NSE:BAJAJ-AUTO Research Reports

Bajaj Auto is the world’s largest three-wheeler maker and India’s number-one motorcycle exporter, an 80-year-old company that began as a trading firm in 1945 and went public in 1960. Over the decades it has repeatedly used the cash from its dominant petrol-engine franchise to build the next thing - first a premium motorcycle export business, then a controlling stake in the European sports-bike group KTM, and now a fast-scaling electric vehicle (EV) platform spanning scooters and three-wheelers that already contributes over a fifth of domestic revenue. That pattern - run a hydrocarbon cash cow, use it to fund consumer platforms at national scale, and place a green-energy bet for the future - is the recurring logic behind everything the company does.

Business segments

Five engines at different stages - a hydrocarbon cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before.

1. Three-wheelers: the franchise that funds everything else

With nearly three-quarters of the domestic market and leadership in every sub-segment, this business generates the surplus that lets the company build motorcycles, scooters and EVs.

Dominant in the fuel that matters most - CNG (compressed natural gas) now powers 62% of the industry, and Bajaj holds close to 90% of that segment, so as pump networks expand the company captures the shift from diesel and petrol automatically.
Widest fit-for-purpose portfolio - the company makes passenger carriers, goods carriers, large and small vehicles, and a quadricycle called the Qute, which means a single dealer can serve every use case from last-mile delivery to rural taxi fleets.
Credit is the enabler - in India, nearly 65% of two-wheelers and 85% of three-wheelers retailed are financed, and Bajaj has formed a wholly owned captive financing company that has applied to RBI for an NBFC license to increase geographic coverage and expand financing options for retail customers.
Electric three-wheelers are already number one - the WEGO brand, launched with the industry’s largest battery (up to 18 kWh) and a 296 km certified range, took the top registration spot throughout the final quarter of FY26, proving the EV transition is additive rather than cannibalistic.

2. Motorcycles: the export engine and domestic premium play

A portfolio of over 60 models sold in more than 100 countries, built around the Pulsar brand - a ₹16,500-crore global franchise - and a deliberate move away from low-margin entry-level bikes.

Pulsar is the anchor - the sports-motorcycle brand crossed ₹10,000 crore in domestic revenue in FY24 and sold over 1.4 million units that year, with half of current sales coming from ten new variants launched in a single six-month window.
Exports are a hedge, not an afterthought - the company is number one or two in 22 of its 70 export countries, and over 80% of export revenue comes from markets where it holds a top-two position, so a downturn in India is partly offset by demand in Africa or Latin America.
The CNG motorcycle is a category of one - the Freedom 125, the world’s first dual-fuel CNG bike, cuts fuel costs by roughly half versus a petrol equivalent and became a ₹500-crore brand within five months of launch, creating a new segment that no competitor has yet matched.
Premium means pricing power - the NS125 is priced almost 22% above the average 125cc bike, and the company’s domestic focus is on the 125cc-plus segment, which now accounts for over three-quarters of its motorcycle sales.

3. Pro-Biking: a European sports-bike group controlled from India

KTM and Triumph together put 2.25 lakh riders on premium motorcycles globally each year, manufactured at a fungible plant in Chakan and sold through a shared showroom network - a distribution model that makes stand-alone premium outlets viable in smaller cities.

The KTM acquisition turned a partnership into control - after an 18-year alliance that began in 2007, Bajaj now owns 100% of the holding company that controls roughly three-quarters of KTM AG, Europe’s largest sports-motorcycle manufacturer, giving it full say over product, cost and market strategy.
One plant, two brands - the Chakan-2 facility can produce 25,000 KTM or Triumph motorcycles a month on the same lines, so volume swings between the two brands are absorbed without idle capacity.
Shared showrooms solve the reach problem - about 50 joint KTM-Triumph showrooms are already operating, a format that makes it economical to sell premium bikes in towns where a single-brand store would lose money.
A tax change became a product advantage - when GST on sub-350cc bikes dropped from 28% to 18% in late 2025, the company replaced its 400cc line-up with 350cc variants within six months, something only an in-house R&D and manufacturing setup could do that fast.

4. Chetak: the electric scooter platform scaling to national leadership

A revived iconic brand that has gone from 8,000 units to over 300,000 in four years, reached roughly 23% market share, and turned EBITDA-neutral - all while building an in-house EV technology stack.

Built, not bought - the entire EV system - battery, motor, vehicle control unit, battery management, telematics - was developed by Bajaj’s dedicated R&D subsidiary, so the company owns the cost curve and is not dependent on a third-party supplier’s roadmap.
Supply shocks were solved in-house - when China restricted exports of rare-earth magnets, the R&D team designed alternate motors using light rare-earth materials and found new geographic sources, restoring supply within months.
Distribution is physical, not just digital - over 500 exclusive Chetak Experience Centres and more than 4,000 touchpoints across 850-plus cities mean a buyer can test-ride and service the scooter in places where EV infrastructure is still thin.
Unit economics have crossed the line - the portfolio reached EBITDA-neutral in FY26, so every additional scooter sold now contributes to overhead recovery rather than deepening a loss.

5. Spares and captive finance: the recurring-revenue layer

A highly profitable after-sales parts business and a wholly owned NBFC that finances nearly half of all Bajaj vehicles sold in India - together they turn a one-time vehicle sale into a stream of repeat income.

