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Bajaj Auto's September sales rise 5% to 5,38,443 units as 32% export surge offsets 9% domestic decline
Our read
Exports keep the total above year-ago levels in the next monthly print while domestic sales stay negative YoY.
For operators
Domestic two-wheeler sales fell 12% to 2,39,771 units while exports rose 34%, so domestic dealers and retail partners should expect thinner showroom throughput and plan inventory and working capital conservatively rather than assume the 5% headline growth reaches local counters.
Watch
October sales print: whether the domestic decline is narrower or wider than September's 9%
The report,
Bajaj Auto's total sales rose 5% to 5,38,443 units in September 2026, while domestic sales fell 9% to 2,94,456 units. Exports grew 32% to 2,43,987 units, with two-wheeler exports up 34%.
- Total sales, September 20265,38,443 units
- Domestic sales, September 20262,94,456 units
- Total exports, September 20262,43,987 units
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Reported figures
From the report. Source details below
| Domestic two-wheeler sales, September 2026: | 2,39,771 units |
|---|---|
| Domestic two-wheeler sales decline: | 12% |
Why it matters to operators and investors
With exports at 2,43,987 units and growing far faster than a shrinking domestic base, overseas distribution, assembly and channel partnerships look like the strategic priority, and domestic-focused assets or partners may be available on better terms if the weakness continues.
What to watch next
- Whether export growth stays near the 32% pace or drops sharply
- Festive-season retail registration data for domestic two-wheelers
- Rival two-wheeler makers' monthly volumes and discounting announcements
- Management commentary on export demand and domestic inventory at the next earnings call
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Bajaj Auto is likely to keep allocating production and marketing effort toward export markets while they outgrow the domestic business.
- Expect Bajaj Auto management to describe the domestic weakness as a demand or timing issue and to lean on the export story in its next earnings commentary.
- Domestic two-wheeler rivals may step up festive-season discounts and financing offers to defend volume, which could keep pressure on Bajaj's domestic sales.
- Dealers are likely to hold cautious inventory in domestic two-wheelers until retail demand confirms a recovery.
- Bajaj Auto may lean on new launches or targeted promotions in domestic two-wheelers to arrest the 12% decline.