited) |
| 1 | Segment Revenues | | | | | |
| | A) Consumer Products | 92,581 | 77,681 | 99,401 | 334,265 | 380,589 |
| | B) Lighting Solutions | 31,371 | 27,410 | 27,146 | 111,951 | 102,254 |
| | Revenue from Operations | 123,952 | 105,091 | 126,547 | 446,216 | 482,843 |
| 2 | Segment Profit / (Loss) before Tax and Finance cost | | | | | |
| | A) Consumer Products | (675) | (3,599) | 3,898 | (4,890) | 12,291 |
| | B) Lighting Solutions | 2,722 | 1,865 | 2,122 | 9,483 | 6,752 |
| | Less: | 2,047 | (1,734) | 6,020 | 4,593 | 19,043 |
| | A) Finance Cost | 1,315 | 1,278 | 1,807 | 5,620 | 6,985 |
| | B) Other un-allocable expenditure net of unallocable income | 47 | (984) | (775) | (2,604) | (2,773) |
| | Profit / (Loss) before exceptional items and before tax | 685 | (2,028) | 4,988 | 1,577 | 14,831 |
| | Exceptional items (refer note 1) | (5,558) | (2,889) | 2,137 | (9,115) | 2,137 |
| | Profit / (Loss) before tax | (4,873) | (4,917) | 7,125 | (7,538) | 16,968 |
| 3 | Segment Assets | | | | | |
| | A) Consumer Products | 202,731 | 194,919 | 251,434 | 202,731 | 251,434 |
| | B) Lighting Solutions | 67,172 | 60,451 | 54,212 | 67,172 | 54,212 |
| | C) Unallocable / Corporate Assets | 142,605 | 117,904 | 99,648 | 142,605 | 99,648 |
| | Total | 412,508 | 373,274 | 405,294 | 412,508 | 405,294 |
| 4 | Segment Liabilities | | | | | |
| | A) Consumer Products | 194,864 | 158,930 | 192,721 | 194,864 | 192,721 |
| | B) Lighting Solutions | 58,438 | 50,074 | 45,905 | 58,438 | 45,905 |
| | C) Unallocable / Corporate Liabilities | 13,294 | 12,075 | 10,778 | 13,294 | 10,778 |
| | Total | 266,596 | 221,079 | 249,404 | 266,596 | 249,404 |
| | | | | | | |
Note :
The Company pursuant to the provisions of Ind AS 108, identified its business segments as its primary reportable segments, which comprises of Consumer Products and Lighting Solutions. "Consumer Products" includes Appliances, Fans and Morphy Richards. "Lighting Solutions" includes Professional Lighting (B2B) and Consumer Lighting (B2C).
JH
Place : Navi Mumbai
Date : May 15, 2026
AK
S R B C & CO LLP
MUMBAI
By Order of the Board of Directors
for Bajaj Electricals Limited
Shekhar Bajaj
Chairman
SRBC & CO LLP
Chartered Accountants
12th Floor, The Ruby
29 Senapati Bapat Marg
Dadar (West)
Mumbai - 400 028, India
Tel : +91 22 6819 8000
Independent Auditor's Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
Bajaj Electricals Limited
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial results of Bajaj Electricals Limited (“Holding Company”), its associate and joint ventures (the Holding Company, its associate and joint ventures together referred to as “the Group”) for the quarter ended March 31, 2026 and for the year ended March 31, 2026 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”)
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of the associate and joint ventures, the Statement:
i. includes the results of the following entities:
| Name of the entities | Relationship |
|---|---|
| Bajaj Electricals Limited | Parent |
| Hind Lamps Private Limited (Formerly known as Hind Lamps Limited) | Associate |
| Bajaj Electricals Limited Employees' Welfare Funds | Joint venture |
ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net loss and other comprehensive loss and other financial information of the Group for the quarter ended March 31, 2026 and for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Page 1 of 4
S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318
Regd. Office : 22, Camac Street, Block ‘B’, 1rd Floor, Kolkata-700 016
SRBC & COLLP
Chartered Accountants
Bajaj Electricals Limited
Limited review report for consolidated financial results
Management's Responsibilities for the Consolidated Financial Results
The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net loss and other comprehensive loss and other financial information of the Group in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group including its associate and joint ventures are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of their respective companies.
