Bajaj Auto

Bajaj Auto reported a strong Q3 FY26, with consolidated revenue reaching INR 16,204 crores, a 25% year-on-year growth. Consolidated PAT stood at INR 2,750 crores, also up 25% YoY. EBITDA for the quarter was INR 3,161 crores, translating to an EBITDA margin of 20.8%, which expanded by 30 basis points sequentially. The company also generated INR 5,200 crores in free cash flow for the first nine months of FY26, representing a 70% YoY increase, and maintained a cash surplus of INR 15,000 crores.

The domestic motorcycle industry experienced a significant boost in Q3, growing by 15% following GST rate rationalization. Bajaj Auto's strategy focuses on the 125cc plus segment, which is growing faster than the overall market. The company launched seven new or refreshed Pulsar models in the last two months, with eight more planned over the next four months, aiming to outpace industry growth and acquire market share, particularly in the 150cc plus segment.

Bajaj Auto's EV portfolio now contributes 25% of its domestic revenues and has achieved double-digit EBITDA margins. The Chetak electric scooter saw sharp performance improvement, regaining market share and expanding its distribution network to 450 exclusive stores and 4,000 points of sale across 800 cities. The company also launched the new Chetak C25 at an attractive price of INR 91,399. Additionally, the Riki L3 E-Rickshaw segment is being seeded in 50 cities, with plans to scale up from Q1 FY27.

The exports business demonstrated sustained growth, with volumes crossing 600,000 units in Q3, an 18% YoY increase, and revenue reaching USD 600 million. The CV segment in exports grew by 56% this quarter. The Pro-Biking business unit, comprising KTM and Triumph, delivered its highest-ever quarterly performance with combined volumes over 35,000 units, growing around 50% YoY. The company plans to expand KTM-Triumph showrooms to over 100 by March 2026.

Bajaj Auto increased its ownership in KTM AG to 75% in November 2025 and has initiated a comprehensive turnaround plan. This plan focuses on ensuring liquidity, building a strong top management team, and prioritizing cost reduction and synergy capture. The company invested INR 2,300 crores during the 9-month period into its Netherlands subsidiary (BAIHBV) and BACL, with the last infusion into BACL being INR 300 crores.

Bajaj Auto Credit Limited (BACL), the retail finance subsidiary, had an excellent quarter, reporting a PAT of INR 200 crores in Q3, a 52% sequential growth. BACL's Assets Under Management (AUM) now exceed INR 16,000 crores, serving over 3.5 lakh customers with a penetration of 45%. The company maintains a healthy Capital Risk Adequacy Ratio of 19.77% and delivered 21% Returns on Equity for the 9 months ended December 2025.