Spares are a quiet profit centre - quarterly spares revenue hit ₹1,700 crore in early 2026, growing at 16% with record margins, because every vehicle on the road eventually needs replacement parts and the company is the sole supplier of genuine components.
The finance arm removes the credit bottleneck - Bajaj Auto Credit Ltd. (BACL) has an AUM of roughly ₹19,000 crore, serves 1.8 million customers, and reaches about 6,200 outlets, so a buyer who cannot get a bank loan can still ride out of the showroom.
Credit quality is investment-grade - BACL carries a AAA long-term rating, a gross NPA of under 2%, and an industry-leading return on equity of about 23%, which means it funds itself cheaply and lends profitably.

Manufacturing and supply chain

Four Indian plants with 7.2 million units of annual capacity, plus a factory in Brazil, all run on a 25-year-old Total Productive Maintenance system that has been extended to vendors and even overseas distributor plants.

TPM is the operating system - the Chakan plant was the first automotive factory in India to win the World Class TPM Award from Japan’s plant-maintenance institute, and all four Indian plants hold the Special Award for TPM Achievement, a first-in-industry result.
The supply chain sits next door - almost 87% of supplies come from vendors within each plant’s cluster, which shortens lead times, cuts freight costs, and reduces the carbon footprint.
Vendors are trained, not just audited - 174 Tier-I supplier groups practice TPM, 71 have reached the Excellence level, and the programme has been pushed down to 295 Tier-II vendors, so quality and cost discipline cascade through the entire chain.
The Brazil plant is a blueprint for local assembly abroad - the Manaus facility started with frame welding and painting, expanded to 50,000 units of annual capacity, and sold nearly 32,000 motorcycles in calendar 2025, proving the model can be replicated in other large markets.

Group structure and partners

A flagship company with wholly owned R&D, finance and international subsidiaries, a controlling stake in KTM AG, and non-equity alliances with Triumph and Yulu - the structure is designed to keep technology in-house while sharing distribution risk.

KTM is now a consolidated subsidiary - Bajaj Auto International Holdings BV, a Dutch subsidiary, holds 100% of the entity that controls roughly three-quarters of KTM AG, following a debt-funded restructuring in 2025 that included an €800 million funding package and a call option to buy out the founding family’s stake.
The turnaround is already visible - KTM AG reported €1,009 million in revenue and €590 million in net profit for calendar 2025, reduced its workforce by roughly 1,500 people, cut inventories by over 100,000 units, and refinanced its debt with a €550 million banking consortium facility at favourable terms.
R&D is ring-fenced in a separate subsidiary - Bajaj Auto Technology Ltd. (formerly Chetak Technology Ltd.) has a paid-up capital of ₹470 crore and focuses solely on EV systems, while two overseas engineering centres in Thailand and Barcelona provide design capability close to key markets.
Triumph is a partnership without equity - the 120-year-old British brand co-develops motorcycles with Bajaj, which are manufactured at Chakan and exported to 57 countries; the arrangement gives Bajaj access to a global premium brand without the capital commitment of an acquisition.
Yulu is the shared-mobility bet - Bajaj has invested ₹165 crore in India’s largest shared electric-mobility player and supplied nearly 30,000 low-speed electric two-wheelers to its fleet, which now operates across ten cities and turned EBITDA-profitable in FY26.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	10,838	12,165	11,555	11,932	13,247	13,169	12,646	13,133	15,735	16,204	17,832	21,689
Growth YoY Revenue Growth YoY%	6.2	30.6	29.4	15.7	22.2	8.3	9.4	10.1	18.8	23.1	41.0	65.1
Expenses ExpensesCr	8,708	9,750	9,271	9,562	10,594	10,418	9,953	10,340	12,272	12,475	14,757	17,158
Operating Profit Operating ProfitCr	2,130	2,415	2,284	2,370	2,654	2,751	2,693	2,793	3,463	3,730	3,075	4,531
OPM OPM%	19.6	19.9	19.8	19.9	20.0	20.9	21.3	21.3	22.0	23.0	17.3	20.9
Other Income Other IncomeCr	552	356	444	335	-181	348	57	509	-59	359	1,894	684
Interest Expense Interest ExpenseCr	7	12	30	47	75	120	147	224	287	314	344	387
Depreciation DepreciationCr	92	93	93	95	98	102	119	118	119	119	289	405
PBT PBTCr	2,584	2,666	2,606	2,564	2,299	2,876	2,484	2,961	2,999	3,656	4,336	4,423
Tax TaxCr	564	634	594	622	914	681	682	750	877	906	844	1,235
PAT PATCr	2,020	2,033	2,011	1,942	1,385	2,196	1,802	2,210	2,122	2,750	3,492	3,189
Growth YoY PAT Growth YoY%	17.5	38.0	18.0	18.1	-31.4	8.0	-10.4	13.8	53.2	25.2	93.8	44.3
NPM NPM%	18.6	16.7	17.4	16.3	10.5	16.7	14.3	16.8	13.5	17.0	19.6	14.7
EPS EPS₹	71.4	71.9	71.2	69.6	49.7	78.7	64.6	79.2	76.0	98.5	131.1	115.5

