The Bajaj Group stands as a marquee name among Indian business conglomerates, spanning automobiles, financial services, home appliances and steel. With a legacy rooted in ethics and innovation, the group houses marquee businesses like Bajaj Auto, Bajaj Finance and Bajaj Electricals. As Indian markets evolve, investors appreciate Bajaj’s diverse exposure, growth potential and brand equity. In this comprehensive guide, we explore its structure, companies, acquisitions, products and what makes it an appealing name in Indian business and finance.
About the Bajaj Group
Founded in 1926 by Jamnalal Bajaj, headquartered in Mumbai, the Bajaj Group is a vast Indian conglomerate employing over 60,000 individuals worldwide. Its operations span automobiles, financial services, consumer appliances, lighting, sustainability initiatives and iron‑steel. The group upholds Gandhian principles of trusteeship and social responsibility. Prominent family members include Shekhar Bajaj, Madhur Bajaj, Niraj Bajaj, Kushagra Bajaj and Rajiv Bajaj, who steer its diversified businesses. Over nearly a century, it has built a resilient, multi‑sector presence deeply integrated into India’s economic fabric.
Overview of the Bajaj Group
The Bajaj Group includes around 40 companies across verticals like automobiles (Bajaj Auto), financial services (Bajaj Finserv and Finance), consumer appliances (Bajaj Electricals), steel (Mukand) and insurance (Bajaj Allianz). Bajaj Auto ranks among the world’s largest two‑ and three‑wheeler manufacturers. Bajaj Finance is India’s premier NBFC, with Rs.5.9lakhCr market cap and Rs.370billion revenue in FY25. The group leverages synergies across sectors and emphasises risk management, tech‑enabled services and customer centricity.
History of the Bajaj Group
Starting as textile and trading concerns, the group entered automobiles with Bajaj Auto in 1945 and diversified into steel with the acquisition of Mukand Steel in 1937 alongside Jeewanlal Motichand Shah. In 2007, Bajaj Finserv was demerged to house financial services. Over decades, it embraced global partnerships (eg KTM) and state‑of‑the‑art manufacturing. It has continually restructured to unlock value, enter new markets and strengthen governance, while advancing Gandhian values in management and social impact.
Major subsidiaries of the Bajaj Group
The group’s core companies represent its key verticals:
Bajaj Finance Ltd: Leading NBFC in lending, deposits and wealth.
Bajaj Finserv Ltd: Financial services holding firm.
Bajaj Auto Ltd: Two‑ and three‑wheeler manufacturing leader.
Bajaj Holdings & Investment Ltd: Holding company.
Bajaj Electricals Ltd: Consumer products and lighting.
Mukand Ltd: Alloy & stainless‑steel producer.
Hercules Hoists Ltd: Material handling equipment.
Each plays a strategic role in the group’s portfolio, combining growth with stability and scalability.
1. Bajaj Finance Ltd
Bajaj Finance is India’s largest NBFC with a market cap near Rs.5.9lakhCr. As of Q4 FY25, revenue rose 24% YoY to Rs.18,469Cr and PAT was Rs.4,546Cr . It serves 101.8million customers and has an AUM of Rs.4.16lakhCr. Offers retail, SME and commercial credit, fixed deposits, mutual funds and wealth products. High ROE (~19–20%), listings on BSE/NSE, credit ratings CRISIL AAA+/Stable. Strong cajpex, disciplined lending and robust governance make it a standout NBFC.
2. Bajaj Finserv Ltd
De‑merged in 2007, Bajaj Finserv is the holding company for financial services vertical, including insurance, wealth and consumer finance. It owns 52.49% of Bajaj Finance and promotes Bajaj Allianz Life and General Insurance, as well as mutual funds. It also invests in renewable energy. The firm supports group governance, capital allocation and strategic investments while maintaining strong financial discipline and growth trajectory.
3. Bajaj Auto Ltd
Bajaj Auto, founded in 1945, is a global major in motorcycles, scooters and three‑wheelers . Known for Pulsar, Avenger, CT100, RE tri‑wheeler. Exports to over 70 countries across Latin America, Africa and Asia. It ranks among the world’s largest two‑ and three‑wheeler producers and often collaborates with KTM of Austria. Strong brand, innovation, operational efficiency and affordable range gives it a commanding market position and consistent dividend returns.
4. Bajaj Holdings and Investment Ltd
Bajaj Holdings & Investment Ltd (BHIL) was created after demerger to hold equity stakes in group companies including Bajaj Finserv and electricals. BHIL acts as a strategic investment arm, holds surplus cash, receives dividends from subsidiaries and explores new ventures. It operates as an NBFC and supports group financial needs, ensuring capital optimisation and governance oversight across businesses.
5. Bajaj Electricals Ltd
Bajaj Electricals, a key consumer appliances and lighting arm, offers fans, pumps, water heaters, kitchen appliances and decorative lighting. It has brand penetration across urban and rural India via modern retail and distribution networks. Known for quality manufacturing, breadth of SKUs and after‑sales service, the company blends its consumer goods and engineering capabilities, catering to home, commercial and industrial segments with innovation and brand trust.