Auditor's Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Page 2 of 4
SRBC & COLLP
Chartered Accountants
Bajaj Electricals Limited
Limited review report for consolidated financial results
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results of the entities within the Group of which we are the independent auditors, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the Master Circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
Other Matter
The accompanying Statement includes audited financial statement and other audited financial information in respect of
- One associate, whose financial statement includes the Group's share of net profit of Rs. 0.00 lakhs and Rs 0.00 lakhs and Group's share of total comprehensive income of Rs. 0.00 lakhs and Rs. 0.00 lakhs for the quarter and for the year ended March 31, 2026 respectively, as considered in the Statement whose financial statement and other financial information have been audited by their auditor.
- Five joint ventures, whose financial statements includes the Group's share of net loss of Rs. 320.39 lakhs and Rs 1,359.85 lakhs and Group's share of total comprehensive loss of Rs. 2,694.70 lakhs and Rs. 3,116.04 lakhs for the quarter and for the year ended March 31, 2026 respectively, as considered in the Statement whose financial statements and other financial information have been audited by their auditors.
Page 3 of 4
The independent auditor's reports on the financial statements of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of this associate and joint ventures is based solely on the report of such auditors and the procedures performed by us as stated in paragraph above
Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.
The Statement includes the results for the quarter ended March 31, 2026 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For SRBC & CO LLP
Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Aruna Kumaraswamy
Partner
Membership No.: 219350
UDIN: 26219350200304031
Navi Mumbai, May 15, 2026
Page 4 of 4
C/N: L31500MH1938PLC009887
CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31st MARCH 2026
(Rs. In Lakhs except per share data)
| Sr.No | Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|---|
| 31-Mar-26 | ||||||
| (Audited) | ||||||
| (refer note 7) | 31-Dec-25 | |||||
| (Unaudited) | ||||||
| (refer note 7) | 31-Mar-26 | |||||
| (Audited) | ||||||
| (refer note 7) | 31-Mar-26 | |||||
| (Audited) | 31-Mar-26 | |||||
| (Audited) | ||||||
| 1 | Revenue from operations | |||||
| (a) Net sales | 123,805 | 104,830 | 126,273 | 444,828 | 481,591 | |
| (b) Other operating income | 147 | 261 | 274 | 1,388 | 1,252 | |
| Total Revenue from operations | 123,952 | 105,091 | 126,547 | 446,216 | 482,843 | |
| 2 | Other income | 943 | 1,459 | 1,618 | 6,218 | 5,478 |
| 3 | Total income (1 + 2) | 124,895 | 106,580 | 128,165 | 452,434 | 488,331 |
| 4 | Expenses | |||||
| (a) Cost of raw materials consumed | 11,220 | 13,500 | 13,711 | 49,292 | 54,852 | |
| (b) Purchase of traded goods | 70,237 | 55,244 | 70,759 | 237,028 | 271,781 | |
| (c) Changes in inventories of finished goods, work-in-progress and traded goods | 3,706 | 3,242 | 1,678 | 18,274 | 2,887 | |
| (d) Election & Subcontracting Expenses | 2,410 | 1,165 | 1,049 | 5,116 | 3,893 | |
| (e) Employee benefits expense | 9,440 | 9,110 | 9,496 | 39,110 | 37,999 | |
| (f) Depreciation and amortisation expense | 3,259 | 3,500 | 4,124 | 14,152 | 14,407 | |
| (g) Other expenses | 22,623 | 21,539 | 20,555 | 82,265 | 80,686 | |
| (h) Finance Costs | 1,315 | 1,278 | 1,807 | 5,620 | 8,985 | |
| Total Expenses | 124,210 | 108,078 | 123,177 | 450,857 | 473,490 | |
| 5 | Profit / (loss) before exceptional items, share of profit / (loss) of an associate and joint ventures and before tax (3 - 4) | 685 | (2,028) | 4,988 | 1,577 | 14,831 |
