Bajaj Auto Limited delivered exceptional third quarter performance for FY26, setting new benchmarks across revenue, profitability, and sales volumes. The automotive manufacturer reported record-breaking financial results that underscore its strong market position and operational excellence.
Financial Performance Highlights
The company's standalone financial results for Q3FY26 demonstrated robust growth momentum across all key metrics. Revenue from operations reached ₹15,220.33 crore, marking the first time the company crossed the ₹15,000 crore milestone in a single quarter.
| Metric: |
Q3FY26 |
Q3FY25 |
Growth (%) |
| Revenue from Operations: |
₹15,220.33 crore |
₹12,806.85 crore |
+19% |
| Total Income: |
₹15,562.29 crore |
₹13,141.55 crore |
+18% |
| Profit Before Tax: |
₹3,326.64 crore |
₹2,801.45 crore |
+19% |
| Profit After Tax: |
₹2,502.81 crore |
₹2,108.73 crore |
+19% |
| Basic EPS: |
₹89.70 |
₹75.50 |
+19% |
Performance vs Analyst Estimates
The company's Q3FY26 results showed mixed performance against analyst expectations, with some metrics slightly below estimates while others exceeded projections.
| Parameter: |
Actual |
Estimate |
Variance |
| Net Profit: |
₹2,502.81 crore |
₹2,562.00 crore |
-2.31% |
| Revenue: |
₹15,220.33 crore |
₹15,300.00 crore |
-0.52% |
| EBITDA: |
₹3,160.00 crore |
₹3,150.00 crore |
+0.32% |
| EBITDA Margin: |
20.77% |
20.50% |
+27 bps |
Nine-Month Performance
For the nine months ended 31 December 2025, Bajaj Auto maintained its strong performance trajectory with consistent growth across financial parameters.
| Parameter: |
9M FY26 |
9M FY25 |
Change (%) |
| Revenue from Operations: |
₹42,726.83 crore |
₹37,862.34 crore |
+13% |
| Total Income: |
₹43,868.74 crore |
₹38,902.52 crore |
+13% |
| Profit After Tax: |
₹7,078.53 crore |
₹6,102.11 crore |
+16% |
| Basic EPS: |
₹253.70 |
₹218.70 |
+16% |
Volume Performance and Market Leadership
Bajaj Auto achieved record quarterly sales volumes of 13,41,252 units in Q3FY26, representing a 10% year-on-year increase from 12,24,472 units in Q3FY25. The company demonstrated strong performance across all business segments:
| Segment: |
Q3FY26 Units |
Growth (YoY) |
| Two-wheelers: |
11,32,383 units |
+7% |
| Commercial vehicles: |
2,08,869 units |
+23% |
| Domestic sales: |
7,31,037 units |
+3% |
| Export sales: |
6,10,215 units |
+18% |
The export business particularly stood out, crossing 600,000 units in quarterly volumes after 15 quarters, with robust double-digit growth in Africa and Asia markets.
Profitability and Margin Expansion
The company's EBITDA reached ₹3,160.00 crore with margins expanding to 20.77%, reflecting effective cost management and operational efficiency. This represents a 62 basis points year-on-year improvement from 20.15% in Q3FY25, surpassing analyst estimates of 20.50%.
Profit before exceptional items stood at ₹2,548.70 crore for Q3FY26, compared to ₹2,108.73 crore in Q3FY25, demonstrating the underlying strength of the business operations.
Exceptional Items and Regulatory Impact
The company recognized an exceptional expense of ₹61.32 crore related to employee benefit obligations following the Government of India's notification of new Labour Codes on 21 November 2025. This one-time impact was partially offset by a corresponding deferred tax asset of ₹15.43 crore.
Business Segment Performance
Bajaj Auto's diversified portfolio delivered strong results across all segments. The domestic motorcycle business achieved its biggest quarter on 125cc+ models with double-digit revenue growth, while the electric vehicle portfolio contributed 25% of domestic revenues. The KTM and Triumph partnership accelerated momentum with approximately 50% year-on-year growth in domestic volumes and revenue.
Commercial vehicles maintained their upward trajectory, delivering approximately 80,000 units with over 50% year-on-year growth, while Chetak electric scooters registered all-time high performance with approximately 70% quarter-on-quarter growth.
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