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Bajaj Auto (BAJAJ-AUTO) investor relations material
Bajaj Auto Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary7 Nov, 2025
Executive summary
Q2 FY26 delivered record highs in revenue, EBITDA, PAT, and volumes across all business units, driven by strong festive demand, GST rate cuts, and a richer vehicle mix.
All-time high quarterly revenue of nearly INR 15,000 crore, up 14% year-over-year, with EBITDA at INR 3,000 crore (20.5% margin) and PAT close to INR 2,500 crore, up 24% year-over-year.
Export volumes grew 24%–35% year-over-year, with broad-based growth across LATAM, Asia, and Africa, and a new record in export revenue.
Domestic motorcycle and three-wheeler businesses achieved all-time high retail and revenue performance, with market share gains in key segments and premium bikes leading growth.
EV portfolio (two- and three-wheelers) contributed 18% of domestic revenue, with double-digit EBITDA margin, overcoming supply disruptions.
Financial highlights
Revenue from operations at just under INR 15,000 crore, up 14% year-over-year; H1 FY26 revenue at INR 27,506 crore, up 10% year-over-year.
EBITDA at INR 3,052 crore (20.5% margin), up 15% year-over-year; H1 FY26 EBITDA at INR 5,534 crore.
PAT at just under INR 2,500 crore, up 24% year-over-year; adjusted PAT growth at 12% excluding last year’s one-time tax provision; H1 FY26 PAT at INR 4,576 crore, up 15% year-over-year.
Free cash flow generation of INR 4,500 crore in H1, with surplus cash exceeding INR 14,000 crore after major dividend and investment outflows.
Consolidated revenue grew 19% year-over-year; consolidated PAT up 53% year-over-year, driven by turnaround in Brazil and Bajaj Auto Credit.
Outlook and guidance
Exports expected to maintain growth momentum, with seasonality considered and capacity expansion underway.
Domestic motorcycle industry projected to grow 6-8% in the medium term, with company aiming to outpace industry growth in 125cc+ segment.
Three-wheeler category expected to continue growing, with company targeting to outpace industry and expand EV offerings.
New Pulsar variants and a non-Pulsar brand launch planned in the next fiscal.
Ongoing cost rationalization and investments in R&D and brand building to offset future PLI phase-out for EVs by 2028.
Impact of delayed PBAG controlling stake?
Future EV supply chain resilience plans?
When will ELV/EPR obligations be estimable?
When will KTM be fully consolidated?
What drives EV portfolio's double-digit EBITDA?
What segments drive domestic motorcycle share gain?
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Next Bajaj Auto earnings date
Q3 25/2627 Jan, 2026
Next Bajaj Auto earnings date
Q3 25/2627 Jan, 2026
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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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