Bajaj Auto skids in Q1; bets on exports, festive demand

Rough ride

- Ashish Agrawal

Bajaj Auto Ltd's struggles with muted profitability persisted in the June quarter (Q1FY26). A slowdown in domestic two-wheelers led to a mere 3% year-on-year (y-o-y) rise in Ebitda to ₹2,500 crore.

Revenue rose 6% to ₹12,584 crore, thanks to better realisations on higher exports and sales of premium motorcycles. Average realisation per vehicle was up about 5% to ₹1.13 lakh, but Ebitda per vehicle increased by less than 2% to ₹22,300, dragged by higher input costs and other expenses. Ebitda margin fell below 20% for the first time in seven quarters, coming in at 19.7%, down 53 basis points (bps) y-o-y.