• Delhi EV policy: Bajaj supports a technology-agnostic approach incorporating CNG and ethanol rather than an exclusive EV mandate, though Delhi accounts for 2% to 4% of total sales and offers major growth since scooters make up 40% of the city's two-wheelers.
• Export and sales outlook: Export volumes of around 250,000 units were hindered by logistics and supply chain disruptions, but ongoing demand and spillovers support a run rate of 250,000 to 300,000 units over the next few months alongside an anticipated domestic pickup in Q2.
• EV capacity expansion: The company plans to progressively double its electric vehicle production capacity from the current 50,000 units per month, driven by accelerated consumer adoption as fuel prices rise.
• Cost inflation and margins: Margin trajectory faces cost pressure from aluminum, polymers, and AI-driven electronics inflation, which the company has partially countered through prior 1.5% to 2% price increases, forex covers, and strong export growth.
• Ongoing share buyback: Bajaj's promoters are not participating in the share buyback concluding on the 7th, with detailed outcome disclosures planned once the process closes.