Bajaj Auto
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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.
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Q3 25/26 earnings summary30 Jan, 2026

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.

KTM AG turnaround: What cost synergies are planned?
Pulsar 150cc+ share: What is the product strategy?
EV double-digit EBITDA: What drives this margin?
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Frequently asked questions

Bajaj Auto Limited develops and manufactures small cars, motorcycles, and mopeds. The company offers Multi Purpose Vehicles, light commercial vehicles, scooters, mopeds, motorcycles on a two-wheeler chassis, and three-wheelers. Bajaj Auto Limited sells its products in domestic market through authorized dealers. Its Multi Purpose Vehicles are available under the names of Pulsar, Discover, Platina, and Avenger. The company was founded in 1945 and is based in Pune, India.

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