1. At a Glance
Bajaj Auto Ltd just dropped its Q2 FY26 numbers, and the engines are roaring louder than ever. The Pune-based two and three-wheeler juggernaut, with a market cap of ₹2,43,555 crore, reported quarterly revenue of ₹15,735 crore and a PAT of ₹2,122 crore, marking a YoY growth of 53.2% in profits and 18.8% in sales. Not bad for a company that still calls itself “Hamara Bajaj” while owning 48% of Austria’s KTM — a brand so fancy that their bikes sound like caffeine-powered jet turbines.
At a stock price of ₹8,722, Bajaj Auto trades at a P/E of 29.2x with a ROE of 22.8% and a ROCE of 28.1%, which means this isn’t your average auto stock; it’s that one relative who earns in crores but still takes his Activa to work. The company’s dividend yield is 2.41%, and its debt-to-equity ratio of 0.58 shows that it borrows more carefully than a middle-class dad signing his first home loan.
If that’s not enough torque for you — it also just completed a ₹4,000 crore buyback at ₹10,000 per share. Translation? The management thinks their own stock is cheaper than a Pulsar’s fuel tank refill.
Fasten your seatbelts, we’re about to deep dive into the most premium motorcycle story on Dalal Street.
2. Introduction – The Legend on Two Wheels
Once upon a time, in a land full of scooters named after goddesses and petrol that cost ₹40 per litre, Bajaj Auto built India’s first motorcycle empire. Fast forward to FY26 — now they don’t just make motorcycles; they make statements on wheels.
From the humble CT 100 that farmers love, to the Triumph Speed 400 that IT guys dream of, Bajaj Auto covers every socio-economic category short of people riding unicorns. Its reach is so global that their two-wheelers are exported to 79 countries, many of which don’t even have functioning governments but definitely have Bajaj bikes.
In a world where EV startups burn cash faster than their batteries charge, Bajaj’s Chetak EV quietly clocked 115,700+ sales in FY24, compared to just 8,000 in FY22. That’s not a pivot — that’s a wheelie.
The company isn’t just running — it’s revving. With exports to 80 countries, a growing EV lineup, and a soon-to-be full control over KTM, Rajiv Bajaj and team have found the sweet spot between desi jugaad and European engineering arrogance.
3. Business Model – WTF Do They Even Do?
Think of Bajaj Auto as a portfolio of mobility egos:
- Motorcycles (68% revenue FY24) – From commuter bikes (Platina, CT) to mid-segment show-offs (Pulsar, Avenger, Dominar), and then the imported charm (KTM, Triumph).
- Three-Wheelers (25-30% revenue) – Because someone has to take you to the bus stop. Bajaj Auto owns ~78% share in ICE 3-wheelers and a 46.5% share in cargo 3-wheelers — basically every auto you’ve ever sat in is probably theirs.
- Chetak EVs – The company’s eco-friendly alter ego that’s growing faster than your electricity bill.
- Exports (32% revenue) – Bajaj’s global footprint is wild — from Ethiopia to Peru, there’s probably a Bajaj parked next to a camel or a tuk-tuk.
And if that wasn’t enough, they’ve gone all financial now — Bajaj Auto Credit Ltd started operations in FY24, disbursing two-wheeler loans across 8 states. Because what’s better than selling bikes? Financing them too.
They’ve also set up a new manufacturing plant in Brazil (FY24) with a capacity of 20,000 units/month, proving once again
