Bajaj Auto Limited (BAJAJ-AUTO)
₹10,405.00 +0.19% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)Bajaj Auto Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Bajaj Auto's revenue was ₹21,689 Cr (+65.1% year on year, +21.6% on the previous quarter), and net profit ₹3,226 Cr (+46.0% year on year); the operating margin was 20.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹21,689 | +65.1% | +21.6% |
| Operating profit | ₹4,531 | +62.2% | +47.4% |
| Net profit | ₹3,226 | +46.0% | -7.6% |
| EPS (₹) | 115.50 | +45.9% | -11.8% |
| Operating margin | 20.9% | — | — |
BAJAJ-AUTO delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.03% of the BAJAJ-AUTO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.41%. That is close to its usual level. In BAJAJ-AUTO futures, open interest fell 2.19% while the futures price rose 0.69%: short covering (shorts closing out).
Delivery in the last 5 sessions: 28.0% · 41.5% · 56.7% · 50.0% · 53.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bajaj Auto Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30 September 2026. The certificate was issued by Registrar and Share Transfer Agent KFin Technologies Limited on 6 October 2026. KFin confirmed that all dematerialisation requests received between 1 July 2026 and 30 September 2026 were processed within the mandated 15-day timeline. This is a recurring administrative filing confirming standard depository compliance.
- Quarterly compliance certificate submitted for the period 1 July 2026 to 30 September 2026
- RTA KFin Technologies issued certificate on 6 October 2026
- Confirmed processing and confirmation/rejection of demat requests within 15 days of receipt
- Mutilated and cancelled physical share certificates post dematerialisation as per regulations
Bajaj Auto reported total monthly sales of 5,38,443 units for September 2026, marking a 5% YoY increase from 5,10,504 units in September 2025. Growth was driven by exports, which surged 32% YoY to 2,43,987 units, offsetting a 9% YoY contraction in total domestic volumes (2,94,456 units). The domestic 2-wheeler segment saw a 12% YoY decline to 2,39,771 units, while domestic commercial vehicles grew 5% to 54,685 units. For the H1 period (Apr-Sep 2026), cumulative sales rose 24% YoY to 29,87,135 units, spearheaded by a 47% rise in total exports.
- Total sales rose 5% YoY to 5,38,443 units in September 2026 vs 5,10,504 units in September 2025
- Total export sales surged 32% YoY to 2,43,987 units, led by 34% growth in 2-wheelers
- Total domestic sales contracted 9% YoY to 2,94,456 units, weighed down by a 12% decline in domestic 2-wheelers
- YTD Apr-Sep 2026 cumulative sales grew 24% YoY to 29,87,135 units
CRISIL Ratings Limited has reaffirmed Bajaj Auto's highest-tier credit ratings across its total bank facilities of Rs 891.75 crore. The long-term Cash Credit facility of Rs 384.00 crore has been reaffirmed at 'CRISIL AAA/Stable'. Short-term facilities totalling Rs 507.75 crore, comprising bank guarantees, overdraft, and proposed non-fund limits, have been reaffirmed at 'CRISIL A1+'.
- Total bank facilities rated stand at Rs 891.75 crore
- Cash credit facility of Rs 384.00 crore reaffirmed at CRISIL AAA/Stable
- Bank guarantee facility of Rs 158.00 crore reaffirmed at CRISIL A1+ (interchangeable with LC up to Rs 290 crore)
- Overdraft facility of Rs 210.00 crore and proposed limits of Rs 139.75 crore reaffirmed at CRISIL A1+
Bajaj Auto reported a 28% YoY growth in total sales for August 2026, reaching 5,35,764 units compared to 4,17,616 units in August 2025. Growth was heavily driven by international business, with total exports surging 51% YoY to 2,80,056 units. Domestic sales posted steady growth of 10% YoY to 2,55,708 units. For the YTD period (Apr-Aug 2026), total sales grew 29% YoY to 24,48,692 units.
