Bajaj Auto: ₹2,100 Cr Profit – Still Kicking Two-Wheelers While EVs Nip at Its Tyres
1. At a Glance
Bajaj Auto just dropped another quarter of “We’re Still Rich” results — ₹12,500 crore revenue, ₹2,500 crore EBITDA, ₹2,100 crore PAT. The 3W kingpin is still flexing in exports while EV startups burn cash faster than a Diwali rocket. But between supply chain speed bumps and a market that thinks “Pulsar” is both a bike and a dating profile flex, there’s plenty to unpack.
2. Introduction
Once upon a time in Pune, a company decided the world didn’t need more scooters — it needed motorcycles that could scream down highways and still be sold in Nigeria for less than a used Toyota Corolla. Decades later, Bajaj Auto is exporting to 79 countries, holding a KTM stake like a proud parent at a sports day, and telling the EV brigade, “Cool story, but where’s your profit?”
Still, FY26 brings a new challenge: EVs biting into the 2W pie, three-wheeler demand facing policy whiplash, and India’s youth who think public transport is for peasants but still want EMI-free rides.
3. Business Model (WTF Do They Even Do?)
Bajaj Auto runs three engines:
Motorcycles – 18.2% domestic market share in FY24, exporting more than any Indian peer.
Three-Wheelers (3W) – The undisputed global volume leader, from India to Africa.
EV Experiments – Chetak EV trying to be the iPhone of scooters (so far more like the Pixel: loved by techies, ignored by aunties).
The playbook: manufacture at scale, price competitively, and dump so many bikes in global markets that even a Peruvian farmer knows “Bajaj” better than “Harley”.
