1. At a Glance – The Bajaj Auto Flex 💪
If Indian two-wheelers had a royal family, Bajaj Auto Ltd would be the cousin who quietly makes more money than everyone else and doesn’t talk about it at weddings.
Market cap is sitting pretty at ₹2.68 lakh crore, stock price around ₹9,598, up ~8% in 3 months and ~19% in 6 months—not explosive, but very “steady dad with SIP discipline.” ROCE at 28.1%, ROE 22.8%, operating margins 20%+, and dividend yield 2.19%—this is not a startup bro, this is cash-flow uncle.
Q3 FY26 numbers? Chef’s kiss.
Revenue: ₹16,204 Cr (+23% YoY)
PAT: ₹2,750 Cr (+27.8% YoY)
EPS: ₹98.38 (yes, quarterly)
Meanwhile, exports were sulking due to weak macros, domestic sales are doing leg day at the gym, EV scooter Chetak is finally behaving, and KTM drama has gone from “Austrian soap opera” to “fully owned headache.”
Question for you already: Is this a boring compounder… or a silent monster?
2. Introduction – The Art of Making Money Without Noise
Bajaj Auto is that company which rarely screams innovation buzzwords, never does flashy influencer marketing, and yet keeps printing money like it owns a private RBI branch.
Founded in 1945, headquartered in Pune, Bajaj Auto evolved from scooters your dad rode to college, into a global exporter selling bikes and three-wheelers in 80 countries. While rivals fight bloodbaths in commuter bikes, Bajaj quietly shifted towards:
- Premium motorcycles (Pulsar, Dominar, KTM, Triumph)
- Three-wheelers with insane market share
- Exports that act like a second engine
- Financial services via Bajaj Auto Credit
FY24–FY26 has been classic Bajaj playbook:
- Reduce dependence on exports
- Milk domestic premiumisation
- Keep margins fat
- Return cash to shareholders
- Acquire control where drama exists (KTM)
But don’t get fooled by the calm tone—borrowings jumped, EVs are still loss-making, and Europe (KTM
land) is not exactly Switzerland-level stable right now.
So… is Bajaj Auto cruising on autopilot, or navigating a sharp corner ahead?
3. Business Model – WTF Do They Even Do? 🏍️
Let’s explain Bajaj Auto like you’re smart, but lazy.
They design, manufacture, and sell:
- Motorcycles (100cc to 400cc)
- Three-wheelers (ICE + electric)
- Electric scooters (Chetak)
- Plus finance the buyer through their own NBFC
Motorcycles – The Pulsar Empire
Market share 18.2% in FY24, inching up YoY.
Segments:
- 100–110cc: CT, Platina (cash cows, no swag)
- 125cc+: Pulsar, Avenger, Dominar (real margins)
- Probiking: KTM & Husqvarna (brand flex)
- Triumph 400cc: Mid-size global collaboration that actually worked
Six new Pulsar models launching in H1 FY25—because Indians never get tired of “New Pulsar, Bro.”
Three-Wheelers – Monopoly Energy
- ~78% market share in ICE 3Ws
- Passenger carrier: 75.5%
- Cargo: 46.5%
Basically, if you see an auto-rickshaw, chances are Bajaj’s balance sheet gets a hug.
EV – Chetak: Late, But Learning
- FY22: ~8,000 units
- FY24: 1,15,700 units
Ranked No. 3 in electric scooters
Still margin-dilutive, but scale is kicking in.
Exports – Moody Teen Phase
Exports down to 1.64 mn units in FY24 vs 1.82 mn in FY23
Export revenue share fell from 53% (FY22)
