Consolidatedstandalone figures are read separately and never mixed into these tables
In thirty seconds
Broadly clean, one watch item
0 serious1 watch4 findings
Bajaj Auto demonstrates exceptional execution capabilities, combining class-leading standalone operating profitability (20.9% EBITDA margin) with aggressive strategic diversification across captive auto financing (BACL AUM ₹20,000 crore) and global premium motorcycles (100% operational turnaround control of KTM AG). While top-line consolidated growth (+65% in Q1 FY2027) is flattered by structural accounting inclusion of KTM (BMAG), core standalone performance (+37% revenue, +45% EBITDA) confirms robust underlying momentum across domestic 125cc+ motorcycles, commercial vehicles, and Chetak EVs. The company's capital allocation discipline—evidenced by a 100% PAT payout (₹9,825 crore via dividend and share buyback) while preserving >₹15,000 crore net liquidity—provides an unmatched margin of safety among global 2W/3W original equipment manufacturers.
Operational Availability Disruptions Constrained Q1 Output by 10-15%Simultaneous disruptions from ransomware defense checks, LPG industrial fuel curtailment, and West Asia maritime logistics impaired output by 10-15%.
Record Consolidated Q1 FY2027 Revenue Driven by KTM Consolidation and BACL FinancingQ1 FY2027 consolidated revenue reached ₹21,689 crore (+65% YoY) and consolidated PAT reached ₹3,226 crore (+46% YoY).
Standalone EBITDA Margin Resiliency at 20.9% Amid HyperinflationQ1 FY2027 standalone EBITDA reached ₹3,596 crore (+45% YoY) with EBITDA margin expanding to 20.9% (+110 bps YoY).
The number that misleads
The headline standalone revenue growth (+17.4% in FY2026) and Q1 FY2027 consolidated revenue jump (+65% YoY to ₹21,689 crore) mask two structural factors: first, wholesale motorcycle market share numbers understate true retail momentum because BAL deliberately deprioritizes low-margin 100cc entry volume to protect profitability while gaining market share in 125cc+ Vahan registrations. Second, consolidated revenue growth in Q1 FY2027 is non-comparable YoY due to the full-quarter line-by-line consolidation of European step-down subsidiary Bajaj Mobility AG (KTM group) and the rapid scale-up of captive financier Bajaj Auto Credit Limited (AUM ₹20,000 crore).
What Bajaj Auto Ltd. actually does
from the filings
Bajaj Auto Limited operates a global automobile manufacturing and distribution business specializing in motorcycles, commercial vehicles (3-wheelers and quadricycles), and electric mobility (Chetak electric scooters, WEGO e-3W, and Riki e-rickshaws). Operating across 100+ countries, it integrates in-house product development (via subsidiary BATL), captive retail financing (via subsidiary BACL), and strategic premium brand ownership (100% control of KTM AG through BAIH BV / Bajaj Mobility AG, alongside Triumph licensing). Manufacturing is centered in Akurdi, Waluj, Pantnagar, and Chakan plants in India.
How the money is actually made
Revenue is generated through domestic sales of motorcycles (Pulsar, Discover, Platina, Avenger, Dominar, KTM, Triumph) and commercial vehicles (passenger and cargo 3-wheelers, e-autos, e-rickshaws), international exports (40% of total revenue spanning LATAM, Africa, South Asia, and Europe), spare parts & accessories sales (recurring ₹1,700+ crore/quarter), and captive vehicle financing interest/fee income via Bajaj Auto Credit Limited (BACL).
Segment economics
FY2026 · ₹ cr
Revenue share shows where the sales are. PBIT margin shows where the
profit is — and the two rarely match.
