Two & Three Wheelers: Q1 FY27 results (April-June 2026)

7 companies have declared Two & Three Wheelers Q1 FY27 results so far, the latest on 8 Aug 2026.

Across the 7 non-financial companies with a year-ago quarter to compare, sales grew +45.2% and net profit +55.3% year on year, and the combined operating margin widened 83 bps to 17.8%.

86% of companies grew net profit; 40% beat their own profit trend and 20% fell short of it.

Updated 12 Oct 2026, 12:20 IST 7 declared 111 due in the next 3 days →

Two & Three Wheelers Q1 FY27 scoreboard

Sales growth
+45.2%
YoY, 7 companies combined; median +33.5%
Net profit growth
+55.3%
YoY combined; median +46.0%
Operating margin
17.8%
+83 bps YoY
Grew profit
86%
0 turnarounds, 0 into loss
Vs own profit trend
40% / 20%
above / below, 40% in line
Price since results
-8.6%
median; 29% of 7 stocks up
Other-income heavy
1
25%+ of pre-tax profit from other income & one-offs

Latest Two & Three Wheelers Q1 FY27 results 7

Atul Auto Limited

ATULAUTO · Two & Three Wheelers · Q1 FY27 · Consolidated · Filed
M Cap
₹1,156 Cr
P/E
23.4
PEG
0.19
Since results
-27.9%
  • Profit +141% above its own trend
  • Operating margin expanded 118 bps YoY
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +43.0%-9.2% 218241153
Operating profit +68.7%-38.2% 16.927.310.0
OPM % +118 bps-363 bps 7.7%11.4%6.5%
Other income —+36.8% 1.30.90.0
Net profit +302.0%-56.1% 8.018.32.0
PAT margin % +237 bps-393 bps 3.7%7.6%1.3%
EPS (₹) +169.8%-46.3% 2.865.331.06

Quality of profit

Core 88%Other income & one-offs 12%

Pre-tax profit ₹10.8 Cr: core business ₹9.5 Cr, other income ₹1.3 Cr.

Core profit YoY: +215.7% · reported profit +302.0%

Cash & debt

FY26 cash from operations ₹47.0 Cr: 108% of FY26 net profit of ₹43.3 Cr.

Borrowings ₹145 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹187₹218 +16.7% above
Net profit₹3.3₹8.0 +141.1% above
AI read of the filing Atul Auto Q1 Revenue Up 44.7% YoY to ₹206.93 Cr; Consolidates Manufacturing at Ahmedabad Positive
  • Revenue from operations grew to ₹206.93 Cr in Q1 FY27, a 44.7% increase over ₹143.03 Cr in Q1 FY26.
  • Sales volume reached 9,878 units for the quarter, up 42.5% from 6,932 units YoY.
  • Net profit stood at ₹6.74 Cr for the quarter, compared to ₹5.04 Cr in the same period last year.
Full analysis →

Ola Electric Mobility Limited

OLAELEC · Two & Three Wheelers · Q1 FY27 · Consolidated · Filed
M Cap
₹15,523 Cr
P/E
—
PEG
—
Since results
-13.5%
  • Operating margin contracted 764 bps YoY
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales -45.0%+71.7% 455265828
Operating profit loss narrowedloss narrowed -165-281-237
OPM % -764 bps+6977 bps -36.3%-106.0%-28.6%
Other income -57.4%-25.6% 29.039.068.0
Net profit loss narrowedloss narrowed -336-500-428
PAT margin % -2216 bps+11483 bps -73.8%-188.7%-51.7%
EPS (₹) loss narrowedloss narrowed -0.75-1.13-0.97

Quality of profit

Pre-tax profit −₹336 Cr: core business −₹365 Cr, other income ₹29.0 Cr.

Core profit YoY: loss narrowed

Cash & debt

FY26 cash from operations −₹775 Cr.

