Any current/future new fundraising through debt or equity?

The Board has approved a capital infusion of about INR 2,300 crores into Bajaj Auto Credit Limited (BACL) as equity contribution (~20%) to support its financing business expansion. So far, INR 955 crores have been infused in the first half of the fiscal year, with an expectation to infuse another INR 1,200-1,400 crores in the second half. The investment is primarily for scaling the captive finance company to reach national rollout by Q4 FY25 and AUM of around INR 10,000 crores by year-end. No explicit mention of new fundraising through debt or equity outside of this planned equity infusion for

Any current/future capex/capital investment/strategic investment?

Further investments approved by Bajaj Auto Board for expansion of manufacturing capacity in Brazil to increase annual production from 20,000 to 35,000 units by FY '26. Capital infusion of about INR2,300 crores planned into Bajaj Auto Credit Limited (captive finance arm) to support expansion and achieve a target equity contribution of 20%. Of this, INR955 crores infused in H1 FY25; remaining INR1,200-1,400 crores expected in H2. Investment of INR1,200 crores in H1 FY25 primarily for electric vehicle business capex. Ongoing capital infusion in strategic growth enablers, especially electric portf

Future growth expectations in sales/revenue/volumes?

Bajaj Auto expects continued top-line growth driven by domestic, export, and spare parts sales. Record revenues of INR13,000 crore were achieved in Q2 FY25 with 22% growth. Exports, especially in Latin America, are improving with over 20% YoY growth; Q3 projected to grow 10%+ over Q2. Domestic 125cc+ motorcycle segment expanding, expected to maintain growth momentum, underpinned by new product launches like sporty 125cc Pulsar and NS400Z. Electric 3-wheelers’ market share at 35%, close to leadership; more electric products to launch monthly from November onwards. CNG 2-wheeler Freedom 125 capa

Future growth expectations in earnings/operating earnings/profits/EPS?

Bajaj Auto delivered record revenues of INR13,000 crores in Q2 FY25, growing 22% YoY, with robust volume expansion and richer sales mix. EBITDA reached a record INR2,653 crores, up 24% YoY, maintaining steady margin around 20.2% for the fourth consecutive quarter. Electric portfolio (2-wheelers + 3-wheelers) EBITDA is flat in absolute terms; scale-up of profitable electric 3-wheelers offsets Chetak drag. PAT before exceptional deferred tax was INR2,216 crores, up 21% YoY—highest ever reported. Expansion in electric 3-wheelers and 2-wheelers, with new products launching monthly from Nov 2024, s

Bajaj AutoQ2 FY25Automobiles

Bajaj Auto Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹10,405P/E: 24.3Market Cap: ₹2.9L CrSector: Automobiles

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Bajaj Auto expects continued top-line growth driven by domestic, export, and spare parts sales.
Record revenues of INR13,000 crore were achieved in Q2 FY25 with 22% growth.
Exports, especially in Latin America, are improving with over 20% YoY growth; Q3 projected to grow 10%+ over Q2.
Domestic 125cc+ motorcycle segment expanding, expected to maintain growth momentum, underpinned by new product launches like sporty 125cc Pulsar and NS400Z.
Electric 3-wheelers’ market share at 35%, close to leadership; more electric products to launch monthly from November onwards.
CNG 2-wheeler Freedom 125 capacity to increase to 30,000 units/month in Q3 and 40,000/month in Q4.
Bajaj Auto aims for leadership in 125cc+ motorcycles, e-2-wheelers, e-autos, and exports.
Investments in new platforms and network expansions anticipated to fuel volume and revenue growth.

Margin guidance

Category 3

Bajaj Auto delivered record revenues of INR13,000 crores in Q2 FY25, growing 22% YoY, with robust volume expansion and richer sales mix.
EBITDA reached a record INR2,653 crores, up 24% YoY, maintaining steady margin around 20.2% for the fourth consecutive quarter.
Electric portfolio (2-wheelers + 3-wheelers) EBITDA is flat in absolute terms; scale-up of profitable electric 3-wheelers offsets Chetak drag.
PAT before exceptional deferred tax was INR2,216 crores, up 21% YoY—highest ever reported.
Expansion in electric 3-wheelers and 2-wheelers, with new products launching monthly from Nov 2024, supports growth.
Exports, especially in Latin America, continue strong momentum with 20%+ YoY growth.
Captive finance penetration (~50% in ICE, ~30-34% in electric) supports higher sales volumes.
Stable commodity outlook and ongoing cost reduction aim to sustain margins.
Overall, optimistic about continued top-line growth, industry-leading green portfolio, and best-in-class profitability ahead.

See what Bajaj Auto management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The Board has approved a capital infusion of about INR 2,300 crores into Bajaj Auto Credit Limited (BACL) as equity contribution (~20%) to support its financing business expansion.
So far, INR 955 crores have been infused in the first half of the fiscal year, with an expectation to infuse another INR 1,200-1,400 crores in the second half.
The investment is primarily for scaling the captive finance company to reach national rollout by Q4 FY25 and AUM of around INR 10,000 crores by year-end.
No explicit mention of new fundraising through debt or equity outside of this planned equity infusion for the captive finance entity.
The company also maintains a surplus cash position of INR 16,400 crores, providing flexibility for strategic investments without immediate need for additional fundraising.

Order book

The transcript provided from Bajaj Auto Limited's Q2 FY25 results conference call does not explicitly mention the current or expected order book or pending orders. Key highlights from the conversation focus on market share, product portfolio expansion, network growth, and financial performance but do not disclose specific figures or details related to order book or pending orders. Summary: - No specific details on current or expected order book or pending orders are provided in the transcript. - Discussion centers around market share gains (e.g., 35% in electric 3-wheelers as of now). - Plans for ongoing product launches, network expansion, and capacity increases (e.g., Brazil plant expansion). - Expansion in captive finance, growing sales channels, and increased market coverage. - Strong sales momentum in various segments such as Freedom 125 CNG and electric vehicles. For detailed order book information, please refer to official company disclosures or quarterly filings.

See what Bajaj Auto management said on order book — free account, 30 seconds.

Capex plans

Yes

Further investments approved by Bajaj Auto Board for expansion of manufacturing capacity in Brazil to increase annual production from 20,000 to 35,000 units by FY '26.
Capital infusion of about INR2,300 crores planned into Bajaj Auto Credit Limited (captive finance arm) to support expansion and achieve a target equity contribution of 20%. Of this, INR955 crores infused in H1 FY25; remaining INR1,200-1,400 crores expected in H2.
Investment of INR1,200 crores in H1 FY25 primarily for electric vehicle business capex.
Ongoing capital infusion in strategic growth enablers, especially electric portfolio (notably Chetak and Freedom).
Equipment and capital infusion underway to increase Chetak electric scooter platform production capacity to 35,000 units by mid-next year.
Phased capital infusion of $10 million planned to fund expansion and working capital needs for Brazil plant.

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Bajaj Auto Q2 FY25 Earnings Call Analysis

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