6. Mukand Ltd
Mukand Ltd is a downstream steel business specialising in alloy and stainless steel long products and heavy engineering like cranes and EOT hoists. With facilities in Hospet (alloy) and Thane (stainless), it supplies auto, capital goods and nuclear sectors. Mukand built India’s first nuclear‑grade stainless steel plant and largest gantry crane, reflecting deep engineering expertise. It continues Gandhian legacy and Bajaj ethics in a niche industrial space.
7. Hercules Hoists Ltd
Part of the Bajaj Group since 1962, Hercules Hoists manufactures material handling equipment such as overhead cranes and hoists in technical collaboration with German partners. It serves engineering, manufacturing, ports and infrastructure players. Known for reliability and service, this metal‑fatigue‑critical business complements Mukand’s industrial engineering footprint and showcases Bajaj’s diversified strength in heavy machinery.
Major acquisitions or joint ventures by Bajaj Group
The group enhances its capabilities through acquisitions, joint ventures and partnerships that create value and extend reach across verticals.
Bajaj Allianz Life Insurance Co Ltd and Bajaj Allianz General Insurance Co Ltd
In partnership with Allianz SE, Bajaj Group co‑promoted these businesses. They have grown rapidly with pan‑India distribution via Bajaj Finserv and Bajaj Finance, offering diverse life and general insurance products. With strong brand equity, bancassurance reach and customer focus, these companies are among India’s top private insurers.
Nirlep Appliances
Bajaj acquired Nirlep’s consumer appliance business, integrating its range under Bajaj Electricals. This helped expand product portfolio – irons, fans, kitchen appliances – and strengthened pan‑India supply chains and after‑sales service, boosting market share and brand presence in the fast‑moving electrical goods sector.
Mukand Sumi Special Steel Limited
Mukand collaborated with Sumikin, Japan, to form Mukand Sumi Special Steel. This JV produces high‑end special steel bars for automotive, bearing, oil, energy and engineering sectors, bringing global technology, quality standards and market access to Mukand’s portfolio.
Starlite Lighting Ltd
The Group holds a stake in Starlite Lighting, a LED lighting specialist. This complements Bajaj Electricals' lighting vertical, enabling product variety and scale in residential and commercial LED markets, reflecting the group’s focus on energy efficiency and sustainable growth.
Products/brands under Bajaj Group
Bajaj Group brands span automobiles, appliances and insurance, with strong customer recognition and loyalty.
1. Bajaj Pulsar motorcycles
Iconic 150–250cc bikes, launched in 2001, transformed Indian biking with sporty designs, performance and affordability. Continues to dominate in young, enthusiast demographic. Exported globally, Pulsar remains a strong brand emblematic of India’s aspiration and Bajaj Auto’s engineering excellence.
2. Bajaj Chetak electric scooter
Re‑introduced in 2021, Chetak EV is a premium e‑scooter combining retro design and modern technology. With a range of 95km and urban appeal, it competes with Ather, Ola and TVS iQube. Sold via Chetak Direct stores, it represents Bajaj’s entry into EV mobility and sustainable transport.
3. Bajaj ceiling fans
Bajaj Electricals' ceiling‑fan range is one of India’s most trusted lines, with over several crores sold. Known for durability, performance and energy efficiency, they serve urban and rural households. The fan business anchors Bajaj Electricals’ brand legacy and retail presence across the country.
4. Bajaj irons
Nirlep‑sourced steam and dry irons under Bajaj brand enjoy pan‑India distribution through retail and e‑commerce. Known for reliability and cost‑effectiveness, they complement the larger appliance basket, offering a trusted choice for everyday domestic needs.
5. Bajaj mixer grinders
Mixie‑style mixer grinders are key kitchen appliances. Bajaj’s strong portfolio includes multiple models and variants. They are widely available, trusted for performance and after‑sales support – an everyday staple in Indian kitchens and a profitable mid‑segment product for the Group.
6. Bajaj Allianz insurance
Under the tie‑up with Allianz SE, Bajaj Allianz Life and General insurer provide pan‑India insurance solutions via branches, digital platforms and bancassurance. They cater to life, health, motor, travel, home and crop insurance. Their distribution benefits from Bajaj Finance and Finserv investor ecosystems.
7. Bajaj Platini
Bajaj Platini ceiling fans are styled premium fans sold through modern retail and digital channels. Designed for aesthetics and high airflow, Platini reinforces Bajaj’s offering in design‑conscious consumer segments, contributing to the Group’s aspirational appliances.
8. Bajaj Avenger motorcycles
Cruiser‑style Avenger bikes (150, 220cc) offer comfort and touring appeal. Focused on a niche but loyal segment, they bundle design, stability and long‑distance comfort. Avenger strengthens Bajaj Auto’s brand offering and margin diversification away from commuter motorcycles.
Conclusion
The Bajaj Group exemplifies disciplined Indian business strategy, combining heritage, diversification and innovation. From leading two‑ and three‑wheeler manufacturing to financial services, appliances, steel and industrial machines, it spans critical sectors. Each subsidiary contributes stability or growth. Its track record of social responsibility, technology partnerships, strong governance and brand equity makes it an appealing Group. For investors, Bajaj offers structured exposure to diverse economies, resilient leadership and sustainable growth across India’s core industries.