Borrowings ₹2,763 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹414₹455 +9.9% above
AI read of the filing ₹57 Cr Auditor Qualification in Ola Electric Q1 Results; 94% IPO Funds Utilized Watch
  • Statutory auditors qualified the results due to the reversal of a ₹57 crore provision for liquidated damages without formal MHI waiver approval
  • Utilized ₹4,971.43 crore of net IPO proceeds out of a total ₹5,275.06 crore as of June 30, 2026
  • Seeking settlement with SEBI for a Show Cause Notice dated April 10, 2025, regarding disclosure discrepancies and Roadster delivery timelines
Full analysis →

Urja Global Limited

URJA · Two & Three Wheelers · Q1 FY27 · Consolidated · Filed
M Cap
₹464 Cr
P/E
318.6
PEG
—
Since results
-16.4%
  • Profit -47% below its own trend
  • Operating cash flow was negative in FY26 despite a profit
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales -26.6%-20.6% 14.017.619.0
Operating profit -12.2%+18.3% 0.60.50.6
OPM % +65 bps+131 bps 4.0%2.7%3.3%
Other income -82.0%-10.7% 0.10.10.6
Net profit -55.4%+19.9% 0.40.41.0
PAT margin % -200 bps+104 bps 3.1%2.0%5.1%

Quality of profit

Core 75%Other income & one-offs 25%

Pre-tax profit ₹0.4 Cr: core business ₹0.3 Cr, other income ₹0.1 Cr.

Core profit YoY: -12.9% · reported profit -55.4%

Cash & debt

FY26 cash from operations −₹26.1 Cr: -1310% of FY26 net profit of ₹2.0 Cr.

Borrowings ₹9.4 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹17.2₹14.0 -18.7% below
Net profit₹0.8₹0.4 -47.4% below
AI read of the filing Urja Global proposes $500M fundraise and reports ₹0.61 Cr Q1 PAT Watch
  • Proposed fundraise of up to USD 500 Million (~₹4,200 Cr), representing approximately 565% of the current market cap of ₹743 Cr
  • Q1 FY27 standalone revenue stood at ₹19.09 Cr, nearly identical to the ₹19.01 Cr reported in the same quarter last year
  • Standalone net profit for the June 2026 quarter was ₹0.61 Cr, a decline from the ₹0.97 Cr reported in Q1 FY26
Full analysis →

Ather Energy Limited

ATHERENERG · Two & Three Wheelers · Q1 FY27 · Standalone · Filed
M Cap
₹56,889 Cr
P/E
—
PEG
—
Since results
+16.3%
  • Operating margin expanded 1806 bps YoY
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +88.7%+3.6% 1,2171,175645
Operating profit loss narrowedloss narrowed -33.1-70.0-134
OPM % +1806 bps+324 bps -2.7%-6.0%-20.8%
Other income +52.6%+9.6% 42.739.028.0
Net profit loss narrowedloss narrowed -50.9-100-178
PAT margin % +2342 bps+433 bps -4.2%-8.5%-27.6%
EPS (₹) loss narrowedloss narrowed -1.33-2.62-4.78

Quality of profit

Pre-tax profit −₹50.9 Cr: core business −₹93.6 Cr, other income ₹42.7 Cr.

Core profit YoY: loss narrowed

Cash & debt

FY26 cash from operations ₹32.0 Cr.

Borrowings ₹664 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹1,057₹1,217 +15.1% above
AI read of the filing Ather Energy Q1 Revenue Up 89% YoY to ₹1,217 Cr; Net Loss Narrows to ₹51 Cr Positive
  • Revenue from operations grew 88.8% YoY to ₹1,216.92 Cr in Q1 FY27.
  • Net loss narrowed by 71.3% YoY to ₹51.09 Cr from ₹178.23 Cr.
  • Completed a ₹1,300 Cr QIP post-quarter, allotting 1.08 Cr shares at ₹1,202 each.
Full analysis →

Eicher Motors Limited

EICHERMOT · Two & Three Wheelers · Q1 FY27 · Consolidated · Filed
M Cap
₹1,93,538 Cr
P/E
33.5
PEG
1.40
Since results
-8.6%
  • 33% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +31.5%+9.1% 6,6326,0805,042
Operating profit +32.2%+5.1% 1,5911,5141,203
OPM % +13 bps-92 bps 24.0%24.9%23.9%
Other income -22.7%-30.9% 466675603
Net profit +21.3%-3.8% 1,4631,5201,205
PAT margin % -185 bps-295 bps 22.1%25.0%23.9%
EPS (₹) +21.3%-3.8% 53.3055.4143.95

Quality of profit

Core 67%Other income & one-offs 33%

Pre-tax profit ₹1,925 Cr: core business ₹1,291 Cr, other income ₹466 Cr, exceptional & other items ₹168 Cr.

Core profit YoY: +30.5% · reported profit +21.3%

Cash & debt

FY26 cash from operations ₹4,805 Cr: 87% of FY26 net profit of ₹5,515 Cr.

