Triumph production to reach 5,000 units/month by September
Management expects to hit a production rate of 5,000 units per month for Triumph within Q2, most likely in September.
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Exports to improve incrementally each quarter
Management expects gradual build-back in export volumes, with each quarter larger than the previous, but no step jump.
EV CapEx of ₹400-500 crore in FY24
Company plans to spend between ₹400-500 crore on EV-related capital expenditure this year, including a new three-wheeler facility.
Chetak EV network to expand to 120 cities by end of Q2
Exclusive Chetak network will expand to 120 cities with 140 stores by end of Q2, covering ~75% of the industry.
Freedom 125 capacity ramp-up to 40,000 units/month by Q4 FY25
Starting at 10,000 units/month in Q2, capacity will be scaled to 40,000 by Q4, with potential for further increase based on demand.
Chetak EV distribution expansion to 1,000 stores by September 2024
Chetak will expand from 250 stores in June to 500 by end July and nearly 1,000 by September, driving volume growth.
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.
BACL captive financing to cover 100% of stores by March 2025
Bajaj Auto Credit Ltd (BACL) currently covers 50% of stores and is on track to reach full coverage by March 2025.
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.
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.
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.
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.
Festive season industry growth of 12-15%
Management expects the 33-day festive period to see double-digit growth vs. like-to-like period last year, with Bajaj outpacing the market.
Chetak monthly sales target of 10,000 units
Target to reach 10,000 units per month in Q3, supported by new launches and network expansion to 180 cities by year-end.
Triumph capacity expansion to 10,000 units/month
Monthly capacity to be expanded to ~10,000 units by end of FY24, with network covering 100 cities.
Export volumes to improve quarter-on-quarter
Expect gradual recovery with each quarter larger than the previous, though return to peak (210,000 units) is some time away.
Freedom 125 capacity to reach 40,000/month by Q4 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.
Chetak distribution to expand to 4,000 stores by January 2025
Chetak will be available in about 4,000 stores by January, up from ~3,000 currently, supported by 250 exclusive stores.
BACL to achieve 100% network coverage by January 2025
Captive finance arm BACL will cover 100% of Bajaj Auto's market share by January 2025, up from 70%+ currently.
Brazil plant capacity to expand to 35,000 units annually by FY26
Board approved additional investment to expand Brazil plant capacity from 20,000 to 35,000 units per annum by FY2026.
Exports growth target of 15-20%
Management expects sustained export momentum with 15-20% growth, emphasizing superior positions in better markets.
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.
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 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.
Chetak monthly volume target of 15,000 units in Q4 FY24
Management targets to reach 15,000 units per month in Q4, up from ~10,000 exit rate in December.
CNG motorcycle launch in FY25
Bajaj is working on a CNG motorcycle and expects to launch it in FY2025.
Export recovery of 2-5% QoQ in Q4 FY24
Management expects sequential export volume improvement of 2-5% in Q4, tempered by Red Sea disruptions.
Triumph capacity expansion to 20,000-30,000 units in H1 FY25
Triumph capacity will be increased from current 10,000 to 20,000 and then 30,000 units in first half of next fiscal.
Exports growth of 20%+ in near term
Management expects exports to continue growing at 20%+ YoY for the next 3-6 months, driven by Latin America and Africa recovery.
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.
E-rickshaw launch by end of FY25
Bajaj will launch a modern e-rickshaw by end of March 2025, targeting a fragmented market with 45,000 monthly retail units.
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.
Domestic motorcycle industry growth of 12-15% near-term
Management expects the motorcycle industry to sustain double-digit growth of 12-15% in the coming months, driven by GST rationalization and positive consumer sentiment.
Export run rate of 200,000+ units per month in Q4
Bajaj Auto targets monthly export volumes exceeding 200,000 units in Q4 FY26, building on the momentum of crossing 600,000 units in Q3.
15 product interventions in Pulsar portfolio over 6 months
Management plans 8 more product refreshes/upgrades in the next 4 months, completing a full refresh of the Pulsar portfolio to drive market share gains in the 150cc+ segment.
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.
Domestic industry growth of 7-8% per annum
Management expects the domestic two-wheeler industry to grow at 7-8% annually, with the premium segment growing faster.
FY25 exports to be better than FY24 in volume and revenue
Despite cautious view on stressed markets, overall export volumes and revenue are expected to improve in FY25.
Chetak EV network to expand to 600 stores by H1 FY25
Chetak dealerships will increase from 200 to 600 within the first half of FY25.
Triumph capacity to reach 10,000 units per month in H1
Production capacity for Triumph motorcycles will be ramped up to 10,000 units per month in H1 FY25.
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.
Domestic motorcycle industry growth of 5-6% in FY26
The industry is expected to grow 5-6% in FY26, led by the 125cc+ segment.
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.
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.
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.