Bajaj Auto Ltd.
BAJAJ-AUTOConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
8 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 8 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20230503 | 2023-03-31 | yes | |
| TRANSCRIPT | 20240425 | 2024-03-31 | yes | |
| TRANSCRIPT | 20250605 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250812 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251114 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260206 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260512 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260727 | 2026-06-30 | yes |
BAJAJ-AUTO
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 11,208.00 |
| 52-week range | 8626.5 – 12361.0 |
| Return 1M | -6.03% |
| Return 3M | 13.87% |
| Return 1Y | 26.8% |
| Return 3Y | 123.92% |
| Return 5Y | 194.19% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 21,689.00 |
| Other income | 688.00 |
| Total income | 22,377.00 |
| Cost of materials consumed | 13,261.00 |
| Purchases of stock-in-trade | 780.00 |
| Changes in inventories | -25.00 |
| Employee benefit expense | 1,387.00 |
| Finance costs | 387.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.55 | 0.00 |
| institutions foreign | 0.09 | 0.00 |
| institutions domestic | 0.14 | -0.01 |
| mutual funds | 0.06 | -0.01 |
| public | 0.45 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 8 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 10,203.00 | 9,319.00 | 8,929.00 | 10,312.00 | 10,838.00 | 12,165.00 | 11,555.00 | 11,932.00 | 13,247.00 | 13,169.00 | 12,646.00 | 13,133.00 | 15,735.00 | 16,204.00 | 17,832.00 | 21,689.00 |
| Other income | 334.00 | 271.00 | 264.00 | 351.00 | 369.00 | 356.00 | 360.00 | 335.00 | 399.00 | 348.00 | 392.00 | 509.00 | 576.00 | 436.00 | 661.00 | 688.00 |
| Total income | 10,537.00 | 9,589.00 | 9,193.00 | 10,663.00 | 11,207.00 | 12,522.00 | 11,915.00 | 12,267.00 | 13,647.00 | 13,516.00 | 13,039.00 | 13,642.00 | 16,311.00 | 16,640.00 | 18,494.00 | 22,377.00 |
| Cost of materials consumed | 6,941.00 | 5,830.00 | 5,868.00 | 6,687.00 | 7,231.00 | 7,891.00 | 7,458.00 | 7,417.00 | 8,611.00 | 8,509.00 | 7,657.00 | 8,042.00 | 9,785.00 | 9,926.00 | 11,008.00 | 13,261.00 |
| Purchases of stock-in-trade | 490.00 | 568.00 | 623.00 | 615.00 | 666.00 | 693.00 | 728.00 | 702.00 | 803.00 | 722.00 | 809.00 | 697.00 | 899.00 | 863.00 | 796.00 | 780.00 |
| Changes in inventories | 56.00 | 193.00 | -223.00 | 117.00 | -194.00 | 70.00 | -69.00 | 175.00 | -111.00 | -71.00 | 35.00 | 75.00 | -160.00 | -67.00 | 547.00 | -25.00 |
| Employee benefit expense | 360.00 | 362.00 | 380.00 | 401.00 | 401.00 | 404.00 | 421.00 | 492.00 | 475.00 | 484.00 | 475.00 | 520.00 | 527.00 | 516.00 | 898.00 | 1,387.00 |
| Finance costs | 11.00 | 8.00 | 16.00 | 12.00 | 7.00 | 12.00 | 30.00 | 47.00 | 75.00 | 120.00 | 147.00 | 224.00 | 287.00 | 314.00 | 344.00 | 387.00 |
| Depreciation and amortisation | 67.00 | 75.00 | 76.00 | 87.00 | 92.00 | 93.00 | 93.00 | 95.00 | 98.00 | 102.00 | 119.00 | 118.00 | 119.00 | 119.00 | 289.00 | 405.00 |
| Other expenses | 607.00 | 609.00 | 625.00 | 560.00 | 604.00 | 692.00 | 733.00 | 775.00 | 816.00 | 774.00 | 978.00 | 1,007.00 | 1,220.00 | 1,236.00 | 1,509.00 | 1,755.00 |
| Total expenses | 8,531.00 | 7,645.00 | 7,364.00 | 8,479.00 | 8,806.00 | 9,855.00 | 9,393.00 | 9,704.00 | 10,767.00 | 10,640.00 | 10,219.00 | 10,682.00 | 12,677.00 | 12,908.00 | 15,391.00 | 17,950.00 |
| Profit before exceptional items and tax | 2,005.00 | 1,945.00 | 1,829.00 | 2,184.00 | 2,400.00 | 2,666.00 | 2,522.00 | 2,564.00 | 2,879.00 | 2,876.00 | 2,819.00 | 2,961.00 | 3,633.00 | 3,733.00 | 3,103.00 | 4,427.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -77.00 | 38.00 | 0.00 |
