About the company:
Bajaj Auto Limited is a leading Indian multinational automotive manufacturer specializing in two-wheelers and three-wheelers. Founded in 1945 and headquartered in Pune, Maharashtra, the company is part of the Bajaj Group. Bajaj Auto is known for its popular motorcycle brands such as Pulsar, Dominar, Avenger, Platina, and CT series, as well as its three-wheeler commercial vehicles.
The company has a strong presence in both domestic and international markets, exporting to over 70 countries. Bajaj Auto is recognized for its innovation, fuel-efficient vehicles, and dominance in the sports and commuter motorcycle segments. It has also made significant investments in electric mobility through its Chetak EV and partnerships with global brands like KTM, Husqvarna, and Triumph.
Key Business Highlights
Motorcycles:
Best-ever Pulsar sales during festive season.
Triumph & KTM saw their best-ever quarter in India.
Freedom CNG Bike: 50,000+ units sold, with faster adoption in metro areas.
Entry-level motorcycles saw market share decline due to discount competition.
Exports:
500,000+ units exported, highest in 2 years.
Nigeria sales steady at 35,000 units/month (55% market share).
KTM exports declined 50% due to restructuring at KTM AG.
Electric & Green Energy:
EVs & CNG now 44% of domestic revenue.
Bajaj Chetak’s market share grew from 13% to 22% YoY.
New e-Rickshaw & e-Auto brand ‘Bajaj Gogo’ launched.
Bajaj Auto Credit Limited (BACL):
Now active Pan-India, financing 70%+ of Bajaj Auto’s vehicles.
₹7,000 Cr AUM with a ₹52 Cr profit in Q3FY25.
Strategic Priorities & Outlook
Targeting 20%+ export growth in the near term, driven by Latin America & Africa.
Expanding in the 125cc+ motorcycle segment with 9 new variants.
EV Business Profitability:
e-3W segment already profitable.
Chetak 35-Series expected to reach EBITDA breakeven in Q4.
CNG Motorcycle (Freedom 125) Growth:
Plans to expand in high-usage segments (gig workers, fleets).
Market development needed due to CNG station density concerns.
Here are Bajaj Auto’s financials for the last three quarters (Q3FY25, Q2FY25, and Q1FY25) based on the earnings call and reported results:
Key Financial Metrics
| Metric | Q3FY25 | Q2FY25 | Q1FY25 |
|---|---|---|---|
| Revenue (₹ Cr) | ₹12,807 Cr (+6% YoY) | ₹12,200 Cr (+5% YoY) | ₹11,900 Cr (+10% YoY) |
| EBITDA (₹ Cr) | ₹2,581 Cr (20.2% margin) | ₹2,480 Cr (20.3% margin) | ₹2,410 Cr (20.3% margin) |
| PAT (₹ Cr) | ₹2,100 Cr (Standalone) | ₹2,060 Cr | ₹2,030 Cr |
| EBITDA Margin | 20.2% | 20.3% | 20.3% |
| Gross Margin | 28.8% | 29.0% | 28.7% |
| Export Revenue (₹ Cr) | ₹4,200 Cr (+27% YoY) | ₹3,800 Cr | ₹3,600 Cr |
| Domestic Volume (Units) | 1.2 million | 1.15 million | 1.12 million |
| EV Sales (Units) | ~100,000 | ~95,000 | ~85,000 |
| Chetak Market Share | 22% | 20% | 18% |
| BACL AUM (₹ Cr) | ₹7,000 Cr | ₹6,500 Cr | ₹5,800 Cr |
| Free Cash Flow (₹ Cr) | ₹3,000 Cr (9M FY25) | – | – |
Recent updates:
Highlights from last concall:
Financial Performance Highlights
Revenue: ₹12,807 Cr (+6% YoY)
EBITDA: ₹2,581 Cr (+6% YoY), maintaining a 20.2% margin for the fifth consecutive quarter.
PAT (Net Profit): ₹2,100 Cr (standalone), ₹2,200 Cr (consolidated).
Exports: Grew 27% YoY, driven by Latin America (+40%) and Africa’s recovery.
Electric Vehicles (EVs): Now 22% of domestic revenue, with Chetak market share at 22%.
Cash Reserves: ₹15,000 Cr with ₹3,000 Cr free cash flow generated in 9MFY25.