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

10,838

12,165

11,555

11,932

13,247

13,169

12,646

13,133

15,735

16,204

17,832

21,689

Growth YoY

Revenue Growth YoY%

6.2

30.6

29.4

15.7

22.2

8.3

9.4

10.1

18.8

23.1

41.0

65.1

Expenses

ExpensesCr

8,708

9,750

9,271

9,562

10,594

10,418

9,953

10,340

12,272

12,475

14,757

17,158

Operating Profit

Operating ProfitCr

2,130

2,415

2,284

2,370

2,654

2,751

2,693

2,793

3,463

3,730

3,075

4,531

OPM

OPM%

19.6

19.9

19.8

19.9

20.0

20.9

21.3

22.0

23.0

17.3

20.9

Other Income

Other IncomeCr

552

356

444

335

-181

348

509

-59

359

1,894

684

Interest Expense

Interest ExpenseCr

120

147

224

287

314

344

387

Depreciation

DepreciationCr

102

119

118

119

289

405

PBT

PBTCr

2,584

2,666

2,606

2,564

2,299

2,876

2,484

2,961

2,999

3,656

4,336

4,423

Tax

TaxCr

564

634

594

622

914

681

682

750

877

906

844

1,235

PAT

PATCr

2,020

2,033

2,011

1,942

1,385

2,196

1,802

2,210

2,122

2,750

3,492

3,189

Growth YoY

PAT Growth YoY%

17.5

38.0

18.0

18.1

-31.4

8.0

-10.4

13.8

53.2

25.2

93.8

44.3

NPM

NPM%

18.6

16.7

17.4

16.3

10.5

16.7

14.3

16.8

13.5

17.0

19.6

14.7

EPS

EPS₹

71.4

71.9

71.2

69.6

49.7

78.7

64.6

79.2

76.0

98.5

131.1

115.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	10,838	12,165	11,555	11,932	13,247	13,169	12,646	13,133	15,735	16,204	17,832	21,689
Growth YoY Revenue Growth YoY%	6.2	30.6	29.4	15.7	22.2	8.3	9.4	10.1	18.8	23.1	41.0	65.1
Expenses ExpensesCr	8,708	9,750	9,271	9,562	10,594	10,418	9,953	10,340	12,272	12,475	14,757	17,158
Operating Profit Operating ProfitCr	2,130	2,415	2,284	2,370	2,654	2,751	2,693	2,793	3,463	3,730	3,075	4,531
OPM OPM%	19.6	19.9	19.8	19.9	20.0	20.9	21.3	21.3	22.0	23.0	17.3	20.9
Other Income Other IncomeCr	552	356	444	335	-181	348	57	509	-59	359	1,894	684
Interest Expense Interest ExpenseCr	7	12	30	47	75	120	147	224	287	314	344	387
Depreciation DepreciationCr	92	93	93	95	98	102	119	118	119	119	289	405
PBT PBTCr	2,584	2,666	2,606	2,564	2,299	2,876	2,484	2,961	2,999	3,656	4,336	4,423
Tax TaxCr	564	634	594	622	914	681	682	750	877	906	844	1,235
PAT PATCr	2,020	2,033	2,011	1,942	1,385	2,196	1,802	2,210	2,122	2,750	3,492	3,189
Growth YoY PAT Growth YoY%	17.5	38.0	18.0	18.1	-31.4	8.0	-10.4	13.8	53.2	25.2	93.8	44.3
NPM NPM%	18.6	16.7	17.4	16.3	10.5	16.7	14.3	16.8	13.5	17.0	19.6	14.7
EPS EPS₹	71.4	71.9	71.2	69.6	49.7	78.7	64.6	79.2	76.0	98.5	131.1	115.5

