NSE: BAJAJ-AUTO · BSE: 532977
BAJAJ AUTO LIMITED
Manufactures and sells motorcycles, scooters, three-wheelers and commercial vehicles, with the bulk of revenue from the Automotive segment. In the year ending 31 March 2026, Automotive made up 93% of segment revenue at Rs 60,530.43 cr, Financing 5% at Rs 3,247.61 cr, and Investments 2% at Rs 1,309.18 cr. Exports are a central pillar — Q1 FY27 set a record with 7,32,000 units shipped for USD 735 mn, equivalent to 40% of revenue, with Africa, Latin America and Asia as key markets. The electric two-wheeler portfolio (Chetak) is now 30% of domestic revenues and held 21% market share, while in commercial vehicles the business kept a 75% ICE three-wheeler share and gained over 35% share in the electric three-wheeler (e-Auto) segment. Capacity is being expanded from 7 million to about 9 million units per year across ICE, EV and high-end motorcycles. Financing activity runs through Bajaj Auto Finance (BSCL), which crossed 1 million customers with Rs 12,000 cr of AUM. Materials are the dominant cost at 61.6% of revenue, with employees at 3.9% and other opex at 7.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive (93%), Financing (5%), Investments (2%). Asset-heavy automotive manufacturing with large export exposure, growing EV portfolio, and a captive financing arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 33,145 | 36,455 | 44,870 | 50,995 | 62,905 |
| EBITDA (ex other income) | 6,066 | 6,451 | 8,762 | 10,468 | 13,022 |
| margin % | 18.3 | 17.7 | 19.5 | 20.5 | 20.7 |
| Owners' profit | 6,166 | 6,060 | 7,708 | 7,325 | 10,744 |
| EPS, as reported (₹) | 213.20 | 212.50 | 272.70 | 262.40 | 385.00 |
| ROE % · ROCE % | 20.6 · 23.3 | 20.6 · 24.6 | 26.6 · 32.5 | 20.8 · 27.1 | 26.3 · 25.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.06 | 0.26 | 0.55 |
| Cash from operations | 4,197 | 5,277 | 6,558 | (1,406) | 2,597 |
| Capex | (551) | (1,074) | (706) | (814) | (560) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,247 | 13,169 | 12,646 | 13,133 | 15,735 | 16,204 | 17,832 | 21,689 |
| Profit before tax | 2,879 | 2,876 | 2,819 | 2,961 | 3,633 | 3,656 | 3,141 | 4,427 |
| Net profit | 1,385 | 2,196 | 1,802 | 2,210 | 2,122 | 2,750 | 3,492 | 3,189 |
| EPS (₹) | 49.70 | 78.70 | 64.60 | 79.20 | 76.00 | 98.50 | 131.10 | 115.50 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automotive | 60,530 | 93.0 |
| Investments | 1,309 | 2.0 |
| Financing | 3,248 | 5.0 |
| Total, before eliminations | 65,087 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ AUTO LIMITED ◆ | 2,90,401 | 24.7 | 7.22 | 20.4 | 26.3 | 23.1 | 17.8 | 24.1 |
| EICHER MOTORS LTD | 1,96,679 | 34.0 | 7.84 | 27.3 | 22.0 | 23.2 | 21.8 | 31.0 |
| TVS MOTOR COMPANY LTD | 1,94,173 | 56.6 | 18.13 | 26.5 | 29.7 | 19.9 | 23.6 | 15.4 |
| HERO MOTOCORP LIMITED | 1,04,422 | 19.2 | 4.79 | 13.1 | 26.5 | 29.9 | 8.9 | 16.8 |
| ATHER ENERGY LIMITED | 64,131 | — | — | — | — | — | — | 0.8 |
| OLA ELECTRIC MOBILITY LTD | 16,560 | — | 4.94 | — | (54.7) | (37.0) | — | (29.9) |
| Zelio E Mobility Limited | 2,157 | 67.8 | — | — | — | 29.9 | — | — |
| WARDWIZARD INNO & MOB L | 99 | 46.9 | 0.66 | 9.0 | 1.3 | 1.8 | — | 6.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.7 | 34.0 | 3 of 7 | 67% |
| P/B | 7.2 | 6.1 | 4 of 6 | 40% |
| ROCE | 23.1 | 21.5 | 4 of 8 | 57% |
| ROE | 26.3 | 24.1 | 3 of 6 | 60% |
| Debt / Equity | 0.6 | 0.6 | 3 of 6 | 60% |
| EBITDA margin | 24.1 | 15.4 | 2 of 7 | 83% |
| Revenue growth | 65.1 | 32.5 | 1 of 6 | 100% |
| Profit growth | 44.3 | 21.4 | 2 of 6 | 80% |
| Market cap | 290401 | 64131 | 1 of 9 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Bajaj Auto posts audio recording of Q2 and FY27 conference call | investor communications | low | — | — |
| 27 Oct 2026 · Bajaj Auto appoints Pallavi Joshi Bakhru as independent director | management changes | medium | — | — |
| 27 Oct 2026 · Bajaj Auto changes Kailash Zanzari's role to Chief Operating Officer | management changes | medium | — | — |
| 27 Oct 2026 · Bajaj Auto appoints Madhusudan Gopalan as Chief Product Officer | management changes | medium | — | — |
| 27 Oct 2026 · Bajaj Auto appoints Madhusudan Gopalan as Chief Product Officer | management changes | medium | — | — |
| 27 Oct 2026 · Pallavi Joshi Bakhru appointed independent director from January 2027 | management changes | medium | — | — |
| 27 Oct 2026 · Bajaj Auto appoints Pallavi Joshi Bakhru as independent director | management changes | medium | — | — |
| 27 Oct 2026 · Revenue and profit jump in quarter and half year to September 2026 | results | high | — | — |
| 14 Oct 2026 · Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Bajaj Auto to hold Q2 FY27 results call on 27 Oct 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.