Earnings Call
Bajaj Auto Q1 FY27 Earnings Call: Record Revenue, Exports Hit New High, EV Business Turns Strongly Profitable
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- Bajaj Auto delivered its best-ever quarterly financial performance in Q1 FY27, achieving record revenue, EBITDA and profit despite commodity inflation, supply chain disruptions and a ransomware incident.
- Management highlighted robust growth across exports, premium motorcycles, electric vehicles and three-wheelers, while outlining aggressive product launches, capacity expansion and continued investment in EVs and international markets.Â
PRICE-SENSITIVE TRIGGER
Event: Bajaj Auto released the transcript of its Q1 FY27 Earnings Conference Call held on 21 July 2026.
Type: Earnings Call
Impact: Positive
Immediate Effect: Management reaffirmed strong demand across key businesses, highlighted record quarterly financial performance and provided a positive outlook supported by exports, premium motorcycles, EVs and capacity expansion initiatives.
Metrics:
Key Financial Metrics:
- Revenue from Operations: ₹17,244 crore (+37% YoY)
- Volumes: 1.4 million units (+29% YoY)
- EBITDA: ₹3,596 crore (+45% YoY)
- EBITDA Margin:Â 20.9%
- PAT: Nearly ₹3,000 crore (+42% YoY)
- Free Cash Flow: Over ₹2,300 crore
- Cash & Cash Equivalents: More than ₹21,000 crore at June-end
- Standalone Revenue: ₹17,244 crore
- Consolidated Revenue: ₹21,689 crore (+65% YoY)
- Consolidated PAT: ₹3,226 crore (+46% YoY)
Segment Highlight:
- Exports: Record 732,000 units and USD 735 million revenue.
- Electric Mobility: Largest-ever quarter with double-digit EBITDA margin.
- Domestic Two-Wheelers:Â Fastest-growing player in the industry.
- Three-Wheelers:Â Record billing and retail performance.
- Bajaj Auto Credit (BACL): AUM crossed ₹20,000 crore, PAT more than doubled YoY.Â
What Happened ?
Bajaj Auto reported its strongest-ever quarterly performance, driven by broad-based growth across domestic motorcycles, exports, electric vehicles and commercial vehicles.
Management acknowledged that the business faced multiple operational challenges during the quarter, including commodity inflation, logistics disruptions, temporary production interruptions following a ransomware attack and supply-chain constraints. Despite these headwinds, the company achieved record revenue and profitability.
The management also unveiled an aggressive product strategy for FY27, including a comprehensive refresh of the Pulsar portfolio, expansion of premium motorcycle offerings, continued EV investments and higher manufacturing capacity across key product categories.
key details
Record Export Performance:
Exports remained the biggest growth engine during the quarter.
Key Highlights
- Record exports of 732,000 units.
- Export revenue reached USD 735 million.
- Exports now contribute around 40% of company revenue.
- Strong growth across Africa, Latin America and international three-wheeler markets.
- KTM exports grew over 20%, while Triumph exports increased more than 40%.Â
Electric Mobility Continues Scaling:
The EV business delivered its strongest quarterly performance to date.
Key Highlights
- Electric two- and three-wheelers recorded their highest-ever quarterly sales.
- EV business now contributes around 30% of domestic revenue.
- Overall EV portfolio achieved double-digit EBITDA margins.
- Chetak volumes increased nearly 80% YoY.
- Management confirmed Chetak is now EBITDA positive.
- Capacity is being expanded from approximately 50,000 units to 60,000 units initially.Â
Premium Motorcycle Portfolio Expansion:
Bajaj outlined an aggressive launch roadmap for FY27.
Key Highlights
- Around 10 refreshed motorcycle models to be launched within six weeks.
- New Pulsar models across 125cc–400cc.
- Two entirely new motorcycle brands planned during FY27.
- Continued expansion of KTM and Triumph dealerships.
- Joint KTM–Triumph network has reached around 90 outlets.Â
Capacity Expansion Underway:
Management expects manufacturing capacity to remain a key growth enabler.
Key Highlights
- Annual manufacturing capacity planned to increase from 7 million units to around 9 million units.
- Expansion focused on:
- Electric two-wheelers
- Electric three-wheelers
- Premium motorcycles
- High-demand commercial vehicles
Bajaj Auto Credit Continues Strong Growth:
The financing business delivered another strong quarter.
Key Highlights
- Assets Under Management crossed ₹20,000 crore.
- PAT more than doubled year-on-year.
- Capital adequacy remained around 19%.
- Return on Equity exceeded 25%.
Management Outlook:
Management expects positive demand trends to continue while remaining cautious on inflation and supply-chain risks.
Focus Areas
- Strengthen domestic motorcycle market share.
- Cross 250,000 export units per month.
- Expand Chetak and EV capacity.
- Accelerate KTM and Triumph growth.
- Continue turnaround of KTM AG.
- Maintain cost discipline amid inflation.
Risk Analysis
Summary:
- While demand remains healthy, Bajaj Auto expects continued volatility from commodity inflation, geopolitical developments, logistics costs and supply-chain disruptions. The company also noted capacity constraints in fast-growing segments such as EVs and premium motorcycles.
Key Risks:
- Rising commodity prices.
- Supply-chain disruptions.
- Global geopolitical uncertainty.
- Logistics and freight cost inflation.
- Capacity constraints in high-growth businesses.
- Competitive pressure in electric mobility.
Worst Case:
- Persistent inflation, prolonged supply disruptions or slower execution of capacity expansion could affect margins and delay volume growth despite strong demand.
Risk Level: Medium
Company Commentary
- Management stated that Bajaj Auto achieved its highest-ever quarterly revenue, EBITDA and profit despite an exceptionally challenging operating environment.
- The company remains focused on exports, premium motorcycles, electric mobility, manufacturing expansion and disciplined cost management while continuing to invest for long-term growth.
Official Exchange Filing: Bajaj Auto Limited