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

10,838

12,165

11,555

11,932

13,247

13,169

12,646

13,133

15,735

16,204

17,832

21,689

Growth YoY

Revenue Growth YoY%

6.2

30.6

29.4

15.7

22.2

8.3

9.4

10.1

18.8

23.1

41.0

65.1

Expenses

ExpensesCr

8,708

9,750

9,271

9,562

10,594

10,418

9,953

10,340

12,272

12,475

14,757

17,158

Operating Profit

Operating ProfitCr

2,130

2,415

2,284

2,370

2,654

2,751

2,693

2,793

3,463

3,730

3,075

4,531

OPM

OPM%

19.6

19.9

19.8

19.9

20.0

20.9

21.3

22.0

23.0

17.3

20.9

Other Income

Other IncomeCr

552

356

444

335

-181

348

509

-59

359

1,894

684

Interest Expense

Interest ExpenseCr

120

147

224

287

314

344

387

Depreciation

DepreciationCr

102

119

118

119

289

405

PBT

PBTCr

2,584

2,666

2,606

2,564

2,299

2,876

2,484

2,961

2,999

3,656

4,336

4,423

Tax

TaxCr

564

634

594

622

914

681

682

750

877

906

844

1,235

PAT

PATCr

2,020

2,033

2,011

1,942

1,385

2,196

1,802

2,210

2,122

2,750

3,492

3,189

Growth YoY

PAT Growth YoY%

17.5

38.0

18.0

18.1

-31.4

8.0

-10.4

13.8

53.2

25.2

93.8

44.3

NPM

NPM%

18.6

16.7

17.4

16.3

10.5

16.7

14.3

16.8

13.5

17.0

19.6

14.7

EPS

EPS₹

71.4

71.9

71.2

69.6

49.7

78.7

64.6

79.2

76.0

98.5

131.1

115.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	22,688	21,767	25,219	30,250	29,919	27,741	33,145	36,455	44,870	50,995	62,905	71,460
Growth Revenue Growth%	5.0	-4.1	15.9	19.9	-1.1	-7.3	19.5	10.0	23.1	13.7	23.4	36.9
Expenses ExpensesCr	17,909	17,347	20,383	25,271	24,823	22,816	27,895	30,005	36,109	40,527	49,844	56,661
Operating Profit Operating ProfitCr	4,779	4,419	4,836	4,979	5,096	4,925	5,250	6,451	8,762	10,468	13,061	14,799
OPM OPM%	21.1	20.3	19.2	16.5	17.0	17.8	15.8	17.7	19.5	20.5	20.8	20.7
Other Income Other IncomeCr	824	1,477	1,414	2,247	1,846	1,583	2,680	1,717	1,704	559	2,704	2,879
Interest Expense Interest ExpenseCr	0	1	1	4	3	7	9	40	60	389	1,169	1,332
Depreciation DepreciationCr	307	307	315	266	246	259	270	286	365	414	645	932
PBT PBTCr	5,295	5,588	5,933	6,956	6,692	6,241	7,652	7,842	10,040	10,224	13,952	15,414
Tax TaxCr	1,733	1,508	1,714	2,028	1,480	1,384	1,486	1,782	2,332	2,899	3,377	3,861
PAT PATCr	3,563	4,079	4,219	4,928	5,212	4,857	6,166	6,060	7,708	7,325	10,575	11,553
Growth PAT Growth%	26.7	14.5	3.4	16.8	5.8	-6.8	26.9	-1.7	27.2	-5.0	44.4	52.1
NPM NPM%	15.7	18.7	16.7	16.3	17.4	17.5	18.6	16.6	17.2	14.4	16.8	16.2
EPS EPS₹	140.3	141.0	145.8	170.3	180.2	167.9	213.2	212.5	272.7	262.4	385.0	421.1

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

22,688

21,767

25,219

30,250

29,919

27,741

33,145

36,455

44,870

50,995

62,905

71,460

Growth

Revenue Growth%

5.0

-4.1

15.9

19.9

-1.1

-7.3

19.5

10.0

23.1

13.7

23.4

36.9

Expenses

ExpensesCr

17,909

17,347

20,383

25,271

24,823

22,816

27,895

30,005

36,109

40,527

49,844

56,661

Operating Profit

Operating ProfitCr

4,779

4,419

4,836

4,979

5,096

4,925

5,250

6,451

8,762

10,468

13,061

14,799

OPM

OPM%

21.1

20.3

19.2

16.5

17.0

17.8

15.8

17.7

19.5

20.5

20.8

20.7

Other Income

Other IncomeCr

824

1,477

1,414

2,247

1,846

1,583

2,680

1,717

1,704

559

2,704

2,879

Interest Expense

Interest ExpenseCr

389

1,169

1,332

Depreciation

DepreciationCr

307

315

266

246

259

270

286

365

414

645

932

PBT

PBTCr

5,295

5,588

5,933

6,956

6,692

6,241

7,652

7,842

10,040

10,224

13,952

15,414

Tax

TaxCr

1,733

1,508

1,714

2,028

1,480

1,384

1,486

1,782

2,332

2,899

3,377

3,861

PAT

PATCr

3,563

4,079

4,219

4,928

5,212

4,857

6,166

6,060

7,708

7,325

10,575

11,553

Growth

PAT Growth%

26.7

14.5

3.4

16.8

5.8

-6.8

26.9

-1.7

27.2

-5.0

44.4

52.1

NPM

NPM%

15.7

18.7

16.7

16.3

17.4

17.5

18.6

16.6

17.2

14.4

16.8

16.2

EPS

EPS₹

140.3

141.0

145.8

170.3

180.2

167.9

213.2

212.5

272.7

262.4

385.0

421.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	22,688	21,767	25,219	30,250	29,919	27,741	33,145	36,455	44,870	50,995	62,905	71,460
Growth Revenue Growth%	5.0	-4.1	15.9	19.9	-1.1	-7.3	19.5	10.0	23.1	13.7	23.4	36.9
Expenses ExpensesCr	17,909	17,347	20,383	25,271	24,823	22,816	27,895	30,005	36,109	40,527	49,844	56,661
Operating Profit Operating ProfitCr	4,779	4,419	4,836	4,979	5,096	4,925	5,250	6,451	8,762	10,468	13,061	14,799
OPM OPM%	21.1	20.3	19.2	16.5	17.0	17.8	15.8	17.7	19.5	20.5	20.8	20.7
Other Income Other IncomeCr	824	1,477	1,414	2,247	1,846	1,583	2,680	1,717	1,704	559	2,704	2,879
Interest Expense Interest ExpenseCr	0	1	1	4	3	7	9	40	60	389	1,169	1,332
Depreciation DepreciationCr	307	307	315	266	246	259	270	286	365	414	645	932
PBT PBTCr	5,295	5,588	5,933	6,956	6,692	6,241	7,652	7,842	10,040	10,224	13,952	15,414
Tax TaxCr	1,733	1,508	1,714	2,028	1,480	1,384	1,486	1,782	2,332	2,899	3,377	3,861
PAT PATCr	3,563	4,079	4,219	4,928	5,212	4,857	6,166	6,060	7,708	7,325	10,575	11,553
Growth PAT Growth%	26.7	14.5	3.4	16.8	5.8	-6.8	26.9	-1.7	27.2	-5.0	44.4	52.1
NPM NPM%	15.7	18.7	16.7	16.3	17.4	17.5	18.6	16.6	17.2	14.4	16.8	16.2
EPS EPS₹	140.3	141.0	145.8	170.3	180.2	167.9	213.2	212.5	272.7	262.4	385.0	421.1

