Financials
• Revenue ~₹15,000 cr, EBITDA ₹3,000+ cr, PAT ~₹2,500 cr – all-time highs.
• Growth driven 50% by volume, 50% by mix/FX.
• Strong exports margin tailwind (USD ₹87).
• Surplus cash ₹14,000+ cr.
Demand & GST
• GST cut + festive boosted motorcycle industry.
• Premium variants driving most of the growth.
• Bajaj absorbed GST impact on >350cc to protect premium bikes.
Exports
• Record exports: 550k+ units (+24%).
• Strong in LATAM, Asia, Africa; Brazil profitable.
• Huge edge in Mexico: Bajaj tariff 5% vs 35% for others.
Domestic Motorcycles
• Festive = record retail; Pulsar at peak.
• Market share stabilised; gains restarting in 125cc+.
• 3 new Pulsars coming; new non-Pulsar brand next year.
3-Wheelers
• Record quarter: 145k units.
• ICE share ~75%.
• EV 3W constrained by capacity – expansion underway.
EVs
• EV revenue ₹1,700+ cr (~18–20%), double-digit EBITDA.
• Chetak supply issue fixed; back to #1 in October.
• New Chetak model coming early next year.
Premium (KTM + Triumph)
• 30k+ units, +30% YoY – all-time high.
• New KTM line; Triumph steady.
BACL (Auto Credit)
• AUM ~₹14–15k cr; PAT ₹132+ cr.
• High penetration (70% 2W, 90–95% 3W).
KTM / PMAG Deal
• Bajaj set to take full control and fully consolidate PMAG (KTM).
• Name changing to Bajaj Mobility AG.
Leave a Reply