Commodity cost inflation pressuring margins
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.
BAJAJAUTO / Q3-FY26 / risks
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Bajaj Auto · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Potential demand disruption from inflation
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.
KTM turnaround execution risk
While management expressed confidence, the KTM restructuring is complex and early-stage. Delays or cost overruns could impact consolidated financials.
EV margin drag from rapid scale-up
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.