Bajaj Auto Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Bajaj Auto Ltd filed with BSE on 12 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Bajaj Auto reported record FY26 revenue of over Rs 58,000 crore, EBITDA crossing Rs 12,000 crore with 20.5% margins, and record PAT of over Rs 9,800 crore, with Q4 revenue crossing Rs 16,000 crore and EBITDA margin at 20.8%. Management said domestic motorcycle industry growth is expected to slow from 20% in Q4 to 7-9% in the near term due to inflation, price hikes and LPG shortages, while electric 2-wheeler and 3-wheeler segments continue to grow strongly. The Board approved a final dividend of Rs 150 per share and a buyback of Rs 5,633 crore at Rs 12,000 per share, together representing 100% of the prior year's profit.
Numbers mentioned
Revenue: INR58,000-plus crores (FY26)
p. 3
“Record revenues at INR58,000-plus crores, record EBITDA crossing INR12,000 crores for the first time with margins at 20.5% and record PAT, which was INR9,800-plus crores, also a new peak.”
Rakesh Sharma, page 3 of the filed PDF · View the filing
EBITDA margin: 20.5% (FY26)
p. 3
“Record revenues at INR58,000-plus crores, record EBITDA crossing INR12,000 crores for the first time with margins at 20.5% and record PAT, which was INR9,800-plus crores, also a new peak.”
Rakesh Sharma, page 3 of the filed PDF · View the filing
Revenue: INR16,006 crores (Q4 FY26)
p. 9
“Revenue from operations came in at INR16,006 crores translating into a very strong 32% year-on-year growth.”
Dinesh Thapar, page 9 of the filed PDF · View the filing
EBITDA: INR3,323 crores (Q4 FY26)
p. 9
“On EBITDA, the quarter delivered a new record of INR3,323 crores, a robust growth of 36% year-on-year.”
Dinesh Thapar, page 9 of the filed PDF · View the filing
EBITDA margin: 20.8% (Q4 FY26)
p. 9
“Margins held steady at levels of 20.8%, and this marks yet another quarter of sustained delivery above 20% threshold even as we navigate various challenges.”
Dinesh Thapar, page 9 of the filed PDF · View the filing
Profit after Tax: INR2,746 crores (Q4 FY26)
p. 9
“Tracking revenue and EBITDA, Profit after Tax for the quarter stood at INR2,746 crores, registering 34% year-on-year growth.”
Dinesh Thapar, page 9 of the filed PDF · View the filing
Total volumes: 13.7 lakh units (Q4 FY26)
p. 3
“Total volumes reached a new high of 13.7 lakh units, growing 24% year-on-year.”
Rakesh Sharma, page 3 of the filed PDF · View the filing
Profit after tax: INR9,825 crores (FY26)
p. 11
“Profit after tax came in at INR9,825 crores, nearly INR10,000 crores, with a growth of 21% year-on-year, yet another record.”
Dinesh Thapar, page 11 of the filed PDF · View the filing
Consolidated revenue: nearly INR63,000 crores (FY26)
p. 11
“On a consolidated basis, our reported revenue came in at nearly INR63,000 crores, up 23% year-on-year, while consolidated profit after tax way crossed the INR10,000 crores mark for the year, reflecting a growth of nearly 50%.”
Dinesh Thapar, page 11 of the filed PDF · View the filing
BACL PAT: INR665 crores (FY26)
p. 12
“Total income for BACL crossed INR3,000 crores and PAT for the year came in at INR665 crores compared to INR58 crores in the preceding year, a near 12x increase, and the business now starts to hit meaningful scale.”
Dinesh Thapar, page 12 of the filed PDF · View the filing
Cash surplus: over INR18,000 crores (FY26)
p. 13
“We closed the year with surplus funds of over INR18,000 crores after deploying capital on multiple fronts during the year, reflecting a strong and consistent cash generation.”
Dinesh Thapar, page 13 of the filed PDF · View the filing
Final dividend: INR150 per share (FY26)
p. 14
“his will be split as follows a final dividend of INR150 per share that will aggregate to INR4,192 crores and the balance of about INR5,633 crores will be towards a buyback under the tender route at a buyback price of INR12,000 per share.”
Dinesh Thapar, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Domestic motorcycle industry growth — 7% to 9% · near term
stated firmly by Rakesh Sharma
p. 7
“This is bound to slow down the motorcycle category from its rocking 20% growth in Q4 to we estimate 7% to 9% in the near term.”