| 6 | Exceptional items (refer note 1) | -5,558 | -2,889 | 2,137 | -9,115 | 2,137 |
| 7 | Profit / (loss) before share of profit / (loss) of an associate and joint ventures and before tax (5 + 6) | (4,873) | (4,917) | 7,125 | (7,538) | 16,968 |
| 8 | Share of Profit / (Loss) of an associate and joint ventures (Refer note 4 and 5) | -321 | -489 | - | -1,360 | - |
| 9 | Profit / (loss) before tax (7 + 8) | -5,194 | -5,406 | 7,125 | -8,698 | 16,968 |
| 10 | Tax Expense / (Credit) | |||||
| Current Tax | 4,892 | (5,029) | 1,568 | 778 | 4,951 | |
| Deferred Tax (refer note 2) | (4,385) | 3,033 | (348) | (1,642) | (1,325) | |
| Adjustment of tax relating to earlier periods | 1,052 | - | - | 1,052 | - | |
| Total Tax Expense / (Income) | 1,859 | (1,996) | 1,220 | 188 | 3,626 | |
| 11 | Net Profit / (Loss) for the period / year (9 - 10) | -6,753 | -3,410 | 5,905 | -9,086 | 13,342 |
| 12 | Other comprehensive income / (loss), net of income tax | |||||
| Items that will not be reclassified to profit or loss (net of tax) (refer 4 and 5) | -2,558 | 325 | -138 | -1,658 | 158 | |
| Total other comprehensive income / (loss), net of income tax | (2,658) | 325 | (138) | (1,658) | 158 | |
| 13 | Total comprehensive income / (loss) for the period / year (11 + 12) | (9,311) | (3,085) | 5,769 | (10,744) | 13,586 |
| 14 | Net Profit / (loss) attributable to | |||||
| - Owners | (6,753) | (3,410) | 5,905 | (9,086) | 13,342 | |
| - Non-controlling interests | - | - | - | - | - | |
| Total comprehensive income / (loss) attributable to | ||||||
| - Owners | (9,311) | (3,085) | 5,769 | (10,744) | 13,500 | |
| 15 | Paid-up equity share capital (Face value of Rs. 2/-) | 2,308 | 2,307 | |||
| 16 | Reserve excluding revaluation reserves | 156,301 | 169,396 | |||
| 17 | Network | 147,256 | 157,271 | |||
| 18 | Earnings Per Share (not annualised) (Face value of Rs. 2/-) | |||||
| Basic before exceptional items | (2.25) | (1.08) | 3.19 | (1.96) | 9.64 | |
| Diluted before exceptional items | (2.25) | (1.08) | 3.19 | (1.96) | 9.63 | |
| Basic after exceptional items | (5.85) | (2.95) | 5.12 | (7.88) | 11.57 | |
| Diluted after exceptional items | (5.85) | (2.95) | 5.11 | (7.88) | 11.56 |
AK
MUMBAI
1
Notes to the consolidated financial results:
1) Exceptional items:
| Particulars | Quarter ended | Year ended | |||
|---|---|---|---|---|---|
| 31-Mar-26 | 31-Dec-25 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 | |
| (Audited) (refer note 7) | (Unaudited) | (Audited) (refer note 7) | (Audited) | (Audited) | |
| Profit on liquidation of few immovable properties | - | - | 3,013 | - | 3,013 |
| Voluntary retirement scheme / Ex-gratia for Nashik Factory, Maharashtra | - | - | (876) | (668) | (876) |
| New labour codes (see note a below) | 17 | (2,889) | - | (2,872) | - |
| Impairment of Goodwill (see note b below) | (2,644) | - | - | (2,644) | - |
| Impairment of moulds and dies (see note c below) | (2,931) | - | - | (2,931) | - |
| Total exceptional items | (5,558) | (2,889) | 2,137 | (9,115) | 2,137 |
Note a
The Government of India has notified the Code on Wages, 2019: Industrial Relations Code, 2020: Code on Social Security, 2020: and Occupational Safety, Health and Working Conditions Code, 2020 (collectively, "Labour Codes") on November 21, 2025. Based on the revised definition of wages under the Labour Codes, the Holding Company has recognised an estimated additional expense of Rs. 2,872 lakhs towards gratuity and leave encashment as an exceptional item in the Statement of Profit and Loss for the year ended March 31, 2026. Once the Government notifies the Rules for Labour codes, the Holding Company will evaluate the impact on the measurement of employee benefits and provide the appropriate accounting treatment, if any.
