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Bajaj Auto (BAJAJ-AUTO) investor relations material
Bajaj Auto Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly revenue of over INR 15,000 crore, up 19% year-over-year, with all business units at all-time highs and strong volume growth across segments.
EBITDA exceeded INR 3,100 crore at a 20.8% margin, up 22% year-over-year, driven by effective P&L management, currency tailwinds, and PLI benefits.
PAT before exceptional items at INR 2,549 crore, up 21% year-over-year; reported PAT at INR 2,503 crore, up 19% after a one-time expense related to new Labour Codes.
Free cash flow for nine months at INR 5,200 crore, up 70% year-over-year, with surplus funds at ~INR 15,000 crore after dividends and capital infusion.
Growth was broad-based across domestic motorcycles, three-wheelers, electric vehicles, and exports, with all segments contributing to record performance.
Financial highlights
Standalone revenue from operations for Q3 FY26 was INR 15,220 crore, up 19% year-over-year; consolidated revenue at INR 16,204 crore, up 25% year-over-year.
Standalone EBITDA for Q3 FY26 was INR 3,161 crore (20.8% margin), up 22% year-over-year.
PAT before exceptional items at INR 2,549 crore, up 21%; after a one-time charge, PAT at INR 2,503 crore, up 19%.
Free cash flow for 9M FY26 was INR 5,200 crore, up 70% year-over-year.
Total volumes for Q3 FY26 were 1,341,252 units, up 10% year-over-year.
Outlook and guidance
Management expects double-digit industry growth (12%-15%) in the near term, especially in premium motorcycle segments.
Export growth momentum expected to continue, targeting 200,000+ units per month.
Electric two-wheelers and commercial vehicles are expected to remain key growth drivers, with the electric portfolio contributing 25% of domestic revenues in Q3.
Focus on regaining and expanding market share in 125cc+ and 150cc+ segments through new launches and upgrades.
Anticipates continued growth in electric vehicle portfolio and further expansion in international markets.
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Record underwriting profit, strong ROE, and over $700M returned to shareholders in 2025.
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