Bajaj Auto’s EV revenue nearly doubles as Chetak demand outstrips capacity
Bajaj Auto reported Q1 revenue of Rs 17,244 crore, up 37% year on year, while net profit rose 42.3% to Rs 2,983 crore. EVs contributed about 30% of domestic business, with Chetak demand exceeding capacity and Riki electric rickshaws reaching more than 150 cities.
What happened
Bajaj Auto reported strong Q1 growth across domestic vehicles, EVs and exports. Chetak demand exceeded capacity, while Riki expanded to over 150 cities. The
Key facts
- Consolidated net profit rose 42.3% YoY to Rs 2,983 crore
- Revenue from operations grew 37% to Rs 17,244 crore
- EBITDA increased 44.9% to Rs 3,595 crore
- EBITDA margin improved to 20.8% from 19.7%
- Electric vehicle revenue nearly doubled and represented around 30% of domestic business
- Exports exceeded 700,000 units
- Riki electric rickshaws are available in more than 150 cities
- Free cash flow exceeded Rs 2,300 crore
- Surplus funds exceeded Rs 21,000 crore
Why this matters
Bajaj Auto’s accelerating EV rollout, growing rickshaw footprint and 700,000-plus exports make manufacturing, distribution and international-market partnerships increasingly strategic.
What to watch
- Chetak delivery lead times, monthly registrations and evidence that capacity additions are reducing backlogs.
- EV gross-margin commentary, incentive intensity and battery/component cost trends.
- Quarterly EV share of domestic revenue and whether it remains near or rises above 30%.
- Riki city rollout, fleet orders, financing availability and electric three-wheeler utilization data.
- Export unit growth, currency movements and demand conditions in key overseas markets.
- Competitor launches or price reductions from leading electric two-wheeler brands.
- Capital-expenditure guidance and the pace at which the Rs 21,000 crore-plus surplus is deployed.
- Add Chetak manufacturing capacity and localize critical EV components to reduce bottlenecks.
- Expand Chetak retail, charging, financing and after-sales coverage in high-demand urban markets.
- Use Riki electric-rickshaw distribution to build three-wheeler fleet, leasing and institutional-sales partnerships.
- Prioritize export-market launches where Bajaj already has dealer density, using ICE distribution to seed EV sales.
- Defend EV margins through scale purchasing and product mix rather than broad price cuts.