SegmentRevenueSharePBITMarginCapital
Automotive
▲21%
60,53093%12,01619.9%30,331
Financing
▲212%
3,2485%88927.4%19,774
Investments and others
▼9%
1,3092%1,30799.8%25,579
Where the edge is
Bajaj Auto maintains a distinct competitive advantage through in-house R&D and product development (via technology subsidiary BATL), proprietary low-cost EV motor redesigns (de-risking Chinese rare-earth magnet constraints), dominant market leadership in domestic three-wheelers (73.8% ICE market share and leading e-3W position), expanding captive vehicle financing (BACL AUM ₹20,000 crore), global export reach in 100+ countries, and operational control of premium sports motorcycle brands (100% control of KTM AG and Triumph licensing).
Operating KPIs — the physical business behind the numbers (9)
Total Vehicle Volume1.4Jun 2026 8490aae2-16b7-41b1-a0a3-de3e86380cf9.pdf · Page 2
BACL Assets Under Management (AUM)20,000Jun 2026 8490aae2-16b7-41b1-a0a3-de3e86380cf9.pdf · Page 10
Screener puts these behind a paywall. They are disclosed in the
annual report and investor presentation, so they are free here, with the source printed.
The read
Bajaj Auto demonstrates exceptional execution capabilities, combining class-leading standalone operating profitability (20.9% EBITDA margin) with aggressive strategic diversification across captive auto financing (BACL AUM ₹20,000 crore) and global premium motorcycles (100% operational turnaround control of KTM AG). While top-line consolidated growth (+65% in Q1 FY2027) is flattered by structural accounting inclusion of KTM (BMAG), core standalone performance (+37% revenue, +45% EBITDA) confirms robust underlying momentum across domestic 125cc+ motorcycles, commercial vehicles, and Chetak EVs. The company's capital allocation discipline—evidenced by a 100% PAT payout (₹9,825 crore via dividend and share buyback) while preserving >₹15,000 crore net liquidity—provides an unmatched margin of safety among global 2W/3W original equipment manufacturers.
Why the headline number misleads here
The headline standalone revenue growth (+17.4% in FY2026) and Q1 FY2027 consolidated revenue jump (+65% YoY to ₹21,689 crore) mask two structural factors: first, wholesale motorcycle market share numbers understate true retail momentum because BAL deliberately deprioritizes low-margin 100cc entry volume to protect profitability while gaining market share in 125cc+ Vahan registrations. Second, consolidated revenue growth in Q1 FY2027 is non-comparable YoY due to the full-quarter line-by-line consolidation of European step-down subsidiary Bajaj Mobility AG (KTM group) and the rapid scale-up of captive financier Bajaj Auto Credit Limited (AUM ₹20,000 crore). Analysts should track segment-wise Vahan retail registration share in 125cc+, export run-rate (>250,000 units/month), standalone EBITDA margins (20.9%), and captive financing credit quality (GNPA 1.85%) rather than blended wholesale volume growth.
What matters most
Sustained retail market share gains in domestic 125cc+ motorcycles, monthly export volume trajectory (>250,000 units/month threshold), Chetak EV margin expansion, and execution of the KTM AG operational turnaround in Europe.
What would change the picture
Protracted financial drains or cash burn at KTM AG requiring additional capital infusions beyond the €880 million restructuring package, severe loss of Vahan market share in 125cc+ domestic motorcycles to aggressive EV incumbents, or prolonged foreign exchange currency illiquidity in key export markets.
Trading at 18.8x against its own 10-year median of
19.2x —
0.1σ below
its usual range. This compares the company with its own history, not with other companies.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What you must understand
goodRecord Consolidated Q1 FY2027 Revenue Driven by KTM Consolidation and BACL Financing
Reflects the first full quarter of line-by-line consolidation of European step-down subsidiary Bajaj Mobility AG (KTM) alongside BACL financing AUM crossing ₹20,000 crore.
Capacity availability constraints temporarily cap top-line delivery in high-growth segments.
What doesn't add upread against itself
Two kinds of item, both taken from the company's own documents: figures that disagree with other figures in the same filing, and disclosures that sit in the notes rather than the statements. Neither is an allegation — each is a question the filing raises about itself.
