Bajaj Auto on Thursday posted a 6% year-on-year increase in standalone net profit for the January-March quarter, coming in at Rs 2,049.3 crore, marginally ahead of Bloomberg’s consensus estimate of Rs 2,013.1 crore. Revenues from operations also rose 6% year-on-year to Rs 12,148 crore, exceeding the Bloomberg forecast of Rs 12,113 crore. The company reported an Ebitda of Rs 2,451 crore for the quarter, reflecting a 6% increase, while the Ebitda margin expanded by 10 basis points to 20.2%. For the full year, Bajaj Auto crossed the Rs 50,000 crore revenue milestone for the first time, with margins consistently above 20%.
The company’s performance was buoyed by a sharp recovery in exports, which grew 20% year-on-year. Growth was also seen across premium motorcycles, electric scooters, and electric commercial vehicles. However, the suspension of KTM exports during the quarter prevented overall revenues from achieving double-digit growth. Rakesh Sharma, executive director at Bajaj Auto, said that export volumes improved across 26 of the company’s top 30 international markets, with broad-based recovery across Latin America, Africa, and Asia.
Domestically, the electric vehicle portfolio delivered strong results. Bajaj Auto doubled its electric two-wheeler and three-wheeler market share in the March quarter. The Chetak electric scooter, boosted by the newly launched 35 series, led the segment with volumes more than doubling year-on-year and an exit market share of 27%. In the electric three-wheeler category, Bajaj Auto’s market share climbed from 13% in FY24 to 33% in FY25 and reached 38% in the first two months of FY26. Meanwhile, the company retained its dominant 75% share in the internal combustion engine three-wheeler space.
In the domestic motorcycle segment, growth was slower but showed signs of revival through targeted product updates and pricing adjustments. Sharma said the recently launched electric three-wheeler model ‘GoGo’ contributed to double-digit growth in that segment.
Bajaj Auto has altered its strategy for the upcoming CNG Freedom motorcycle, opting to focus on regions with higher CNG infrastructure such as Maharashtra, Gujarat, Kerala, and Delhi, instead of pursuing a nationwide rollout.
Looking ahead to FY26, Sharma expects a market environment similar to FY25, marked by fluctuations and modest overall growth. He projected an industry growth range of 5–7%, with the 125cc and above motorcycle segment expected to outperform, growing at twice the rate of the broader market. The 100cc category is anticipated to remain flat. If supply chain constraints are resolved, the electric vehicle segment could grow 20–25% during the year.
However, Sharma flagged a looming risk to the industry, ie, a shortage of rare earth magnets due to export restrictions from China. These magnets are critical for electric vehicle production, and with China controlling 85% of global supply, disruptions are imminent. Around 30 applications from Indian companies for magnet supplies are still pending with Chinese authorities. Without relief, Sharma warned, the EV industry could face production halts by July 2025, with no viable alternatives currently available. This bottleneck could delay all upcoming EV launches, putting the sector’s growth trajectory at risk.
