Balance Sheet
Sa_Notes05

5    Investments

(₹ In Crore)

Particulars

Non–current investments

Current investments

2025

2024

2025

2024

     

(A)

Investment in subsidiaries

Investment carried at cost

In subsidiaries

Unquoted:

1,980,000

(1,980,000 ) Equity Shares of Euro 100 each in Bajaj Auto International Holding B V Amsterdam, Netherlands

1,218.72

1,218.72

–

–

449,997

(449,997) Equity Shares of 100 Thai Baht each in Bajaj Auto (Thailand) Ltd

10.54

10.54

–

–

411,875

(411,875) Equity Shares of US$ 3 each in PT. Bajaj Auto Indonesia

6.17

6.17

–

–

Less: Provision for diminution in the value of investment

(2.17)

(2.17)

–

–

Net value of investment in P T. Bajaj Auto Indonesia after provision for diminution

4.00

4.00

–

–

470,000,000

(470,000,000) Equity Shares of ₹ 10 each in Bajaj Auto Technology Ltd. (earlier known as Chetak Technology Ltd.)

470.00

470.00

–

–

57,500,000

(52,000,000) Equity Shares of Reais 1 each in Bajaj do Brasil Comercio De Motocicletas Ltda

93.52

84.99

–

–

2,400,000,000

(295,000,000) Equity Shares of ₹ 10 each in Bajaj Auto Credit Ltd. (earlier known as Bajaj Auto Consumer Finance Ltd.)

2,400.00

295.00

–

–

6,000

(6,000) Equity Shares of 100 Euro each in Bajaj Auto Spain S.L.U.

5.17

5.17

–

–

Total (A)

4,201.95

2,088.42

–

–

  

(B)

Other Investments

Investment carried at Fair Value through OCI

In Equities:

Quoted:

3,500,000

(3,500,000) Equity Shares of ₹ 10 each in Bajaj Holdings & Investments Ltd.

4,365.57

2,895.46

–

–

Unquoted:

23,924

(23,924) Compulsorily Convertible Preference Shares of ₹ 100 each in Yulu Bikes Private Ltd.

261.08

257.04

–

–

100

(100) Equity Shares of ₹ 1 each in Yulu Bikes Private Ltd.

0.10

0.08

–

–

Fair Value

4,626.75

3,152.58

–

–

Investment carried at amortised cost

In Bonds

Quoted:

500

(500) 8.18% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

52.40

52.94

–

–

1,750

(1,750) 8.24% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

184.76

186.86

–

–

4,550

(4,550) 7.43% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

471.85

474.73

–

–

700

(700) 7.10% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

72.08

72.43

–

–

600

(600) 6.87% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

60.82

60.96

–

–

2,800

(2,800) 6.39% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

278.10

277.84

–

–

750

(750) 6.42% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

73.95

73.76

–

–

250

(250) 6.44% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

24.70

24.65

–

–

1,900

(1,900) 6.49% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

189.83

189.71

–

–

250

(250) 6.85% National Bank for Agriculture and Rural Development of ₹ 1,000,000 each

25.14

25.16

–

–

Amortised Cost

1,433.63

1,439.04

–

–

   

In Government securities:

Quoted:

10,000,000

(10,000,000) 6.49% Gujarat State Development Loan 2029 of ₹ 100 each

100.22

100.26

–

–

5,000,000

(5,000,000) 6.57% Gujarat State Development Loan 2031 of ₹ 100 each

50.10

50.11

–

–

10,000,000

(10,000,000) 6.53% Karnataka State Development Loan 2030 of ₹ 100 each

100.26

100.30

–

–

4,150,000

(4,150,000) 6.54% Karnataka State Development Loan 2030 of ₹ 100 each

41.53

41.54

–

–

7,500,000

(7,500,000) 6.96% Karnataka State Development Loan 2031 of ₹ 100 each

75.44

75.49

–

–

Amortised Cost

367.55

367.70

–

–

In Commercial Paper:

Unquoted:

–

(4,000) Commercial Paper of ₹ 500,000 each of Kotak Mahindra Prime Ltd. – 22.07.2024