Rakesh Sharma, page 7 of the filed PDF · View the filing
Exports volume — 2,20,000 units per month · this quarter
stated conditionally by Rakesh Sharma
p. 4
“We are looking at moving the exports needle to 2,20,000 units per month this quarter, up from the 2,00,000 levels.”
Rakesh Sharma, page 4 of the filed PDF · View the filing
Commodity cost inflation impact — 3.5% to 4% of revenue · Q1 FY27
stated conditionally by Dinesh Thapar
p. 10
“Taken together, we are currently estimating a material cost inflation impact of approximately 3.5% to 4% of revenue.”
Dinesh Thapar, page 10 of the filed PDF · View the filing
Pricing action to offset commodity inflation — 40% of impact
stated firmly by Dinesh Thapar
p. 10
“Once again, we have taken very judicious pricing actions to offset about 40% of this impact so far.”
Dinesh Thapar, page 10 of the filed PDF · View the filing
New product launches — new range in 125cc and 150cc plus segments · July
stated firmly by Rakesh Sharma
p. 17
“We'll have a new range in both the 125cc and the 150cc plus range.”
Rakesh Sharma, page 17 of the filed PDF · View the filing
Buyback timeline — second week of July
stated conditionally by Dinesh Thapar
p. 23
“Looking at the fresh timelines, I would expect that payouts would essentially happen sometime in the second week of July likely.”
Dinesh Thapar, page 23 of the filed PDF · View the filing
KTM turnaround results — latter part of 2026
stated as an aspiration by Dinesh Thapar
p. 13
“I expect the results of this to start showing up in the latter part of 2026 itself.”
Dinesh Thapar, page 13 of the filed PDF · View the filing
Brazil manufacturing capacity utilization — 60,000 units · next 12 months
stated as an aspiration by Rakesh Sharma
p. 19
“So, we are seeing in the next 12 months hoping to hit that kind of thing.”
Rakesh Sharma, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said there has been a decline in motorcycle industry growth from Q4 to April, partly due to price hikes rolling back some of the GST rate cut benefit, and cautious consumer sentiment linked to the LPG shortage.
Answered by Rakesh Sharma
Asked by Kapil Singh: Whether the price hike has impacted demand and what growth to expect for scooters versus motorcycles.
p. 14
“Well, there has been a decline in the motorcycle industry's growth between quarter 4 and April.”
Rakesh Sharma, page 14 of the filed PDF · View the filing
CFO said the company is not hedged and is realizing currency at market rates.
Answered by Dinesh Thapar
Asked by Kapil Singh: How is the company placed on currency hedging for the coming quarter.
p. 16
“Yes, Kapil. Short answer to that, that we're not hedged, and therefore, we are realizing at market.”
Dinesh Thapar, page 16 of the filed PDF · View the filing
Management said exports are on a strong footing due to disproportionate share gains in key markets, but declined to predict whether exports would outperform domestic overall.
Answered by Rakesh Sharma
Asked by Binay: Whether exports will grow faster than domestic in FY27.
p. 16
“So therefore, I think exports will continue to do well.”
Rakesh Sharma, page 16 of the filed PDF · View the filing
Management said capacity has reached 50,000 units per month and work is underway to expand capacity further in a significant manner.
Answered by Rakesh Sharma
Asked by Binay: What steps are being taken to scale up Chetak beyond the current run-rate.
p. 17
“But things did come together to some extent towards the end of the quarter 4. And we have now a capacity of 50,000 units per month.”
Rakesh Sharma, page 17 of the filed PDF · View the filing
Management confirmed new 125cc and 150cc plus products including in the Pulsar brand would launch around July, and CFO clarified double-digit EBITDA margin refers to electric 2-wheelers plus 3-wheelers combined, with Chetak EBITDA neutral.
Answered by Rakesh Sharma
Asked by Raghunandhan: Whether an affordable 125cc motorcycle will launch this year and the EBITDA margin composition of EV business.
p. 17
“We'll have a new range in both the 125cc and the 150cc plus range.”
Rakesh Sharma, page 17 of the filed PDF · View the filing
Management said Nigeria is clocking steady volumes above 35,000 units and Brazil capacity is being expanded in phases; container supply has been managed without losing sales except in the Middle East.
