Bajaj Auto Limited shareholders approved a dividend of ₹150 per equity share for the financial year ended 31 March 2026 and appointed Rakesh Sharma as Joint Managing Director at its 19th Annual General Meeting held on 21 July 2026. The resolutions were passed with requisite majority through remote e-voting and electronic voting at the venue. The meeting, chaired by Shri Niraj Bajaj, also sanctioned the re-appointment of Shri Sanjiv Bajaj and ratified the remuneration of the Cost Auditor.

The Board received shareholder approval for the payment of commission to Non-executive Directors for a five-year period commencing from 1 April 2026. In a key leadership change, Rakesh Sharma (DIN: 08262670) was appointed as Joint Managing Director with effect from 1 June 2026. The resolutions were passed via remote e-voting and during the meeting.

The Chairman provided an overview of the company's performance during FY26 and the first quarter of the current financial year, FY27. Senior executives, including Shri Rakesh Sharma, Shri Pradeep Shrivastava, and Shri Dinesh Thapar, addressed member queries regarding the company's accounts and business operations.

The meeting was conducted physically at the company's Registered Office in Pune, with facilities for live webcast provided by KFin Technologies Limited. A total of 202 members participated in person or through proxy. The statutory auditors, S R B C & CO LLP, and other key personnel were present.

The e-voting results and the scrutiniser's report are scheduled to be filed with the stock exchanges by 23 July 2026. The proceedings concluded at 2:45 p.m. after commencing at 12:30 p.m.

Resolutions Passed

Bajaj Auto Limited reported a strong financial performance for the first quarter ended June 30, 2026, with net profit rising 42% year-on-year to ₹2,983 crore. The company achieved record revenue from operations of ₹17,244 crore, a 37% increase compared to the corresponding period last year, driven by robust volume growth across domestic and export markets. EBITDA for the quarter stood at ₹3,596 crore, up 45% year-on-year, with margins expanding to 20.9% from 19.7% in the previous year. The strong quarterly showing has drawn widespread positive commentary from leading brokerages, with analysts citing margin resilience, export momentum, and new product launches as key drivers.

Operational Performance

The company reported total sales of 1,438,251 units during the quarter, a 29% increase year-on-year. Domestic sales grew 11% to 706,078 units, while exports surged 54% to 732,173 units, surpassing the 700,000 mark for the first time. The commercial vehicles segment saw significant growth, with revenues increasing 25% year-on-year, led by electric three-wheelers which now account for nearly two-thirds of the ICE 3W franchise size.

Financial Metrics

The following table summarises Bajaj Auto's standalone financial results for Q1 FY27:

Brokerage Views

Following the quarterly results, multiple brokerages weighed in with updated ratings and target prices. The table below summarises the key analyst calls on Bajaj Auto:

MOSL upgraded its rating to Buy from a prior stance, citing a margin-led earnings beat and a strong export outlook alongside robust free cash flow generation. Jefferies maintained its Hold rating with a target price of ₹11,500, acknowledging that both EBITDA and PAT exceeded estimates on the back of resilient margins and strong demand across domestic and export markets. Bernstein retained its Outperform rating at the same target of ₹11,500, highlighting superior execution and a clear roadmap for EBITDA recovery. CLSA also maintained Outperform with a target price of ₹12,068, noting that the Q1 EBITDA margin beat estimates despite commodity inflation, supported by a favourable export mix, price hikes, operating leverage, and disciplined cost controls.

Strategic Developments

The Board of Directors approved the buyback of up to 4,694,000 equity shares at ₹12,000 per share, aggregating to ₹5,632.80 crore. The tendering period closed on July 7, 2026, and payment was made to accepted shareholders on July 14, 2026. Additionally, the company noted that the Ministry of Environment, Forest and Climate Change has issued Environment Protection (End-of-Life Vehicles) Rules, 2025, though the pricing mechanism for Extended Producer Responsibility certificates is yet to be notified.

Earnings Call Update

In furtherance of its results announcement, Bajaj Auto held a conference call on July 21, 2026, at 06:00 p.m. IST to discuss the Q1 and FY27 results. The audio recording of the conference call has been hosted on the company website and is available under the 'QUARTERLY RESULTS' section.