BAJAJ-AUTO

Bajaj Auto share price & financials

Price
₹10,066
Market cap
₹3.1L Cr
Sector
Automobile and Auto Components
Calls analysed
7
Latest concall · Q1 FY27 · call held 21 Jul 2026

Bajaj Auto Q1 FY27

Revenue from Operations ₹17,244 cr +37%EBITDA ₹3,596 cr +45%EBITDA Margin 20.9% +1%PAT ₹3,000 cr +42%

What went well

  • Highest ever quarterly performance with volumes at 1.4 million, revenue of INR17,244 crores, EBITDA of INR3,596 crores, and PAT of INR3,000 crores.
  • EBITDA margins improved 10 basis points sequentially to 20.9% and 110 basis points YoY, driven by higher realizations, richer mix, and operating leverage.
  • Exports business unit achieved a new high of 732,000 units and USD 735 million revenue, outpacing industry growth by over 2x in top 30 markets.

What to watch

  • Supply chain disruptions, industrial LPG curtailment, geopolitical issues in West Asia, and localized manpower challenges impaired availabilities by 10-15%, particularly for exports, high-end bikes, and EVs, causing a missed volume target of 1.5 million units.
  • Commodity inflation intensified to 4.5% of revenue for the quarter, with only about half offset by pricing actions, and the balance absorbed, with broader cost pressures expected in Q2.
Read the full call →

What Bajaj Auto does

Bajaj Auto designs, manufactures and sells two-wheelers (ICE and electric motorcycles/scooters) and three-wheelers (ICE and electric commercial passenger/cargo vehicles) for the domestic Indian market and for export. It earns primarily by selling vehicles through domestic dealer networks and export distributors, supplemented by a spares and accessories business. Its premium motorcycle portfolio is built on the KTM and Triumph brands, and the company has taken a controlling stake in KTM's Austria-based parent, widening its manufacturing and brand reach beyond India. It is also scaling a financing arm (Bajaj Auto Credit) and an in-house R&D subsidiary (Bajaj Auto Technology) to support the vehicle business.

Segments

  • Motorcycles
  • Commercial Vehicles
  • Electric Vehicles
  • Probiking (Premium Motorcycles)
  • Exports
  • Spares
Manufacturing plants (works)
5 — Akurdi (Pune), Chakan Plant-1 and Plant-2 (Pune), Waluj/Bajaj Nagar (Chhatrapati Sambhajinagar), Pantnagar (Uttarakhand)
Export footprint
100+ countries
Market position — electric 2W+3W
India's largest combined electric two-wheeler and three-wheeler player
Market position — electric three-wheelers
Segment leader with the widest portfolio and service footprint in the country
Registered/in-house R&D subsidiary
Bajaj Auto Technology Ltd.
Financing subsidiary
Bajaj Auto Credit Ltd.
Headquarters Akurdi, Pune, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 7 delivered 5 missed 11 open
  • Exports Growth delivered said Q3 FY25 Promised: 20% plus year-on-year for the next 3 to 6 months. Q1 FY27: Historical promise remains achieved.
  • Brazil Capacity Expansion went quiet said Q3 FY25 Promised: 50,000 units plus level per annum, to be in place by the final quarter of FY '26. Q1 FY27: No mention of Brazil capacity expansion. The deadline has passed and the promise remains unaddressed.
  • e-Rickshaw Launch & Scale-up delayed said Q3 FY25 Promised: Intend to launch a modern e-Rick by the end of this financial year (FY25). Q1 FY27: Management acknowledged significant hurdles to scale-up, including issues with financing and higher pricing, explaining the continued delay.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 65.1%, net profit up 44.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue13,247 13,169 12,646 13,133 15,735 +19%16,204 +23%17,832 +41%21,689 +65%
EBITDA2,073 2,751 2,358 2,793 2,829 +36%3,730 +36%3,075 +30%4,528 +62%
Net profit1,385 2,196 1,802 2,210 2,122 +53%2,750 +25%3,492 +94%3,189 +44%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +26.3% 1Y

₹9k₹10k₹11k₹12kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 7 Nov 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 6 May 2026Q1 FY27 — 21 Jul 2026

1Y: ₹9,244 on 10 Sept 2025 → ₹11,678. High ₹12,361 (1 Sept 2026), low ₹8,626.5 (1 Oct 2025).

How the price took the results

close before → close after

Q1 FY27
−1.1%
21 Jul
Q4 FY26
+2.7%
6 May
Q3 FY26
+0.9%
30 Jan
Q2 FY26
+0.0%
7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 19.9% a year over 3 years, FY23 to FY26. Operating margin widened to 19.8%.

Year endingFY23FY24FY25FY26
Revenue₹36.5k Cr₹44.9k Cr₹51.0k Cr₹62.9k Cr
Operating profit₹6.5k Cr₹8.8k Cr₹9.6k Cr₹12.4k Cr
Operating margin17.7%19.5%18.7%19.8%
Interest₹39 Cr₹61 Cr₹389 Cr₹1.2k Cr
Depreciation₹286 Cr₹365 Cr₹414 Cr₹645 Cr
Net profit₹6.1k Cr₹7.7k Cr₹7.3k Cr₹10.6k Cr
Net margin16.6%17.2%14.4%16.8%
ROCE27.0%34.0%28.0%28.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹289 Cr₹289 Cr₹283 Cr₹279 Cr₹279 Cr₹280 Cr
Reserves₹27.0k Cr₹29.6k Cr₹29.1k Cr₹28.7k Cr₹33.9k Cr₹38.6k Cr
Borrowings₹121 Cr₹123 Cr₹124 Cr₹1.9k Cr₹19.7k Cr₹22.7k Cr
Other liabilities₹6.2k Cr₹5.1k Cr₹5.7k Cr₹8.5k Cr₹11.6k Cr₹15.4k Cr
Total liabilities₹33.6k Cr₹35.1k Cr₹35.1k Cr₹39.3k Cr₹65.5k Cr₹76.9k Cr
Fixed assets₹1.7k Cr₹1.8k Cr₹2.8k Cr₹3.2k Cr₹3.7k Cr₹12.0k Cr
Capital work in progress₹16 Cr₹77 Cr₹85 Cr₹35 Cr₹58 Cr₹1.5k Cr
Investments₹24.7k Cr₹26.6k Cr₹26.2k Cr₹28.1k Cr₹29.0k Cr₹24.6k Cr
Other assets₹7.2k Cr₹6.6k Cr₹6.0k Cr₹8.0k Cr₹32.8k Cr₹38.8k Cr
Total assets₹33.6k Cr₹35.1k Cr₹35.1k Cr₹39.3k Cr₹65.5k Cr₹76.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +1.41 pp while FIIs trimmed −1.29 pp. The shareholder count grew 89% to 6,78,954.