| Profit before tax | 2,005.00 | 1,945.00 | 1,829.00 | 2,184.00 | 2,400.00 | 2,666.00 | 2,522.00 | 2,564.00 | 2,879.00 | 2,876.00 | 2,819.00 | 2,961.00 | 3,633.00 | 3,656.00 | 3,141.00 | 4,427.00 |
| Current tax | 498.00 | 454.00 | 441.00 | 542.00 | 554.00 | 614.00 | 575.00 | 642.00 | 669.00 | 674.00 | 639.00 | 728.00 | 956.00 | 943.00 | 1,004.00 | 1,152.00 |
| Deferred tax | -14.00 | 18.00 | 14.00 | -2.00 | 10.00 | 19.00 | 19.00 | -20.00 | 244.00 | 7.00 | 44.00 | 22.00 | -79.00 | -37.00 | -160.00 | 83.00 |
| Tax expense | 484.00 | 472.00 | 455.00 | 540.00 | 564.00 | 634.00 | 594.00 | 622.00 | 914.00 | 681.00 | 682.00 | 750.00 | 877.00 | 906.00 | 844.00 | 1,235.00 |
| Profit for the period | 1,719.00 | 1,473.00 | 1,705.00 | 1,644.00 | 2,020.00 | 2,033.00 | 2,011.00 | 1,942.00 | 1,385.00 | 2,196.00 | 1,802.00 | 2,210.00 | 2,122.00 | 2,750.00 | 3,492.00 | 3,189.00 |
| Profit attributable to owners | — | — | — | — | 2,020.00 | 2,033.00 | 2,011.00 | 1,942.00 | 1,385.00 | 2,196.00 | 1,802.00 | 2,210.00 | 2,122.00 | 2,750.00 | 3,662.00 | 3,226.00 |
| Profit attributable to non-controlling interests | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -170.00 | -37.00 |
| Other comprehensive income | 425.00 | 287.00 | 151.00 | 311.00 | -92.00 | 406.00 | 79.00 | 37.00 | 787.00 | 162.00 | 329.00 | 1,022.00 | -566.00 | -194.00 | -1,624.00 | 802.00 |
| Total comprehensive income | 2,145.00 | 1,760.00 | 1,855.00 | 1,955.00 | 1,928.00 | 2,439.00 | 2,090.00 | 1,979.00 | 2,172.00 | 2,358.00 | 2,131.00 | 3,232.00 | 1,556.00 | 2,556.00 | 1,868.00 | 3,991.00 |
| Earnings per share, basic | 60.10 | 52.10 | 60.30 | 58.10 | 71.40 | 71.90 | 71.20 | 69.60 | 49.70 | 78.70 | 64.60 | 79.20 | 76.00 | 98.50 | 131.10 | 115.50 |
| Earnings per share, diluted | 60.10 | 52.10 | 60.30 | 58.10 | 71.40 | 71.90 | 71.20 | 69.60 | 49.70 | 78.70 | 64.40 | 79.10 | 75.90 | 98.40 | 130.90 | 115.30 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 30,250.00 | 29,919.00 | 27,741.00 | 33,145.00 | 36,455.00 | 44,870.00 | 50,995.00 | 62,905.00 |
| Other income | 1,555.00 | 1,525.00 | 1,276.00 | 1,284.00 | 1,188.00 | 1,436.00 | 1,474.00 | 2,182.00 |
| Total income | 31,805.00 | 31,443.00 | 29,018.00 | 34,429.00 | 37,643.00 | 46,306.00 | 52,469.00 | 65,087.00 |
| Cost of materials consumed | 20,301.00 | 19,485.00 | 18,308.00 | 22,170.00 | 24,073.00 | 29,267.00 | 32,194.00 | 38,761.00 |
| Purchases of stock-in-trade | 1,579.00 | 1,587.00 | 1,521.00 | 1,972.00 | 2,148.00 | 2,702.00 | 3,036.00 | 3,255.00 |
| Changes in inventories | -56.00 | -63.00 | -219.00 | 188.00 | -100.00 | -76.00 | 28.00 | 394.00 |
| Employee benefit expense | 1,257.00 | 1,391.00 | 1,288.00 | 1,363.00 | 1,484.00 | 1,627.00 | 1,926.00 | 2,461.00 |
| Finance costs | 4.00 | 3.00 | 7.00 | 9.00 | 40.00 | 60.00 | 389.00 | 1,169.00 |
| Depreciation and amortisation | 266.00 | 246.00 | 259.00 | 270.00 | 286.00 | 365.00 | 414.00 | 645.00 |
| Other expenses | 2,190.00 | 2,424.00 | 1,919.00 | 2,202.00 | 2,399.00 | 2,589.00 | 3,342.00 | 4,973.00 |
| Total expenses | 25,541.00 | 25,073.00 | 23,082.00 | 28,173.00 | 30,330.00 | 36,534.00 | 41,330.00 | 51,657.00 |
| Profit before exceptional items and tax | 6,264.00 | 6,371.00 | 5,935.00 | 6,256.00 | 7,313.00 | 9,772.00 | 11,139.00 | 13,430.00 |
| Exceptional items | 342.00 | 0.00 | 0.00 | 817.00 | 0.00 | 0.00 | 0.00 | -39.00 |
| Profit before tax | 6,606.00 | 6,371.00 | 5,935.00 | 7,072.00 | 7,313.00 | 9,772.00 | 11,139.00 | 13,391.00 |
| Current tax | 1,819.00 | 1,547.00 | 1,348.00 | 1,667.00 | 1,855.00 | 2,286.00 | 2,624.00 | 3,632.00 |