- Total sales grew 28% YoY to 5,35,764 units in August 2026 vs 4,17,616 units in August 2025
- Total exports jumped 51% YoY to 2,80,056 units, outpacing domestic volume
- 2-Wheeler sales rose 30% YoY to 4,43,748 units (Exports +53%, Domestic +10%)
- Commercial Vehicle sales increased 22% YoY to 92,016 units (Exports +39%, Domestic +11%)
- Apr-Aug 2026 YTD total sales reached 24,48,692 units, marking a 29% YoY growth
Bajaj Auto's European step-down subsidiary, Bajaj Mobility AG (formerly PIERER Mobility AG), reported a sharp operational turnaround for H1 2026 with group revenue rising 65.0% YoY to €701.4 million. Motorcycle revenue across KTM, Husqvarna, and GASGAS brands surged 109.1% YoY to €579.6 million on sales of 89,004 units (up 91.9% YoY). Operating profitability recovered significantly with H1 EBITDA turning positive to €37.6 million (5.4% margin) compared to negative €183.3 million in H1 2025, while Q2 2026 EBIT turned positive at €1.3 million. Total worldwide sales including Bajaj Auto's Indian volumes reached 147,572 units, supported by a €65.8 million fixed cost reduction and a €550 million debt refinancing for KTM AG.
- Group revenue increased 65.0% YoY to €701.4 million in H1 2026 (€370.2 million in Q2 2026).
- EBITDA turned positive at €37.6 million (5.4% margin) vs negative €183.3 million in H1 2025; Q2 EBITDA margin reached 8.7%.
- Q2 2026 EBIT turned positive at €1.3 million, marking the first positive EBIT since restructuring proceedings.
- Worldwide dealer and group motorcycle inventories reduced by 10,190 units since the start of 2026.
- Completed a €550 million refinancing for 100%-owned subsidiary KTM AG, easing interest burdens.
India Ratings and Research has affirmed Bajaj Auto Limited's credit rating at 'IND AAA/Stable/IND A1+' on 21 August 2026. The affirmed rating applies to bank loan facilities aggregating ₹1,200.00 crore. This reaffirmation highlights the company's robust balance sheet, virtually debt-free status (total debt of ₹73 crore against a net worth of ₹34,975 crore), and strong operational cash flows.
- India Ratings affirmed bank loan facilities rating at IND AAA/Stable/IND A1+
- Total bank facility amount covered under rating: ₹1,200.00 crore
- Intimation letter received by the company on 21 August 2026
- Affirmation reflects pristine credit profile supported by minimal debt (₹73 crore) and ₹34,975 crore net worth
Bajaj Auto has announced a physical group meeting with 360 ONE Capital scheduled for August 26, 2026, in Pune. This is a routine disclosure under SEBI Listing Regulations for institutional investor interactions. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. For a company with a market capitalization of ₹3,21,552 Cr, such meetings are standard practice for maintaining institutional relations.
- Meeting scheduled for August 26, 2026, with 360 ONE Capital
- The interaction will be a physical group meeting held in Pune
- Announcement made on August 5, 2026, providing 21 days advance notice
- Company confirms no UPSI will be shared as per SEBI regulations
Bajaj Auto reported a robust 30% year-on-year growth in total sales for July 2026, reaching 4,74,677 units. The performance was significantly bolstered by a 39% surge in exports (2,54,485 units) and a 31% increase in the 2-wheeler segment. Domestic sales also maintained healthy momentum, growing 20% to 2,20,192 units. Year-to-date (Apr-Jul 2026) volumes are up 29%, driven by a massive 50% recovery in export markets compared to the previous year.
- Total monthly sales increased 30% YoY to 4,74,677 units in July 2026.
- Export volumes grew by 39% YoY to 2,54,485 units, now exceeding domestic volumes.
- 2-Wheeler segment recorded 31% growth with 3,88,719 units sold during the month.
- Commercial vehicle sales grew 23% YoY to 85,958 units.
- Year-to-date (Apr-Jul 2026) total sales reached 19,12,928 units, a 29% increase YoY.
Bajaj Auto reported record-breaking Q1 FY27 results with revenue of Rs 17,000 crore and a PAT of Rs 3,000 crore, despite a ransomware attack that impaired volumes by 10-15%. The export business reached a new high of 7.32 lakh units, contributing 40% of total revenue. Significantly, the EV portfolio (Chetak and 3W) now accounts for 30% of domestic revenue and has achieved double-digit EBITDA margins, with Chetak turning EBITDA positive. Management is targeting export volumes of over 2.5 lakh units per month and expanding the Chetak network to 1,000 stores.