Answered by Rakesh Sharma
Asked by Gunjan Prithyani: Update on Nigeria and Brazil export markets and container availability issues.
p. 19
“I can tell you that despite all these disruptions, just on the basis of logistics in export, we have not lost any sale.”
Rakesh Sharma, page 19 of the filed PDF · View the filing
CFO said the company is taking a dynamic, month-by-month approach, using cost savings, discretionary spend cuts and currency tailwinds before considering further pricing action.
Answered by Dinesh Thapar
Asked by Gunjan Prithyani: How the company plans to manage the gap between commodity cost inflation and pricing/currency mitigation.
p. 20
“So very dynamic situation, like I mentioned, refreshes that are coming in far more frequently than they have ever in the past, rate settlements and negotiations now happening at much shorter frequency than longer frequency.”
Dinesh Thapar, page 20 of the filed PDF · View the filing
Management clarified the estimate is for the near term and that a full-year figure cannot yet be given due to base effects.
Answered by Rakesh Sharma
Asked by Amyn Pirani: Clarification on whether the 7-9% motorcycle growth guidance is for the next few months or the full year.
p. 20
“I would say, in the next few months. At this point of time, I won't wager a full year exit.”
Rakesh Sharma, page 20 of the filed PDF · View the filing
Management attributed 3-wheeler growth to expanding road networks, migration for work, and shared mobility demand, alongside strong EV adoption.
Answered by Rakesh Sharma
Asked by Amyn Pirani: Whether structural factors are driving surprising 3-wheeler industry growth.
p. 21
“The industry growth in 3-wheelers in quarter 4 total was 25% plus. In April, it was 25% plus again.”
Rakesh Sharma, page 21 of the filed PDF · View the filing
CFO confirmed the impact is calculated quarter 1 over quarter 4, effective from April, with 40% offset via pricing; Rakesh said April volumes were impaired by 10-15% due to supply constraints but this should resolve over time.
Answered by Dinesh Thapar
Asked by Chandramouli Muthiah: Clarification on the timeframe of the 3.5-4% commodity cost impact and whether supply constraints will limit growth beyond the 7-9% guide.
p. 22
“I think when I mentioned that commodity cost impact of about 3.5% to 4% of revenue, I'm fundamentally talking quarter 1 over quarter 4.”
Dinesh Thapar, page 22 of the filed PDF · View the filing
CFO said the company needs shareholder approval given the buyback exceeds 10% of free reserves, with the process expected to culminate with SEBI filing by end of July and payouts likely in the second week of July.
Answered by Dinesh Thapar
Asked by Chandramouli Muthiah: What are the milestones and timeline for executing the buyback.
p. 23
“So given that the buyback is now INR5,600 crores, we will get started straight away with the process of seeking shareholder approval.”
Dinesh Thapar, page 23 of the filed PDF · View the filing
Risks flagged
Softening domestic demand due to inflation, price hikes, LPG shortages and manpower migration
p. 6
“The demand environment, it has softened in April due to general inflation, increased prices of our vehicles, LPG shortages, manpower migration and the LPG shortage-led effect on the consumer sentiment.”
Rakesh Sharma, page 6 of the filed PDF · View the filing
Supply chain difficulties impairing ability to service demand
p. 7
“Supply chain difficulties in terms of the LPG shortage, manpower availability and outbound logistics to overseas markets have impaired availability to service demand by about 10% to 15%.”
Rakesh Sharma, page 7 of the filed PDF · View the filing
Sharp commodity cost inflation driven by geopolitical supply shock
p. 10
“Looking ahead to quarter 1, the commodity environment has moved to being sharply inflationary, almost hyper, I would say, with the prospect of material availability on the aluminium alloys and polymers front also being very tight.”
Dinesh Thapar, page 10 of the filed PDF · View the filing
Loss of business in the Gulf region due to Middle East geopolitical disruption
p. 4
“And this, despite the loss of business in the Gulf region, we are, of course, hoping that there will be no further disruptions due to the geopolitical issues in the Middle East.”
Rakesh Sharma, page 4 of the filed PDF · View the filing
Nigeria fuel price increases potentially affecting demand
p. 18
“But I'm just sort of keeping a watch on Nigeria because Nigeria fuel prices have increased substantially almost by 30%.”
Rakesh Sharma, page 18 of the filed PDF · View the filing
Volatility and dynamism of commodity cost estimates
p. 19
“But we have had 3 refreshes in the last 4 weeks on this front itself.”
Dinesh Thapar, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.