Figures that disagree
Wholesale Market Share vs Retail Performance in Domestic Motorcycles
Stated hereWholesale motorcycle market share declined from 16.6% in FY2025 to 15.6% in FY2026.
vs
And hereVahan retail registrations in the 150cc+ sports segment grew at 1.5X the industry rate with state-level market share expanding continuously since Q3 FY2026.
Wholesale figures reflect dealer inventory decumulation and BAL's deliberate strategy to refrain from discounting in 100cc, whereas Vahan retail data confirms market share gains in the profitable 125cc+ category.
Requirement of Post-Facto Shareholder Approval for Overseas KTM Funding
Material related party transactions up to €865 million entered into by subsidiary BAIH BV to fund restructuring of KTM AG required subsequent shareholder ratification.
Highlights large overseas capital commitments made to distressed step-down subsidiary prior to formal shareholder vote.
What the numbers mean when read together — computed from the filings, not a score.
Net margin compressing
Net margin has narrowed from 16.8% to 14.7% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Full read
Quarter net margin 14.7% vs 16.8% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Profit growing with revenue
Both revenue and profit grew over the last year (36.9% and 52.2%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Full read
Trailing revenue ₹71,460 cr, trailing profit ₹11,553 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
What they promised, and what happened
Total Annual Sales Volume
Said>5 million units annual sales Rajiv Bajaj, MD & CEO, FY2025 concall / Annual Report
Happened5,117,667 units in FY2026 (+10% YoY)
Delivered
Chetak EV Monthly Sales Volume
Said20,000 units per month Rakesh Sharma, Executive Director, FY2025 concall
Happened302,674 units in FY2026 (~25,000 units/month) and expanding to 60,000 units/month in Q2 FY2027
Delivered
On the record, not yet due
Monthly Export Volume>250,000 units/monthRakesh Sharma, Joint Managing Director · 21 July 2026 · by Q2 FY2027 onwards
Manufacturing Capacity Expansion9 million units per annum (up from 7 million)Rakesh Sharma, Joint Managing Director · 21 July 2026 · by Medium Term FY2027
Immediate Chetak EV Capacity60,000 units/month (up from 50,000)Rakesh Sharma, Joint Managing Director · 21 July 2026 · by Immediate Q2 FY2027
Every line is dated and attributed, so the next results can be checked against it.
Reading the annual report
Where they say they are going
Management is expanding total manufacturing capacity by 25% from 7 million to 9 million units per annum to resolve supply bottlenecks in EVs (Chetak 2W and e-3W), high-end bikes, and 3W. Overhaul of domestic motorcycle portfolio underway with 10 upgrades/facelifts in 160cc-400cc range and 2 new Pulsar models in Q2 FY2027, followed by 2 new non-Pulsar brand launches later in FY2027 to upgrade 100cc customers. Operations at KTM AG are being turned around through European debt refinancing (€550 million) and supply chain restructuring.
What they promised before, and what happened
Promised vs actual: In FY2026, Bajaj Auto achieved record sales volume of >5 million units (up 10% YoY) versus prior peak in FY2019. Standalone revenue reached ₹58,732 crore (up 17% YoY) and consolidated revenue reached ₹62,905 crore (up 23% YoY). Chetak EV domestic sales grew 16% YoY to 302,674 units despite rare-earth magnet supply disruptions in H1 FY2026. Captive financier BACL AUM doubled to ₹18,835 crore (and hit ₹20,000 crore in Q1 FY2027) with PAT surging 11X to ₹665 crore in FY2026.
Where the money actually went
Management maintains a 100% PAT payout policy to shareholders for FY2026, allocating ₹9,825 crore via a combination of final dividend (₹150 per share) and tender offer share buyback (up to ₹5,632.80 crore at ₹12,000 per share). Strategic capital deployed into equity/debt support for KTM AG acquisition (€880 million package) and capital infusions into BACL (paid-up equity ₹2,700 crore) while maintaining surplus cash of ₹18,137 crore at FY2026 year-end and >₹21,000 crore at Q1 FY2027.
