Bajaj Auto beats on profit as exports and product mix lift June-quarter performance
Standalone net profit rose 42% year-on-year to Rs 2,983 crore, while revenue grew 36%. Bajaj Auto is targeting a capacity increase from 7 million to 9 million units annually and is expanding its Chetak EV portfolio alongside electric motorcycle development.
What happened
Bajaj Auto beat quarterly profit estimates as volumes, realisations and product mix improved. It plans to expand annual capacity to 9 million units, deepen the
Key facts
- Standalone net profit rose 42% YoY to Rs 2,983 crore
- Revenue rose 36% to Rs 16,462 crore
- EBITDA rose 42% to Rs 2,813 crore
- EBITDA margin improved 71 bps YoY to 17.1%
- Total sales volumes rose 29% YoY to 1.44 million units
- Two-wheeler exports rose 52% to 636,000 units
- Annual manufacturing capacity planned to rise about 25%, from 7 million to 9 million units
- Electric vehicles account for around 30% of revenue
Why this matters
Bajaj Auto’s push to 9 million units of capacity and broader Chetak plus electric-motorcycle lineup makes EV technology, battery supply and charging-service partnerships increasingly strategic.
What to watch
- Monthly export dispatch growth and commentary on Africa, Latin America, South Asia, and Middle East demand.
- Domestic two-wheeler retail sales, rural demand indicators, financing availability, and dealer inventory levels.
- Chetak market-share trend in electric scooters and announced specifications/pricing for Bajaj electric motorcycles.
- Gross-margin and EBITDA-margin progression as EV mix and capacity-related costs increase.
- Commodity prices, INR movement, battery-cell costs, and any changes in EV incentives or import duties.
- Capex guidance, commissioning milestones, and management commentary on demand required to absorb added capacity.
- Track monthly domestic wholesales versus retail registrations to distinguish genuine demand from channel stocking.
- Monitor export volumes by key geography, especially three-wheelers and premium motorcycles, for confirmation that the profit beat is repeatable.
- Watch Chetak registrations, dealer additions, product refreshes, and electric-motorcycle launch timing for evidence that EV investments are gaining scale.
- Assess capacity-expansion phasing, capex intensity, and utilization rates to determine whether the 9 million-unit target improves operating leverage or raises oversupply risk.
- Compare incentives, financing schemes, and discounting against Hero MotoCorp, TVS Motor, Ola Electric, Ather, and other EV competitors.