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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
₹17,832 Cr
verified against source
Revenue YoY
32%
reported change
EBITDA
₹3,323 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 Q4 with revenue of ₹16,060 crore (+32% YoY), EBITDA of ₹3,323 crore (+36% YoY), and PAT of ₹2,746 crore (+34% YoY). EBITDA margin expanded 60bps to 20.8%, driven by favorable currency, richer mix, and operating leverage, offsetting 40bps net commodity inflation. All three business segments (domestic 2W, 3W, exports) grew volumes and revenues by ~20% and ~30% respectively. Exports hit a new high of ~$600M, with Latin America delivering 11 consecutive quarters of growth. Domestic 150cc+ segment market share is recovering, with Pulsar N/NS growing at twice the industry rate. Chetak crossed 1 lakh quarterly retail for the first time, and the electric portfolio achieved double-digit EBITDA margins. Management expects near-term motorcycle industry growth to moderate to 7-9%, but sees continued momentum in premium segments and EVs. Key risk: sharp commodity inflation (3.5-4% of revenue impact in Q1) may pressure margins if pricing and cost actions fall short.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to push monthly export volumes beyond 220,000 units in the current quarter, up from ~200,000, despite loss of Gulf business.
- CFO estimates material cost inflation of 3.5-4% of revenue in Q1 over Q4, driven by sharp increases in steel, aluminum, copper, and noble metals.
- Price hikes implemented to offset about 40% of the estimated cost impact; further pricing considered as a last resort.
- Management confirmed new Pulsar variants will hit the market in July, aiming to further strengthen share in the premium segment.
Risks flagged
- CFO flagged 3.5-4% of revenue cost impact from commodities, with steel up 15%, copper 20%, and aluminum/noble metals up 35-45%. This could pressure margins if not fully offset.
- Management noted industry growth slowed from 20% in Q4 to 7-9% in April, partly due to price hikes and LPG shortage impacting consumer sentiment. Further slowdown could affect volumes.
- Management admitted 10-15% impairment in servicing demand due to LPG shortages, manpower migration, and container availability issues. While being managed, these could persist.
- Analyst raised concern about Gulf region disruptions; management confirmed loss of 5,000-6,000 units per month in Middle East due to geopolitical issues, with further risks if situation escalates.
Key quotes
- We are looking at moving the exports needle to 220,000 units per month this quarter up from the 200,000 levels and this despite the loss of business in the Gulf region.
- The quantum of increases across key commodities has also stepped up materially... steel is almost up 15%, copper 20%, aluminium and noble metals all up ranging from 35 to 45%.
- We have now reached a position where we think a substantive increase in capacity in Chetak is needed.
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