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

22,688

21,767

25,219

30,250

29,919

27,741

33,145

36,455

44,870

50,995

62,905

71,460

Growth

Revenue Growth%

5.0

-4.1

15.9

19.9

-1.1

-7.3

19.5

10.0

23.1

13.7

23.4

36.9

Expenses

ExpensesCr

17,909

17,347

20,383

25,271

24,823

22,816

27,895

30,005

36,109

40,527

49,844

56,661

Operating Profit

Operating ProfitCr

4,779

4,419

4,836

4,979

5,096

4,925

5,250

6,451

8,762

10,468

13,061

14,799

OPM

OPM%

21.1

20.3

19.2

16.5

17.0

17.8

15.8

17.7

19.5

20.5

20.8

20.7

Other Income

Other IncomeCr

824

1,477

1,414

2,247

1,846

1,583

2,680

1,717

1,704

559

2,704

2,879

Interest Expense

Interest ExpenseCr

389

1,169

1,332

Depreciation

DepreciationCr

307

315

266

246

259

270

286

365

414

645

932

PBT

PBTCr

5,295

5,588

5,933

6,956

6,692

6,241

7,652

7,842

10,040

10,224

13,952

15,414

Tax

TaxCr

1,733

1,508

1,714

2,028

1,480

1,384

1,486

1,782

2,332

2,899

3,377

3,861

PAT

PATCr

3,563

4,079

4,219

4,928

5,212

4,857

6,166

6,060

7,708

7,325

10,575

11,553

Growth

PAT Growth%

26.7

14.5

3.4

16.8

5.8

-6.8

26.9

-1.7

27.2

-5.0

44.4

52.1

NPM

NPM%

15.7

18.7

16.7

16.3

17.4

17.5

18.6

16.6

17.2

14.4

16.8

16.2

EPS

EPS₹

140.3

141.0

145.8

170.3

180.2

167.9

213.2

212.5

272.7

262.4

385.0

421.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	289	289	289	289	289	289	289	283	279	279	280
Reserves ReservesCr	12,756	17,567	20,136	22,944	21,373	26,984	29,570	29,079	28,683	34,909	38,552
Current Liabilities Current LiabilitiesCr	2,953	3,213	4,111	4,874	4,253	5,644	4,689	5,271	9,091	11,584	19,338
Non Current Liabilities Non Current LiabilitiesCr	428	568	604	727	595	685	563	504	1,290	7,426	17,664
Total Liabilities Total LiabilitiesCr	16,427	21,638	25,141	28,834	26,510	33,602	35,111	35,136	39,344	54,199	77,223
Current Assets Current AssetsCr	4,626	9,469	9,251	7,073	6,616	14,188	10,366	9,650	11,798	19,446	34,052
Non Current Assets Non Current AssetsCr	11,801	12,169	15,890	21,761	19,894	19,414	24,746	25,486	27,545	34,753	43,171
Total Assets Total AssetsCr	16,427	21,638	25,141	28,834	26,510	33,602	35,111	35,136	39,344	54,199	77,223

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

289

283

279

280

Reserves

ReservesCr

12,756

17,567

20,136

22,944

21,373

26,984

29,570

29,079

28,683

34,909

38,552

Current Liabilities

Current LiabilitiesCr

2,953

3,213

4,111

4,874

4,253

5,644

4,689

5,271

9,091

11,584

19,338

Non Current Liabilities

Non Current LiabilitiesCr

428

568

604

727

595

685

563

504

1,290

7,426

17,664

Total Liabilities

Total LiabilitiesCr

16,427

21,638

25,141

28,834

26,510

33,602

35,111

35,136

39,344

54,199

77,223

Current Assets

Current AssetsCr

4,626

9,469

9,251

7,073

6,616

14,188

10,366

9,650

11,798

19,446

34,052

Non Current Assets

Non Current AssetsCr

11,801

12,169

15,890

21,761

19,894

19,414

24,746

25,486

27,545

34,753

43,171

Total Assets

Total AssetsCr

16,427

21,638

25,141

28,834

26,510

33,602

35,111

35,136

39,344

54,199

77,223

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	289	289	289	289	289	289	289	283	279	279	280
Reserves ReservesCr	12,756	17,567	20,136	22,944	21,373	26,984	29,570	29,079	28,683	34,909	38,552
Current Liabilities Current LiabilitiesCr	2,953	3,213	4,111	4,874	4,253	5,644	4,689	5,271	9,091	11,584	19,338
Non Current Liabilities Non Current LiabilitiesCr	428	568	604	727	595	685	563	504	1,290	7,426	17,664
Total Liabilities Total LiabilitiesCr	16,427	21,638	25,141	28,834	26,510	33,602	35,111	35,136	39,344	54,199	77,223
Current Assets Current AssetsCr	4,626	9,469	9,251	7,073	6,616	14,188	10,366	9,650	11,798	19,446	34,052
Non Current Assets Non Current AssetsCr	11,801	12,169	15,890	21,761	19,894	19,414	24,746	25,486	27,545	34,753	43,171
Total Assets Total AssetsCr	16,427	21,638	25,141	28,834	26,510	33,602	35,111	35,136	39,344	54,199	77,223

