This article first appeared on GuruFocus .
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Revenue:Over INR15,000 crores, a 19% growth, marking an all-time high.
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EBITDA:Over INR3,100 crores at 20.8%, another all-time high.
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Profit After Tax (PAT):INR2,503 crores, a 19% year-on-year increase.
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Export Volumes:Surpassed 600,000 units, a level last seen four years ago.
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Domestic Motorcycle Industry Growth:15% in Q3, post-GST rationalization.
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Electric Vehicle Revenue:Contributes 25% of domestic revenues, with both segments crossing INR1,000 crores each.
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Pro-Biking Business:Record domestic performance with over 35,000 units, 50% year-on-year growth.
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Spares Revenue:Nearly INR1,800 crores, an 18% year-on-year growth.
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Cash Surplus:About INR15,000 crores, with INR5,200 crores free cash flow generated in nine months.
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Consolidated Revenue:INR16,204 crores, up nearly 25% year-on-year.
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Consolidated PAT:INR2,750 crores, a 25% year-on-year growth.
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Bajaj Auto Credit Limited (BACL) PAT:INR200 crores, 52% sequential growth.
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Assets Under Management (AUM):Nearly INR16,500 crores for BACL.
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Release Date: January 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Bajaj Auto Ltd ( BOM:532977 ) reported an all-time high top line of over INR15,000 crores, marking a 19% growth.
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EBITDA reached over INR3,100 crores at 20.8%, another record high, with PAT crossing INR2,500 crores.
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The company saw a significant increase in export sales, surpassing 600,000 units for the first time in 15 quarters.
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The domestic motorcycle segment benefited from GST rationalization, leading to a 15% industry growth in Q3.
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The electric vehicle portfolio now contributes to 25% of domestic revenues, with both electric 2-wheelers and 3-wheelers crossing INR1,000 crores in quarterly revenues.
Negative Points
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Commodity cost pressures, particularly in noble metals like platinum, palladium, and rhodium, have increased, impacting margins.
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The domestic motorcycle market share faced challenges due to an asymmetry in product upgrade cycles compared to competitors.
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Despite growth, Nigeria, a key market, continues to show negative sales compared to the previous year.
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The electric 2-wheeler segment, while growing, operates at lower margins compared to the company's average, affecting overall profitability.
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The company absorbed the impact of the GST rate increase on 350cc plus motorcycles, affecting margins to maintain competitiveness.
Q & A Highlights
Q: What is your outlook on the domestic market growth post-GST cut, and how do you see market share evolving over the next two years? A: Based on December and January data, the motorcycle industry growth momentum is sustained and could be around 12% to 15% in the near term. However, inflation could be a spoiler. Our market share aspiration is to grow, especially in the 125cc plus segment. We are optimistic about regaining market share with new product launches in the 150cc plus segment.
Q: What is the growth outlook for exports, and which markets will drive this growth? A: We expect the growth tempo to continue, aiming for a 200,000 unit plus performance in Q4. Despite potential disruptions in emerging markets, our export business has shown resilience. We focus on winning in each of the 108 countries we operate in, with the top 30 countries accounting for 75% of the industry.
Q: Can you share the absolute EV revenue and export revenue? A: Export revenues were about 600 million USD. EV revenue constituted about 25% of domestic revenue.
Q: Is there a need to introduce more brands within the portfolio, especially in the 125cc segment? A: Yes, there is a need for a brand in the 125cc segment, and plans are underway. We also see opportunities to expand the Dominar brand and explore new formats like off-roading bikes. This could involve reviving dormant brands or introducing new ones.
Q: How are you managing commodity cost pressures, and what is the impact on margins? A: We anticipate a 50 to 60 basis points impact from commodity cost inflation in Q4. We've taken pricing actions to cover half of this impact. We also rely on other levers like currency tailwinds and improved unit economics in the EV segment to manage margins.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
