Bajaj Auto (BAJAJ-AUTO) investor relations material

Executive summary

• Q1 FY26 revenue exceeded INR 12,500 crores, with EBITDA near INR 2,500 crores and PAT of INR 2,100 crores, driven by strong exports, premium motorcycles, commercial vehicles, and EVs, despite a volatile environment.

• Export volumes grew 16% YoY, with record retails outside Nigeria and double-digit growth across Africa, LatAm, and Asia.

• Premium motorcycle and EV businesses showed robust growth, with EVs contributing over 20% to domestic revenue and Chetak volumes more than doubling YoY.

• Spares business grew 19% and subsidiary BACL delivered a PAT of INR 102 crores, scaling AUM to INR 12,000 crores.

• EBITDA margin was 19.7%, down 50 bps sequentially due to lower dollar realization, but supported by improved mix and operating leverage.

Financial highlights

• Standalone revenue for Q1 FY26 was INR 12,584 crores (up 6% YoY); consolidated revenue INR 13,133 crores.

• EBITDA was INR 2,482 crores (19.7% margin), PAT INR 2,100 crores (up 5% YoY), and consolidated PAT INR 2,210 crores (up 14% YoY).

• Free cash flow generation added INR 1,200 crores, with surplus cash at just under INR 17,000 crores.

• Spares revenue hit INR 1,600 crores, surpassing previous peaks.

• Basic EPS (consolidated): INR 79.2 for the quarter, up from INR 69.6 YoY.

Outlook and guidance

• Margin expected to trend back toward FY25 average, with commodity cost pressures offset by cost reduction and selective pricing.

• Export growth momentum anticipated to continue, especially as KTM exports resume and Brazil capacity expands.

• EV supply chain issues expected to be resolved by quarter-end, with full derisking in 6–9 months.

• Focus on electrification, premiumization, and 125cc+ motorcycle segment to drive future growth.

• Monitoring supply chain risks, particularly rare earth magnet availability for EVs.