Bajaj Auto Q1: Commercial Vehicles Hold Firm, Electric 3-Wheelers Surge

The company’s net profit also grew 5% to Rs 2,096 crore. Despite weakness in domestic demand, the company’s performance remained steady thanks to strong export momentum and rising EV sales.

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Bajaj Auto

Bajaj Auto posted a 6% year-on-year rise in revenue to Rs 12,584 crore for Q1 FY26, up from Rs 11,928 crore last year. The company’s net profit also grew 5% to Rs 2,096 crore. Despite weakness in domestic demand, the company’s performance remained steady thanks to strong export momentum and rising EV sales.

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Domestic Sales Slip, But Exports Shift Gears

Total sales volume for the quarter stood at 1.11 million units, registering a marginal 1% growth. Domestic two-wheeler sales, however, dropped 9% to 5.29 lakh units. In contrast, two-wheeler exports jumped 14% to 4.19 lakh units — helping the company record its highest-ever export revenue in a quarter.

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Electric Vehicles Power Ahead

Bajaj’s electric vehicle (EV) segment continues to impress. The Chetak electric scooter’s retail volumes more than doubled, and EVs now contribute over 20% of the company’s domestic revenue, up from the "early teens" a year ago. In the electric three-wheeler segment, Bajaj holds a market-leading 36% share in the L5 category.

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Margins Under Pressure, But Efficiency Pays Off

The company reported an EBITDA margin of 19.7%, down from 20.2% in the previous quarter. Bajaj attributed this to lower dollar realisations, though cost efficiencies and a favourable product mix helped offset the impact of rising input costs.

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Commercial Vehicles Hold Strong

Bajaj’s commercial vehicle segment remained robust, with volumes up 7% year-on-year. The company continued to post over 1 lakh retail units for the eighth consecutive quarter, driven by a nearly threefold growth in electric three-wheeler sales.

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Premium Bikes Get a Boost from KTM, Triumph

Premium motorcycle brands KTM and Triumph clocked over 25,000 unit sales in India, a 20% rise compared to last year. New launches like the KTM Enduro R and Triumph Scrambler 400XC helped reinforce Bajaj’s position in the premium motorcycle segment.

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Strong Balance Sheet and Strategic Investments

Bajaj Auto continues to maintain a healthy cash position with surplus funds of Rs 16,726 crore. The company infused Rs 300 crore into Bajaj Auto Credit and invested Rs 1,525 crore in its Dutch subsidiary to support KTM Austria, strengthening its global footprint.

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Supply Chain Challenges Managed Smartly

The company experienced supply disruptions in late Q1 due to a shortage of rare earth magnets used in electric vehicle production. However, management remains confident in the company’s resilience and adaptive strategy.