–

–

–

195.39

Amortised Cost

–

–

–

195.39

     

In Fixed Deposits:

Unquoted:

–

8.18% Bajaj Finance Ltd. Fixed Deposit

–

–

250.00

–

–

8.00% Bajaj Finance Ltd. Fixed Deposit

–

–

30.00

–

–

7.68% Bajaj Finance Ltd. Fixed Deposit

–

–

–

250.00

–

7.90% Bajaj Finance Ltd. Fixed Deposit

–

–

–

250.00

Amortised Cost

–

–

280.00

500.00

    

In Fixed maturity plans

Unquoted:

44,000,000

(44,000,000) Units of Aditya Birla Sun Life Fixed Term Plan – Series – TQ (1879 Days) – Direct Growth

52.78

49.70

–

–

50,000,000

(50,000,000) Units of HDFC Fixed Maturity Plan- Series 46 (1861 Days) – Direct Growth

59.78

56.40

–

–

74,996,250

(74,996,250) Units of Kotak Fixed Maturity Plan- Series 292 – Direct Growth

92.55

87.35

–

–

44,997,750

(44,997,750) Units of Nippon India Fixed Horizon Fund XLIII -Series 1 – Direct Growth

55.29

52.23

–

–

29,998,500

(29,998,500) Units of Nippon India Fixed Horizon Fund XLIII -Series 5 – Direct Growth

36.32

34.14

–

–

74,996,250

(74,996,250) Units of SBI Fixed Maturity Plan – Series 49 (1823 Days) – Direct Growth

92.25

87.10

–

–

60,000,000

(60,000,000) Units of SBI Fixed Maturity Plan – Series 51 (1846 Days) – Direct Growth

73.02

69.08

–

–

25,000,000

(25,000,000) Units of SBI Fixed Maturity Plan – Series 52 (1848 Days) – Direct Growth

30.27

28.66

–

–

60,000,000

(60,000,000) Units of SBI Fixed Maturity Plan – Series 53 (1839 Days) – Direct Growth

72.59

68.67

–

–

7,500,000

(7,500,000) Units of SBI Fixed Maturity Plan – Series 54 (1842 Days) – Direct Growth

9.11

8.60

–

–

50,000,000

(50,000,000) Units of SBI Fixed Maturity Plan – Series 55 (1849 Days) – Direct Growth

60.41

57.11

–

–

52,500,000

(52,500,000) Units of SBI Fixed Maturity Plan – Series 57 (1835 Days) – Direct Growth

63.24

59.77

–

–

50,000,000

(50,000,000) Units of SBI Fixed Maturity Plan – Series 58 (1842 Days) – Direct Growth

60.72

57.18

–

–

40,000,000

(40,000,000) Units of SBI Fixed Maturity Plan – Series 60 (1878 Days) – Direct Growth

47.92

45.23

–

–

65,000,000

(65,000,000) Units of SBI Fixed Maturity Plan – Series 61 (1927 Days) – Direct Growth

77.93

73.40

–

–

Amortised Cost

884.18

834.62

–

–

    

In Exchange Traded Funds

Quoted:

8,724,846

(8,724,846) Edelweiss Mutual Fund Bharat Bond ETF April 2025

–

1,060.37

1,117.86

–

15,940,436

(15,940,436) Edelweiss Mutual Fund Bharat Bond ETF – April 2030

2,349.39

2,202.00

–

–

3,565,094

(3,565,094) Edelweiss Mutual Fund Bharat Bond ETF – April 2031

471.18

441.55

–

–

4,282,638

(4,282,638) Edelweiss Mutual Fund Bharat Bond ETF – April 2032

529.37

495.22

–

–

–

(13,695,640) Nippon India ETF Nifty CPSE Bond Plus SDL – 2024 Maturity

–

–

–

165.69

43,000,000

(43,000,000) Nippon India ETF Nifty SDL – April 2026

552.61

522.37

–

–

205,847,653

(205,847,653) Nippon India Nifty AAA CPSE Bond Plus SDL Apr 2027 Maturity 60:40 Index Fund

