Bajaj Auto (BAJAJ-AUTO) Q3 24/25 earnings summary

Executive summary

• Q3 volumes exceeded 1.2 million units, with revenue at ₹12,807 crore, EBITDA over ₹2,500 crore, and PAT above ₹2,000 crore; EBITDA margin held at 20.2%, up 10 bps YoY.

• Achieved record market shares in electric two- and three-wheelers, with electric vehicle volumes nearly doubling in e2Ws and tripling in e3Ws YoY.

• Exports rebounded, delivering double-digit growth for the fourth consecutive quarter, especially in Latin America and Africa, offsetting declines in KTM exports.

• Green energy portfolio contributed 44%-45% of domestic revenue, up from 30% last year.

• Free cash flow of ~₹3,000 crore generated in 9M FY25, with surplus funds of ₹15,001 crore after investments and dividend payouts.

Financial highlights

• Standalone Q3 revenue at ₹12,807 crore, up 6% YoY; EBITDA at ₹2,581 crore, up 6% YoY; PAT at ₹2,109 crore, up 3% YoY.

• Margins held steady at 20.2%, marking six consecutive quarters above 19.8%.

• Spares business crossed ₹1,500 crore in quarterly revenue for the first time.

• Total Q3 volumes: 12,24,472 units (+2% YoY); 9M FY25: 35,48,032 units (+8% YoY).

• Surplus cash at quarter-end was ₹15,001 crore; free cash flow of ₹3,000 crore generated in nine months.

Outlook and guidance

• Continued focus on green energy and electric vehicles, with the new Chetak 35 series launched to strengthen market position.

• Exports expected to maintain 20%+ YoY growth, with strong performance in Africa and Latin America.

• Domestic motorcycle industry growth expected at 6%-8%, with 125cc+ segment outpacing 100cc.

• L5 three-wheeler industry to grow at 4%-6%, led by EV penetration; company aims to outpace industry EV growth.

• OBD-II B compliance to add ~1% to costs, with price adjustments forthcoming.