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BAJAJ-AUTO - Bajaj Auto

📊 NSE: BAJAJ-AUTO 🏢 Automobiles - Scooters And 3 - Wheelers 📅 Last Updated: 12/13/2025 18:53

📢 Recent Corporate Announcements

Bajaj Auto Schedules Q4 FY26 Earnings Conference Call for May 6, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 15 Apr 2026, 01:38 PM

Bajaj Auto Limited has announced its conference call for analysts and institutional investors to discuss the Q4 FY26 financial results. The call is scheduled for May 6, 2026, at 7:15 PM IST, following the company's quarterly performance review. Senior management, including Executive Director Rakesh Sharma and CFO Dinesh Thapar, will be present to provide commentary. This is a routine but essential event for investors to understand the company's growth trajectory and margin outlook.

Conference call for Q4 FY26 results scheduled for May 6, 2026, at 07:15 PM IST
Key management participants include Executive Director Rakesh Sharma and CFO Dinesh Thapar
Universal access dial-in numbers are +91 22 6280 1510 and +91 22 7115 8880
International toll-free numbers available for Hong Kong, Singapore, UK, and USA

💡 Investors should mark the date to listen for management commentary on export volumes and EV market share. No immediate action is required as this is a scheduling announcement.

Bajaj Auto Submits SEBI Compliance Certificate for Q4 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Apr 2026, 04:55 PM

Bajaj Auto has filed its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending March 31, 2026. The Registrar and Share Transfer Agent, KFin Technologies, confirmed that all dematerialization requests were processed within the required 15-day window. The filing confirms that physical certificates were mutilated and cancelled after verification and depository records were updated. This is a standard administrative procedure ensuring smooth share transfer and demat operations.

Compliance certificate submitted for the quarter ended March 31, 2026.
Demat requests processed within 15 days by KFin Technologies Limited.
Covers the period from January 1, 2026, to March 30, 2026.
Confirms security certificates were mutilated and cancelled after due verification.

💡 This is a routine regulatory filing with no impact on the company's fundamentals. No action is required from investors.

Bajaj Auto Subsidiary BACL Reaffirmed CARE AAA (Stable) Rating for Rs 10,000 Cr Facilities

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 31 Mar 2026, 10:51 AM

CARE Ratings has reaffirmed the highest credit rating of 'CARE AAA (Stable)' for the long-term bank facilities of Bajaj Auto Credit Limited (BACL). BACL is a wholly-owned subsidiary of Bajaj Auto Limited, serving as its captive finance arm. The rating covers bank facilities amounting to Rs. 10,000 crore. This reaffirmation underscores the strong financial health and creditworthiness of the Bajaj Auto group, ensuring access to low-cost capital.

CARE Ratings reaffirmed 'CARE AAA (Stable)' rating for Bajaj Auto Credit Limited (BACL).
The rating applies to long-term bank facilities totaling Rs. 10,000 crore.
BACL is a 100% subsidiary of Bajaj Auto Limited, focusing on vehicle financing.
The 'Stable' outlook indicates a low probability of credit profile deterioration in the near term.

💡 Investors should view this as a confirmation of the group's robust financial position and the subsidiary's ability to support sales through competitive financing. No immediate portfolio changes are required based on this routine credit reaffirmation.

Bajaj Auto to Close Trading Window from April 1, 2026, for FY26 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 07:40 PM

Bajaj Auto Limited has announced the closure of its trading window for all designated persons and their relatives starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's annual financial result declaration. The window will remain closed until 48 hours after the audited standalone and consolidated financial results for the year ending March 31, 2026, are made public. The specific date for the board meeting to approve these results will be announced at a later time.

Trading window closure effective from April 1, 2026.
Closure is related to the audited financial results for the fiscal year ending March 31, 2026.
Window to reopen 48 hours after the official announcement of financial results.
Applicable to all designated/connected persons and their immediate relatives as per SEBI norms.

💡 This is a routine regulatory filing with no direct impact on stock valuation; investors should monitor for the upcoming board meeting date to assess FY26 performance.