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

289

283

279

280

Reserves

ReservesCr

12,756

17,567

20,136

22,944

21,373

26,984

29,570

29,079

28,683

34,909

38,552

Current Liabilities

Current LiabilitiesCr

2,953

3,213

4,111

4,874

4,253

5,644

4,689

5,271

9,091

11,584

19,338

Non Current Liabilities

Non Current LiabilitiesCr

428

568

604

727

595

685

563

504

1,290

7,426

17,664

Total Liabilities

Total LiabilitiesCr

16,427

21,638

25,141

28,834

26,510

33,602

35,111

35,136

39,344

54,199

77,223

Current Assets

Current AssetsCr

4,626

9,469

9,251

7,073

6,616

14,188

10,366

9,650

11,798

19,446

34,052

Non Current Assets

Non Current AssetsCr

11,801

12,169

15,890

21,761

19,894

19,414

24,746

25,486

27,545

34,753

43,171

Total Assets

Total AssetsCr

16,427

21,638

25,141

28,834

26,510

33,602

35,111

35,136

39,344

54,199

77,223

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3,690	3,267	4,328	2,487	3,850	3,120	4,197	5,277	6,558	-1,406	2,597
Investing Cash Flow Investing Cash FlowCr	-113	-3,683	-2,053	-338	1,556	-2,868	-81	1,200	-344	-1,056	-7,034
Financing Cash Flow Financing Cash FlowCr	-3,384	-190	-1,885	-2,074	-6,247	-20	-4,056	-7,181	-6,167	4,230	5,079
Net Cash Flow Net Cash FlowCr	250	-534	464	167	-632	232	414	-681	319	1,778	642
Free Cash Flow Free Cash FlowCr	3,690	3,077	4,158	2,399	3,584	2,882	3,680	4,340	5,864	-2,213	2,046
CFO To PAT CFO To PAT%	103.6	80.1	102.6	50.5	73.9	64.2	68.1	87.1	85.1	-19.2	24.6
CFO To EBITDA CFO To EBITDA%	77.2	73.9	89.5	50.0	75.6	63.4	80.0	81.8	74.8	-13.4	19.9

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

3,690

3,267

4,328

2,487

3,850

3,120

4,197

5,277

6,558

-1,406

2,597

Investing Cash Flow

Investing Cash FlowCr

-113

-3,683

-2,053

-338

1,556

-2,868

-81

1,200

-344

-1,056

-7,034

Financing Cash Flow

Financing Cash FlowCr

-3,384

-190

-1,885

-2,074

-6,247

-20

-4,056

-7,181

-6,167

4,230

5,079

Net Cash Flow

Net Cash FlowCr

250

-534

464

167

-632

232

414

-681

319

1,778

642

Free Cash Flow

Free Cash FlowCr

3,690

3,077

4,158

2,399

3,584

2,882

3,680

4,340

5,864

-2,213

2,046

CFO To PAT

CFO To PAT%

103.6

80.1

102.6

50.5

73.9

64.2

68.1

87.1

85.1

-19.2

24.6

CFO To EBITDA

CFO To EBITDA%

77.2

73.9

89.5

50.0

75.6

63.4

80.0

81.8

74.8

-13.4

19.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3,690	3,267	4,328	2,487	3,850	3,120	4,197	5,277	6,558	-1,406	2,597
Investing Cash Flow Investing Cash FlowCr	-113	-3,683	-2,053	-338	1,556	-2,868	-81	1,200	-344	-1,056	-7,034
Financing Cash Flow Financing Cash FlowCr	-3,384	-190	-1,885	-2,074	-6,247	-20	-4,056	-7,181	-6,167	4,230	5,079
Net Cash Flow Net Cash FlowCr	250	-534	464	167	-632	232	414	-681	319	1,778	642
Free Cash Flow Free Cash FlowCr	3,690	3,077	4,158	2,399	3,584	2,882	3,680	4,340	5,864	-2,213	2,046
CFO To PAT CFO To PAT%	103.6	80.1	102.6	50.5	73.9	64.2	68.1	87.1	85.1	-19.2	24.6
CFO To EBITDA CFO To EBITDA%	77.2	73.9	89.5	50.0	75.6	63.4	80.0	81.8	74.8	-13.4	19.9