What they are becoming less dependent on
Multi-engine diversification across ICE and EV powertrains, 2W and 3W form factors, domestic and international geography (40% revenue from 100+ export markets), and brand portfolio tiers ranging from entry commuters (Platina/CT) to mid-sports (Pulsar) and premium/super-premium (KTM, Husqvarna, Triumph). In 3W, expanding from ICE leadership into electric L5 (WEGO) and electric L3 (Riki e-rickshaw). Strategic extension into captive auto financing (BACL) and in-house component R&D (BATL).
The part most readers miss
Retail market participants often misinterpret declining wholesale market share in entry-level 100cc motorcycles as structural weakness; however, management explicitly favors profitability over market share in 100cc, choosing not to discount or sell at a loss, while aggressively gaining Vahan retail market share in the strategically vital 125cc+ segment (77.5% of motorcycle sales). Additionally, non-line-of-sight consolidation of European step-down subsidiary Bajaj Mobility AG (KTM group) distorts YoY consolidated revenue comparability in Q1 FY2027.
Forensic modelscomputed from the filed statements
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Altman Z″
8.54Safe
Distress model for emerging markets. Above 2.6 is safe, below 1.1 is the distress zone.
What is this, and how do I read it?
Altman Z″ — distress model — Edward Altman, NYU, 1968; the Z″ variant was published in 1995 for emerging markets and non-manufacturers.
A single score built from four balance-sheet ratios that, together, separated companies that later went bankrupt from those that did not. Altman tested it on manufacturers; the Z″ version drops the sales-to-assets term, which made industrial firms look better than service businesses.
X1 · Working capital ÷ total assets
Short-term liquidity. Negative means current liabilities exceed current assets — the company owes more within a year than it holds.
X2 · Retained earnings ÷ total assets
Cumulative profitability. A young or serially loss-making company scores low here regardless of this year.
X3 · EBIT ÷ total assets
Operating productivity of the asset base, before financing and tax.
X4 · Net worth ÷ total liabilities
How far assets can fall before liabilities exceed them.
How to read itAbove 2.6 is the safe zone. Between 1.1 and 2.6 is grey. Below 1.1 is the distress zone. The score is a screen, not a prediction — it tells you which balance sheets deserve a second look.
Where it failsNot meaningful for banks, NBFCs or insurers, whose balance sheets are structurally different. Also unreliable for asset-light businesses, which carry few assets by design, and for holding companies whose value sits in unconsolidated stakes.
Piotroski F
Needs at least two financial years.
Beneish M
Needs two financial years.
DuPont — return on equity FY2026
Net margin17.1%×Asset turnover0.81××Leverage1.99×=ROE27.7%
What is this, and how do I read it?
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
Net margin
What the company keeps from each rupee of sales. High margin points to pricing power or a genuine cost advantage.
Asset turnover
Sales generated per rupee of assets. High turnover points to efficiency — a retailer earns this way, a utility never will.
Leverage (equity multiplier)
Assets divided by equity. This multiplies whatever the first two produce, in both directions.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Leverage & coverage FY2026
Debt / equity0.57×
Interest coverage12.94×
Net debt / EBITDA1.58×
The formula notebook — every number above, worked out
Accruals (Sloan)(net profit − operating cash flow) ÷ average total assets(₹10,744 − ₹13,952) cr ÷ average assets-4.2%Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.
DuPont — return on equitynet margin × asset turnover × leverage17.1% × 0.81 × 1.9927.7%Splits ROE into whether returns come from operations or from borrowing.
Interest coverageEBIT ÷ finance cost₹15,120 cr ÷ ₹1,169 cr12.94×How many times operating profit covers the interest bill.
Debt to equityborrowings ÷ net worth₹21,981 cr ÷ ₹38,832 cr0.57×Read against the sector — infrastructure carries more than software.
Going deepersame statements, harder questions
Montier C-Score
Needs two financial years.
Return on invested capital FY2026
ROIC19.6%
Capital employed₹57,823 cr
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
What is this, and how do I read it?