Bajaj Auto Subsidiary Bajaj Mobility AG Reports EUR 590M Net Profit in 2025 Turnaround

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 26 Mar 2026, 12:41 PM

Bajaj Auto's step-down subsidiary, Bajaj Mobility AG (formerly PIERER Mobility), has successfully completed its restructuring year with a net profit of EUR 590 million for 2025. The company achieved a significant turnaround in H2 2025, with retail sales surging 60% compared to H1 and a massive inventory reduction of over 100,000 units. A key financial milestone included securing a EUR 550 million low-interest bank loan to repay a EUR 450 million loan from Bajaj Auto, improving group liquidity. The subsidiary has also divested non-core assets like MV Agusta and its bicycle segment to focus on core brands KTM, Husqvarna, and GASGAS.

Reported 2025 Revenue of EUR 1.009 billion and Net Profit of EUR 590 million, supported by a EUR 1.193 billion restructuring gain.
Aggressive inventory management reduced stock by 101,153 units, ending the year at 147,427 vehicles.
Net debt significantly reduced to EUR 798 million with the equity ratio rising to 24.3%.
Successfully refinanced EUR 550 million through an international banking consortium, replacing a higher-interest loan from Bajaj Auto.
Strong start to 2026 with Q1 motorcycle sales reported at more than double the previous year's levels.

💡 Investors should take confidence in the stabilization of Bajaj Auto's European operations, which previously faced inventory and debt headwinds. The successful turnaround and debt refinancing at the subsidiary level will likely improve Bajaj Auto's consolidated financial health and allow for a sharper focus on the premium motorcycle segment.

Bajaj Auto Re-appoints Pradeep Shrivastava as Executive Director for 5-Year Term

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 18 Mar 2026, 05:44 PM

Bajaj Auto's Board has approved the re-appointment of Pradeep Shrivastava as a Whole-time Director (Executive Director) for a second five-year term effective from April 1, 2026, to March 31, 2031. Shrivastava, an IIT Delhi and IIM Bangalore alumnus, has been with the company since 1986 and has served as Chief Operating Officer since 2010. He plays a pivotal role in managing the company's international motorcycle interests, including KTM AG. This move ensures leadership continuity in manufacturing and operations for the next five years.

Re-appointment of Pradeep Shrivastava as Executive Director for a 5-year term starting April 1, 2026.
Shrivastava has a long-standing tenure with the company since 1986 and has been on the Board since 2016.
He represents Bajaj Auto on the Supervisory Boards of KTM AG and Bajaj Mobility AG.
The appointment is subject to shareholder approval and follows the recommendation of the Nomination and Remuneration Committee.

💡 Investors should view this as a sign of management stability and continuity in operational strategy. No immediate action is required as this is a routine re-appointment of a veteran executive.

Bajaj Auto Subsidiary BACL Receives [ICRA]AAA (Stable) Rating for Rs 7,750 Crore Facilities

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 07 Mar 2026, 01:38 PM

ICRA has reaffirmed and assigned the highest credit rating of [ICRA]AAA (Stable) to Bajaj Auto Credit Limited (BACL), a wholly owned subsidiary of Bajaj Auto. The rating covers Rs 2,000 crore in Non-convertible debentures and Rs 750 crore in subordinated debt. Furthermore, ICRA assigned a new [ICRA]AAA (Stable) rating to Rs 5,000 crore of long-term bank lines. This top-tier credit rating reflects the strong financial backing of the parent company and ensures the subsidiary can access capital at competitive rates to fuel its lending operations.

ICRA reaffirmed [ICRA]AAA (Stable) rating for Rs 2,000 crore of Non-convertible debentures
Subordinated bonds and debt worth Rs 750 crore maintained their [ICRA]AAA (Stable) rating
New [ICRA]AAA (Stable) rating assigned to Rs 5,000 crore of long-term bank lines
Total credit facilities rated for the subsidiary BACL amount to Rs 7,750 crore

💡 Investors should note this as a positive development for Bajaj Auto's captive finance arm, as the top-notch rating will keep borrowing costs low. This strengthens the company's competitive position in the vehicle financing segment.

Bajaj Auto Subsidiary KTM AG Pre-pays Euro 450 Million Loan; Agreement Terminated

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 05 Mar 2026, 05:18 PM

KTM AG, a step-down subsidiary of Bajaj Auto, has pre-paid its outstanding Euro 450 million secured term loan to Bajaj Auto International Holdings BV. This loan was originally extended in May 2025 to facilitate the restructuring of KTM AG and its relevant subsidiaries. The full repayment has resulted in the formal termination of the facility agreement on March 5, 2026. This move reflects a strengthening financial position for the KTM business unit following its restructuring phase.