245.32

229.23

–

–

48,828,497

(48,828,497) Nippon India Nifty SDL Plus G-Sec Jun 2028 70:30 Index Fund

57.63

53.70

–

–

263,770,566

(263,770,566) Aditya Birla Sun Life Nifty SDL Plus PSU Bond Sep 2026 60:40 Index Fund

319.49

301.80

–

–

166,093,651

(166,093,651) Aditya Birla Sun Life Nifty SDL Apr 2027 Index Fund

200.71

189.10

–

–

226,004,362

(226,004,362) Aditya Birla Sun Life Crisil IBX SDL Plus AAA PSU Apr 2027 60:40 Index Fund

269.87

252.59

–

–

76,795,997

(76,795,997) Aditya Birla Sun Life Crisil IBX GILT Plus SDL Apr 2028 50:50 Index Fund

92.04

85.84

–

–

113,891,937

(113,891,937) Kotak Nifty SDL Apr 2027 Top 12 Equal Weight Index Fund

137.24

129.18

–

–

20,000,000

(20,000,000) Kotak Nifty SDL Apr 2032 Top 12 Equal Weight Index Fund

24.68

23.08

–

–

48,396,620

(48,396,620) Kotak Nifty SDL Plus AAA PSU Bond Jul 2028 60:40 Index Fund

57.72

53.74

–

–

298,359,352

(298,359,352) SBI CPSE Bond Plus SDL Sep 2026 50:50 Index Fund

359.35

339.15

–

–

183,849,514

(183,849,514) Axis Crisil IBX SDL 2027 Debt Index Fund

219.69

205.71

–

–

192,038,100

(192,038,100) HSBC Crisil IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund

230.18

214.64

–

–

191,980,955

(191,980,955) DSP Nifty SDL Plus G-Sec Jun 2028 30:70 Index Fund

230.23

214.66

–

–

81,937,188

(81,937,188) ICICI Prudential Nifty SDL Dec 2028 Index Fund

98.60

91.59

–

–

63,868,446

(63,868,446) ICICI Prudential Nifty SDL Sep 2027 Index Fund

76.89

72.35

–

–

Amortised Cost

6,522.19

7,177.87

1,117.86

165.69

   

Investment carried at fair value through profit or loss

In Short Term Funds

Quoted:

34,631,684

(34,631,684) Units of DSP Banking and PSU Debt Fund – Direct Plan – Growth

84.62

77.89

–

–

673,225,624

(673,225,624) Units of Bandhan Corporate Bond Fund – Direct Plan-Growth (erstwhile IDFC Corporate Bond Fund-Direct Plan-Growth)

1,302.87

1,199.76

–

–

14,296,498

(14,296,498) Units of Bandhan Bond Fund – Short Term-Direct Plan-Growth (erstwhile IDFC Bond Fund-Direct Plan-Growth)

85.44

78.52

–

–

117,182,739

(117,182,739) Units of Bandhan Banking and PSU Debt Fund – Direct Plan – Growth (erstwhile IDFC Banking and PSU Debt Fund – Direct Plan – Growth)

290.48

268.41

–

–

30,603,467

(30,603,467) Units of Kotak Bond Short Term Plan-Direct Plan – Growth

171.52

157.68

–

–

30,779,648

(30,779,648) Units of HSBC Short Duration Fund – Direct Plan- Growth

84.30

77.66

–

–

122,864,287

(122,864,287) Units of Nippon India Floating Rate Fund – Short Term-Direct Plan – Growth

570.06

524.86

–

–

146,141,389

(146,141,389) Units of ICICI Prudential Bond Fund – Direct Plan-Growth

610.15

557.74

–

–

449,031,864

(449,031,864) Units of HDFC Corporate Bond Fund – Direct Plan-Growth

1,461.22

1,341.86

–

–

116,201,242

(116,201,242) Units of HSBC Banking and PSU Debt Fund – Direct Plan- Growth

289.87

268.41

–

–

Fair Value

4,950.53

4,552.79

–

–

    