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
NOPAT
Operating profit after a notional tax charge, so the figure is independent of how the company is financed. We use 25%.
Invested capital
Equity plus borrowings less cash — the money actually at work.
Incremental ROIC
Change in NOPAT divided by change in invested capital. If it sits below the cost of capital, growth is destroying value however fast revenue rises.
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Earnings quality ladder FY2026
Cash ÷ EBITDA1.16×
Cash ÷ profit1.30×
Free cash ÷ profit1.23×
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
What is this, and how do I read it?
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
Cash ÷ EBITDA
Does operating profit arrive as cash? Below 0.8 points to working capital absorbing it.
Cash ÷ profit
Does bottom-line profit arrive as cash? Below 1.0 persistently is the classic warning.
Free cash ÷ profit
Does anything survive capex? This is where capital-hungry businesses reveal themselves — a company can pass the first two and still never generate spendable cash.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
What the price implies
10.2%free cash flow growth, every year for ten years
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
What is this, and how do I read it?
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
Discount rate
The return required for the risk taken. We use 11.5%, roughly the long-run cost of equity in India.
Terminal growth
Growth beyond the explicit ten years. We use 4%, near long-run nominal GDP.
The output
The free-cash-flow growth rate, every year for a decade, that makes the discounted total equal today's market value.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Reading the numbers on this pagetwo bases, both shown
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Return on equity
Trailing twelve months, live feed24.4%
FY2026, as filed27.7%
3.2% apart
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
What the filings we hold do not give
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Published screening frameworksrules applied, not opinions quoted
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Graham — defensive investor
1 / 4
Current ratio above 2 1.76×
Debt below net worth ₹21,981 cr vs ₹38,832 cr
P/E below 15 23.1×
P/E × P/B below 22.5 172.6
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Greenblatt — magic formula
1 / 2
Return on capital above 20% 24.9%
Earnings yield above 8% 4.3%
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
Quality — compounder tests
1 / 2
Interest covered more than 4× 12.94×
Debt below half of equity 0.57×
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Against the sector38 companies
Median of the companies we hold in the same sector (Automobile and Auto Components). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
P/E
23.1×
39.3×
-41%
P/B
7.5×
5.6×
+33%
Return on equity
24.4%
14.4%
+69%
Operating margin
19.4%
9.4%
+107%
Net margin
16.1%
6.3%
+156%
Dividend yield
1.4%
0.5%
+206%
this companysector median
The page in pictures
Where the revenue comes from
Segment share of revenue, FY2026.
Automotive93.0%
Financing5.0%
Investments and others2.0%
Where the profit comes from
Segment PBIT, FY2026. Revenue share and profit share rarely match — that gap is the point.
Growth & valuation workspace
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
User-driven scenario tool. Implied value and CAGR follow only from the assumptions you set — not a FinMinutes forecast, recommendation, or target price.
Valuation & quality
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
What you payHow the price compares with earnings, book and sales.
P/E (TTM)
23.1x
trailing 12m, live feed
P/B
7.47x
P/S
3.99x
PEG
1.13
Dividend yield
1.44%
What it earnsMargins and returns as the live feed reports them, on a rolling twelve months. The models above compute the same measures from the last audited statements, so the two can differ.
Operating margin
19.4%
trailing 12m, live feed
Net margin
16.1%
trailing 12m, live feed
Return on equity
24.4%
trailing 12m, live feed
How it is fundedLeverage and what is returned to shareholders.
Debt / equity
0.58
moderate
Payout ratio
35.7%
Book value / share
₹1,409.3
Return on equity of 24.4% is built on a 16.1% net margin and debt of 0.58x equity. The full DuPont breakdown sits in the forensic models above.
Ownership & Skin in the Game
How the register has moved over recent quarters — the direction matters more than the level.
Promoter▲ 0.96
Dec '2554.99%
Mar '2655.01%
Jun '2655.01%
Sep '2655.95%
Promoter rose from 54.99% to 55.95% across these quarters.
