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Revenue
₹13,133 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹2,482 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects export growth to maintain the current quarter's pace, supported by KTM export resumption and strong emerging market demand.
- HRE magnet supply issue expected to be resolved by end of Q2, with complete de-risking of supply chain in 6-9 months.
- EBITDA margins expected to recover towards FY25 average, aided by favorable currency and cost actions, partially offset by competitive investments.
- Capital expenditure for the year expected to be INR 600-700 crore, split equally between EV capabilities and ICE innovation.
Risks flagged
- 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.
- Bajaj lost ~2% sequential market share in 100cc segment due to competitive intensity, and overall motorcycle market share progression may be slow.
- Nigeria, a key export market, remains weak due to currency devaluation and inflation, with no clear timeline for recovery.
- Proposed ABS mandate for sub-125cc motorcycles could increase costs by INR 500+, dampening demand and requiring supply chain adjustments over 12-24 months.
Key quotes
- We are clocking the highest ever retail outside Nigeria. If Nigeria starts to come back, it will give a very decisive step up to exports.
- The EV portfolio profitability has improved significantly... nearing double-digit EBITDA margin.
- We will remain focused on growing our share in 125cc+ segments through concentration of our resources and efforts.
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