| Deferred tax | 209.00 | -67.00 | 36.00 | -181.00 | -73.00 | 46.00 | 275.00 | -255.00 |
| Tax expense | 2,028.00 | 1,480.00 | 1,384.00 | 1,486.00 | 1,782.00 | 2,332.00 | 2,899.00 | 3,377.00 |
| Profit for the period | 4,928.00 | 5,212.00 | 4,857.00 | 6,166.00 | 6,060.00 | 7,708.00 | 7,325.00 | 10,574.00 |
| Profit attributable to owners | 4,928.00 | 5,212.00 | 4,857.00 | 6,166.00 | — | 7,708.00 | 7,325.00 | 10,744.00 |
| Profit attributable to non-controlling interests | -0.00 | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 | -170.00 |
| Other comprehensive income | -45.00 | -509.00 | 753.00 | 430.00 | 553.00 | 704.00 | 1,315.00 | -1,362.00 |
| Total comprehensive income | 4,882.00 | 4,703.00 | 5,610.00 | 6,596.00 | 6,613.00 | 8,412.00 | 8,640.00 | 9,213.00 |
| Earnings per share, basic | 170.30 | 180.20 | 167.90 | 213.20 | 212.50 | 272.70 | 262.40 | 385.00 |
| Earnings per share, diluted | 170.30 | 180.20 | 167.90 | 213.20 | 212.50 | 272.70 | 262.00 | 384.40 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 32,516.00 | 35,136.00 | 36,467.00 | 39,344.00 | 45,842.00 | 54,199.00 | 65,456.00 | 77,223.00 |
| Non-current assets | 21,676.00 | 25,486.00 | 26,135.00 | 27,545.00 | 29,705.00 | 34,753.00 | 44,288.00 | 43,171.00 |
| Current assets | 10,840.00 | 9,650.00 | 10,332.00 | 11,798.00 | 16,137.00 | 19,446.00 | 21,169.00 | 33,977.00 |
| Property, plant and equipment | 1,692.00 | 2,762.00 | 2,875.00 | 3,147.00 | 3,140.00 | 3,589.00 | 3,521.00 | 7,727.00 |
| Capital work-in-progress | 222.00 | 85.00 | 52.00 | 28.00 | 141.00 | 29.00 | 58.00 | 120.00 |
| Goodwill | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other intangible assets | 44.00 | 31.00 | 20.00 | 21.00 | 16.00 | 40.00 | 46.00 | 4,185.00 |
| Inventories | 1,327.00 | 1,564.00 | 1,554.00 | 1,689.00 | 1,712.00 | 2,077.00 | 2,146.00 | 6,294.00 |
| Trade receivables | 2,504.00 | 1,752.00 | 2,090.00 | 2,076.00 | 2,819.00 | 2,125.00 | 3,099.00 | 3,473.00 |
| Cash and cash equivalents | 1,037.00 | 242.00 | 675.00 | 560.00 | 1,110.00 | 2,332.00 | 1,805.00 | 2,990.00 |
| Total equity and liabilities | 32,516.00 | 35,136.00 | 36,467.00 | 39,344.00 | 45,842.00 | 54,199.00 | 65,456.00 | 77,223.00 |
| Equity | 26,036.00 | 29,362.00 | 29,331.00 | 28,962.00 | 30,979.00 | 35,189.00 | 34,170.00 | 40,220.00 |
| Equity share capital | 284.00 | 283.00 | 283.00 | 279.00 | 279.00 | 279.00 | 279.00 | 280.00 |
| Other equity | 25,753.00 | 29,079.00 | 29,048.00 | 28,683.00 | 30,700.00 | 34,909.00 | 33,891.00 | 38,552.00 |
| Total liabilities | 6,479.00 | 5,775.00 | 7,136.00 | 10,381.00 | 14,863.00 | 19,010.00 | 31,286.00 | 37,003.00 |
| Non-current liabilities | 477.00 | 504.00 | 571.00 | 1,290.00 | 4,279.00 | 7,426.00 | 8,770.00 | 17,664.00 |
| Current liabilities | 6,002.00 | 5,271.00 | 6,564.00 | 9,091.00 | 10,584.00 | 11,584.00 | 22,516.00 | 19,338.00 |
| Borrowings, non-current | 0.00 | 0.00 | 0.00 | 633.00 | 3,204.00 | 6,083.00 | 7,461.00 | 15,339.00 |
| Borrowings, current | 0.00 | 0.00 | 0.00 | 1,153.00 | 1,914.00 | 3,154.00 | 12,104.00 | 6,642.00 |
| Trade payables | 4,787.00 | 4,121.00 | 5,303.00 | 5,597.00 | 6,939.00 | 6,373.00 | 7,667.00 | 8,804.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 2,419.00 | 5,277.00 | 3,926.00 | 6,558.00 | 76.00 | -1,406.00 | -260.00 | 2,597.00 |
| Net cash from investing activities | 4,547.00 | 1,200.00 | 224.00 | -344.00 | 373.00 | -1,056.00 | -4,790.00 | -7,034.00 |
| Net cash from financing activities | -6,846.00 | -7,181.00 | -3,975.00 | -6,167.00 | 76.00 | 4,230.00 | 4,342.00 | 5,079.00 |
| Purchase of property, plant and equipment | 320.00 | 1,074.00 | 301.00 | 706.00 | 310.00 | 814.00 | 203.00 | 560.00 |