In Short Duration Bond Funds

Quoted:

132,151,678

(–) Units of Aditya Birla Sun Life CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

135.20

–

58,528,134

(–) Units of Bandhan Money Manager Fund – Direct Plan – Growth

–

–

250.50

–

48,894,814

(-) Units of Edelweiss Money Market Fund – Direct Plan – Growth

–

–

150.30

–

497,759

(-) Units of Edelweiss Low Duration Fund – Direct Plan – Growth

–

–

50.03

–

46,938,133

(-) Units of Kotak Nifty AAA Bond Jun 2025 HTM Index Fund – Direct Plan – Growth

–

–

50.60

–

49,750,749

(-) Units of Kotak CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

50.08

–

44,907,042

(-) Units of ICICI Prudential CRISIL-IBX Financial Services 3 to 6 Months Debt Index Fund – Direct Plan – Growth

–

–

45.07

–

Fair Value

–

–

731.78

–

     

In Arbitrage Funds

Quoted:

254,900,813

(176,363,260) Units of Bandhan Arbitrage Fund – Direct Plan – Growth

–

–

879.67

563.09

49,438,933

(49,438,933) Units of Bajaj Finserv Arbitrage Fund – Direct Plan – Growth

–

–

55.31

51.45

509,540,461

(-) Units of DSP Arbitrage Fund – Direct Plan – Growth

–

–

783.72

–

227,842,209

(-) Units of Edelweiss Arbitrage Fund – Direct Plan – Growth

–

–

465.79

–

154,725,978

(110,620,376) Units of HSBC Arbitrage Fund – Direct Plan – Growth

–

–

309.08

205.05

Fair Value

–

–

2,493.57

819.59

    

In Liquid and Overnight Mutual Funds

Quoted:

–

(893,009) Units of HDFC Liquid Fund – Direct Plan – Growth

–

–

–

423.61

4,051,431

(1,455,431) Units of Bajaj Finserv Liquid Fund – Direct Plan – Growth

–

–

458.64

153.37

–

(2,742,906) Units of Kotak Overnight Fund – Direct Plan – Growth

–

–

–

350.34

–

(187,527) Units of SBI Overnight Fund – Direct Plan – Growth

–

–

–

73.06

736,150

(1,002,880) Units of UTI Overnight Fund – Direct Plan – Growth

–

–

257.29

328.68

3,219,398

(27,876,019) Units of Nippon India Overnight Fund – Direct Plan – Growth

–

–

44.15

358.42

–

(1,340,630) Units of Tata Overnight Fund – Direct Plan – Growth

–

–

–

169.35

–

(798,916) Units of HSBC Overnight Fund – Direct Plan – Growth

–

–

–

100.10

1,481,406

(1,582,075) Units of Axis Overnight Fund – Direct Plan – Growth

–

–

200.16

200.38

Fair Value

–

–

960.24

2,157.31

    

Total (B)

18,784.83

17,524.60

5,583.45

3,837.98

   

Total (A+B)

22,986.78

19,613.02

5,583.45

3,837.98

   

Aggregate provision for diminution in value of investments

2.17

2.17

–

–

    

(₹ In Crore)

Particulars

Book value

Market value

As at 31 March

As at 31 March

2025

2024

2025

2024

           

Quoted

22,942.92

19,575.45

22,942.70

19,396.21

Unquoted

5,627.31

3,875.55

NA

NA

Total

28,570.23

23,451.00

     

Notes to Investments

1 Investments made by the Company other than those with a maturity of less than one year, are intended to be held for long-term. On an assessment of the expected credit loss due to significant changes in risk profile, no material provisions are required to be made.

2 In absence of an active market and non availability of quotes on a recognised stock exchange, investment in fixed maturity plans though listed on recognised stock exchanges are disclosed as unquoted. Other mutual funds, though unlisted, are quoted on recognised stock exchanges at their previous day NAVs which is the quote for the day.

3 Refer note 1 (6) for accounting policy on investments and note 33 for credit risk management related to investments.