Bajaj Auto’s Q1 profit jumps 42% as exports surge; domestic recovery remains the watchpoint

Bajaj Auto posted Q1FY27 net profit of Rs 2,983 crore and revenue of Rs 17,244 crore, driven by exports crossing 700,000 units and a stronger EV mix. The company plans two Pulsar launches by September and two new brands in FY27, while analysts await sustained domestic market-share gains.

— Source publishedWed, 22 Jul, 2026, 07:06 IST·First seen Wed, 22 Jul, 2026, 07:17 IST·Source NDTV Profit

What happened

Bajaj Auto reported strong Q1FY27 earnings, record exports and resilient margins. Domestic revenue grew 26%, while EVs neared 30% of domestic business. The

Key facts

  • Q1FY27 net profit: Rs 2,983 crore, up 42.3% YoY
  • Q1FY27 revenue: Rs 17,244 crore, up 37% YoY
  • EBITDA: Rs 3,595 crore, up 44.9% YoY
  • EBITDA margin: 20.8%, versus 19.7% a year earlier
  • Domestic revenue growth: 26%
  • EVs account for nearly 30% of domestic business
  • Exports crossed 700,000 units
  • Africa revenue more than doubled; Nigeria increased three-fold
  • Commercial-vehicle exports grew around 70%
  • KTM and Triumph domestic revenue grew 60% YoY
  • Free cash flow: over Rs 2,300 crore
  • Surplus funds: over Rs 21,000 crore
  • Two new Pulsar motorcycles planned by September
  • Two new brands planned in FY27
  • Morgan Stanley target price: Rs 9,259
  • Jefferies target price: Rs 11,500, raised from Rs 10,500

Why this matters

Bajaj Auto’s planned Pulsar launches and two new brands signal a portfolio-expansion push aimed at converting export and EV strength into broader domestic growth.

What to watch

  • Monthly domestic motorcycle and electric two-wheeler registrations versus industry growth and key rivals.
  • Whether exports remain above the 700,000-unit run rate, including demand trends in major overseas markets.
  • Pulsar launch booking levels, dealer inventory and realized pricing after the September introductions.
  • Chetak/EV market-share trend, retail network expansion and battery/input-cost movement.
  • Operating-margin progression as launch, branding and distribution spending increases.
  • Rupee movements, import restrictions, freight costs and political/economic conditions in core export destinations.
  • Use export cash generation to accelerate model refreshes in Pulsar, Chetak and adjacent premium segments.
  • Expand EV retail reach, charging/service capacity and financing partnerships to convert EV mix gains into durable domestic market share.
  • Prioritize localization and supply-chain resilience for batteries, electronics and export-bound components.
  • Manage country and currency concentration in exports through wider geographic mix and selective pricing actions.
  • Stage new-brand spending against dealer throughput and repeatable demand rather than pursuing volume at the expense of margins.