| Net increase in cash | 103.00 | -692.00 | 433.00 | 319.00 | 550.00 | 1,771.00 | -526.00 | 658.00 |
| con:CFO.BEFORE_TAX | 3,167.00 | 7,196.00 | 4,812.00 | 8,945.00 | 1,253.00 | 1,344.00 | 889.00 | 6,026.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 748.00 | 1,919.00 | 887.00 | 2,387.00 | 1,176.00 | 2,750.00 | 1,150.00 | 3,430.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 4,649.00 | 9,384.00 | 4,373.00 | 15,274.00 | 5,941.00 | 11,897.00 | 12,802.00 | 26,617.00 |
| con:INVESTMENTS_SOLD | 9,236.00 | 10,793.00 | 4,925.00 | 17,248.00 | 6,452.00 | 9,804.00 | 13,215.00 | 25,835.00 |
| con:PPE_DISPOSALS | 133.00 | 137.00 | 4.00 | 12.00 | 4.00 | 6.00 | 6.00 | 10.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -355.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 54.98 | 54.99 | 54.98 | 54.94 | 55.06 | 55.06 | 55.04 | 55.04 | 55.04 | 55.04 | 0.55 | 0.55 | 0.55 | 0.55 |
| Domestic institutions | 10.86 | 9.63 | 9.10 | 8.73 | 8.54 | 8.81 | 8.76 | 10.06 | 10.99 | 12.09 | 0.13 | 0.14 | 0.14 | 0.14 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 7.08 | 0.07 | 0.07 | 0.07 | 0.06 |
| Insurance companies | 6.10 | 4.76 | 3.22 | 2.33 | 2.39 | 2.40 | 2.51 | 2.91 | 3.64 | 4.27 | 0.05 | 0.06 | 0.06 | 0.06 |
| Foreign institutions | 12.35 | 13.67 | 14.38 | 14.65 | 14.52 | 14.20 | 14.31 | 12.45 | 11.61 | 10.30 | 0.10 | 0.09 | 0.09 | 0.09 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 45.02 | 45.01 | 45.02 | 45.06 | 44.94 | 44.94 | 44.96 | 44.96 | 44.92 | 44.93 | 0.45 | 0.45 | 0.45 | 0.45 |
| Non-institutional | 21.80 | 21.72 | 21.54 | 21.68 | 21.88 | 21.93 | 21.88 | 22.45 | 22.32 | 22.54 | 0.23 | 0.22 | 0.22 | 0.22 |
| Shares outstanding | 282932758 | 282932758 | 282932758 | 283155156 | 279179756 | 279179756 | 279257608 | 279257608 | 279257608 | 279257608 | 279257608 | 279497838 | 279497838 | 279497838 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Bajaj Auto Credit Ltd. | Fully owned Subsidiary | Any other transaction, Investment, Purchase of goods | 9,622,100,000.00 | 4 |
| Bajaj Holdings & Investment Ltd. | Investing Party | Any other transaction, Dividend paid, Dividend recei | 8,103,100,000.00 | 8 |
| KTM Sportmotorcycle GmbH | Other related party | Any other transaction, Purchase of goods or services | 3,210,300,000.00 | 4 |
| Bajaj do Brasil Limited Company | Fully owned subsidiary | Investment, Sale of goods or services | 2,385,000,000.00 | 2 |
| KTM AG | Other related party | Any other transaction, Sale of goods or services | 1,003,600,000.00 | 2 |
| Yulu Bikes Pvt. Ltd. | Other related party | Any other transaction, Purchase of goods or services | 934,600,000.00 | 7 |
| Husqvarna Motorcycles GmbH | Other related party | Any other transaction, Sale of goods or services | 555,300,000.00 | 3 |
| Maharashtra Scooters Ltd. | Other related party | Any other transaction, Dividend paid, Purchase of go | 552,300,000.00 | 6 |
| Chetak Technology Ltd. | Fully owned subsidiary | Any other transaction, Investment, Purchase of goods | 370,600,000.00 | 5 |
| Pradeep Shrivastava | Key management personnel of entity | Any other transaction, Remuneration | 351,800,000.00 | 4 |
| Rajiv Bajaj | Key management personnel of entity | Any other transaction, Remuneration | 269,500,000.00 | 4 |
| Bajaj Auto Limited Provident Fund | Other related party | Any other transaction | 234,600,000.00 | 1 |
| Rakesh Sharma | Key management personnel of entity | Any other transaction, Remuneration | 144,600,000.00 | 4 |
| Hind Musafir Agency Ltd. | Other related party | Purchase of goods or services | 100,800,000.00 | 3 |
