Total Volume
13.7 lakh units
+24% YoY
Highest ever quarterly volume for the company.
BAJAJ-AUTO
Automobile
28 Apr 2026
Bajaj Auto Ltd — Q4 FY26
Bajaj Auto delivered a record Q4 with revenue of ₹16,060 crore (+32% YoY), EBITDA of ₹3,323 crore (+36% YoY), and PAT of ₹2,746 crore (+34% YoY).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Bajaj Auto delivered a record Q4 with revenue of ₹16,060 crore (+32% YoY), EBITDA of ₹3,323 crore (+36% YoY), and PAT of ₹2,746 crore (+34% YoY). EBITDA margin expanded 60bps to 20.8%, driven by favorable currency, richer mix, and operating leverage, offsetting 40bps net commodity inflation. All three business segments (domestic 2W, 3W, exports) grew volumes and revenues by ~20% and ~30% respectively. Exports hit a new high of ~$600M, with Latin America delivering 11 consecutive quarters of growth. Domestic 150cc+ segment market share is recovering, with Pulsar N/NS growing at twice the industry rate. Chetak crossed 1 lakh quarterly retail for the first time, and the electric portfolio achieved double-digit EBITDA margins. Management expects near-term motorcycle industry growth to moderate to 7-9%, but sees continued momentum in premium segments and EVs. Key risk: sharp commodity inflation (3.5-4% of revenue impact in Q1) may pressure margins if pricing and cost actions fall short.
Key Numbers
Exports Revenue
$600 million
+25% YoY
Highest ever quarterly export revenue, driven by Latin America and Asia.
Chetak Retail
1,00,000+ units
+170bps QoQ market share
First time crossing 1 lakh quarterly retail; market share reached ~23%.
KTM Exports from India
17,500 units
from near nil YoY
Revival after disruption; KTM and Triumph combined domestic volumes grew 43% YoY.
Management Guidance
Exports target of 220,000+ units per month in Q1 FY27
Management expects to push monthly export volumes beyond 220,000 units in the current quarter, up from ~200,000, despite loss of Gulf business.
Management guidance growthCommodity 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.
Management guidance marginsPricing 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.
Management guidance marginsNew Pulsar models in 125cc and 150cc+ segments launching in July
Management confirmed new Pulsar variants will hit the market in July, aiming to further strengthen share in the premium segment.
Management guidance growthKey Risks
Sharp commodity inflation in Q1 FY27
CFO flagged 3.5-4% of revenue cost impact from commodities, with steel up 15%, copper 20%, and aluminum/noble metals up 35-45%. This could pressure margins if not fully offset.
high · management_commentaryDemand moderation in domestic motorcycles
Management noted industry growth slowed from 20% in Q4 to 7-9% in April, partly due to price hikes and LPG shortage impacting consumer sentiment. Further slowdown could affect volumes.
medium · management_commentarySupply chain disruptions (LPG, manpower, logistics)
Management admitted 10-15% impairment in servicing demand due to LPG shortages, manpower migration, and container availability issues. While being managed, these could persist.
medium · management_commentaryGeopolitical risks in Middle East affecting exports
Analyst raised concern about Gulf region disruptions; management confirmed loss of 5,000-6,000 units per month in Middle East due to geopolitical issues, with further risks if situation escalates.
medium · analyst_questionNotable Quotes
We are looking at moving the exports needle to 220,000 units per month this quarter up from the 200,000 levels and this despite the loss of business in the Gulf region.
The quantum of increases across key commodities has also stepped up materially... steel is almost up 15%, copper 20%, aluminium and noble metals all up ranging from 35 to 45%.
We have now reached a position where we think a substantive increase in capacity in Chetak is needed.
Frequently Asked Questions
What was Bajaj Auto's revenue in Q4 FY26?
Bajaj Auto reported revenue of ₹17,832 Cr in Q4 FY26, representing a +32% change compared to the same quarter last year.
What guidance did Bajaj Auto management give for FY27?
Exports target of 220,000+ units per month in Q1 FY27: Management expects to push monthly export volumes beyond 220,000 units in the current quarter, up from ~200,000, despite loss of Gulf business. 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. 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. New Pulsar models in 125cc and 150cc+ segments launching in July: Management confirmed new Pulsar variants will hit the market in July, aiming to further strengthen share in the premium segment.
What are the key risks for Bajaj Auto in FY27?
Key risks include Sharp commodity inflation in Q1 FY27 — CFO flagged 3.5-4% of revenue cost impact from commodities, with steel up 15%, copper 20%, and aluminum/noble metals up 35-45%. This could pressure margins if not fully offset.; Demand moderation in domestic motorcycles — Management noted industry growth slowed from 20% in Q4 to 7-9% in April, partly due to price hikes and LPG shortage impacting consumer sentiment. Further slowdown could affect volumes.; Supply chain disruptions (LPG, manpower, logistics) — Management admitted 10-15% impairment in servicing demand due to LPG shortages, manpower migration, and container availability issues. While being managed, these could persist.; Geopolitical risks in Middle East affecting exports — Analyst raised concern about Gulf region disruptions; management confirmed loss of 5,000-6,000 units per month in Middle East due to geopolitical issues, with further risks if situation escalates..
Did Bajaj Auto meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Bajaj Auto Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.