Bajaj Auto (BAJAJ-AUTO) Q4 24/25 earnings summary

Executive summary

• Achieved record revenue of over INR 50,000 crore for FY 2025, up 12% YoY, with strong growth in ICE and electric vehicles.

• EBITDA reached INR 10,101 crore, up 14% YoY, with stable 20.2% margins throughout the year.

• Profit after tax surpassed INR 8,000 crore, with normalized PAT up 12% YoY before a one-time deferred tax provision.

• Exports rebounded sharply in Q4, growing 20% in volume, with double-digit growth in LatAm and Asia.

• Electric vehicle business saw Chetak become the market leader in electric two-wheelers, now ~20% of domestic revenue.

Financial highlights

• FY 2025 revenue: INR 50,000 crore, up 12% YoY; Q4 revenue: INR 12,148 crore, up 6% YoY.

• FY 2025 EBITDA: INR 10,101 crore (20.2% margin), up 14% YoY; Q4 EBITDA: INR 2,451 crore.

• FY 2025 profit after tax: INR 8,151 crore standalone (up 9% YoY), INR 7,325 crore consolidated (impacted by associate losses).

• Free cash flow: INR 6,500 crore; closing cash balance: INR 17,000 crore.

• Dividend of INR 210 per share approved, totaling nearly INR 5,900 crore (72% payout).

Outlook and guidance

• Exports expected to grow 15%-20% YoY per quarter, driven by Latin America and return of KTM exports.

• Focus on regaining market share in 125cc+ motorcycles through new launches and targeted marketing.

• Continued leadership and expansion in electric two- and three-wheelers, with new product launches planned.

• Strategic focus on premium motorcycles, commercial vehicles, and export markets to drive future performance.

• Cautious on commodity and currency volatility; expects some material cost inflation and margin pressure in Q1 FY 2026.