Bajaj Auto Limited has announced the launch of WEGO P9018, introducing what the company positions as India's largest electric three-wheeler with the highest range in the segment. The launch was announced on 9th February 2026, marking the company's continued expansion in the electric mobility segment.

Product Specifications and Features

The WEGO P9018 comes equipped with comprehensive technical specifications designed for long-distance, high-volume mobility requirements:

The vehicle incorporates several advanced technologies to maximize efficiency and performance. The upgraded Battery Management System (BMS) and enhanced regenerative braking system play critical roles in extending the usable range and maximizing operational efficiency.

Market Positioning and Target Segments

The WEGO P9018 addresses evolving customer needs across multiple market segments. The vehicle is designed to serve urban, semi-urban, and rural markets, focusing on applications requiring large carrying capacity three-wheelers with extended range capabilities.

According to Samardeep Subandh, President – Intra-City Business Unit, Bajaj Auto Ltd., the WEGO P9018 represents the biggest electric three-wheeler in India with the largest battery capacity. The vehicle enables improved earnings potential for operators through its enhanced passenger and luggage carrying capability combined with extended range on a single charge.

WEGO Brand Philosophy

The WEGO brand represents Bajaj Auto's legacy as India's original 'passenger-carrier' and reflects the company's longstanding leadership in shaping last-mile mobility solutions. The brand celebrates drivers, operators, and communities who depend on reliable transportation for their daily mobility needs and livelihood.

Company Background

Bajaj Auto Limited maintains its position as the world's most valuable two-wheeler and three-wheeler company, with over 21 million motorcycles sold across more than 100 countries. The company holds the distinction of being India's No. 1 motorcycle exporter and the world's largest manufacturer of three-wheelers. Bajaj Auto achieved the milestone of becoming the first two-wheeler company globally to reach a market capitalization of INR two trillion.

Bajaj Auto delivered its strongest quarterly performance in company history during Q3 FY26, setting new benchmarks across revenue, profitability, and volumes. The automotive manufacturer reported record-breaking results driven by robust growth across all business segments and favorable market conditions following GST rationalization.

Record Financial Performance

The company achieved multiple milestones during the quarter, establishing new peaks in both top-line and bottom-line performance.

Revenue from operations reached INR15,220 crores, marking the first time the company crossed the INR15,000 crores milestone. EBITDA margins expanded to 20.8%, up 30 basis points sequentially and 60 basis points year-on-year. The company recognized a one-time exceptional charge of INR61 crores related to gratuity provisions under new labour code amendments.

Domestic Motorcycle Business Recovery

The domestic motorcycle segment experienced significant momentum following GST rationalization, with the industry growing 15% in Q3 after declining 3% in Q2. Management expects continued industry growth of 12-15% driven by positive consumer sentiment and upgrade trends toward higher-capacity motorcycles.

Bajaj Auto has launched seven product interventions since November across its Pulsar portfolio, targeting the crucial 150cc plus segment where the company aims to regain market share. An additional eight interventions are planned over the next four months to complete the portfolio refresh.

Export Business Momentum

The export division crossed the 200,000 units monthly average in October and maintained this level throughout Q3, surpassing 600,000 units quarterly for the first time in 15 quarters. Key performance highlights include:

• Export revenues of approximately USD 600 million
• 18% volume growth and higher revenue growth year-on-year
• Top 30 overseas markets growing 15% versus 10% industry growth
• Commercial vehicle exports growing 56% in the quarter
• Broad-based growth across multiple markets and continents

Nigeria, previously the largest market, now represents half its previous portfolio weight, while other markets have reached all-time high performance levels. The business is positioned to deliver its highest-ever top-line performance in USD terms for the financial year.

Electric Vehicle Portfolio Expansion

The electric vehicle business achieved a significant milestone, contributing 25% of domestic revenues with both e-scooters and e-autos crossing INR1,000 crores in quarterly revenue each. The EV portfolio now delivers double-digit EBITDA margins while improving unit economics.

Chetak volumes scaled rapidly after resolving supply chain disruptions, with the recent launch of Chetak C25 at INR91,399 expanding the portfolio across price points. The three-wheeler electric segment maintained number one position by quarter-end despite absorbing PM E-DRIVE incentive withdrawal impact of INR23,000-25,000 per vehicle.

Pro-Biking Business Excellence

The KTM and Triumph brands delivered record domestic performance with combined volumes exceeding 35,000 units, representing 50% year-on-year growth. KTM's Adventure portfolio grew 4x compared to the previous year, while the Duke series maintained 30% growth despite GST rate increases on 350cc plus motorcycles.

The business expanded its KT showroom format to 50 locations, with plans to reach over 100 by March, offering customers access to both brands while improving dealer viability.

Subsidiary Performance and Strategic Developments

Bajaj Auto Credit Limited (BACL) reported exceptional performance with PAT of INR200 crores, representing 52% sequential growth. The subsidiary achieved 45% penetration with over 3.5 lakh customers acquired during the quarter and AUM exceeding INR16,000 crores.

Regarding KTM AG, Bajaj's ownership increased to 75% effective November 18, with a comprehensive turnaround plan focusing on liquidity management, top management restructuring, and cost reduction initiatives across multiple work streams.

Outlook and Strategic Priorities

Management outlined key focus areas for the coming quarters, including driving higher growth in the 125cc plus segment through continued product launches, maintaining export momentum across key markets, and strengthening EV segment positioning. The company expects to manage commodity cost pressures of 50-60 basis points in Q4 through pricing actions covering approximately half the impact, supported by currency tailwinds and operational leverage.

The spares business unit contributed nearly INR1,800 crores with 18% year-on-year growth, while consolidated revenue reached INR16,204 crores with 25% growth, reflecting strong performance across all subsidiaries and business verticals.

Source: Bajaj Auto Q3 FY26 Earnings Conference Call Transcript