FII― 0.04
Dec '258.83%
Mar '268.82%
Jun '269.01%
Sep '268.87%
FII held steady from 8.83% to 8.87% across these quarters.
MF▼ 1.16
Dec '257.05%
Mar '267.17%
Jun '266.01%
Sep '265.89%
MF trimmed from 7.05% to 5.89% across these quarters.
Other▲ 0.16
Dec '2529.13%
Mar '2629.00%
Jun '2629.97%
Sep '2629.29%
Other rose from 29.13% to 29.29% across these quarters.
Skin in the game
A holding percentage says who controls the company. This says whether the promoter has been putting money in or taking it out.
SHARE BUYBACK
₹5,633 cr · 06 May 2026 · dilution -1.68% Capital return to shareholders via tender offer route out of free reserves and surplus cash to commemorate the centenary year of the Bajaj Group.
ESOP SHARE ALLOTMENT
₹93 cr · FY2026 · dilution 0.09% Issue of shares to ESOP Trust under Bajaj Auto Employee Stock Option Scheme.
A fall in promoter percentage after a fresh issue is dilution, not selling. Selling would show in the ledger above.
Named holders
HolderTypeStakePledgedAs of
Bajaj Holdings & Investment Ltd.Promoter34.19%0.00%31 March 2026
Jamnalal Sons Pvt. Ltd.Promoter9.29%0.00%31 March 2026
Foreign Portfolio Investors (FPIs/FIIs)Fii8.82%—31 March 2026
Mutual FundsMutual fund7.17%—31 March 2026
Shares, tax and what was paid out
Per-share figures hide a share count that moved. Effective tax rate hides a one-off credit. Both sit here beside the payout, year by year, as the accounts state them.
Period
Shares (cr)
Effective tax
Dividend / share
Payout
What changed
FY2026
27.95
24.2%
₹150.00
100.0%
Issued 240,230 equity shares of face value ₹10 each to ESOP Trust for employee stock option scheme · Consolidated PBT ₹13,951.54 crore, Tax Expense ₹3,377.04 crore. Includes deferred tax provision of ₹211.26 crore due to withdrawal of indexation benefits on debt mutual funds under Finance (No. 2) Act 2024.
FY2025
27.93
—
₹210.00
71.9%
Issued 77,852 equity shares of face value ₹10 each to ESOP Trust for employee stock option scheme
An effective rate far from the statutory band is usually a deferred-tax movement or a one-off credit, not a lower tax bill. The note beside it, where the filing gives one, says which.
The debt wallFY2026
How much is owed answers one question. When it falls due answers a different one. This is the repayment ladder as the borrowings note states it, with instrument-level detail rolled into the buckets.
Within 1 year
₹6,642 cr30%
Total borrowings₹21,981 cr
Due within a year30%
The stated total and the sum of the buckets differ, which usually means they sit on different bases or exclude current maturities. Both are shown as filed.
Manufacturing Capacity Expansion9 million units per annum (up from 7 million) Medium Term FY2027
Immediate Chetak EV Capacity60,000 units/month (up from 50,000) Immediate Q2 FY2027
Narrative vs numbers
Declining wholesale market share in domestic motorcycles reflects competitive weakness.
Management refutes analyst framing; BAL intentionally refrains from discounting in low-margin 100cc commuters to protect profitability while winning share in 125cc+.