Note b
The Holding Company has recognised impairment provision of Goodwill of Rs. 2,644 lakhs of the Chhatrapalli Sambhajnagar Unit (Aurangabad facility, Nirlep) as an exceptional item in the Statement of Profit and Loss for the year ended March 31, 2026. The impairment is based on a valuation performed by an independent valuer and has been recognised in accordance with Ind AS 36 - Impairment of Assets.
Note c
The Holding Company has recognised an impairment provision of Rs. 2,931 lakhs on certain Property, Plant and Equipment pertaining to moulds and dies, based on annual review of their expected economic benefits and market performance. The same has been classified as an exceptional item in the Statement of Profit and Loss for the year ended March 31, 2026.
2) Pursuant to change in tax rate on long term capital gain and withdrawal of the indexation benefit on long term capital gains on enactment of the Finance Act, 2024, the Holding Company had reassessed deferred tax asset / liabilities on land which have been fair valued in earlier years resulting in a net reduction of Rs. 216 lakhs considered as a one time cumulative true up while computing the profit after tax for the year ended March 31, 2025.
3) Pursuant to Board approval dated September 23, 2025, the Holding Company has executed definitive agreements on March 16, 2026 for the acquisition of certain intellectual property rights, including Brand, for a total consideration of Rs. 16,799 lakhs and the same has been recognised as per Ind AS 38 - Intangible assets.
4) The above consolidated financial results includes Group's share of net loss of Rs. 321 lakhs and Rs. 1,360 lakhs and Group's share of total comprehensive loss of Rs. 2,695 lakhs and Rs. 3,116 lakhs, in respect of an associate and joint ventures for the quarter and year ended March 31, 2026, respectively.
5) Pursuant to revisions in arrangements with respect to the operations, management and beneficial interest of Employee Welfare Trusts, the Holding Company had determined that it had obtained joint control over the Trusts effective March 31, 2025. Accordingly, the Holding Company had accounted for its interest in the Trust in accordance with the requirements of Ind AS 111 Joint Arrangements, resulting in recognition of the Holding Company's proportionate share in net assets of the Trust at Rs. 16,622 lakhs with a corresponding credit to the Capital Reserve during the year ended March 31, 2025.
6) The Board of Directors of the Holding Company, at its meeting held on May 15, 2026, has proposed a final dividend of Rs. 3 per share of face value of Rs 2 each for the financial year ended March 31, 2026. The proposal is subject to the approval of shareholders at the Annual General Meeting to be held, and if approved would result in a cash outflow of approximately Rs. 3,462 lakhs.
7) The consolidated figures for the March quarter are the balancing figure between the audited figures in respect of full financial year upto March 31, 2026 and March 31, 2025 and the unaudited year-to-date figures upto December 31, 2025 and December 31, 2024, being the date of the end of the third quarter of the financial year which were subjected to limited review.
8) The above consolidated results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on May 15, 2026.
9) These consolidated financial results are available on the Holding Company's website viz. www.bajajelectricals.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com).
