Bajaj Auto Q3 Results Highlights: Net profit hits a new high, crosses ₹2,500 cr, revenue up 19% to over ₹15,000 cr

Q3 Recap

• PAT rose 19% YoY to ₹2,503 crore, adjusted for Labour Codes impact; up from ₹2,109 crore, marginal QoQ rise.
• Revenue jumped 19% YoY to cross ₹15,000 crore milestone; up 2% sequentially from ₹14,922 crore.
• EBITDA climbed 22% YoY to a record ₹3,161 crore, with margins improving to 20.8%, up 30 bps QoQ.
• Domestic business delivered record revenues, supported by strong performance across segments and the highest-ever quarterly EV contribution.
• Export volumes crossed 600,000 units in a quarter for first time in 15 quarters, indicating sustained overseas recovery.
• Commercial vehicle segment posted highest-ever retails, exceeding 100,000 units for the tenth consecutive quarter.

• Domestic motorcycles delivered their strongest-ever quarter in the 125cc+ segment, recording double-digit YoY revenue growth, led by the sports category.
• The Pulsar portfolio gained traction following product refreshes and upgrades, supported by high-impact activations that drove quarterly retail volumes to a historic high and strengthened competitiveness in the strategic 125cc+ segment.
• KTM and Triumph together scaled new highs in domestic volumes and revenue, registering growth of around 50% YoY.
• KTM saw robust demand across Duke and Adventure models, while Triumph benefited as pricing actions offset the GST increase on >350cc bikes, boosting Speed and Scrambler sales.
• Chetak posted a standout quarter, growing around 70% sequentially from a supply-constrained base to hit an all-time high.
• After resolving HRE sourcing issues through alternate measures, Chetak ramped up production, expanded market share by about 500 bps QoQ, and reinforced its “Fully Lifeproof” durability proposition.

Bajaj Auto Q3 Results 2026 LIVE: The company said it continued to maintain a strong track record of steady cash generation, with around ₹5,200 crore added as free cash flow during the first nine months of FY26, reflecting growth of over 70% year-on-year. The balance sheet remains robust, with surplus funds of nearly ₹15,000 crore, even after distributing ₹5,864 crore as dividends and infusing more than ₹2,300 crore into subsidiaries during the period. The capital infusion was partly used to fund the KTM Austria transaction and support the expansion of the financing business.

Bajaj Auto Q3 Results 2026 LIVE: The commercial vehicle business recorded its highest-ever retail performance, with volumes crossing the 100,000-unit mark for the tenth consecutive quarter. The electric three-wheeler segment also delivered a landmark quarter, scaling up to peak billings and retail levels and ending the period in a leading market position. Meanwhile, Riki, which was launched in the previous quarter, gained further traction following the introduction of the e-kart variant and expansion of the network to nearly 50 cities.

Bajaj Auto Q3 Results 2026 LIVE: Bajaj Auto said export volumes crossed 600,000 units in a quarter for the first time in 15 quarters, while maintaining a strong double-digit year-on-year growth trajectory. The performance was driven by solid double-digit growth across Africa and Asia, while Latin America continued its run of market-leading results, setting fresh benchmarks. The commercial vehicle segment also sustained its upward momentum, delivering around 80,000 units during the quarter, representing growth of over 50% on a year-on-year basis.

Bajaj Auto Q3 Results 2026 LIVE: The domestic business delivered record revenues, supported by strong performance across all segments and the highest-ever quarterly contribution from the electric vehicle portfolio. The quarter also witnessed historic retail volumes, driven by sharp execution at the market level during the festive season. Rapid growth in the electric portfolio, which accounted for 25% of domestic revenues, enabled it to surpass the entire revenue generated in the previous full year midway through the quarter itself.