KTM AG pre-paid the entire outstanding amount of a Euro 450 million secured term loan
The loan was provided by BAIH BV, a 100% owned subsidiary of Bajaj Auto Limited
The facility was originally intended to fund the restructuring of KTM AG and its subsidiaries
The agreement, dated May 21, 2025, stands terminated effective March 5, 2026

💡 Investors should view this as a positive signal regarding KTM AG's liquidity and the successful progress of its restructuring efforts. No immediate action is required, but it improves the consolidated financial outlook.

Bajaj Auto Feb 2026 Total Sales Surge 27% YoY to 4.48 Lakh Units

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 02 Mar 2026, 08:56 AM

Bajaj Auto reported a robust 27% year-on-year growth in total sales for February 2026, reaching 4,48,259 units. The growth was consistent across segments, with domestic sales rising 27% and exports increasing by 28%. A standout performer was the Commercial Vehicle export segment, which grew by 43% during the month. Year-to-date (Apr-Feb) total sales are up 9%, supported by a strong 21% recovery in overall exports compared to the previous year.

Total monthly sales increased 27% YoY to 4,48,259 units from 3,52,071 units in February 2025.
2-Wheeler sales grew 27% overall, with domestic volumes at 1,86,164 units and exports at 1,93,757 units.
Commercial Vehicle exports showed significant momentum with 43% YoY growth in February and 52% YTD growth.
Total domestic sales for February 2026 stood at 2,32,581 units, a 27% jump over the previous year.
Year-to-date total sales reached 46,72,290 units, marking a 9% increase over the corresponding period last year.

💡 The strong double-digit growth across domestic and export markets indicates healthy demand and successful recovery in international geographies. Investors should maintain a positive outlook while monitoring the sustainability of domestic 2-wheeler growth which remains flat on a YTD basis.

Bajaj Auto Subsidiary KTM AG Secures €550 Million Refinancing Loan

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 27 Feb 2026, 11:46 PM

KTM AG, a step-down subsidiary of Bajaj Auto, has secured a €550 million (₹5,904.8 crore) unsecured loan from a consortium of four international banks. This 5-year facility will be used to repay a €450 million intra-group loan previously provided by Bajaj Auto's subsidiary during KTM's restructuring phase. The move shifts the debt burden from the parent group's internal books to external banking institutions, reflecting strong lender confidence. KTM AG reported a 60% increase in retail sales in H2 2025 and a reduction of 100,000 units in inventory, signaling an operational turnaround.

KTM AG secured a €550 million (₹5,904.8 crore) unsecured loan for a 5-year term.
Proceeds will repay a €450 million intra-group loan to Bajaj Auto International Holdings BV.
Lenders include DBS Bank, JP Morgan S.E., HSBC, and MUFG Bank Ltd.
Operational recovery noted with H2 2025 retail sales up 60% and inventory reduced by 100,000 units.
Interest rates are competitive, in the low to mid-single-digit percentage range.

💡 This refinancing validates KTM's turnaround and frees up Bajaj Auto's internal capital; investors should remain positive on the stock's long-term growth prospects.

Bajaj Auto's KTM AG Secures €550 Million Refinancing Loan to Strengthen Financial Base

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 27 Feb 2026, 11:39 PM

KTM AG, a step-down subsidiary of Bajaj Auto, has secured a €550 million (approx. ₹5,904.8 crore) unsecured loan from a consortium of four international banks. This 5-year facility will be used to repay a €450 million intra-group loan previously provided by Bajaj Auto for KTM's restructuring. The move shifts the debt burden from the parent group to external lenders, reflecting strong banking confidence in KTM's recovery. KTM reported a 60% increase in retail sales in H2 2025 and a reduction of over 100,000 units in inventory, signaling operational stabilization.

