Bajaj Auto and TVS Motor match growth momentum, but valuation gap stays wide
In Q1 FY27, Bajaj Auto and TVS Motor posted strong sales, revenue and profit growth on export demand. TVS led in vehicle volumes and electric two-wheeler growth, while Bajaj’s stronger export mix and profitability still came with a lower P/E multiple.
What happened
Bajaj Auto and TVS Motor posted strong Q1 FY27 sales, revenue and profit growth, supported by exports to Africa and Latin America. TVS led Bajaj in quarterly
Key facts
- Bajaj Auto Q1 FY27 total vehicle sales: 1,438,251 units, up 29% YoY
- Bajaj Auto Q1 FY27 standalone revenue: Rs 17,243 crore, up 37% YoY
- Bajaj Auto Q1 FY27 standalone net profit: Rs 2,982.8 crore, up 42.3% YoY
- Bajaj Auto two-wheeler exports: 636,005 units, up 52% YoY
- TVS Motor Q1 FY27 total vehicle sales: 1,630,558 units, up 27.7% YoY
- TVS Motor Q1 FY27 standalone revenue: Rs 13,896 crore, up 37.8% YoY
- TVS Motor Q1 FY27 standalone net profit: Rs 1,174 crore, up 51.5% YoY
- TVS electric two-wheeler sales: 129,940 units, up 86% YoY
- Bajaj Auto standalone P/E: 28.5x; TVS Motor standalone P/E: 45.4x
Why this matters
The diverging valuations highlight TVS’s strategic EV-growth premium and Bajaj’s export-profitability strength, making partnerships or capability acquisitions in these areas especially relevant.