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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹15,735 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹3,000 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 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects sustained export momentum with 15-20% growth, emphasizing superior positions in better markets.
- 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.
- Management expects to maintain three-wheeler sales of over 100,000 units per quarter, driven by ICE and EV growth.
- Management confirmed at least three new Pulsar model introductions in December, March, and May to strengthen the portfolio.
Risks flagged
- Chetak and e-auto faced 50% and 15% shortfall from plan due to rare earth magnet and e-component shortages, respectively.
- GST on >350cc models increased from 31% to 40%, creating a cost disadvantage vs sub-350cc models, impacting KTM and Triumph competitiveness.
- Potential mandatory ABS on all two-wheelers could add INR 2,000-3,000 per vehicle, with industry capacity concerns; government meeting on Nov 11.
- CNG motorcycle demand slowed due to underfilling issues at pumps and limited network density, requiring go-to-market adjustments.
Key quotes
- We closed the quarter with a top line of almost INR 15,000 crore, growing at 14%, an all-time high. EBITDA crossed INR 3,000 crore, another all-time high, with the EBITDA percentage of 20.5%.
- The milestone on exports revenue is not just in rupee terms but in dollar terms as well.
- We have shifted to the more secure LRE-based components as well as alternate geographic sources, restoring supplies by end September and fully in October.
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