Bajaj Auto said EBITDA rose to a record ₹3,161 crore in the quarter, marking a 22% year-on-year increase, with margins improving to 20.8%, reflecting effective and dynamic profit-and-loss management. The company added that margins expanded by 30 basis points quarter-on-quarter, as currency tailwinds and benefits from premiumisation more than offset its decision to absorb cost inflation during a strong demand period, as well as the margin impact from the highest-ever quarterly sales of electric two-wheele

The company said revenue from operations rose 19% year-on-year to cross ₹15,000 crore for the first time, supported by record quarterly volumes and an improved product mix. Growth was underpinned by double-digit expansion across all key businesses, including domestic motorcycles, electric two-wheelers, three-wheelers and exports. The performance was driven by strong festive demand and GST-led momentum in the domestic market, along with a sustained recovery in export volumes. The revenue was ₹12,807 crore in the year-ago period. Sequentially, it rose 2% from ₹14,922 crore in September quarter.

Bajaj Auto Q3 Results 2026 LIVE: The company said, reported PAT stood at 2,503 crores, up 19% YoY, after adjusting the one-time exceptional impact arising from the reassessment of employee benefit obligations in accordance with the revised definition of wages under the new Labour Codes notified in Nov 2025. The profit came in at ₹2,109 crore in the year-ago period. Sequentially, it marginally rose from ₹2,480 crore in September quarter.

Bajaj Auto Q3 Results 2026 LIVE: The auto stock ended 0.79% higher at ₹9,583 on BSE. It had hit its 52-week high of ₹9,883.30, recently on January 8, 2026. Meanwhile, it touched its 52-week low of ₹7,088.25 in April 2025.

The stock has gained 9.5% in last 1 year, 19% in last 6 months, 7% in past 3 months and 3% in past 1 month. However, in long term, it has given multibagger returns, rallying 139% in 5 years.

Bajaj Auto Q3 Results 2026 LIVE: Nirmal Bang expects Bajaj Auto to deliver a 17.6% year-on-year increase in revenue, driven by strong exports, a favourable INR–USD movement and a higher share of the 125cc-plus motorcycle segment. The brokerage, however, flagged the possibility of mild margin pressure due to elevated raw material costs.

According to its estimates, revenue is projected at ₹15,066.9 crore, up 17.6% YoY. Ebitda is seen at ₹2,923 crore, reflecting a 13.3% YoY rise, with the Ebitda margin estimated at 19.4%. Profit after tax is expected to grow 10.7% YoY to ₹2,333.9 crore.

Bajaj Auto Q3 Results 2026 LIVE: Bajaj Auto reported a solid improvement in sales performance for December 2025, with total volumes rising 14% year-on-year to 3,69,809 units, compared with 3,23,125 units in December 2024.

Domestic sales increased 4% to 1,69,373 units from 1,62,420 units in the year-ago month, the company said in a regulatory filing. Within the domestic market, two-wheeler sales grew 3% to 1,32,228 units, up from 1,28,335 units in December 2024. Commercial vehicle volumes posted stronger growth, climbing 17% year-on-year to 59,456 units, compared with 50,952 units in the corresponding period last year.

Exports also remained robust during the month. Two-wheeler exports surged 24% to 1,78,125 units from 1,43,838 units a year earlier. In the commercial vehicle segment, domestic sales rose to 37,145 units from 34,085 units in December 2024, while exports jumped 32% to 22,311 units, up from 16,867 units in the same month last year.

Domestic sales stood at 740,793 units, marking a 5% decline from 776,711 units in the year-ago period. Two-wheeler sales fell 6% to 596,576 units from 636,801 units, while commercial vehicle sales bucked the trend, rising 3% to 144,217 units compared with 139,910 units earlier.

Despite the drop in domestic volumes, the company said revenue improved, supported by strong growth in the premium motorcycle segment and double-digit expansion in commercial vehicles. It also noted that the electric vehicle business continues to scale up, contributing a little over ₹10,000 crore in revenue over the past two years.

On the export front, volumes jumped 24% to 553,327 units from 444,793 units. Exports of two-wheelers increased 19% to 472,411 units from 396,407 units, while commercial vehicle exports surged 67% to 80,916 units from 48,386 units.

