Bajaj Auto · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Commodity inflation has expanded beyond base metals (steel +10%, aluminium/platinum/rhodium +40%) to include proprietary components, electronics, labor, logistics, energy, and conversion costs. Q2 will reflect full impact as these costs build sequentially.
Wholesale market share declining as company prioritizes profitability over volume in 100cc segment, which has shrunk from 55% to 46% of motorcycle market over 5-7 years. EV adoption also cannibalizing ICE scooters most impacted in this range.
Capacity emerged as key constraint across EV two-wheelers (current ~50,000/month limiting to ~60,000), EV three-wheelers, and high-end motorcycles. Demand consistently ahead of supply, risking market share loss to competitors with available capacity.
KTM turnaround is progressing but remains work-in-progress with inventory normalization and cost control still ongoing. First full quarter of line-by-line consolidation creates comparability challenges; any delay in turnaround could impact consolidated financials.
