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Revenue
₹13,169 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹2,581 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 Q3 FY25 with revenue of INR 12,807 crore (+6% YoY) and EBITDA of INR 2,581 crore (+6% YoY), marking the fifth consecutive quarter of 20%+ EBITDA margin. Key drivers included record exports (27% growth, led by Latin America and Nigeria recovery), highest-ever market shares in electric two-wheelers (22%) and three-wheelers (35%+), and strong performance from Pulsar, Triumph, and KTM in India. The green energy portfolio now accounts for 44% of domestic revenue. Management guided for continued export growth of 20%+ in the near term and expects the new Chetak 3.5 platform to drive EV profitability from Q4. However, risks remain from currency volatility in export markets and potential disruption from KTM's restructuring in Austria.
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Guidance to track
- Management expects exports to continue growing at 20%+ YoY for the next 3-6 months, driven by Latin America and Africa recovery.
- 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.
- Bajaj will launch a modern e-rickshaw by end of March 2025, targeting a fragmented market with 45,000 monthly retail units.
- Compliance with OBD-II B norms from April 2025 will add ~1% cost to the motorcycle portfolio, with price hikes to be rolled out.
Risks flagged
- KTM exports dropped ~50% due to financial restructuring in Austria; revival depends on court-supervised process by Feb 25, but outcome uncertain.
- Currency-led volatility, particularly in South Asia and Africa, could impact export growth and margins.
- Adoption of Freedom is slower than expected due to sparse CNG pump density and lower savings for low-mileage users; market development efforts may take time.
- Bajaj lost market share in the 100cc segment due to aggressive pricing by competitors, and management's deliberate choice to avoid discounting may persist.
Key quotes
- This is the fifth successive quarter of 20%+ EBITDA, and that too with a growing EV portfolio, which now stands at 22% of domestic revenue.
- The green energy portfolio, comprising greener fuels of electric and CNG across two-wheelers and three-wheelers, is at 44% of our domestic revenue.
- We've been able to hold margin at 20.2% yet again. Our margins have been at this level, give or take a few basis points for the last six quarters.
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