BAJAJ-AUTO · Automobile and Auto Components
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +53.2% on the year; profit before other income, exceptional items and tax +27.5%.
Source: Quarterly statements
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, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
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.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹10,838 cr | ₹12,165 cr | ₹11,555 cr | ₹11,932 cr | ₹13,247 cr | ₹13,169 cr | ₹12,646 cr | ₹13,133 cr | ₹15,735 cr | ₹16,204 cr | ₹17,832 cr | ₹21,689 cr |
| YoY | — | — | — | +16% | +22% | +8% | +9% | +10% | +19% | +23% | +41% | +65% |
| EBITDA margin | 19.7% | 19.9% | 19.8% | 19.9% | 15.6% | 20.9% | 18.6% | 21.3% | 18.0% | 23.0% | 17.2% | 20.9% |
| Other income, % of PBT | 21% | 13% | 17% | 13% | 17% | 12% | 16% | 17% | 19% | 10% | 44% | 16% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 24% | 23% | 24% | 40% | 24% | 27% | 25% | 29% | 25% | 19% | 28% |
| Net profit | ₹2,020 cr | ₹2,033 cr | ₹2,011 cr | ₹1,942 cr | ₹1,385 cr | ₹2,196 cr | ₹1,802 cr | ₹2,210 cr | ₹2,122 cr | ₹2,750 cr | ₹3,492 cr | ₹3,189 cr |
| YoY | — | — | — | +18% | −31% | +8% | −10% | +14% | +53% | +25% | +94% | +44% |
| Core profit YoY | — | — | — | +22% | −6% | +9% | −3% | +10% | +28% | +30% | +17% | +52% |
| EPS | ₹71.39 | ₹71.78 | ₹72.05 | ₹69.55 | ₹49.61 | ₹78.62 | ₹64.52 | ₹79.15 | ₹75.99 | ₹98.38 | ₹131.02 | ₹115.41 |
| Flags | · | · | · | ✓ | 1 | ✓ | ✓ | ✓ | 1 | ✓ | 2 | ✓ |
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.
Bajaj Auto Ltd. reported revenue of ₹15,735 cr (+18.8% on the year) and net profit of ₹2,122 cr (+53.2% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +27.5% on the year, against +53.2% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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