Borrowings ₹514 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹6,024₹6,632 +10.1% above
Net profit₹1,404₹1,463 +4.2% in line
AI read of the filing EICHERMOT Q1 Results: Standalone Revenue up 26.6% YoY to ₹6,213 Cr; PAT at ₹1,506 Cr Positive
  • Standalone Revenue from operations increased 26.6% YoY to ₹6,213.61 Cr from ₹4,908.41 Cr.
  • Standalone Net Profit grew 15.3% YoY to ₹1,506.62 Cr compared to ₹1,306.49 Cr in Q1 FY26.
  • Other income rose to ₹727.09 Cr, contributing significantly to the pre-tax profit of ₹1,968.04 Cr.
Full analysis →

TVS Motor Company Limited

TVSMOTOR · Two & Three Wheelers · Q1 FY27 · Consolidated · Filed
M Cap
₹1,83,760 Cr
P/E
51.0
PEG
1.55
Since results
+9.7%
  • Profit +20% above its own trend
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +33.5%+8.3% 16,29615,05312,210
Operating profit +30.0%+8.5% 2,3572,1721,814
OPM % -39 bps+4 bps 14.5%14.4%14.9%
Other income +262.8%— 1447.039.7
Net profit +64.5%+29.0% 1,058820643
PAT margin % +123 bps+104 bps 6.5%5.4%5.3%
EPS (₹) +67.1%+32.1% 21.4616.2412.84

Quality of profit

Core 91%Other income & one-offs 9%

Pre-tax profit ₹1,545 Cr: core business ₹1,401 Cr, other income ₹144 Cr.

Core profit YoY: +47.7% · reported profit +64.5%

Cash & debt

FY26 cash from operations ₹1,867 Cr: 59% of FY26 net profit of ₹3,187 Cr.

Borrowings ₹32,791 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹15,552₹16,296 +4.8% in line
Net profit₹882₹1,058 +20.0% above
AI read of the filing 51% PAT Growth to Rs 1,174 Cr in Q1 FY27; Board Approves Rs 1,000 Cr Fundraise Positive
  • Highest ever quarterly revenue of Rs 13,896 Cr, up 38% from Rs 10,081 Cr in Q1 FY26
  • Sales volume reached a record 1.63 million units, a 28% growth over the previous year's quarter
  • Electric vehicle (EV) sales surged 86% YoY to 129,940 units, crossing the 1 million cumulative EV customer mark
Full analysis →

Bajaj Auto Limited

BAJAJ-AUTO · Two & Three Wheelers · Q1 FY27 · Consolidated · Filed
M Cap
₹2,68,703 Cr
P/E
23.2
PEG
1.10
Since results
-4.3%
  • FY26 operating cash flow was only 25% of profit
₹ CrYoYQoQ Jun 2026Mar 2026Jun 2025
Sales +65.1%+21.6% 21,68917,83213,133
Operating profit +62.2%+47.4% 4,5313,0752,793
OPM % -38 bps+365 bps 20.9%17.2%21.3%
Other income +35.1%-63.7% 6881,894509
Net profit +46.0%-7.6% 3,2263,4922,210
PAT margin % -196 bps-471 bps 14.9%19.6%16.8%
EPS (₹) +45.9%-11.8% 115.50131.0279.15

Quality of profit

Core 84%Other income & one-offs 16%

Pre-tax profit ₹4,423 Cr: core business ₹3,739 Cr, other income ₹688 Cr, exceptional & other items −₹3.4 Cr.

Core profit YoY: +52.5% · reported profit +46.0%

Cash & debt

FY26 cash from operations ₹2,597 Cr: 25% of FY26 net profit of ₹10,574 Cr.

Borrowings ₹22,713 Cr at Mar 2026.

Against its own trend ?

TrendActualGap
Sales₹15,880₹21,689 +36.6% above
Net profit₹3,077₹3,226 +4.8% in line
AI read of the filing 42% PAT Growth: Bajaj Auto Reports Record Q1 Revenue of ₹17,244 Cr and 20.9% EBITDA Margin Positive
  • Standalone Revenue hit an all-time high of ₹17,244 crore, up 37% YoY, representing ~28% of TTM revenue.
  • Export volumes achieved a record 732,173 units, a 54% YoY increase, led by a 3x growth in Nigeria.
  • EBITDA reached ₹3,596 crore with margins at 20.9%, up 110 bps YoY despite input cost inflation.
Full analysis →