- Quarterly revenue reached Rs 17,000 crore with a record EBITDA margin of 20.9%.
- Export volumes hit 7,32,000 units, generating USD 735 million in revenue for the quarter.
- EV segment (2W and 3W) now contributes 30% of domestic revenue with double-digit EBITDA.
- Management plans to expand the Chetak EV store network from approximately 550 to 1,000 stores.
- A ransomware attack and supply chain disruptions reduced potential volumes by an estimated 10-15%.
Bajaj Auto has formally closed its share buyback program following the extinguishment of 46,94,000 equity shares on July 24, 2026. The company utilized ₹5,632.80 crore to repurchase these shares at a price of ₹12,000 per share via the tender offer route. This capital return represents approximately 16.1% of the company's net worth. Consequently, the total share capital has been reduced by 1.68%, and the promoter holding has marginally increased from 55.01% to 55.95%.
- Extinguished 46,94,000 fully paid-up equity shares at a price of ₹12,000 per share
- Total buyback value of ₹5,632.80 crore represents ~16.1% of the company's net worth (₹34,975 Cr)
- Total outstanding equity shares reduced from 27,94,97,838 to 27,48,03,838
- Promoter and Promoter Group holding increased from 55.01% to 55.95% post-buyback
- Buyback price of ₹12,000 was at a premium to the current market price of ₹11,310
Bajaj Auto has submitted its quarterly reconciliation of share capital audit report for the period ending June 30, 2026. The report confirms that the total issued and listed capital remains unchanged at 27,94,97,838 shares. Approximately 99.74% of the company's shares are held in dematerialized form across NSDL and CDSL, with only 0.26% remaining in physical form. No changes in share capital occurred during the quarter, and there are no discrepancies between the issued and listed capital.
- Total issued and listed capital stands at 27,94,97,838 shares as of June 30, 2026
- 99.74% of total shares are dematerialized, with 72.86% in NSDL and 26.88% in CDSL
- Physical shareholding is minimal at 7,11,700 shares, representing 0.26% of total capital
- Zero changes were reported in the share capital during the quarter under consideration
- No requests for dematerialization were pending beyond 21 days
Bajaj Auto shareholders have approved all resolutions at the 19th Annual General Meeting held on July 21, 2026. Key approvals include a final dividend of Rs 150 per share for FY26 and the appointment of Rakesh Sharma as Joint Managing Director. The dividend payout is substantial, representing approximately 39% of the TTM EPS of Rs 384.62. While most resolutions passed with near-unanimous support, the re-appointment of Sanjiv Bajaj saw a minor 7.7% dissent from institutional voters.
- Approved a final dividend of Rs 150 per equity share for the financial year ended March 31, 2026.
- Confirmed the appointment of Rakesh Sharma as Joint Managing Director effective from June 1, 2026.
- A total of 3,76,389 shareholders were on record as of the July 14, 2026, cut-off date.
- Special resolution for Non-executive Director commissions for 5 years starting April 1, 2026, passed with 99.93% favor.
- Re-appointment of Sanjiv Bajaj as Director passed with 98.18% overall favor, despite 4.02 million institutional votes against.
Bajaj Auto has informed the exchanges that the audio recording of its Q1 & FY27 earnings conference call is now available on its website. The call was held on July 21, 2026, at 6:00 p.m. IST, following the release of the company's quarterly financial results. This is a standard regulatory filing to ensure transparency for all stakeholders. Investors can access the recording to hear management's detailed commentary on performance and future outlook.
- Conference call conducted on July 21, 2026, at 06:00 p.m. IST
- Recording pertains to the financial results for Q1 & FY27
- Audio link hosted on the company's official investor relations website
- Follows the initial intimation letter dated July 10, 2026
Bajaj Auto Limited concluded its 19th Annual General Meeting on July 21, 2026, where shareholders considered the adoption of FY26 financial results and a dividend of ₹150 per share. The meeting formalized the appointment of Rakesh Sharma as Joint Managing Director, effective June 1, 2026. Management provided performance highlights for FY26 and Q1 FY27, focusing on the company's 125cc+ motorcycle segment and EV network expansion. The dividend payout of ₹150 per share is significant relative to the TTM EPS of ₹384.62.
