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Revenue
₹12,646 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹2,451 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Bajaj Auto delivered a record FY25 with revenue crossing INR 50,000 crore and EBITDA surpassing INR 10,000 crore for the first time. Q4 standalone revenue grew 6% YoY to INR 12,148 crore, with EBITDA margins steady at 22%. Exports volume grew 20% YoY, driven by Latin America and premium brands. Domestic motorcycle market share in the 125cc+ segment slipped to 24% but countermeasures are in play. Chetak became the #1 EV2W brand with 25% market share in Q4. The company expects exports to grow 15-20% per quarter and domestic industry growth of 5-6% in FY26. Key risks include rare earth magnet supply disruptions from China and potential margin pressure from currency headwinds and commodity inflation.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects exports to continue growing at 15-20% every quarter, driven by Latin America, KTM exports resumption, and strong competitive positions.
- The industry is expected to grow 5-6% in FY26, led by the 125cc+ segment.
- CFO expects commodity inflation and OBD2 norms to add ~1 percentage point to material costs in Q1, with pricing covering 30-50% of the impact.
- The electric two-wheeler business is now close to EBITDA break-even, with further cost savings expected later in FY26.
Risks flagged
- Continued supply of rare earth magnets from China is uncertain; any delay could seriously impact EV production by July 2025.
- CFO noted that USD/INR realizations have softened, and aluminum prices have surged, which could weigh on margins in the near term.
- While Bajaj intends to take control of KTM, regulatory approvals are pending, and the turnaround plan is yet to be implemented. CY25 will be a year of restoring normalcy, with results expected only in CY26.
- Market share in the 125cc+ segment declined from 26% to 24% in FY25 due to competitive launches. Countermeasures are in place but recovery is not guaranteed.
Key quotes
- FY 2025 has again set new benchmarks, with revenue hitting the peak of INR 50,000 crore for the first time, EBITDA crossing the INR 10,000 crore milestone also for the first time, steady margins at 20.2% EBITDA margins for all the four quarters and thus for the year.
- The arc of CapEx performance has been the steepest in the industry. From a market share of 13% in Q4 FY 2024, Chetak has plopped a market share of 25% in Q4 FY 2025, a rise of 12 percentage points on the back of the launch of the highly successful 35 series platform in end December.
- We have decided that we would take charge, and that is the message that we sent out through the announcement that we put out on the 22nd, looking at control of the enterprise very clearly.
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