| KTM Sportmotorcycle India Pvt. Ltd. | Other related party | Any other transaction | 75,800,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-27 | Q1FY27 | BAJAJ AUTO LIMITED, – BAJAJ AUTO LIMITED | Read the call |
| 2026-05-12 | Q4FY26 | BAJAJ AUTO LIMITED | Read the call |
| 2026-02-06 | Q3FY26 | BAJAJ AUTO LIMITED | Read the call |
| 2025-11-14 | Q2FY26 | AUTO LIMITED, BAJAJ AUTO LIMITED | Read the call |
| 2025-08-12 | Q1FY26 | BAJAJ AUTO LIMITED | Read the call |
| 2025-06-05 | Q4FY25 | BAJAJ AUTO LIMITED | Read the call |
| 2024-04-25 | FYFY24 | BAJAJ AUTO LIMITED | Read the call |
| 2023-05-03 | FYFY23 | BAJAJ AUTO LIMITED | Read the call |
What they said about it, quarter by quarter
| Topic | FYFY23 | FYFY24 | Q1FY26 | Q1FY27 | Q2FY26 | Q3FY26 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | And capex, of about INR1,000 crores that we spent across our two entities of Bajaj Auto and Chetak Technology, which is a fairly substantial investmen… | And this is after spending in the whereabouts of about INR700 crores or INR800 crores of gross capex that was primarily and | Capex during the quarter stood at approximately INR100 crores, which will progressively go up to about INR600 crores, INR700 crores for the rest of th… | — | — | — | Sequentially, margins were flattish, driven by a favorable currency and better economics that we called out at the time of the launch of the new Cheta… | Capex for the year was approximately INR500 crores, split equally between ICE and EV investments. |
| Capital allocation | And this, you will be aware, has come on the back of last year's dividend payout of about INR4,000 crores and a share buyback of about INR3,100 crores… | Our balance sheet continues to remain very strong with the year-end net surplus funds at over INR16,000 crores and this is even after a sizable payout… | — | Do you want to continue through the buyback route, which gets restricted for a year period? | The first is that we paid a dividend of nearly Rs. | And these 7 plus 8 interventions over the last 2 months and another 4-5 months going forward, will, I think, galvanize the whole share acquisition eff… | Again, led by the 125cc+ segment, and we will aim for share acquisition based on the above key actions. | On KTM, as you would recall from our last earnings call, Bajaj Auto through its wholly owned subsidiary in the Netherlands, BAIH BV, completed the acq… |
| Costs | — | And in many ways, the cost savings that we have seen in this quarter has contained the incremental drag arising from higher volumes. | However, as the quarter progressed, we had some relief coming from cost savings initiatives and better steel settlement rates later in the quarter. | At the same time, geopolitical developments in West Asia led to force majeure declarations by certain global suppliers and disrupted maritime logistic… | On the commodity front, in the previous quarter, I had mentioned that we were beginning to see some cost pressures across key commodities. | These factors provided the operating headroom to absorb a combination of commercial actions that we consciously took alongside the regular input cost … | So cumulatively put together between material cost inflation and the rollout of the OBD II norms that have been rolled out from the start of this quar… | And of course, the USD realization rates reaching INR95 have been very helpful in us managing the cost side inflation. |
