BAJAJ AUTO — ONE ENGINE SLOWS, THE OTHERS KEEP RUNNING 🏍️🚀

That's the Bajaj Auto story. It isn't dependent on one market, one product or one powertrain. And that's becoming its biggest strength. FY26 was a record year. Revenue reached ₹58,732 crore, EBITDA ₹12,019 crore and PAT ₹9,825 crore. Surplus cash stood at an impressive ₹18,137 crore. But the bigger story is diversification. India + Exports Motorcycles + Commercial Vehicles ICE + EV Premium + Mass Market Take exports. FY26 export volumes crossed 22.5 lakh units, up 20.8%, while export revenue jumped 25.6%. And the momentum is continuing. In September 2026, total exports surged 32% YoY to 2.44 lakh units. Domestic two-wheeler sales, meanwhile, fell 12%. Yet total company volumes still grew 5%. That's diversification working exactly as intended. Now look at EVs. Chetak has crossed 7 lakh cumulative sales. FY26 domestic Chetak volumes reached 3.03 lakh units, while market share increased to 20.7%. Bajaj is also expanding beyond electric scooters into electric three-wheelers, where it ended FY26 with 33.5% share in L5 E3Ws and leadership in the segment. Then comes the commercial-vehicle engine. Bajaj crossed 5 lakh domestic three-wheelers in FY26, with a massive 73.8% share of the domestic ICE 3W market. And exports of commercial vehicles grew nearly 49% during FY26. Meanwhile, the premium motorcycle portfolio keeps expanding: Pulsar. KTM. Triumph. The company is specifically targeting the strategically important 125cc+ motorcycle segment, while pushing KTM and Triumph growth further. So the long-term equation looks like this: Premiumisation → Better mix Exports → Geographic diversification Chetak → EV growth 3-Wheelers → Market leadership KTM + Triumph → Premium opportunity ₹18,000+ crore cash → Financial strength There are risks. September's domestic 2W weakness shows rural demand can still hurt volumes, while the company remains exposed to currency movements, commodity costs and global-market volatility.