Promoters
55.0%
FIIs
9.0%
DIIs
13.4%
Government
0.1%
Public
22.4%

Since Jun 2025

  • DIIs +1.41 pp
  • FIIs −1.29 pp
  • Public −0.09 pp

How it drifted, 12 quarters

Over this window FIIs fell from 14.4% to 9.0% — −5.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.0%, FIIs 14.4%, DIIs 9.0%, Government 0.1%, Public 21.5%.Dec '23: Promoters 55.0%, FIIs 14.6%, DIIs 8.7%, Government 0.1%, Public 21.7%.Mar '24: Promoters 55.1%, FIIs 14.5%, DIIs 8.5%, Government 0.1%, Public 21.9%.Jun '24: Promoters 55.1%, FIIs 14.2%, DIIs 8.7%, Government 0.1%, Public 21.9%.Sep '24: Promoters 55.0%, FIIs 14.3%, DIIs 8.7%, Government 0.1%, Public 21.9%.Dec '24: Promoters 55.0%, FIIs 12.4%, DIIs 10.0%, Government 0.1%, Public 22.4%.Mar '25: Promoters 55.0%, FIIs 11.6%, DIIs 10.9%, Government 0.1%, Public 22.3%, Others 0.0%.Jun '25: Promoters 55.0%, FIIs 10.3%, DIIs 12.0%, Government 0.1%, Public 22.5%, Others 0.0%.Sep '25: Promoters 55.0%, FIIs 9.7%, DIIs 12.8%, Public 22.5%, Others 0.0%.Dec '25: Promoters 55.0%, FIIs 8.8%, DIIs 14.1%, Public 22.0%, Others 0.1%.Mar '26: Promoters 55.0%, FIIs 8.8%, DIIs 14.3%, Government 0.1%, Public 21.6%, Others 0.1%.Jun '26: Promoters 55.0%, FIIs 9.0%, DIIs 13.4%, Government 0.1%, Public 22.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Bajaj Auto above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bajaj Holdings And Investment Limited 34.19%unchanged
Jamnalal Sons Pvt Ltd 9.29%unchanged
LICI ULIP-Growth Fund Insurer4.88%newly disclosed
Jaya Hind Industries Private Limited 3.56%unchanged
Maharashtra Scooters Limited 2.48%unchanged
HDFC Mutual Fund-HDFC Hybrid Debt Fund Mutual fund1.60%−0.52 pp
Bajaj Sevashram Private Ltd 1.58%unchanged
SBI Nifty 50 Equal Weight Index Fund Mutual fund1.35%newly disclosed
Bachhraj And Company Pvt Limited 1.30%unchanged
Yamuna Trust 1.29%unchanged
NPS Trust A/C UTI Pension Fund Limited-Scheme Cent Pension / PF1.01%newly disclosed
Bachhraj Factories Private Limited 0.69%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BAJAJ-AUTO

Filings to Aug 2026

1 new, 15 added, 27 trimmed, 0 sold out — net −10.88 L shares (−11.3%).

Held by funds
₹10.2k Cr
55 schemes
Biggest holder
SBI Nifty 50 ETF
₹2.6k Cr · 1.2% of that fund
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹2.6k Cr+0.11 L
HDFC Large Cap Fund HDFC Mutual Fund₹1.1k Cr−1.63 L
SBI Flexicap Fund SBI Mutual Fund₹895 Crheld
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹818 Cr+0.14 L
SBI Contra Fund SBI Mutual Fund₹676 Crheld
HDFC Flexi Cap Fund HDFC Mutual Fund₹605 Cr−8.97 L
Nippon India Large Cap Fund Nippon India Mutual Fund₹577 Cr+1.25 L
HDFC Balanced Advantage Fund HDFC Mutual Fund₹435 Cr−0.14 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

15 added, 27 trimmed — net −10.88 L shares (−11.3%)

Funds are sitting on
+30%
vs est. average cost
Held by funds
₹10.2k Cr
55 schemes · ≈ 2.8% of the company
Biggest holder
SBI Nifty 50 ETF
₹2.6k Cr · 1.2% of that fund
Longest holder
Nippon India Index Fund - Nifty 50 Plan
14y · since Sep '12

Shares held by these funds +74%

Aug '23 84.81 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹11678, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹7865 — downside of 33%.

Growth the price implies
23.4% a year
for 7 years, fading to 4%
It has actually compounded at
14.4% a year
net profit, FY23–FY26 · EPS 15.7%
The gap
0.1 pp
-33% downside if it only repeats history
Price today ₹11,678 Value at the reference growth ₹7,865.43

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Bajaj Auto

Guides on how to read this kind of business and the numbers that matter.