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

3,690

3,267

4,328

2,487

3,850

3,120

4,197

5,277

6,558

-1,406

2,597

Investing Cash Flow

Investing Cash FlowCr

-113

-3,683

-2,053

-338

1,556

-2,868

-81

1,200

-344

-1,056

-7,034

Financing Cash Flow

Financing Cash FlowCr

-3,384

-190

-1,885

-2,074

-6,247

-20

-4,056

-7,181

-6,167

4,230

5,079

Net Cash Flow

Net Cash FlowCr

250

-534

464

167

-632

232

414

-681

319

1,778

642

Free Cash Flow

Free Cash FlowCr

3,690

3,077

4,158

2,399

3,584

2,882

3,680

4,340

5,864

-2,213

2,046

CFO To PAT

CFO To PAT%

103.6

80.1

102.6

50.5

73.9

64.2

68.1

87.1

85.1

-19.2

24.6

CFO To EBITDA

CFO To EBITDA%

77.2

73.9

89.5

50.0

75.6

63.4

80.0

81.8

74.8

-13.4

19.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	69,625	81,240	79,544	84,352	58,594	1,06,247	1,05,691	1,09,896	2,55,307	2,19,899	2,45,305	2,82,691
Price To Earnings Price To Earnings	20.0	19.9	18.9	17.1	11.2	21.9	17.1	18.1	33.1	30.0	22.8	24.4
Price To Sales Price To Sales	3.1	3.7	3.1	2.8	2.0	3.8	3.2	3.0	5.7	4.3	3.9	4.0
Price To Book Price To Book	5.0	4.5	3.9	3.6	2.7	3.9	3.5	3.7	8.8	6.3	6.3	7.3
EV To EBITDA EV To EBITDA	14.4	18.3	16.3	16.8	11.5	21.5	20.0	16.9	29.3	21.6	20.3	20.6
Profitability Ratios Profitability Ratios
GPM GPM%	30.3	29.9	28.4	25.4	27.1	26.8	23.8	26.0	27.0	28.9	30.7	30.7
OPM OPM%	21.1	20.3	19.2	16.5	17.0	17.8	15.8	17.7	19.5	20.5	20.8	20.7
NPM NPM%	15.7	18.7	16.7	16.3	17.4	17.5	18.6	16.6	17.2	14.4	16.8	16.2
ROCE ROCE%	40.1	31.1	28.9	29.8	30.7	22.8	25.6	26.7	32.7	23.8	24.6	24.6
ROE ROE%	27.3	22.9	20.7	21.2	24.1	17.8	20.6	20.6	26.6	20.8	27.2	27.2
ROA ROA%	21.7	18.9	16.8	17.1	19.7	14.4	17.6	17.3	19.6	13.5	13.7	13.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

69,625

81,240

79,544

84,352

58,594

1,06,247

1,05,691

1,09,896

2,55,307

2,19,899

2,45,305

2,82,691

Price To Earnings

20.0

19.9

18.9

17.1

11.2

21.9

17.1

18.1

33.1

30.0

22.8

24.4

Price To Sales

3.1

3.7

3.1

2.8

2.0

3.8

3.2

3.0

5.7

4.3

3.9

4.0

Price To Book

5.0

4.5

3.9

3.6

2.7

3.9

3.5

3.7

8.8

6.3

7.3

EV To EBITDA

14.4

18.3

16.3

16.8

11.5

21.5

20.0

16.9

29.3

21.6

20.3

20.6

Profitability Ratios

GPM

GPM%

30.3

29.9

28.4

25.4

27.1

26.8

23.8

26.0

27.0

28.9

30.7

OPM

OPM%

21.1

20.3

19.2

16.5

17.0

17.8

15.8

17.7

19.5

20.5

20.8

20.7

NPM

NPM%

15.7

18.7

16.7

16.3

17.4

17.5

18.6

16.6

17.2

14.4

16.8

16.2

ROCE

ROCE%

40.1

31.1

28.9

29.8

30.7

22.8

25.6

26.7

32.7

23.8

24.6

ROE

ROE%

27.3

22.9

20.7

21.2

24.1

17.8

20.6

26.6

20.8

27.2

ROA

ROA%

21.7

18.9

16.8

17.1

19.7

14.4

17.6

17.3

19.6

13.5

13.7

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	69,625	81,240	79,544	84,352	58,594	1,06,247	1,05,691	1,09,896	2,55,307	2,19,899	2,45,305	2,82,691
Price To Earnings Price To Earnings	20.0	19.9	18.9	17.1	11.2	21.9	17.1	18.1	33.1	30.0	22.8	24.4
Price To Sales Price To Sales	3.1	3.7	3.1	2.8	2.0	3.8	3.2	3.0	5.7	4.3	3.9	4.0
Price To Book Price To Book	5.0	4.5	3.9	3.6	2.7	3.9	3.5	3.7	8.8	6.3	6.3	7.3
EV To EBITDA EV To EBITDA	14.4	18.3	16.3	16.8	11.5	21.5	20.0	16.9	29.3	21.6	20.3	20.6
Profitability Ratios Profitability Ratios
GPM GPM%	30.3	29.9	28.4	25.4	27.1	26.8	23.8	26.0	27.0	28.9	30.7	30.7
OPM OPM%	21.1	20.3	19.2	16.5	17.0	17.8	15.8	17.7	19.5	20.5	20.8	20.7
NPM NPM%	15.7	18.7	16.7	16.3	17.4	17.5	18.6	16.6	17.2	14.4	16.8	16.2
ROCE ROCE%	40.1	31.1	28.9	29.8	30.7	22.8	25.6	26.7	32.7	23.8	24.6	24.6
ROE ROE%	27.3	22.9	20.7	21.2	24.1	17.8	20.6	20.6	26.6	20.8	27.2	27.2
ROA ROA%	21.7	18.9	16.8	17.1	19.7	14.4	17.6	17.3	19.6	13.5	13.7	13.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

