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Bajaj Auto Margin Trend — Quarter by Quarter

Bajaj Auto's EBITDA margin moved from 19.0% in Q1 FY24 to 17.0% in Q4 FY26 across 12 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2617.0%+60 bps
Q3 FY2623.0%+60 bps
Q2 FY2618.0%+20 bps
Q1 FY2621.0%-50 bps
Q4 FY2519.0%—
Q3 FY2521.0%+10 bps
Q2 FY2516.0%+40 bps
Q1 FY2520.0%+130 bps
Q4 FY2420.0%+80 bps
Q3 FY2420.0%+100 bps
Q2 FY2420.0%+260 bps
Q1 FY2419.0%+280 bps

What management said about ebitda margin

G

Q4 FY26 · Commodity cost inflation impact of 3.5-4% of revenue in Q1 FY27

CFO estimates material cost inflation of 3.5-4% of revenue in Q1 over Q4, driven by sharp increases in steel, aluminum, copper, and noble metals.

G

Q4 FY26 · Pricing actions to cover ~40% of commodity inflation taken from April 1

Price hikes implemented to offset about 40% of the estimated cost impact; further pricing considered as a last resort.

G

Q3 FY26 · KTM AG operational turnaround in 2026

Focus on liquidity, management restructuring, and cost reduction to put KTM back on track for competitive performance and sustainable financial results.

G

Q1 FY26 · Margins to trend back to FY25 average

EBITDA margins expected to recover towards FY25 average, aided by favorable currency and cost actions, partially offset by competitive investments.

G

Q4 FY25 · Material cost inflation of ~1pp in Q1 FY26

CFO expects commodity inflation and OBD2 norms to add ~1 percentage point to material costs in Q1, with pricing covering 30-50% of the impact.

G

Q4 FY25 · Chetak EV business near EBITDA break-even

The electric two-wheeler business is now close to EBITDA break-even, with further cost savings expected later in FY26.

G

Q3 FY25 · Chetak 3.5 series to drive EV profitability in Q4

The new Chetak platform will achieve EBITDA break-even at unit level, with production scaling from February, leading to a major swing into profitability in Q4.

G

Q3 FY25 · OBD-II B cost impact of ~1% on portfolio

Compliance with OBD-II B norms from April 2025 will add ~1% cost to the motorcycle portfolio, with price hikes to be rolled out.

G

Q1 FY25 · Commodity cost inflation of 50-70bps in Q2, partially offset by pricing

Management expects 50-70bps cost inflation from commodities, with pricing actions covering about half of the impact.