Bajaj Mobility (BMAG) Q3 2026 earnings summary

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.