JA
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road, Fort Mumbai – 400001, Maharashtra, India
Tel: 022-61497000 Website: http://www.bajajelectricals.com Email: [email protected]
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT 31st MARCH, 2026
(Rs. In Lakhs)
| Particulars | Consolidated | |
|---|---|---|
| As at 31-March-26 | As at 31-March-25 | |
| (Audited) | (Audited) | |
| ASSETS | ||
| Non-Current Assets | ||
| Property, plant and equipment | 27,370 | 35,081 |
| Capital work in progress | 142 | 923 |
| Right-of-use assets | 15,771 | 24,412 |
| Other intangible assets (refer note 3) | 16,485 | 895 |
| Intangible assets under development | 89 | 332 |
| Investment properties | 14,851 | 15,629 |
| Goodwill | 16,357 | 19,001 |
| Investments in an associate (refer note 4) | - | - |
| Investments in joint ventures (refer note 4 and 5) | 13,506 | 16,622 |
| Financial Assets | ||
| i) Investments | 489 | 515 |
| ii) Trade receivables | 3,176 | 1,492 |
| iii) Other financial assets | 36,404 | 6,929 |
| Deferred tax assets (net) | 1,997 | 388 |
| Income tax assets (net) | 3,356 | 4,376 |
| Other non-current assets | 3,076 | 6,449 |
| Total Non-Current Assets | 153,069 | 133,044 |
| Current Assets | ||
| Inventories | 53,352 | 71,736 |
| Financial Assets | ||
| i) Investments | 26,196 | 6,187 |
| ii) Trade receivables | 114,149 | 128,639 |
| iii) Cash and cash equivalents | 22,231 | 11,979 |
| iv) Bank balances other than (iii) above | 3,538 | 76 |
| v) Loans | 1 | 1 |
| vi) Other current financial assets | 13,670 | 33,360 |
| Other current assets | 36,552 | 36,417 |
| Contract assets | 1,483 | 477 |
| 271,172 | 288,872 | |
| Assets classified as held for sale | 1,773 | - |
| Total Current Assets | 272,945 | 288,872 |
| Total Assets | 426,014 | 421,916 |
AR
MUMBAI
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road, Fort Mumbai – 400001, Maharashtra, India
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT 31st MARCH, 2026
(Rs. In Lakhs)
| Particulars | Consolidated | |
|---|---|---|
| As at 31-March-26 | As at 31-March-25 | |
| (Audited) | (Audited) | |
| EQUITY & LIABILITIES | ||
| EQUITY | ||
| Equity share capital | 2,308 | 2,307 |
| Other Equity | 157,110 | 170,205 |
| Total Equity | 159,418 | 172,512 |
| LIABILITIES | ||
| Non-Current Liabilities | ||
| Financial Liabilities | ||
| ia) Lease liabilities | 11,134 | 18,667 |
| ii) Other financial liabilities | 3,454 | 19 |
| Provisions | 779 | 1,222 |
| Employee Benefit Obligations | 6,215 | 4,836 |
| Total Non-Current Liabilities | 21,582 | 24,744 |
| Current Liabilities | ||
| Financial Liabilities | ||
| ia) Lease liabilities | 4,755 | 5,662 |
| ii) Trade credits | 150,822 | 146,295 |
| iii) Trade payables | ||
| a) Total outstanding dues of micro enterprises & small enterprises | 4,626 | 5,424 |
| b) Total outstanding dues of other than micro enterprises & small enterprises | 42,121 | 39,533 |
| iv) Other current financial liabilities | 11,268 | 6,960 |
| Provisions | 8,034 | 5,320 |
| Employee benefit obligations | 3,375 | 1,534 |
| Current tax liabilities (net) | 2,079 | 2,023 |
| Contract liabilities | 6,106 | 4,913 |
| Other current liabilities | 11,828 | 6,996 |
| Total Current Liabilities | 245,014 | 224,660 |
| Total Liabilities | 266,596 | 249,404 |
| Total Equity & Liabilities | 426,014 | 421,916 |