| Debt and cash | — | The favourable mix offset the operating deleverage since last quarter was the largest seasonal quarter, but importantly, cost savings on electric vehi… | Our balance sheet continues to remain strong, backed by continued free cash flow generation. | The company continued to generate strong free cash flow during the quarter, reflecting the underlying quality of earnings and robust cash conversion. | Consistent with the track record of free cash flow generation, we generated around Rs. | It's also worth noting that in the first 9 months of this year, we've generated nearly INR5,200 crores of free cash flow, and that was up 70% over the… | Free cash flow continued a strong track record and remained robust at INR6,500 crores for the year. | Free cash flow for the year was more than INR8,000 crores, a reflection of the very robust cash conversion on profit. |
| Demand | Other markets, in summary, apart from Nigeria, demonstrated slightly better retails in Q4 compared to Q3. So, this does indicate a bottoming out of th… | The new plant in Brazil will start production by June, allowing us to service the pent-up demand and rapidly scale up the network. | We navigated through a quarter that saw domestic demand softening and unfavorable currency environment for much of the period, some constraint on our … | Demand, however, continued to remain ahead of our ability to supply. | Suppressed demand, festive cheers, and GST rate cuts all combined to deliver a historic festive 40 days which has restored growth to the industry. | KTM volumes were led by strong demand across the Adventure portfolio, which has grown almost 4x over the same period last year. | The unfortunate developments of 2024 onwards had their genesis in the downturn of the e-bike business, the sharp rise in fall of demand for extreme sp… | The demand environment, it has softened in April due to general inflation, increased prices of our vehicles, LPG shortages, manpower migration and the… |
| Guidance | We expect going forward an industry growth of 6% to 8% over the next few quarters | On this basis despite a cautious view of this market, we expect FY '25 to be better than FY '24 volume and much better in revenue terms. | Given this performance of the emerging markets, our strengthening competitive position and the return of KTM exports, overall, we expect to continue t… | As capacity improves, we expect to support not only domestic growth, but also accelerate our international expansion. | We expect exports to continue to maintain the growth tempo in the coming months. | Overall, the Exports business has established a sustained growth momentum, and we expect this growth tempo to continue in the coming months. | Given this performance, and revival in the market, our competitive position in key markets and the return of KTM exports, we expect overall exports to… | But having said that, the great thing from our point of view is that we expect this growth to come almost entirely from the 125cc plus segment and eve… |
| Margin | Instead, we have passed on cost increases and maintained EBITDA standards. | Compared to the same period last year, margin was up 80 basis points, largely led by better realization on operating leverage which was partially offs… | This quarter, both revenue and EBITDA came in strong at INR12,500 crores and INR2,500 crores, respectively, making it amongst our top three results in… | The entire Latin American region is a very strong driver of not just our export performance in terms of volume and revenue, but also of corporate EBIT… | These collectively delivered almost 20% of domestic revenue but more importantly a double- digit EBITDA percentage in Q2. Coming to Pro-Biking, our pr… | More importantly, the EV business now delivers double-digit EBITDA margin while improving unit economics as the portfolio continues to scale. | On EBITDA, it came in at INR2,451 crores, which was up 6% year-on-year. | The region remains a key driver of our export performance in terms of volume, revenue and EBITDA. |