Standouts so far

Biggest profit growth

  1. Atul Auto+302.0%
  2. TVS Motor+64.5%
  3. Bajaj Auto+46.0%
  4. Eicher Motors+21.3%

Biggest profit declines

  1. Eicher Motors+21.3%
  2. Bajaj Auto+46.0%
  3. TVS Motor+64.5%
  4. Atul Auto+302.0%

Best price reaction

  1. Ather Energy+16.3%
  2. TVS Motor+9.7%
  3. Bajaj Auto-4.3%
  4. Eicher Motors-8.6%
  5. Ola Electric-13.5%

Worst price reaction

  1. Atul Auto-27.9%
  2. Ola Electric-13.5%
  3. Eicher Motors-8.6%
  4. Bajaj Auto-4.3%
  5. TVS Motor+9.7%

Among companies with a market cap of ₹1,000 Cr or more, so a tiny base does not top the list. Price reaction: last close against the close before the filing.

Reporting in the next three days

HCL Technologies (Mon 12 Oct), ICICI Prudential (Mon 12 Oct), RBL Bank (Mon 12 Oct), Swan Defence (Mon 12 Oct), Gujarat State (Mon 12 Oct), Swaraj Engines (Mon 12 Oct), Plastiblends India (Mon 12 Oct), UMIYA BUILDCON (Mon 12 Oct), Alkali Metals (Mon 12 Oct), Gradiente Infotainment (Mon 12 Oct), Agri-Tech (India) (Mon 12 Oct), Abhishek Integrations (Mon 12 Oct), Rudra Ecovation (Mon 12 Oct), Newtrac Foods (Mon 12 Oct), Inani Securities (Mon 12 Oct), Neil Industries (Mon 12 Oct), Adroit Industries (Mon 12 Oct), TYPHOON (Mon 12 Oct), UNIVARTS (Mon 12 Oct), VERONICAPRO (Mon 12 Oct), ICICI Prudential (Tue 13 Oct), Tata Elxsi (Tue 13 Oct), Transformers And Rectifiers (Tue 13 Oct), Anand Rathi (Tue 13 Oct) and 87 more. Full results calendar →

How to read this page

The numbers. Each card is one company's Q1 FY27 results as filed with NSE or BSE, read from the filing within hours of its release, in ₹ crore. We show the consolidated statement, or the standalone one when the consolidated figures are a copy of it or have no year-ago quarter to compare with. YoY compares with the same quarter a year earlier and QoQ with the quarter before (the previous half-year for companies that report every six months). A swing between profit and loss is described in words: a percentage across it would mislead.

Margins. Operating margin (OPM) is operating profit, before depreciation, interest and other income, as a share of sales; PAT margin is net profit as a share of sales. Their changes are in basis points (100 bps = 1 percentage point).

Quality of profit. Core profit is operating profit minus interest and depreciation: what the business itself earned before tax. The rest of pre-tax profit is other income (interest on cash, dividends, gains on investments) and exceptional or one-off items. We flag a quarter when that share is 25% or more, and when reported profit grew much faster than core profit. For banks we compare pre-provision profit with net profit, since a fall in provisions can lift profit without the business growing.

Against its own trend. We do not have analyst consensus estimates, and we do not make them up. Instead each company is measured against the path it was on: the same quarter last year, grown at the median of its last four year-on-year growth rates (held between −50% and +100%; at least two growth rates needed). Sales 5% or more above that, or net profit 10% or more above, is "above trend"; as far below is "below trend". It answers "was this quarter better or worse than the company's own recent run?", which consensus does not.

Cash and debt. Profit is an accounting figure; cash is harder to dress up. For each company we show its operating cash flow for the last financial year as a share of that year's net profit (flagged under 50%, or when it is negative despite a profit), and its borrowings at the latest balance sheet against the one six months earlier (flagged at a 25% move). Balance sheets come with the September and March results, cash-flow statements with the March results.

Price since results. The latest close against the last close before the filing (a filing after 3:30 pm counts from the next session). It is a fact about the market's reaction, not advice.

Market cap groups. Large cap is the 100 largest companies by market value and mid cap the next 150 (SEBI's ranking); below that, small cap is ₹5,000 Cr or more, micro cap ₹500 Cr or more, nano cap below.

⚠️ How this site is made: Market data pages are computed automatically from NSE/BSE publications and company filings; news articles and announcement analyses are written with AI assistance, with a human in the loop: our editors review what the AI produces. Both can contain errors. Verify with the original sources before any investment decision. Not investment advice; Flash Finance is not SEBI-registered. How we use AI