28-Oct-2026 08:00:23
BAJAJ AUTO Q2 CONCALL : RECORD REVENUE & PROFIT, EXPORTS UP 41% YOY, EV BUSINESS TURNS MARGIN-ACCRETIVE & KTM RECOVERY GAINS MOMENTUM
• MANAGEMENT EXPECTS TO SUSTAIN QUARTERLY EXPORT VOLUMES OF APPROXIMATELY 7.5 LAKH UNITS, SUPPORTED BY STRONG DEMAND IN AFRICA, LATIN AMERICA & MARKET-SHARE GAINS • MANAGEMENT TARGETS CHETAK ELECTRIC SCOOTER PRODUCTION CAPACITY OF 80,000 UNITS PER MONTH BY Q4 FY27, WITH 75 ADDITIONAL EXCLUSIVE STORES PLANNED IN Q3 • MANAGEMENT PLANS TO INTRODUCE TWO NEW MOTORCYCLE BRANDS IN FY27 ACROSS THE 125–250CC SEGMENTS, ALONG WITH FURTHER PULSAR & DOMINAR UPGRADES • MANAGEMENT EXPECTS DOUBLE-DIGIT DOMESTIC TWO-WHEELER INDUSTRY GROWTH DURING THE FESTIVE PERIOD, WHILE PRIORITISING PREMIUM MOTORCYCLES OVER LOW-MARGIN ENTRY-LEVEL VOLUMES • Q2 STANDALONE REVENUE UP 24% YOY TO OVER ₹20,000 CR, WHILE EBITDA SURGED 37% TO ₹4,172 CR • Q2 NET PROFIT UP 35% YOY TO ₹3,354 CR, WHILE EBITDA MARGIN IMPROVED 40 BPS TO 20.9% DESPITE SIGNIFICANT INPUT-COST INFLATION • TOTAL VEHICLE VOLUMES GREW 20% YOY TO OVER 15 LAKH UNITS, WHILE QUARTERLY FREE CASH FLOW REACHED NEARLY ₹4,000 CR • EXPORT VOLUMES SURGED 41% YOY TO APPROXIMATELY 7.8 LAKH UNITS, WITH EXPORT REVENUE APPROACHING $800 MILLION & CONTRIBUTING AROUND 40% OF REVENUE • AFRICA MOTORCYCLE EXPORTS JUMPED 83% YOY, LATIN AMERICA EXPORTS GREW 44%, WHILE NIGERIA MARKET SHARE REACHED APPROXIMATELY 60% • CHETAK CROSSED 10 LAKH SCOOTERS ON ROAD, WITH SEPTEMBER RETAIL SALES EXCEEDING 45,000 UNITS & ELECTRIC SCOOTER MARKET SHARE REACHING APPROXIMATELY 23% • COMBINED ELECTRIC TWO- & THREE-WHEELER VOLUMES APPROACHED 2 LAKH UNITS, MORE THAN DOUBLING YOY, WHILE EV BUSINESS ACHIEVED DOUBLE-DIGIT EBITDA MARGINS • THREE-WHEELER VOLUMES UP 13% YOY TO 1.62 LAKH UNITS, WITH ELECTRIC AUTO MARKET SHARE NEAR 32% & CNG PASSENGER THREE-WHEELER SHARE APPROACHING 90% • KTM'S H1 REVENUE SURGED 65% YOY TO €701 MILLION, WHILE EBITDA TURNED POSITIVE AT €38 MILLION VS ADJUSTED LOSS EXCEEDING €180 MILLION LAST YEAR • BAJAJ AUTO CREDIT REPORTED ₹243 CR QUARTERLY PAT, UP 85% YOY, WITH AUM APPROACHING ₹21,000 CR & ROE AROUND 26% • MANAGEMENT REMAINS POSITIVE ON EXPORTS, PREMIUM MOTORCYCLES, EVS & KTM RECOVERY, BUT COMMODITY INFLATION, CAPACITY CONSTRAINTS, WEAKER CURRENCY BENEFITS & EV PLI DEPENDENCE REMAIN KEY RISKS
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