Segment intelligence
Segment PBIT (₹ cr)
The latest earnings call
Jun 2026 · 21 July 2026
Bajaj Auto reported record standalone revenue of ₹17,244 crore (+37% YoY), EBITDA of ₹3,596 crore (+45% YoY), and PAT of ₹3,000 crore (+42% YoY) for Q1 FY2027, driven by strong performance across domestic motorcycles, commercial vehicles, EV mobility, and exports. Despite severe commodity price hyperinflation (steel, aluminum, noble metals) and temporary operational availability bottlenecks (cyber security checks, LPG fuel shortages, maritime freight), EBITDA margin expanded 110 bps YoY to 20.9% due to price realizations, foreign exchange benefits (USD/INR ₹94.4), and operating leverage. Consolidated revenue surged 65% YoY to ₹21,689 crore following the first full quarter consolidation of Bajaj Mobility AG (KTM group). Management announced a 25% capacity expansion to 9 million units per annum, an immediate Chetak EV capacity increase to 60,000 units/month, and an aggressive pipeline of 10 Pulsar upgrades, 2 new Pulsar models, and 2 brand-new non-Pulsar nameplates in FY2027.
Export volume reached 732,000 units ($735 million revenue), representing 40% of total revenue and outperforming market growth by >2X across LATAM and Africa.
Electric mobility portfolio (Chetak EV and e-3W) reached 30% of domestic revenue; Chetak EV turned individually EBITDA positive.
Consolidated revenue surged 65% YoY to ₹21,689 crore due to first full-quarter line-by-line consolidation of KTM group (BMAG) and BACL AUM reaching ₹20,000 crore.
Announced 25% capacity expansion from 7 million to 9 million units/annum, and product roadmap featuring 10 Pulsar upgrades, 2 new Pulsar models, and 2 new non-Pulsar brands.
How the tone changed
Strongly confident and assertive on pricing power, margin resilience, export recovery, and EV turnaround, transitioning from defensive supply-chain management in FY2026 to aggressive capacity expansion and total product portfolio refreshes.
The analyst grilling
Where analysts pressed management, and how they answered.
The tough questions (4)
Why is demand in below 125cc segment remaining soft despite GST rate cuts, and how is EV adoption impacting ICE scooter cannibalization and capacity/profitability?
Management explained that the 100cc customer faces economic stress and lower market profitability, so BAL prioritizes profit margins over market share in 100cc while focusing on 125cc+. EV adoption is surging due to fuel economics and is primary cannibalizing ICE scooters. Chetak EV is now EBITDA positive, bringing overall EV portfolio margins to double digits, and Chetak capacity is expanding to 60,000 units/month immediately.
Can management clarify the upcoming product launch schedule and whether brand expansion implies introducing brand-new nameplates alongside Pulsar?
Management confirmed 10 upgrades and 2 brand-new Pulsar models rolling out over the next 6 weeks. Additionally, 2 distinct new brands (non-Pulsar nameplates) will be launched later in FY2027 to offer unique product propositions and upgrade the 100cc customer base into 125cc.
Wholesale motorcycle market share has been declining. Is BAL deliberately shifting focus away from mass market, and how will ₹21,000 crore cash balance be allocated given buyback restriction rules?
Management emphasized that online Vahan registration is the true metric, where BAL is gaining share in 150cc+. In 100cc, BAL participates on its own terms to protect profitability. Regarding cash, BAL committed to a 100% payout of FY2026 PAT (₹9,825 crore) via a base dividend and tender offer buyback, causing cash to deplete post-July before rebuilding through operational cash flows.
How is BAL handling loan availability and customer profiling for the newly launched e-rickshaw (Riki), and what is the scope for Chetak EV in global export markets?
Management noted that 90% of the 45,000 unit/month e-rick market is lead-acid, which faces regulatory bans, driving driver migration to lithium-ion e-ricks and e-autos. On global EV exports, capacity and bandwidth constraints currently restrict Chetak exports to neighboring markets and the Philippines, but global expansion will accelerate as capacity expands.
Money owed, promised and moved inside the group
Contingent liabilities
₹2,091 cr in total across 4 disclosed items — 6.0% of net worth. Individual items answer what; the total answers how exposed.
Income-tax matters under dispute₹1,089 cr · 3.1% of net worth
Excise, Service tax, GST and Customs matters under dispute₹677 cr · 1.9% of net worth
Claims against the Company not acknowledged as debts₹232 cr · 0.66% of net worth
Value Added Tax (VAT)/Sales Tax matters under dispute₹93.33 cr · 0.27% of net worth
Related-party transactions
₹4,388 cr transacted — approvals are a ceiling, not a spend.