- Dividend of ₹150 per equity share (face value ₹10) declared for the financial year ended March 31, 2026.
- Appointment of Rakesh Sharma as Joint Managing Director confirmed, effective from June 1, 2026.
- A total of 202 members attended the meeting physically at the company's registered office in Akurdi, Pune.
- Management addressed queries regarding FY26 performance and the first quarter of FY27.
- Voting results to be officially filed with stock exchanges by July 23, 2026.
Bajaj Auto has granted 4,02,036 stock options to eligible employees under the BAL-ESOS 2019 scheme. The exercise price is set at Rs 10,522.50, which was the closing market price on July 20, 2026. These options represent approximately 0.15% of the company's total equity, implying very low dilution for existing shareholders. The vesting period is structured between 1 to 10 years, aiming for long-term employee retention.
- Grant of 4,02,036 stock options convertible into an equal number of equity shares
- Exercise price fixed at Rs 10,522.50 per share, matching the market price
- Vesting period ranges from a minimum of 1 year to a maximum of 10 years
- Exercise period allows employees to convert options within 5 years of vesting
- Total options value at grant price is approximately Rs 423 crore
Financial Performance
Revenue Growth by Segment
Domestic motorcycles industry grew 5% in FY25. Exports rebounded with 13.9% volume growth (1.86 million units) and double-digit revenue growth. In Q2 FY26, commercial vehicle exports grew 67% YoY, while the spares business reached an all-time high of INR 1,800 Cr, growing 21% YoY. EV revenues contributed 18% of domestic revenue, totaling over INR 1,700 Cr in Q2 FY26.
Geographic Revenue Split
Exports constituted 33.7% of total sales in FY25, up from 33.2% in FY24. The LATAM region recorded its highest-ever motorcycle sales. In Q2 FY26, the top 30 overseas markets (70% of emerging markets) grew 14%, while Bajaj's sales grew 1.5 times that rate. Brazil retails crossed 3,000 units in October 2025.
Profitability Margins
Operating margin rose to 20.2% in FY25 from 19.7% in FY24. Standalone PAT for Q2 FY26 was INR 2,500 Cr (up 24% YoY), while consolidated PAT grew 53% YoY to over INR 2,100 Cr. The higher consolidated growth is due to BACL and Brazil subsidiaries turning profitable compared to losses in the base period.
EBITDA Margin
EBITDA margin for Q2 FY26 reached 20.5%, expanding by 70 basis points sequentially. Quarterly EBITDA crossed the INR 3,000 Cr milestone for the first time, a 15% YoY increase, driven by favorable dollar realization and a richer product mix.
Capital Expenditure
Strategic investments totaled over INR 2,000 Cr in H1 FY26, including INR 1,500 Cr for the KTM acquisition and INR 500 Cr infused into Bajaj Auto Credit Ltd (BACL). Dividend payout in July/August 2025 was approximately INR 6,000 Cr.
Credit Rating & Borrowing
Bajaj Auto Credit Ltd (BACL) enjoys the highest creditworthiness with a AAA rating. The parent company maintains a debt-free standalone balance sheet with a surplus cash position of over INR 18,000 Cr as of March 31, 2025.
Operational Drivers
Raw Materials
Specific raw materials include steel, noble metals (rhodium and platinum), copper, and rubber. Inflation in these commodities, particularly a sharp rise in noble metals and steel, impacted the cost structure in recent quarters.
Capacity Expansion
Current total capacity is 7.2 million units per annum. Waluj: 2.7M motorcycles and 1.02M CVs; Chakan 1: 0.9M motorcycles; Chakan 2: 0.3M motorcycles (KTM/Triumph); Pantnagar: 1.8M motorcycles; Chakan/Akurdi: 0.48M scooters.
Raw Material Costs
Raw material costs were impacted by a step-up in steel prices and sharp inflation in rhodium and platinum. The company manages these through pricing actions and a richer product mix to offset the impact on the 20.5% EBITDA margin.
