Conference Call with Bajaj Auto Management and Analysts on Q3FY26 Performance and Outlook. Listen to the full earnings transcript.
2/3 Wheelers company Bajaj Auto announced Q3FY26 results Revenue from operations, up 19% YoY, crossed , Rs 15,000 crore for the first time, driven by record quarterly volumes and a richer mix. Underpinned by double-digit growth across all businesses (domestic motorcycles, electric 2W, 3W and exports) that was delivered on the back of buoyant festive demand and GST-led momentum on the domestic front, alongside the sustained resurgence on exports. At Rs 3,161 crore, up 22% YoY, EBITDA scaled a new peak with margin stepping up to 20.8%- a reflection of the dynamic P&L; management. Margins expanded +30 bps QoQ as currency tailwind and PU benefits more than made up for the decision to absorb cost inflation during an upbeat season and the drag on margin arising from the highest ever quarterly sales of electric two wheelers. Profit after Tax hit a new high, surpassing the Rs 2,500 crore milestone, and registering strong 21 % YoY growth (pre-exceptional). Reported PAT stood at Rs 2,503 crore, up 19% YoY, after adjusting the one-time exceptional impact arising from the reassessment of employee benefit obligations in accordance with the revised definition of wages under the new Labour Codes notified in Nov 2025. Domestic business posted record revenues on a strong show across all businesses and the largest quarter till date for the electric portfolio. The quarter saw historic high retails on the back of sharp in-market execution during the festive season, while the rapid growth of the electric portfolio which contributed to 25% of domestic revenues, saw it overtake last full year's revenue in the middle of this quarter. Exports crossed SOOK in quarterly volumes after 15 quarters, while sustaining its robust YoY double-digit competitive growth trajectory. Led by solid double-digit growth in Africa and Asia while LATAM continued its streak of market-leading performances to set another new benchmark, Commercial Vehicles maintained its uptrend, delivering a quarter of ~80K units yet again, at >50% YoY. Domestic motorcycles turned in its biggest quarter on 125cc+ with double-digit revenue growth YoY, buoyed by the sports segment. Improved traction on the Pulsar portfolio, led by product refreshes/upgrades and amplified by impactful activation, which drove quarterly retail volumes to a historic high and the competitive performance of the strategically important 125cc+ segment. KTM + Triumph duo accelerated momentum to scale a new pinnacle on domestic volumes and revenue (~50% YoY). Bolstered by an expanded and upgraded portfolio, KTM witnessed robust sales on both Duke and Adventure bikes while in Triumph, pricing interventions taken to absorb the impact of the GST rate increase for >350cc, enabled a big quarter for Speed as well as Scrambler. Commercial Vehicles clocked its highest-ever retails, with volumes surpassing the 1 OOK mark for the tenth successive quarter. Landmark finish for electric 3Ws as it scaled to peak billings and retails, exiting the quarter at pole position, while Riki that was launched in the last quarter was further boosted by the introduction of the e-kart model alongside network expansion to nearly 50 cities. Chetak delivered a standout quarter, growing ~70% over the previous one when it was supply-constrained, to register its all-time high. Having decisively addressed challenges on HRE sourcing through alternate measures, Chetak rapidly ramped up production, expanded share by ~500 bps QoQ, and continued to bring alive its 'Fully Lifeproof' proposition that emphasizes unmatched durability and reliability. Track record of steady cash generation maintained with ~Rs 5,200 crore of Free Cash Flow being added in 9MFY26, up 70%+ YoY. Balance sheet remains healthy with surplus funds at ~Rs 15,000 crore, after distributing Rs 5,864 crore as dividend and infusing capital of >Rs 2,300 crore into our subsidiaries during this period (to partly fund KTM Austria transaction, ramp up of financing business). Result PDF