Bajaj Auto Q2 FY26 Financial Performance & Business Update

Key Financial Highlights (Consolidated): Net Profit: ₹2,479 crore (vs. ₹2,483 Cr estimate). This represents a 23.6% year-on-year (YoY) growth from ₹2,005 crore. Revenue: ₹14,922 crore (vs. ₹14,777 Cr estimate). Revenue increased 13.7% YoY from ₹13,128 crore. EBITDA: ₹3,051.7 crore (vs. ₹3,012 Cr estimate). EBITDA grew 15% YoY. EBITDA Margin: 20.4%, marking a 70-basis-point (bps) sequential expansion and a 20-bps YoY improvement. Margin expansion was driven by favorable currency realization and operating leverage, which effectively offset cost inflation and strategic investments in R&D and marketing. Segment & Operational Performance: Domestic Business: Achieved record revenue, fueled by strong performance in the premium motorcycle segment and double-digit growth in commercial vehicles. Export Business: Showcased a strong recovery with a 35% YoY revenue increase, reporting strong growth across Africa, Asia, and Latin America. Exports of KTM and Triumph significantly contributed, with sales volume exceeding 60,000 units (approx. +70% YoY). Electric Vehicles (EV): The EV portfolio continues to scale, achieving 1.5x YoY sales growth and contributing over ₹10,000 crore in revenue over the past two years. This performance was achieved despite supply limitations (rare earth magnets). The company also expanded its EV footprint by launching the 'Riki' e-rickshaw. Cash Flow & Balance Sheet Strength: Free Cash Flow (FCF): The company generated approximately ₹4,500 crore in FCF during H1 FY26, achieving a near 100% conversion of Profit After Tax (PAT) into cash. Surplus Funds: The balance sheet remains robust with surplus funds of approximately ₹14,244 crore. This is after a substantial dividend distribution of ~₹5,864 crore and strategic investments of over ₹2,000 crore into subsidiaries.