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View Promises →Bajaj Auto Ltd — Q2 FY26
Bajaj Auto delivered a record quarter with revenue of ~INR 15,000 crore (+14% YoY), EBITDA of INR 3,000 crore (margin 20.5%), and PAT of INR 2,500 crore (+24% YoY).
bullish
high
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2-Minute Summary
✦ AI-Generated from Full Transcript
Bajaj Auto delivered a record quarter with revenue of ~INR 15,000 crore (+14% YoY), EBITDA of INR 3,000 crore (margin 20.5%), and PAT of INR 2,500 crore (+24% YoY). Growth was broad-based: exports surged 24% with 550k+ units, domestic motorcycles gained share in 125cc+ segment post-GST cut, and three-wheelers hit 1,445k units. EV portfolio (Chetak, e-auto, Yulu) contributed 18% of domestic revenue with double-digit EBITDA margins. Management expects industry growth of 6-8% in medium term, driven by premiumization and export momentum. Key risk: supply chain constraints in EV components could cap near-term market share gains.
बजाज ऑटो ने पिछली तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई करीब 15,000 करोड़ रुपये रही, जो पिछले साल से 14% ज्यादा है। कंपनी ने 3,000 करोड़ रुपये का मुनाफा कमाया और उसका मार्जिन 20.5% रहा। शुद्ध मुनाफा 2,500 करोड़ रुपये था, जो 24% बढ़ा। विदेशों में बिक्री 24% बढ़ी और 5.5 लाख से ज्यादा वाहन बिके। घरेलू बाजार में 125cc से ऊपर की मोटरसाइकिलों की हिस्सेदारी बढ़ी। तिपहिया वाहनों की बिक्री 14.45 लाख यूनिट रही। इलेक्ट्रिक वाहनों (चेतक, ई-ऑटो, यूलू) ने घरेलू कमाई में 18% योगदान दिया। कंपनी को आने वाले समय में 6-8% वृद्धि की उम्मीद है। मुख्य जोखिम: इलेक्ट्रिक वाहनों के पुर्जों की कमी से बाजार हिस्सेदारी बढ़ाने में रुकावट आ सकती है।
Promises0 met · 3 missedRisks4 tracked
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Focused Modules
Risks
4 risks
Risk Intelligence
Supply chain constraints in EV components
View Risks →Quarter Snapshot
Exports Volume
550,000+ units
+24% YoY
Highest-ever quarterly exports volume, driven by broad-based growth across LATAM, Asia, and Africa.
Three-Wheeler Volume
1,445,000 units
All-time high
Record quarterly volume for three-wheelers, with ICE market share at 75% and EV constrained by supply.
Chetak Registrations
Number 1 in October
Regained top spot
Chetak regained #1 registration position in October after supply chain recovery from magnet shortage.
Premium Motorcycles Volume
30,000+ units
+30% YoY
KTM and Triumph combined sold over 30k units, an all-time high, driven by new models and GST upgrade sentiment.
What Changed vs Last Quarter
NEW
Exports growth target of 15-20%
Management expects sustained export momentum with 15-20% growth, emphasizing superior positions in better markets.
NEW
Industry motorcycle growth of 6-8% in medium term
Management expects the motorcycle industry to improve growth rates by 6-8 percentage points in the medium term, driven by GST cuts and festive sentiment.
NEW
Three-wheeler sales over 100,000 units per quarter
Management expects to maintain three-wheeler sales of over 100,000 units per quarter, driven by ICE and EV growth.
NEW
New Pulsar model launches in Dec, Mar, May
Management confirmed at least three new Pulsar model introductions in December, March, and May to strengthen the portfolio.
DROPPED
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.
DROPPED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Supply chain constraints in EV components
Chetak and e-auto faced 50% and 15% shortfall from plan due to rare earth magnet and e-component shortages, respectively.
NEW RISK
GST disparity on >350cc motorcycles
GST on >350cc models increased from 31% to 40%, creating a cost disadvantage vs sub-350cc models, impacting KTM and Triumph competitiveness.
NEW RISK
CNG motorcycle adoption slower than expected
CNG motorcycle demand slowed due to underfilling issues at pumps and limited network density, requiring go-to-market adjustments.
RISK GONE
HRE magnet supply disruption
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.
RISK GONE
Domestic motorcycle market share pressure
Bajaj lost ~2% sequential market share in 100cc segment due to competitive intensity, and overall motorcycle market share progression may be slow.
RISK GONE
Nigeria demand uncertainty
Nigeria, a key export market, remains weak due to currency devaluation and inflation, with no clear timeline for recovery.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q4 FY25
Bajaj lost ~2% sequential market share in 100cc segment due to competitive intensity, and overall motorcycle market share progression may be slow.
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.
Mentioned in Q1 FY25, Q1 FY26
Nigeria, a key export market, remains weak due to currency devaluation and inflation, with no clear timeline for recovery.
Mentioned in Q1 FY26, Q4 FY25
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.
Fast read
Guidance and risk preview
Management expects sustained export momentum with 15-20% growth, emphasizing superior positions in better markets.
Chetak and e-auto faced 50% and 15% shortfall from plan due to rare earth magnet and e-component shortages, respectively.
View Risks →