Bajaj Auto has posted a 62 per cent rise in consolidated net profit for the second quarter (July-September/Q2) of 2026-27 (FY27) to ₹3,436.1 crore, compared with ₹2,122.03 crore in Q2 of 2025-26 (FY26).
Consolidated revenue from operations grew 59 per cent to ₹25,125.56 crore during the period under review, while total expenses surged to ₹21,107.36 crore from ₹12,677.41 crore in Q2FY26. The improved performance during the quarter was mainly driven by a 41 per cent rise in exports and higher volumes across electric vehicle (EV) segments. Expenses increased due to a surge in production and raw material costs.
During the period under review, the two-wheeler (2W) and three-wheeler (3W) major’s total sales rose 20 per cent to 1.54 million units, compared with 1.29 million units in the same period last year. While domestic sales increased 4 per cent to 770,356 units, exports rose 41 per cent to 778,528 units.
Total commercial vehicle (CV) volumes expanded 18 per cent to 264,923 units, while 2W sales grew 20 per cent to 1.28 million units. 2W exports increased 43 per cent to 676,545 units, while domestic sales registered a marginal 2 per cent rise to 607,416 units. Similarly, CV exports grew 26 per cent to 101,983 units, while domestic sales rose 13 per cent to 162,940 units.
“We have seen record volume, revenue, EBITDA, PAT, and cash flow during the quarter. Despite the rise in costs, mitigating factors were improved realisation, an export surge, and EV sales,” said Rakesh Sharma, joint managing director, Bajaj Auto.
Exports set the pace with another landmark quarter, raising the bar on volumes despite intermittent logistical disruptions. The company said Africa nearly doubled its billings over the base quarter to reach a new high, surpassing its quarterly peak recorded in 2020-21. Latin America sustained its strong momentum, registering its best-ever sales yet again.
“Strong volume growth of 20 per cent year-on-year (Y-o-Y), led by robust export volumes, price hikes, and electrification, helped Bajaj report strong revenue growth. Effective cost management and operational excellence helped earnings before interest, tax, depreciation, and amortisation grow 37 per cent Y-o-Y, with margins remaining relatively stable. We believe Bajaj, with its refreshed portfolio, higher export mix, and contribution from 3Ws, will continue to outpace industry growth,” said Dhruv Joshi, research analyst at Mirae Asset Sharekhan.
Chetak, Bajaj’s electric scooter brand, delivered its biggest-ever quarter, with volumes more than doubling Y-o-Y and outpacing industry growth by 2x on a relatively soft base. While internal combustion engine vehicles maintained steady growth, the electric portfolio, led by Chetak, spearheaded the expansion, closing in on a record 200,000 units despite a constrained supply situation. EVs now account for one-third of domestic revenues.
Sharma said that the company expects the share of EVs in scooters to reach around 50 per cent from 25 per cent now, within three to five years. “At present, 25 per cent of scooters are EVs. It is not difficult to imagine that half of scooters in the next three to five years may be around 50 per cent,” he said.
Combined domestic revenues from the premium KTM and Triumph motorcycle brands grew 45 per cent Y-o-Y, with volumes exceeding 40,000 units. KTM delivered a stellar quarter, with robust sales of its Adventure range of touring and off-road-oriented motorcycles and Duke range of sporty street motorcycles. Triumph gained further traction with its modern-classic line-up, although sales were constrained by supply shortages. The wider reach of K+T stores, which offer KTM and Triumph motorcycles and are present in more than 110 towns, supported sales of the contemporary line-up.
Bajaj’s standalone net profit also increased 35 per cent to ₹3,353.76 crore in Q2FY27, while revenue from operations grew 34 per cent to cross the ₹20,000 crore mark for the first time, reaching ₹20,003.43 crore.