Bajaj Auto

“So therefore, the rate for the second half is expected to remain at this maximum level.”

“And then there are plans afoot to look at even more significant expansion going forward in a new site.”

“The BU crossed its highest ever volume of 7.8 lakh units in Q2, a growth of 41% year-on-year.”

“Our market share in 2 two-wheeler exports from India has increased from 44% in FY26 to 48% in H1. And in 3-wheelers, it has gone up from 60% to 63%,”

“3-wheeler exports did very well, too, crossing 1 lakh units in the quarter and also growing at 41% in H1.”

“growth in this period of 16 days has been 32%, meaning 8 percentage points more than what the industry has grown by.”

“The share of new launches in our 125cc plus portfolio was 7% in August. It grew to 26% in September. And in the first 16 days of festive, it has further grown to 33%.”

“In the largest market of Nigeria, retails were at 30,000 units AVPM level, which is a very big growth over the same period last year and delivered a record market share of almost 60%.”

“Even though this was a very handsome growth, the retails are still only at 60% level of the previous peak.”

“The 2-wheeler industry, including electric scooters, demonstrated healthy YoY growth of 18% in April to August.”

“In the September to December period, we expect growth to continue to be in double digits, but it may not be as much as the April - August period due to the base effect.”

“In the immediate 16 days of the festive, 2-wheeler registrations have grown by 10% as per the VAHAN portal.”

“This focus is to the exclusion of the 100cc segment, where we have made a conscious choice to protect profitability by increasing prices due to inflationary impact ahead of competition, and we are accepting the consequence of this.”

“Significantly, the Chetak portfolio profitability has moved to double digits, in fact, at an overall level, our EV business, which includes 3-wheelers and Chetak is now margin accretive at the corporate level.”

“Taken together, the impact of commodity and other input cost inflation in quarter 2 was in the whereabouts of between 3% and 3.5% of revenue.”

“During the quarter, costs in electrical components increased in the mid-teens. Proprietary parts and conversion charges saw double-digit increases.”

“We have responded through calibrated pricing actions, which really have covered about between 50% and 60% of the inflationary impact over this first half.”

“we generated nearly INR4,000 crores of free cash flow during the quarter, translating into a cash conversion of 100% plus of the profit after tax.”

“In addition, we will have 2 new brands in the pipeline, spanning the 125cc to 250cc space getting lined up for launch in FY27.”

“The product pipeline remains active with further refreshes and upgrades planned across the 160cc to 400cc range over the coming months in both Pulsar and Dominars.”

“We're going to open up a new segment. That hopefully will be, in your terminology, a surprise package.”

“And thirdly, slightly over the medium term, my medium term is, let's say, 2 to 3 years, we will add some more new markets.”

“So, by the end of festive, we hope to enter January with a completely refreshed Pulsar portfolio.”

“This position has been upgraded to the Chief Business Officer level, and 4 new President level positions have been created to drive Africa, Asia, LatAm, and advanced markets.”

“Similarly, in the domestic operations, the motorcycle and Chetak business have been brought together into one new business unit, the 2-wheeler business unit.”

“all this despite, as you know, of severe capacity issues and supply chain issues particularly during September, where instead of 60,000, we could only manage 40,000 units.”

“While the pace of cost escalation may be lower than the sharp increase witnessed in the first half of the year between quarter 1 and quarter 2, the situation notwithstanding remains highly dynamic, and it's really difficult to pin down a number for the inflationary impact at this stage.”

“But if these levels were to persist, it would clearly be a bit of a headwind that we need to be able to manage for the current quarter, considering that the last quarter ended off at 95.5%.”

“Now the balance is the classics, which was a drag. And I would say it's still a drag because there are still channel stocks.”

“if you go by the current print of the scheme at the end of 31st March 2028, I think we'll need to wait and see what happens to the scheme at that point of time.”

“Revenue from operations surpassed the INR20,000 crores milestone, a solid growth of 34% year-on-year.”

“Volume crossed the 1.5 million mark for the first time, growing 20% year-on-year and marking the fourth consecutive quarter of record volumes.”

“On EBITDA, we crossed the INR4,000 crores mark, delivering INR4,172 crores, again, a new high for the company with a strong 37% year-on-year growth.”

“The first of this is the increase in export incentives, which has come on the back of very strong growth in our export business.”

“We recorded our best ever PAT crossing INR3,000 crores, coming in at INR3,354 crores, up 35% year-on-year.”