Tel. 022-61497000 Website: http://www.bajajelectricals.com Email: [email protected]
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st March 2026
(Rs in Lakhs)
| Particulars | Year ended
31-March-26
(Audited) | Year ended
31-March-25
(Audited) |
| --- | --- | --- |
| Cash flow from operating activities | | |
| Profit / (loss) before income tax | (8,898) | 16,968 |
| Adjustments for: | | |
| Depreciation and amortisation expense | 14,152 | 14,407 |
| Employee share-based payment expense | 1,012 | 1,121 |
| Gain on disposal of property, plant and equipment (net) | (464) | (497) |
| Measurement of financial assets held at fair value through Profit or Loss | (113) | (305) |
| Measurement of financial assets and liabilities held at amortised cost | (147) | (160) |
| Share of loss of associate and joint venture | 1,360 | - |
| Exceptional items (refer note 1) | 9,115 | (2,137) |
| Finance costs | 5,621 | 6,985 |
| Interest income | (2,459) | (2,609) |
| Credit balances written back | (61) | (226) |
| Impairment allowance for doubtful debts & advances (net of write back) | 327 | 83 |
| Bad debts and other irrecoverable debit balances written off | 1,112 | 816 |
| | 20,557 | 34,446 |
| Change in operating assets and liabilities: | | |
| (Increase)/decrease in trade receivables (current & non-current) | 11,949 | (13,225) |
| (Increase)/decrease in financial and other assets (current & non-current) | 42 | 1,452 |
| (Increase)/decrease in inventories | 18,384 | 3,928 |
| Increase/(decrease) in trade payables, provisions, employee benefit obligations, other financial liabilities, trade credits and other liabilities (current & non-current) | 11,749 | 8,321 |
| Cash generated from operations | 62,681 | 34,922 |
| Income taxes paid (net of refunds) | (754) | (242) |
| Net cash inflow from operating activities (A) | 61,927 | 34,680 |
| Cash flows from investing activities | | |
| Purchase of property, plant and equipment including capital work in progress and capital advances | (3,206) | (4,723) |
| Purchase of intangible assets including intangible assets under development (refer note 3) | (5,472) | (672) |
| Proceeds from sale of property, plant and equipment | 135 | 2,497 |
| Proceeds from sale of assets held for sale | - | 2,389 |
| Proceeds from sale of investment properties | - | 5 |
| Purchase of mutual fund | (29,369) | (6,046) |
| Proceeds from sale of mutual fund | 9,336 | 3,146 |
| Investment in bank deposits | (12,444) | (17,644) |
| Interest received | 3,042 | 1,552 |
| Net cash used in investing activities (B) | (37,978) | (19,496) |
| Cash flows from financing activities | | |
| Proceeds from exercise of share options | 85 | 604 |
| Payment of principal portion of lease liabilities | (4,777) | (4,853) |
| Interest paid on lease liabilities | (1,797) | (2,005) |
| Interest paid | (3,747) | (4,896) |
| Dividend paid to equity shareholders of the Holding Company | (3,461) | (3,457) |
| Net cash used in financing activities (C) | (13,697) | (14,607) |
| Net increase in cash and cash equivalents (A+B+C) | 10,252 | 577 |
| Cash and cash equivalents at the beginning of the year | 11,979 | 11,402 |
| Cash and cash equivalents at the end of the year | 22,231 | 11,979 |
SRB C & CO LLP
MUMBAI
CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES
FOR THE QUARTER AND YEAR ENDED 31st MARCH 2025
| Sr.