Manufacturing Efficiency
Manufacturing efficiency is driven by robotics and automation. 24 international distributor plants now practice TPM, leading to improved productivity and first-time-right quality.
Logistics & Distribution
Distribution network includes 390 exclusive Chetak stores and 4,000 points of sale across 800 cities to support EV leadership.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be achieved by outpacing the industry in the 125cc+ motorcycle segment, expanding the Chetak EV network to 800 cities, and scaling the Brazil subsidiary (currently 3,000 units/month). The company is also consolidating KTM to move to full line-level consolidation and launching new variants of Pulsar and Triumph to leverage GST rate cuts.
Products & Services
Motorcycles (100cc to 400cc+), Electric Scooters, Three-wheeler Commercial Vehicles (Passenger and Cargo), Electric Three-wheelers, Spare Parts, and Financing Services via BACL.
Brand Portfolio
Pulsar, Dominar, KTM, Husqvarna, Triumph, Chetak, Freedom (CNG), GoGo (E-3W), Boxer, Platina, CT, Discover, Avenger, Maxima, Yulu.
New Products/Services
World's first CNG bike (Freedom), GoGo brand for electric 3-wheelers, and upcoming new Chetak models. EV portfolio (3W, Chetak, Yulu) now delivers 20% of domestic revenue with double-digit EBITDA.
Market Expansion
Expansion in Brazil with a new plant featuring high localization (welding/painting). Targeting 15-20% sustained export growth with a focus on 30 key emerging markets.
Market Share & Ranking
Domestic 3W market share is 75% overall and 80% in passenger carriers. Chetak regained the #1 position in Vahan registrations in October 2025. 3W EV market share trebled in FY25.
Strategic Alliances
Partnerships with KTM (Austria) and Triumph (UK) for co-developed premium motorcycles. Collaboration with Yulu for electric micro-mobility.
External Factors
Industry Trends
The industry is seeing a sharp 'up-trading' trend where consumers prefer premium variants (e.g., NS-125 over base 125cc). The EV 3W segment is growing at 50%+, while E-Ricks are declining due to RTO restrictions and up-trading to E-Autos.
Competitive Landscape
Faces competition in the premium segment from domestic and international players; navigating this through disciplined execution and brand activation for KTM and Triumph.
Competitive Moat
Moat is built on brand equity (Pulsar/Chetak), a dominant 75-80% share in the 3W segment, and a robust global distribution network. Sustainability is driven by being the first mover in CNG motorcycles and rapid EV scaling.
Macro Economic Sensitivity
Highly sensitive to GST rate changes; a reduction from 28% to 18% on <350cc bikes contributed to an 8-9% swing in industry growth during the 2025 festive season.
Consumer Behavior
Shift toward 'aspirational purchase' triggered by GST cuts, with customers opting for double-channel ABS and USD fork models in the 150cc-160cc segment.
Geopolitical Risks
Geopolitical shifts and trade barriers in key markets like Nigeria (which is currently in a recovery phase) impact export volumes.
Regulatory & Governance
Industry Regulations
GST rate rationalization (18% for <350cc vs 40% for >350cc). New RTO restrictions in Northern India are impacting E-Rickshaw volumes, favoring the company's E-Auto models.
Taxation Policy Impact
One-time exceptional tax provision of INR 211 Cr was created in FY24 due to the withdrawal of indexation benefits and changes in tax rates on asset classes.
Risk Analysis
Key Uncertainties
Margin pressures from a strengthening rupee and an increasingly competitive landscape. Seasonality in European markets (KTM) typically sees a dip in the first calendar quarter.
Geographic Concentration Risk
33.7% of revenue is from exports. Top 30 overseas markets account for 70% of emerging market sales.
Third Party Dependencies
Dependency on specialized component suppliers for EVs was highlighted by recent supply chain disruptions, now mitigated through diversification.
Technology Obsolescence Risk
Mitigated by aggressive R&D in AI and cutting-edge technologies, and a transition to a 20% EV revenue mix.
Credit & Counterparty Risk
BACL financing penetration is 40% for motorcycles and 50% for three-wheelers, maintaining a healthy ROE of 17.4%.
