Bajaj Auto (BAJAJ-AUTO) Q4 25/26 earnings summary

Executive summary

• FY 2026 achieved record volumes exceeding 5 million units, with all-time highs in revenue (INR 58,732 crore standalone, INR 63,000 crore consolidated), EBITDA (INR 12,019 crore, 20.5% margin), and PAT (INR 9,825 crore standalone, over INR 10,744 crore consolidated).

• Q4 FY 2026 delivered record quarterly revenue (INR 16,006 crore), EBITDA (INR 3,323 crore, 20.8% margin), and 24% volume growth YoY.

• Growth was broad-based across domestic, exports, two-wheelers, three-wheelers, and electric vehicles.

• Board approved a 100% profit payout for the year, split between a final dividend of INR 150/share and a buyback totaling up to INR 9,825 crore.

Financial highlights

• Q4 revenue: INR 16,006 crore (+32% YoY); EBITDA: INR 3,323 crore (+36% YoY); PAT: INR 2,746 crore (+34% YoY).

• FY 2026 standalone revenue: INR 58,732 crore (+17% YoY); EBITDA: INR 12,019 crore (+19% YoY); PAT: INR 9,825 crore (+21% YoY).

• Consolidated FY 2026 revenue: INR 63,000 crore (+23% YoY); consolidated PAT: INR 10,744 crore (+47% YoY).

• Free cash flow for the year exceeded INR 8,000 crore, up 30% YoY; surplus funds over INR 18,000 crore after capex and investments.

• Spares business achieved record sales of INR 1,700+ crore (+16% YoY).

Outlook and guidance

• Q1 FY 2027 expected to maintain growth momentum in key segments (150cc+ motorcycles, EVs, exports).

• Continued focus on premiumization, EV expansion, and export growth.

• Motorcycle industry growth expected to moderate to 7%-9% in the near term, with premium segments and EVs outpacing.

• Commodity cost inflation estimated at 3.5%-4% of revenue for Q1, with 40% offset by price hikes.

• Plans to align subsidiary reporting calendars for improved transparency.