CounterpartyNatureAmountStatus
Bajaj Holdings & Investment Ltd. Investing party holding 34.19% equity in BALDividend paid₹2,006 crTransacted
Bajaj Auto International Holdings BV 100% Wholly Owned SubsidiaryEquity capital contribution and loan/convertible bond funding for KTM acquisition₹1,525 crTransacted
Bajaj Auto Credit Ltd. 100% Wholly Owned Financing SubsidiaryInvestment in 8% Subordinated Debentures and equity capital infusion₹800 crTransacted
Rajiv Bajaj Managing Director and CEOShort-term employee benefits and commission₹55 crTransacted
Rishabnayan Bajaj Vice President (Son of MD Rajiv Bajaj)Remuneration including perquisites₹1 crTransacted
Disclosure & evidencewhat the filings actually show
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
Governance
3 of 3 disclosedweighted 7 of 7
What was looked for
Unmodified audit opinion — Unmodified
CARO remarks contained — 1 clauses
Board majority independent — 55% independent
Sustainability
0 of 5 disclosedNothing disclosed on this
What was looked for
Assured reporting — not assured
Targets quantified — 0 of 1 targets quantified
Scope 3 disclosed — not disclosed
Capex tied to targets — no capex tied to targets
Externally assessed — 0 external assessments
Future readiness
2 of 3 disclosedweighted 6 of 8
What was looked for
Spend disclosed — ₹693 cr disclosed
Deployments with outcomes — 2 of 2 with a measurable outcome
Visible in operating metrics — narrative only
Others in Automobile and Auto Components
The same read, applied to the companies this one competes with.
✓Clean on 8 checks8 of 19 checks ran · from the quarterly statements; filing read not yet in
Revenue₹25,126 cr▲ 59.7%on the year▲ 15.8%on the quarter
EBITDA₹4,896 cr▲ 73.1%on the yearmargin 19.5% (+151 bps)
Net profit₹3,384 cr▲ 59.5%on the year▲ 6.1%on the quarter
EPS₹125.04▲ 64.5%on the year
What changed
Revenue ₹25,126 cr, +59.7% on the year (this quarter has averaged +20.5% over the last 2 years); EBITDA margin 19.5%, +151 bps.
Core profit grew faster than reported profit: core +65.8%, reported +59.5%. Other income, exceptional items or tax held the headline back.
Every check that could run (8 of 19) came back quiet.
The quarter, explainedfrom the quarterly statements
Bajaj Auto Ltd. reported revenue of ₹25,126 cr for July to September 2026, +59.7% on the year and +15.8% on the quarter. That is faster than this quarter has grown in recent years (+20.5% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹80,851 cr, +47.9% on the four before.
Operating profit (EBITDA) was ₹4,896 cr, a margin of 19.5%, +151 bps on the year and −139 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.2% to 23.0%, averaging 19.9%. Operating costs grew +56.7% against revenue growth of +59.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹3,384 cr, +59.5% on the year and +6.1% on the quarter, with earnings per share of ₹125.04. Profit before other income, one-offs and tax grew faster, at +65.8%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹12,815 cr, +53.8% on the four before.
Of the 7 companies in Automobiles and components that have reported Q2 FY27 so far, Bajaj Auto Ltd. ranks 2nd on revenue growth; the sector median is +23.7%. Its margin moved +151 bps on the year against a sector median of −171 bps.
Bajaj Auto Ltd. is a Nifty 50 company. Of the 13 Nifty 50 companies reported so far, the median profit growth is +16.5%; Bajaj Auto Ltd.'s +59.5% puts it above that.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹469.85 over the last four quarters, the stock at ₹10,423.00 trades at 22.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Questions to ask: none this quartereach one with its numbers and source
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Where the profit change came fromSep '25 → Sep '26
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
The half year: balance sheet and cashfiled with Q2
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
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