Bajaj Auto Q3 Results 2026 LIVE: Bajaj Auto reported a strong 53% year-on-year rise in consolidated net profit at ₹2,122.03 crore for Q2FY26, compared with ₹1,385.44 crore in the year-ago quarter. However, profit declined 4% sequentially from ₹2,210.44 crore in Q1FY26.

Revenue from operations rose 18.8% YoY to ₹15,734.74 crore, while also increasing 19.8% quarter-on-quarter. The automaker said the performance was supported by growth in export markets, an improved product mix and record spares sales. It added that strong results across businesses offset disruptions caused by rare earth magnet constraints, which affected its fastest-growing electric vehicle segment.

Two-wheelers grew strongly, with motorcycles gaining momentum. Broadly, domestic 2W industry volumes grew in the high teens YoY.

Inventory was lean after strong festive sales and unexpectedly high retail growth in November. Our channel checks suggested that some in-demand models or variants had much longer than usual wait times. As a result, the stronger-than-expected December wholesale was largely a re-stocking activity.

PL Capital cited that India’s automobile industry reported a strong performance during the October–December 2025 quarter, driven by GST 2.0 rate rationalisation, a pickup in rural demand and sustained festive momentum.

Improved affordability, easing financing conditions and a recovery in consumer sentiment supported broad-based volume growth across passenger vehicles, two-wheelers and commercial vehicles, although rising raw material costs are expected to weigh on margins in the coming quarters.

Bajaj Auto jumped 0.46% ahead of the Q3 results announcement today. On BSE, the Bajaj Auto share price rose to the day's peak of 9552.30.

We anticipate revenue to expand by 17.4% YoY, supported by a 9.5% increase in volume and 7.2% growth in ASP. Volume expansion is led by exports, which rose 17.9% YoY, while domestic sales grew 3.4% YoY.

EBITDA margin is projected to expand 35 bps YoY to 20.5%, and PAT is expected to grow 19.1% YoY to INR 25,115 Mn.

— Choice Broking

Sustained export momentum and market share in the 125cc+ motorcycle segment are among the key monitorables for Bajaj Auto Q3.

KIE said that the reported PAT for the quarter under review could see a 25.6% YoY growth to ₹2648.9 crore. Meanwhile, EBITDA could rise 24.2% in the same period.

We expect EBITDA margin to increase by 40 bps on qoq basis in 3QFY26, led by (1) a favorable FX, (2) operating leverage benefits and (3) lower marketing spends, partly offset by (1) an inferior mix (lower mix of domestic 3W and higher mix of EV) and (2) commodity headwinds, said Kotak Institutional Equities.

Axis Securities sees Bajaj Auto Q3 PAT growing 21.9%% YoY to ₹2,572 crore amid a strong revenue growth of 19.4%. The brokerage said EBITDA margins are expected to improve by ~24 bps YoY and remain flat QoQ, supported by improved export mix and positive operating leverage. Meanwhile, EBITDA is seen at ₹3,118, up 21%.

Volumes increased by 9.5% YoY in 3QFY26, led by (1) 56% YoY growth in the export 3W segment, (2) 14% YoY growth in the export 2W segment driven by a recovery in African market demand, and (3) 2–9% YoY growth in the domestic 2W segment, said KIE.

Kotak Institutional Equities (KIE) expects revenues to increase by 20% YoY, led by (1) a 9.5% YoY increase in volumes and (2) a 10% YoY increase in ASPs due to a higher mix of export 3W and premium 2W segments, as well as favorable FX. The brokerage has pegged net sale at ₹15372.6 crore in Q3 FY26 for Bajaj Auto.

This is to inform you that the meeting of Board of Directors of the Company is scheduled on Friday, 30 January 2026, to consider, inter alia, the unaudited standalone & consolidated financial results of the Company for the quarter and nine months ending 31 December 2025, Bajaj Auto said in a filing earlier this month.