Bajaj Auto profit rises 62% as export surge and EV momentum

What happened

Bajaj Auto's consolidated net profit rose 61.9 per cent to ₹3,436.10 crore from ₹2,122.03 crore in July–September 2026. Revenue from operations increased 59.7 per cent to ₹25,125.56 crore from ₹15,734.74 crore, helped by exports, electric vehicles, premium motorcycles, and the consolidation of overseas KTM operations.

Confirmed

Global impact / market context

Faster profit growth than sales growth suggests each vehicle sold is becoming more profitable. Electric vehicles shifting from reducing profit per sale to adding to it means Bajaj can expand its electric scooter and three-wheeler push without hurting earnings, which supports cash available for future capital spending.

Analyst inference

The reported growth is flattered by adding overseas KTM operations into the consolidated numbers, so year-on-year figures are not fully comparable. Standalone revenue still crossed ₹20,000 crore for the first time, showing the core Indian business grew too, while higher commodity and electronic component costs pressured expenses.

Analyst inference

What to watch

1. Bajaj Auto said electric vehicles went from reducing profit per sale to adding to it, with Chetak scooters and electric three-wheelers contributing positively to profitability. Confirmed
2. Investors could separate standalone profit growth of 35.2 per cent from the 61.9 per cent consolidated rise, since KTM consolidation inflates reported growth and limits year-on-year comparability. Proposed
3. Watch whether electric vehicle profitability holds if commodity and electronic component costs keep rising, because those higher expenses could squeeze the profit per sale that management now reports as improving. Analyst inference

Evidence

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