No | Particulars | Quarter ended | Year ended |
| --- | --- | --- | --- |
| 31-Mar-26 | 31-Dec-25 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 |
| (Audited)
(refer note 7) | (Unaudited) | (Audited)
(refer note 7) | (Audited) | (Audited) |
| 1 | Segment Revenues | | | | | |
| A) Consumer Products | 92,581 | 77,681 | 99,401 | 334,265 | 380,589 |
| B) Lighting Solutions | 31,371 | 27,410 | 27,146 | 111,951 | 102,254 |
| Revenue from Operations | 123,952 | 105,091 | 126,547 | 446,216 | 482,843 |
| 2 | Segment Profit / (loss) before Tax and Finance Cost | | | | | |
| A) Consumer Products | (675) | (3,599) | 3,898 | (4,890) | 12,291 |
| B) Lighting Solutions | 2,722 | 1,865 | 2,122 | 9,483 | 6,752 |
| Less: | | | | | |
| A) Finance Cost | 1,315 | 1,278 | 1,807 | 5,620 | 6,985 |
| B) Other un-allocable expenditure net of unallocable income | 47 | (984) | (775) | (2,604) | (2,773) |
| Profit / (loss) before exceptional items, share of profit / (loss) of an associate and joint ventures and before tax | 685 | (2,028) | 4,988 | 1,577 | 14,831 |
| Exceptional Items (refer note 1) | (5,558) | (2,889) | 2,137 | (9,115) | 2,137 |
| Profit / (loss) before share of profit / (loss) of an associate and joint ventures and before tax | (4,873) | (4,917) | 7,125 | (7,538) | 16,968 |
| Share of Profit / (Loss) of an associate and joint ventures (Refer note 4 and 5) | (321) | (489) | - | (1,360) | - |
| Profit / (loss) before tax | (5,194) | (5,406) | 7,125 | (8,898) | 16,968 |
| 3 | Segment Assets | | | | | |
| A) Consumer Products | 202,731 | 194,919 | 251,434 | 202,731 | 251,434 |
| B) Lighting Solutions | 67,172 | 60,451 | 54,212 | 67,172 | 54,212 |
| C) Unallocable / Corporate Assets (refer note 5) | 156,111 | 134,104 | 116,270 | 156,111 | 116,270 |
| Total | 426,014 | 389,474 | 421,916 | 426,014 | 421,916 |
| 4 | Segment Liabilities | | | | | |
| A) Consumer Products | 194,864 | 158,930 | 192,721 | 194,864 | 192,721 |
| B) Lighting Solutions | 58,438 | 50,074 | 45,905 | 58,438 | 45,905 |
| C) Unallocable / Corporate Liabilities | 13,294 | 12,075 | 10,778 | 13,294 | 10,778 |
| Total | 266,596 | 221,079 | 249,404 | 266,596 | 249,404 |
Note :
The Group pursuant to the provisions of Ind AS 108, identified its business segments as its primary reportable segments, which comprises of Consumer Products and Lighting Solutions. "Consumer Products" includes Appliances, Fans and Morphy Richards. "Lighting Solutions" includes Professional Lighting (B2B) and Consumer Lighting (B2C).
Place : Navi Mumbai
Date : May 15, 2026
By Order of the Board of Directors
for Bajaj Electricals Limited
Shekhar Bajaj
Chairman
SIGNED FOR IDENTIFICATION
BY
AK
S R B C & CO LLP
MUMBAI
BAJAJ Electricals
Annexure B
May 15, 2026
To,
BSE Limited
: Code No. 500031
Department of Corporate Services
Phiroze Jeejeebhoy Towers,
Dalal Street Mumbai 400 001
National Stock Exchange of India Limited
: BAJAJELEC - Series: EQ
Listing Department
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai 400 051
Sub.: Declaration in terms of Regulation 33(3)(d) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("SEBI Listing Regulations")
Dear Sir/Madam,
In terms of the Regulation 33(3)(d) of the SEBI Listing Regulations, we declare that Messrs S R B C & Co LLP, Chartered Accountants, the Statutory Auditors of Bajaj Electricals Limited (the "Company") have submitted the Audit Reports with unmodified opinion for Annual Audited Financial Results (Standalone and Consolidated) of the Company for the financial year ended March 31, 2026.
We request you to take the above on record and treat the same as compliance under the applicable provisions of the SEBI Listing Regulations.
Thanking you,
Yours faithfully,
For Bajaj Electricals Limited
Suketu Shah
Interim Chief Financial Officer
Head Office: 27th Floor. One Unity Center, Senapati Bapat Marg, Prabhadevi (West), Mumbai - 400013.
