Bajaj Auto on Wednesday reported a 32 per cent year-on-year rise in revenue from operations to a record ₹16,006 crore for the quarter ended March 31, 2026 (Q4 FY26), driven by all-time high volumes, improved product mix and favourable currency movements.
The company’s consolidated profit attributable to owners of the company more than doubled to ₹3,661.9 crore in Q4 FY26 from ₹1,801.9 crore in Q4 FY25, aided by strong operating performance as well as gains linked to the restructuring and consolidation of its KTM-related investment.
The broad-based growth was supported by healthy double-digit expansion across domestic motorcycles, electric two-wheelers, three-wheelers and export businesses.
Operating performance remained strong during the quarter, with EBITDA rising 36 per cent year-on-year to a record ₹3,323 crore, while EBITDA margin expanded to 20.8 per cent from 20.2 per cent in Q4 FY25, supported by premiumisation, stronger exports mix and disciplined cost management.
The company also announced a ₹5,633-crore share buyback at ₹12,000 per share, a premium of about 16 per cent over Bajaj Auto’s Wednesday closing price of ₹10,314.60, alongside a dividend of ₹150 per share for FY26, subject to shareholder approval.
Together, the proposed buyback and dividend broadly match the company’s FY26 standalone profit after tax.
“The business delivered its best-ever year on the back of broad-based growth across domestic, exports and commercial vehicles, while maintaining disciplined margins and cash generation,” Executive Director Rakesh Sharma said in the post-earnings commentary.
He added that free cash flow remained robust, allowing the company to fund capex and investments in subsidiaries while still returning a high share of earnings to shareholders through dividends and buyback.
Full Year FY26 Performance
For the full financial year, Bajaj Auto’s consolidated revenue from operations grew 23 per cent y-o-y to ₹62,905 crore, against ₹50,995 crore in FY25.
Consolidated profit attributable to owners of the company surged 47 per cent to ₹10,744 crore from ₹7,325 crore in FY25, reflecting the significantly expanded group footprint following the acquisition of controlling interest in Bajaj Auto International Holdings AG (BAIHAG), the parent entity of KTM AG and Bajaj Mobility AG, in November 2025.
On a standalone basis, full-year revenue from operations reached a record ₹58,451 crore, up 17 per cent y-o-y, while standalone profit after tax climbed 21 per cent to ₹9,825 crore. EBITDA for the full year was ₹12,019 crore, up 19 per cent y-o-y, with margins improving 30 basis points to 20.5 per cent.
Total volumes for FY26 crossed the 51 lakh unit mark, the highest ever for the company , up 10 per cent y-o-y, surpassing the previous peak set in FY19. Domestic volumes grew 3 per cent to 28.67 lakh units, while exports expanded 21 per cent to 22.50 lakh units. Commercial vehicle exports were particularly strong, rising 49 per cent y-o-y.
Exports and premium motorcycles drive growth
Export volumes rose over 20 per cent during FY26, helping the international business regain momentum after two weak years impacted by macroeconomic disruptions and forex shortages in markets such as Nigeria, Egypt and parts of Latin America.
The company said better availability of foreign currency and improving demand conditions across key overseas markets supported double-digit growth in two- and three-wheeler exports, while also improving operating leverage.
Domestic business also remained strong during FY26, led by premium motorcycles and the continued scaling of Triumph and KTM partnerships. Bajaj Auto said its premium portfolio gained share within the domestic motorcycle segment, cushioning the impact of softer demand in entry-level commuter bikes.
Margins across categories remained resilient during FY26, supported by premium motorcycles, stronger exports mix and disciplined cost management despite commodity volatility and currency fluctuations. The company said it continued to focus on cost initiatives and pricing discipline to protect profitability.
Three-wheeler sales also remained robust during FY26, supported by recovery in passenger mobility demand and rising adoption of both CNG and electric three-wheelers in its portfolio.
KTM restructuring boosts reported profit
A key contributor to Q4 FY26 profit growth was the accounting impact of Bajaj Auto’s restructuring and consolidation of its KTM-related investment.
During the year, Bajaj Auto moved from treating its KTM holding company as an associate to consolidating it as a subsidiary after increasing its effective control. As part of this change, the company recognised a sizeable one-time gain in Q4 FY26 on remeasurement of its KTM-related investment at fair value, along with the reclassification of accumulated foreign currency translation reserves.
The company said Q4 FY26 and FY26 consolidated numbers are therefore not strictly comparable with the previous year because of the change in accounting treatment for its KTM investment.
Excluding such exceptional and remeasurement items, operating performance remained strong, driven by better exports, richer product mix and disciplined cost management.
Analysts said Bajaj Auto benefited during FY26 from a combination of export normalisation, premiumisation and operating leverage, helping it maintain strong margins even amid supply-chain and input-cost pressures.
EV business continues scaling
Bajaj Auto’s electric vehicle business also continued scaling during FY26, led by the Chetak electric scooter, with EVs accounting for a steadily rising share of the company’s domestic portfolio.
The company has been expanding its EV distribution footprint amid intensifying competition from TVS Motor, Ola Electric, Ather Energy and Hero MotoCorp.
Industry analysts expect Bajaj Auto to remain well-positioned in FY27 due to improving export demand, sustained premium motorcycle momentum and continued growth in electric two- and three-wheelers, although commodity volatility and rising EV competition remain key monitorables going forward.