Bajaj Auto Q3 Results: Margin expands, beat estimates; record revenue for domestic biz

Bajaj Auto Ltd delivered a robust performance in the third quarter, supported by broad-based growth across domestic, export and electric vehicle segments, even as profits came in marginally below street expectations.

Net profit rose 18.6% year-on-year to ₹2,502 crore, compared with a CNBC-TV18 poll estimate of ₹2,562 crore. Revenue increased 18.8% year-on-year to ₹15,220 crore, slightly below estimates, but marked a milestone as quarterly revenue from operations crossed ₹15,000 crore for the first

time, driven by record volumes and a richer product mix.

EBITDA climbed 22.5% year-on-year to ₹3,161 crore, beating estimates of ₹3,149 crore. Operating margins expanded to 20.8%, ahead of the poll estimate of 20.5% and up from 20.2% a year ago, despite a labour code impact of ₹61.3 crore during the quarter.

The company said profit after tax reached a new high, surpassing the ₹2,500 crore mark on a pre-exceptional basis. Reported PAT reflected a one-time exceptional adjustment linked to the reassessment of employee benefit obligations under the revised labour code definitions notified in November 2025.

Domestic business posted its highest-ever quarterly revenues, led by strong festive demand and record retails across motorcycles, electric two-wheelers and three-wheelers.

The electric portfolio accounted for 25% of domestic revenues and overtook its full-year revenue from the previous year midway through the quarter. Chetak delivered its best-ever quarter, aided by improved sourcing and a sharp ramp-up in production.

Exports crossed 500,000 units in quarterly volumes after 15 quarters, with double-digit growth led by Africa, Asia and continued strength in Latin America. Commercial vehicle volumes remained strong, while premium brands KTM and Triumph reported nearly 50% year-on-year growth in domestic volumes.

Bajaj Auto maintained steady cash generation, adding around ₹5,200 crore of free cash flow in the first nine months of FY26. The balance sheet remained healthy, with surplus funds of about ₹15,000 crore, even after dividend payouts and capital infusion into subsidiaries.

Ahead of the earnings announcement, shares of Bajaj Auto Ltd closed at ₹9,584 on the NSE, up 0.76%.