Secured €550 million (₹5,904.8 crore) unsecured loan with a 5-year tenure from DBS, JP Morgan, HSBC, and MUFG
Proceeds will repay a €450 million intra-group loan from Bajaj Auto International Holdings BV used for restructuring
Interest rate set at a competitive low to mid-single-digit percentage range (EURIBOR + margin)
Operational recovery noted with H2 2025 retail sales up 60% and inventory reduced by 100,000+ units

💡 Investors should view this as a positive sign of KTM's turnaround and reduced financial reliance on the parent company's balance sheet. Monitor if this leads to improved consolidated margins for Bajaj Auto as KTM stabilizes.

Bajaj Auto Subsidiary KTM AG Secures €550 Million Refinancing Loan

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 27 Feb 2026, 10:27 AM

KTM AG, a step-down subsidiary of Bajaj Auto, has secured a €550 million refinancing loan from an international banking consortium. This new 5-year unsecured loan replaces a €450 million loan previously provided by Bajaj Auto's international holding company in May 2025. The financing carries a low to mid-single-digit interest rate and marks the completion of KTM AG's financial restructuring. While the loan strengthens the subsidiary's foundation, it imposes market-standard restrictions on dividend distributions during its term.

KTM AG secured a €550 million unsecured loan from an international banking consortium
The loan refinances a €450 million debt previously owed to Bajaj Auto International Holdings B.V.
The new debt has a 5-year term with interest rates in the low to mid-single-digit percentage range
Dividend distributions from KTM AG are restricted during the 5-year loan tenure
This transaction completes the refinancing measures and financial restructuring of KTM AG

💡 Investors should view this as a positive development as it replaces internal group funding with external debt, de-risking Bajaj Auto's balance sheet. Monitor KTM AG's operational performance now that the financial restructuring phase is finalized.

Bajaj Auto Schedules Institutional Investor Meeting with Investec for March 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Feb 2026, 04:51 PM

Bajaj Auto Limited has announced a group meeting with institutional investors scheduled for March 12, 2026. The meeting is organized by Investec and will be held physically in Pune. This disclosure is a routine regulatory requirement under SEBI Listing Regulations to ensure transparency in investor interactions. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session.

Group meeting with institutional investors scheduled for March 12, 2026
Meeting organized by Investec to be held physically in Pune
Disclosure made under Regulation 30 of SEBI Listing Regulations, 2015
Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared

💡 Investors should watch for any post-meeting presentations or transcripts filed with the exchanges for potential updates on the company's business outlook. No immediate trading action is required based on this routine scheduling announcement.

Bajaj Auto Schedules Group Meeting with Investec for March 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Feb 2026, 04:50 PM

Bajaj Auto Limited has informed the stock exchanges about a scheduled group meeting with Investec on March 12, 2026. The meeting is set to take place physically in Pune, following the regulatory disclosure requirements under SEBI Regulations, 2015. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this interaction. Such meetings are standard practice for the company to engage with institutional investors and analysts.

Group meeting with Investec scheduled for March 12, 2026
Meeting to be held in physical mode at Pune location
Disclosure made under Regulation 30 of SEBI Listing Regulations, 2015
Confirmation that no Unpublished Price Sensitive Information (UPSI) will be shared

💡 This is a routine regulatory filing; no immediate action is required. Investors may look for any post-meeting presentations or transcripts on the exchange for potential insights into management's outlook.

Bajaj Auto Clarifies Routine Marketing Campaign; No Material Impact on Operations

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Feb 2026, 10:55 AM

Bajaj Auto has clarified to the exchanges that its partnership with VDO.AI and Dentsu India was for a routine digital marketing campaign for Triumph Motorcycles. The campaign, titled 'For Those Who Know The Difference,' was conducted between November 25 and December 16, 2025, and was not a new strategic development. The company stated that the news report was likely released by the publisher for award purposes and contains no undisclosed material information. This clarification follows a 3.39% rise in the company's stock price on February 25, 2026.

Clarified that the VDO.AI partnership was a routine marketing activity via vendor Dentsu India.
The Triumph Motorcycles campaign ran for approximately 3 weeks from Nov 25 to Dec 16, 2025.
Management confirmed no undisclosed price-sensitive information is pending despite a 3.39% price movement.
The news item was released by the publisher VDO.AI for digital marketing award aspirations.

💡 No action is required as the news is confirmed to be routine marketing; investors should maintain focus on fundamental earnings and monthly sales data.

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💰 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.