| People | — | — | — | — | — | — | — | I'm only hoping that all this labour issue and the availability of fuel, etcetera, in the Tier 1, Tier 2 vendors doesn’t play a spoiler and we achieve… |
| Pricing | The revision of pricing had an immediate and profound impact which may not be visible to you. | So therefore, on balance in net overall terms, I assumed the fourth quarter compared to the third quarter was flat from both a cost and therefore, res… | Here, we had experienced a loss of market share in the period of Q3 of the previous financial year and early parts of Q4. Provoked by that, product an… | Pricing, as I discussed earlier, was implemented in a calibrated manner through April and June to recover a significant portion of the unprecedented c… | The quarter finally ended with a net cost inflation impact of about 40 basis points after adjusting for the marginal price increase that we had taken. | While the withdrawal occurred towards the later part of the quarter, the impact was meaningful at approximately INR23,000 to INR25,000 per vehicle, an… | KTM accelerated growth, particularly in second half, basis targeted interventions around product and pricing of Duke 200 and 250, as well as the very … | Once again, we have taken very judicious pricing actions to offset about 40% of this impact so far. |
| Revenue growth | The 3-wheeler business is already at a commanding and strong position and driving the growth of the market. | The growth of EV should continue, perhaps at lower rates despite the changes in the subsidy regime, mainly by continuing to cannibalize the ICE scoote… | The industry saw strong growth of 11% in Q1 on a Y-o-Y basis, driven by an almost doubling of e-auto volumes with the E segment also | July 21, 2026 Notably, exports growth was not just faster than the industry, but was broad-based across all the regions, except MENA, this is Middle E… | The CV segment in exports delivered a growth of 67% this quarter, result of intense development efforts of the past few quarters. | In fact, the business is on the path to deliver its highest ever top line performance in USD terms this financial year. | However, for FY '25, the industry delivered an overall growth of 6%, buffeted by a strong performance in Q1 and during the festive. | This was driven by a strong festive season, and the GST rate cuts, resulting in a growth of around 11% for the full year. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2023-05-03 | FYFY23 | BAJAJ AUTO LIMITED | We expect going forward an industry growth of 6% to 8% over the next few quarters |
| 2025-06-05 | Q4FY25 | BAJAJ AUTO LIMITED | Given this performance, and revival in the market, our competitive position in key markets and the return of KTM exports, we expect overall exports to continue to grow at 15% to 20% every quarter year on year. |
| 2025-06-05 | Q4FY25 | BAJAJ AUTO LIMITED | Overall, we anticipate the industry to continue to grow at 5% to 6% in FY '26. |
| 2025-08-12 | Q1FY26 | BAJAJ AUTO LIMITED | While we expect production in August to be better than July, we may still see a shortfall of similar levels of 50% in this quarter in Chetak and about 25% to 30% or so in e-autos. |
| 2025-11-14 | Q2FY26 | BAJAJ AUTO LIMITED | We expect the same pattern to continue with the GST rate cut, lifting the ICE Auto growth by about 5% points. |
| 2026-02-06 | Q3FY26 | BAJAJ AUTO LIMITED | We expect this growth momentum in the industry to continue and the motorcycle industry to continue to grow at, say, 12% to 15%. |