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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
₹16,204 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹3,161 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 Q3 FY26 with revenue of INR 15,220 crore (+19% YoY), EBITDA of INR 3,161 crore (20.8% margin, +60bps YoY), and PAT of INR 2,503 crore (+19% YoY). Growth was broad-based: domestic motorcycles benefited from GST cuts and a 15% industry uptick; exports crossed 600,000 units after 15 quarters; EV portfolio hit 25% of domestic revenue with double-digit EBITDA margins; and Pro Biking (KTM/Triumph) volumes grew ~50% YoY. Management expects domestic motorcycle industry growth of 12-15% to sustain, with Bajaj gaining share in the 125cc+ segment via 15 product refreshes. Exports should maintain momentum, targeting 200,000+ units/month in Q4. Key risk: commodity cost inflation (50-60bps impact in Q4) could pressure margins if not offset by pricing and currency tailwinds.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Bajaj Auto targets monthly export volumes exceeding 200,000 units in Q4 FY26, building on the momentum of crossing 600,000 units in Q3.
- 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.
- Focus on liquidity, management restructuring, and cost reduction to put KTM back on track for competitive performance and sustainable financial results.
Risks flagged
- Management flagged 50-60bps material cost inflation in Q4, with only half offset by pricing actions so far. Further inflation could erode margins if not managed.
- Rakesh Sharma noted that if rupee depreciation drives inflation in fuel, rental, or food, it could diminish purchasing power of target customers and spoil the growth outlook.
- While management expressed confidence, the KTM restructuring is complex and early-stage. Delays or cost overruns could impact consolidated financials.
- The sharp acceleration in Chetak volumes temporarily diluted profit mix, as EV margins are lower than enterprise average. Sustained high growth could continue to pressure margins.
Key quotes
- We closed the quarter with a top line of over INR 15,000 crore, an all-time high with 19% growth. EBITDA came in at over INR 3,100 crore at 20.8%, another all-time high, and PAT crossed INR 2,500 crore, yet another all-time high.
- The EV business now delivers double-digit EBITDA margins while improving unit economics as the portfolio continues to scale.
- We've never singularly depended on pricing. In fact, in a competitive market where the aspiration is to grow, share, and invest competitively, one can't rely on pricing.
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