Promises
2 promises
Promise Tracker
0 delivered, 0 close, 2 missed.
View Promises →Bajaj Auto Ltd — Q1 FY26
Bajaj Auto delivered a strong Q1 FY26 with revenue of INR 12,500 crore, EBITDA of INR 2,482 crore (margin 19.7%), and PAT of INR 2,100 crore (+5% YoY).
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Bajaj Auto delivered a strong Q1 FY26 with revenue of INR 12,500 crore, EBITDA of INR 2,482 crore (margin 19.7%), and PAT of INR 2,100 crore (+5% YoY). Growth was driven by record export retail (excluding Nigeria), premium motorcycle mix, and surging EV volumes (Chetak market share rose to 21% from 12% YoY). The EV portfolio neared double-digit EBITDA margins. However, domestic motorcycle market share in 125cc+ remained soft at ~15%, and the HRE magnet supply issue is expected to cause 50% shortfall in Chetak and 25-30% in e-auto in Q2. Management expects export momentum to continue, EV supply to normalize by end of Q2, and margins to trend back to FY25 average. Key risk: prolonged HRE supply disruption could delay EV growth and margin recovery.
बजाज ऑटो ने पहली तिमाही (अप्रैल-जून 2025) में मजबूत प्रदर्शन किया। कंपनी की कमाई 12,500 करोड़ रुपये रही। कमाई पर खर्च घटाने के बाद बचा मुनाफा (EBITDA) 2,482 करोड़ रुपये (19.7% मार्जिन) और शुद्ध मुनाफा (PAT) 2,100 करोड़ रुपये (पिछले साल से 5% ज्यादा) रहा। ग्रोथ की वजहें: नाइजीरिया छोड़कर दूसरे देशों में निर्यात बढ़ा, प्रीमियम मोटरसाइकिलों की बिक्री बढ़ी और इलेक्ट्रिक वाहनों (चेतक) की बाजार हिस्सेदारी 12% से बढ़कर 21% हो गई। इलेक्ट्रिक वाहनों का मार्जिन लगभग 10% तक पहुंच गया। लेकिन 125cc से ऊपर की मोटरसाइकिलों में बाजार हिस्सेदारी 15% पर कमजोर रही। HRE मैग्नेट की कमी से दूसरी तिमाही में चेतक का उत्पादन 50% और ई-ऑटो का 25-30% घट सकता है। कंपनी को उम्मीद है कि निर्यात बढ़ता रहेगा, इलेक्ट्रिक वाहनों की आपूर्ति तिमाही के अंत तक सामान्य हो जाएगी और मार्जिन पिछले साल के स्तर पर लौट आएगा। मुख्य जोखिम: HRE आपूर्ति में लंबी देरी से इलेक्ट्रिक वाह
Promises0 met · 2 missedRisks4 tracked
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
HRE magnet supply disruption
View Risks →Quarter Snapshot
Chetak Market Share
21%
+9pp YoY
Chetak's market share in electric two-wheelers rose from 12% in Q1 FY25 to 21% in Q1 FY26.
Export Retail (ex-Nigeria)
Highest ever
+27% YoY
Bajaj achieved highest ever retail outside Nigeria, outpacing industry growth of 17% in top 30 markets.
EV Portfolio EBITDA Margin
~10%
Nearing double digits
Combined EV (2W+3W) portfolio EBITDA margin approaching double digits, with some Chetak models EBITDA positive.
BACL PAT
INR 102 crore
+19% YoY
Bajaj Auto Credit's PAT grew 19% YoY to INR 102 crore, with AUM reaching INR 12,000 crore.
What Changed vs Last Quarter
NEW
Export growth to continue at similar tempo
Management expects export growth to maintain the current quarter's pace, supported by KTM export resumption and strong emerging market demand.
NEW
EV supply to normalize by end of Q2
HRE magnet supply issue expected to be resolved by end of Q2, with complete de-risking of supply chain in 6-9 months.
NEW
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.
NEW
Capex of INR 600-700 crore for FY26
Capital expenditure for the year expected to be INR 600-700 crore, split equally between EV capabilities and ICE innovation.
DROPPED
Exports to grow 15-20% per quarter
Management expects exports to continue growing at 15-20% every quarter, driven by Latin America, KTM exports resumption, and strong competitive positions.
DROPPED
Domestic motorcycle industry growth of 5-6% in FY26
The industry is expected to grow 5-6% in FY26, led by the 125cc+ segment.
DROPPED
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.
DROPPED
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.
NEW RISK
Nigeria demand uncertainty
Nigeria, a key export market, remains weak due to currency devaluation and inflation, with no clear timeline for recovery.
NEW RISK
Regulatory cost impact from ABS mandate
Proposed ABS mandate for sub-125cc motorcycles could increase costs by INR 500+, dampening demand and requiring supply chain adjustments over 12-24 months.
RISK GONE
Currency headwinds and commodity inflation in Q1 FY26
CFO noted that USD/INR realizations have softened, and aluminum prices have surged, which could weigh on margins in the near term.
RISK GONE
KTM turnaround execution risk
While Bajaj intends to take control of KTM, regulatory approvals are pending, and the turnaround plan is yet to be implemented. CY25 will be a year of restoring normalcy, with results expected only in CY26.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25
Management plans to increase Freedom 125 production capacity to 30,000/month in Q3 and 40,000/month in Q4, driven by strong customer adoption.
Fast read
Guidance and risk preview
Management expects export growth to maintain the current quarter's pace, supported by KTM export resumption and strong emerging market demand.
Non-availability of HRE magnets has caused 50% production shortfall in Chetak and 25-30% in e-auto in Q2, potentially impacting EV growth and margins.
View Risks →