Strong Growth Outlook for Bajaj Auto

FY26 Growth to be Led by 15-20% Rise in Exports

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BAJAJ AUTO reported revenue of ₹12,100 crore, up 6% y-o-y, and 2% above Nomura's and Bloomberg consensus estimates. Average selling prices (ASPs) rose 5% q-o-q to ₹110,000 (vs. Nomura estimate of ₹107,000), driven by a favourable product mix. EBITDA stood at ₹2450 crore, up 6% y-o-y, and 2% ahead of Nomura/consensus expectations.

The EBITDA margin came in at 20.2% (vs. Nomura/consensus: 20.3%/20.2%). Raw material cost/sales improved 140 bps q-o-q to 69.9% (vs. Nomura: 70.5%). Other expenses/sales were at 7% (vs. Nomura: 6%). PAT stood at ₹2,050 crore, also up 6% y-o-y.