Tel: +91 22 6979 6000 | www.bajajelectricals.com
Tel.: +91 22 6149 7000 | Email: [email protected] | CIN: L31500MH1938PLC009887
BAJAJ
Annexure C
Pursuant to Regulation 30 of SEBI Listing Regulations (read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026, last updated on January 30, 2026):
| Sr. No. | Particulars | Details |
|---|---|---|
| 1. | Reason for change viz. appointment, re-appointment, resignation, removal, death or otherwise | Based on the recommendation of the Nomination and Remuneration Committee and the Audit Committee, the Board of Directors of the Company, at its meeting held today, i.e., May 15, 2026, has approved the appointment of Ms. Ashween Anand, as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the Company, with effect from close of business hours on May 16, 2026. |
| 2. | Date of appointment / re-appointment / cessation (as applicable) & term of appointment / re-appointment | |
| 3. | Brief Profile (in case of appointment) | Ashween Anand is an accomplished finance leader with over 16 years of diverse experience across finance, strategy, and governance, having worked with leading global organisations including EY, Deloitte, Mondelèz, Colgate-Palmolive, and most recently Tata Starbucks (a joint venture Tata Consumer Products and Starbucks), where she serves as Chief Financial Officer. |
In her current role, she has been responsible for:
• Driving profitable growth and financial strategy across a large and complex business.
• Leading financial planning, treasury, taxation, internal audit, and finance transformation.
• Partnering with the Board and leadership to build scalable, future-ready capabilities.
• Spearheading automation, analytics, and technology-led transformation initiatives.
• Strengthening operating models, cost structures, and capital efficiency.
Prior to this, Ashween held finance leadership roles with Mondelez International (formerly Cadbury India) and Colgate-Palmolive, managing India and key export markets including Bangladesh, Nepal, Sri Lanka, and the Maldives, along with regional roles at the Asia Pacific headquarters in Singapore. She also brings strong transaction advisory and assurance experience from her time at Deloitte and Ernst & Young.
Ashween is a Chartered Accountant from the Institute of Chartered Accountants of India and holds a Master's degree in Commerce from University of Mumbai. In addition, she has cleared all levels of the CFA program from the CFA Institute (USA) and is a graduate in Speech & Drama and Effective Communication from Trinity College London. She has been recognized with leading industry accolades, including Economic Times CFO of the Year 2024 and ET Edge Impactful CFO of the Year 2024. |
| 4. | Disclosure of relationships between directors (in case of appointment of a director) | Not applicable. |
Head Office: 27th Floor. One Unity Center, Senapati Bapat Marg, Prabhadevi (West), Mumbai - 400013
Tel: +91 22 6979 6000 | www.bajajelectricals.com
Registered Office: Mulla House, 2nd Floor, 51, Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India
Tel.: +91 22 6149 7000 | Email: [email protected] | CIN: L31500MH1938PLC009887
BAJAJ
Annexure D
Pursuant to Regulation 30 of SEBI Listing Regulations (read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 last updated on January 30, 2026):
| Sr. No. | Particulars | Details |
|---|---|---|
| 1. | Reason for change viz. appointment; re-appointment, resignation, removal, death or otherwise | In view of the appointment of Ms. Ashween Anand as the Chief Financial Officer and Key Managerial Personnel of the Company, as disclosed above, Mr. Suketu Shah, has resigned as the Interim Chief Financial Officer and Key Managerial Personnel of the Company from the close of the business hours of May 15, 2026. |
| 2. | Date of appointment / re-appointment / cessation (as applicable) & term of appointment / re-appointment | |
| 3. | Brief Profile (in case of appointment) | Not Applicable. |
| 4. | Disclosure of relationships between directors (in case of appointment of a director) | Not Applicable. |
Head Office: 27th Floor. One Unity Center, Senapati Bapat Marg, Prabhadevi (West), Mumbai - 400013.
Tel.: +91 22 6149 7000 | Email: [email protected] | CIN: L31500MH1938PLC009887
Annexure E
To
Board of Directors
Bajaj Electricals Limited
Mumbai
Subject: Resignation from the position of Chief Financial Officer – Interim
Dear Board Members,
I hereby tender my resignation from the position of Chief Financial Officer – Interim of Bajaj Electricals Limited, with effect from the closing of business hours of May 15, 2026, pursuant to the appointment of the new Chief Financial Officer of the Company.
I wish to express my sincere gratitude to the Board of Directors and the management team for their trust, support and opportunities extended during my tenure. It has been a privilege to serve the Company in this capacity.
I also confirm there is no other reason for my resignation apart from what has been stated above.
Regards,
Suketu Shah
Chief Financial Officer - Interim