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Bajaj Mobility (BMAG) investor relations material
Bajaj Mobility Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue rose 57.0% YoY to €351.128m; nine-month revenue reached €1,052.540m, up 62.2%.
Q3 EBIT returned to positive territory at €11.262m, with an 11.6% EBITDA margin; motorcycle sales drove the recovery.
Restructuring and cost reductions continued, with leaner overheads and inventory; priorities include sustainable profitability and positive free cash flow.
Financial highlights
Q3 EBITDA was €40.7m versus adjusted EBITDA of -€38m in Q3 2025; EBIT was €11.262m versus adjusted EBIT of -€71m.
YTD adjusted EBITDA was €78.238m versus -€222.758m; adjusted YTD EBIT was -€13.532m, a €313m YoY improvement.
Q3 gross profit was €87.674m versus €2.340m; gross margin was 25.0%, up from 22.8% in Q2.
YTD overheads fell €97m to €255m; YTD net loss was €49.783m and Q3 net loss was €2.774m.
Operating cash flow was €29.403m YTD versus -€121m; free cash flow was -€26.052m, improving €100.560m YoY.
Outlook and guidance
Management expects internally defined 2026 targets to be achievable; priorities are profitability, positive free cash flow, efficient inventory and continued cost and organizational optimization.
Q4 ambition is to outperform the prior-year quarter, with the usual seasonal off-road peak expected; no formal guidance was provided.
Working capital as a share of trailing-12-month revenue is targeted to reach the low-20% range over time; timing was not specified.
Further growth opportunities include regaining market share, expanding in LATAM and introducing a new platform in the future.
- Revenue up 65%, motorcycle sales nearly doubled, and Q2 EBIT turned positive after restructuring.BMAG
Q2 2026 - Enduro models are sold road-legal, with minimal impact and no legal or financial risk expected.BMAG
Investor update - Q1 2026 saw revenue up 70%, positive EBITDA, and strong recovery driven by motorcycles.BMAG
Q1 2026 - Restructuring and refocus drove recovery, efficiency, and motorsport dominance.BMAG
Austrian Select Conference - 2025 turnaround: €800M injection, debt halved, 46% revenue drop, and focus on profitable growth.BMAG
H2 2025 - Restructuring drove a €1.2bn profit, positive equity, and improved liquidity despite revenue drop.BMAG
H1 2025 - Sales and earnings guidance cut as restructuring, cost reductions, and inventory destocking continue.BMAG
Status Update - Premium motorcycle leader PIERER Mobility drives global growth and innovation through strong brands.BMAG
Investor Presentation - Revenue and profit plunged as restructuring and weak demand hit both motorcycles and bicycles.BMAG
H1 2024
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