69,625

81,240

79,544

84,352

58,594

1,06,247

1,05,691

1,09,896

2,55,307

2,19,899

2,45,305

2,82,691

Price To Earnings

20.0

19.9

18.9

17.1

11.2

21.9

17.1

18.1

33.1

30.0

22.8

24.4

Price To Sales

3.1

3.7

3.1

2.8

2.0

3.8

3.2

3.0

5.7

4.3

3.9

4.0

Price To Book

5.0

4.5

3.9

3.6

2.7

3.9

3.5

3.7

8.8

6.3

7.3

EV To EBITDA

14.4

18.3

16.3

16.8

11.5

21.5

20.0

16.9

29.3

21.6

20.3

20.6

Profitability Ratios

GPM

GPM%

30.3

29.9

28.4

25.4

27.1

26.8

23.8

26.0

27.0

28.9

30.7

OPM

OPM%

21.1

20.3

19.2

16.5

17.0

17.8

15.8

17.7

19.5

20.5

20.8

20.7

NPM

NPM%

15.7

18.7

16.7

16.3

17.4

17.5

18.6

16.6

17.2

14.4

16.8

16.2

ROCE

ROCE%

40.1

31.1

28.9

29.8

30.7

22.8

25.6

26.7

32.7

23.8

24.6

ROE

ROE%

27.3

22.9

20.7

21.2

24.1

17.8

20.6

26.6

20.8

27.2

ROA

ROA%

21.7

18.9

16.8

17.1

19.7

14.4

17.6

17.3

19.6

13.5

13.7

Operational Ratios

Solvency Ratios

Liquidity Ratios

	BAJAJ-AUTO	EICHERMOT	TVSMOTOR	HEROMOTOCO	ATHERENERG	OLAELEC	ATULAUTO
Market CapitalizationMkt CapCr	2,82,691	2,01,746	1,93,550	1,04,674	57,881	17,240	1,150
Close PriceClose₹	10,287.00	7,349.00	4,074.00	5,230.00	1,459.00	34.49	414.30
IndustryIndustry	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers
Price To EarningsPE	24.43	34.92	56.47	19.20			24.36
Price To SalesPS	3.96	8.07	3.22	2.06	15.76	9.17	1.29
RevenueRevenueCr	71,460	24,998	60,155	50,810	3,672	1,880	890
Revenue Growth TTMRev Gr TTM%	36.9%	28.1%	30.5%	25.6%		-49.2%	20.2%
PAT Growth TTMPAT Gr TTM%	52.1%	19.3%	41.9%	8.7%		26.1%	150.6%

Market CapitalizationMkt CapCr

2,82,691

2,01,746

1,93,550

1,04,674

57,881

17,240

1,150

Close PriceClose₹

10,287.00

7,349.00

4,074.00

5,230.00

1,459.00

34.49

414.30

IndustryIndustry

Auto Two and Three Wheelers

Price To EarningsPE

24.43

34.92

56.47

19.20

24.36

Price To SalesPS

3.96

8.07

3.22

2.06

15.76

9.17

1.29

RevenueRevenueCr

71,460

24,998

60,155

50,810

3,672

1,880

890

Revenue Growth TTMRev Gr TTM%

36.9%

28.1%

30.5%

25.6%

-49.2%

20.2%

PAT Growth TTMPAT Gr TTM%

52.1%

19.3%

41.9%

8.7%

26.1%

150.6%

	BAJAJ-AUTO	EICHERMOT	TVSMOTOR	HEROMOTOCO	ATHERENERG	OLAELEC	ATULAUTO
Market CapitalizationMkt CapCr	2,82,691	2,01,746	1,93,550	1,04,674	57,881	17,240	1,150
Close PriceClose₹	10,287.00	7,349.00	4,074.00	5,230.00	1,459.00	34.49	414.30
IndustryIndustry	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers	Auto Two and Three Wheelers
Price To EarningsPE	24.43	34.92	56.47	19.20			24.36
Price To SalesPS	3.96	8.07	3.22	2.06	15.76	9.17	1.29
RevenueRevenueCr	71,460	24,998	60,155	50,810	3,672	1,880	890
Revenue Growth TTMRev Gr TTM%	36.9%	28.1%	30.5%	25.6%		-49.2%	20.2%
PAT Growth TTMPAT Gr TTM%	52.1%	19.3%	41.9%	8.7%		26.1%	150.6%

Market CapitalizationMkt CapCr

2,82,691

2,01,746

1,93,550

1,04,674

57,881

17,240

1,150

Close PriceClose₹

10,287.00

7,349.00

4,074.00

5,230.00

1,459.00

34.49

414.30

IndustryIndustry

Auto Two and Three Wheelers

Price To EarningsPE

24.43

34.92

56.47

19.20

24.36

Price To SalesPS

3.96

8.07

3.22

2.06

15.76

9.17

1.29

RevenueRevenueCr

71,460

24,998

60,155

50,810

3,672

1,880

890

Revenue Growth TTMRev Gr TTM%

36.9%

28.1%

30.5%

25.6%

-49.2%

20.2%

PAT Growth TTMPAT Gr TTM%

52.1%

19.3%

41.9%

8.7%

26.1%

150.6%

Bajaj Auto Ltd

Bajaj Auto Ltd

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