Any current/future new fundraising through debt or equity?

Bajaj Auto arranged a debt funding package of about Euro 800 million through its Netherlands subsidiary BAIHBV to support KTM's continuity and restructuring. This funding included Euro 200 million infused in multiple tranches during the last financial year and Euro 600 million debt provided recently to pay creditors and revive operations. There is no explicit mention of any new or upcoming equity fundraising. The company invested INR 2,100 crores in its captive finance arm, BACL, and INR 700 crores in capex, mainly for the electric business and innovation. No additional debt or equity fundrais

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

Bajaj Auto invested INR 700 crores in capex during FY '25, with about 60% directed towards the electric vehicle business and the rest towards innovation-related capex for the broader portfolio. They invested INR 2,100 crores in their capital financing arm, Bajaj Auto Credit Limited (BACL). Plans to expand the Brazil plant capacity from 30,000 units to 50,000 units annually by December 2025. Strategy includes scaling up electric 3-wheelers to become a significant part of the electric business. Bajaj intends to acquire controlling stake in PBAG (Pierer Bajaj AG), subject to regulatory ap

Future growth expectations in sales/revenue/volumes?

**Industry Volume Growth FY '26:** Expected at 5-6%; Bajaj aims to outpace this especially in the 125cc+ segment by gaining market share through new product launches and feature upgrades. **Exports Growth:** Targeting 15-20% growth quarter-on-quarter year-on-year, with strong momentum in Latin America and recovering markets in Asia and Africa. **Electric Vehicles:** Expect continued double-digit revenue growth driven by fast-growing electric 3-wheelers and 2-wheelers; electric portfolio has reached nearly 20% of domestic revenue. **3-Wheeler Business:** Optimistic about growth with new p

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

FY '26 industry volume growth expected at 5%-6%; Bajaj aims to outpace this in the 125cc+ segment through product rejuvenation and market share gains. Export volumes targeted to grow 15%-20% per quarter YoY, with strong focus on LATAM markets. Electric vehicle (EV) business, especially the electric 3-wheeler, is scaling up rapidly, contributing significantly to revenue and moving from losses to near breakeven EBITDA. Margin improvements aided by cost rationalization and stable pricing expected later in FY '26. Expected revenue growth driven by double-digit growth in electric 2/3-wheelers and e

Bajaj Auto LtdQ1 FY26Automobiles

Bajaj Auto Ltd Q1 FY26 Earnings Call Analysis

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

Price: ₹11,700P/E: 27.6Market Cap: ₹3.3L CrSector: Automobiles

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→**Industry Volume Growth FY '26:** Expected at 5-6%; Bajaj aims to outpace this especially in the 125cc+ segment by gaining market share through new product launches and feature upgrades.
→**Exports Growth:** Targeting 15-20% growth quarter-on-quarter year-on-year, with strong momentum in Latin America and recovering markets in Asia and Africa.
→**Electric Vehicles:** Expect continued double-digit revenue growth driven by fast-growing electric 3-wheelers and 2-wheelers; electric portfolio has reached nearly 20% of domestic revenue.
→**3-Wheeler Business:** Optimistic about growth with new product launches (e-rickshaw expected by July) targeting a 40,000 unit/month segment, focusing on quality and scalability over the coming years.
→**Domestic Motorcycle Segment:** Focus on leadership in 125cc+ segment with product rejuvenation (Pulsar variants) and expanding Freedom CNG motorcycle penetration.
→**Overall FY '26 Expectation:** Another record year with best-in-class financial performance driven by product pipeline, exports, electric vehicle scaling, and market share gains.

Margin guidance

Category 3

→FY '26 industry volume growth expected at 5%-6%; Bajaj aims to outpace this in the 125cc+ segment through product rejuvenation and market share gains.
→Export volumes targeted to grow 15%-20% per quarter YoY, with strong focus on LATAM markets.
→Electric vehicle (EV) business, especially the electric 3-wheeler, is scaling up rapidly, contributing significantly to revenue and moving from losses to near breakeven EBITDA.
→Margin improvements aided by cost rationalization and stable pricing expected later in FY '26.
→Expected revenue growth driven by double-digit growth in electric 2/3-wheelers and exports.
→Profit after tax grew 9% YoY (FY '25); excluding one-off tax impact, growth was 12%.
→Focus on delivering another record year in FY '26 with best-in-class financial performance balancing growth and profitability.
→Continuous new product launches (Pulsar variants, Freedom CNG bike, entry-level 125cc) to support volume and margin improvement.

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Fundraise plans

→Bajaj Auto arranged a debt funding package of about Euro 800 million through its Netherlands subsidiary BAIHBV to support KTM's continuity and restructuring.
→This funding included Euro 200 million infused in multiple tranches during the last financial year and Euro 600 million debt provided recently to pay creditors and revive operations.
→There is no explicit mention of any new or upcoming equity fundraising.
→The company invested INR 2,100 crores in its captive finance arm, BACL, and INR 700 crores in capex, mainly for the electric business and innovation.
→No additional debt or equity fundraising beyond these is indicated for FY '26 as per the latest disclosures.

Order book

The transcript from Bajaj Auto Limited's Q4 FY2025 results call does not explicitly mention current or expected order book or pending orders. However, relevant insights include: - Exports grew by 20% in Q4, with premium brands like Pulsar and Dominar posting highest-ever volumes, indicating strong demand. - Latin America is the largest emerging market region, with exports growing over 18%. - Bajaj Brazil recorded highest-ever retails (~7,000 units in Q4), with plant capacity expanding to 50,000 units by December 2025. - The electric vehicle portfolio scaled up, contributing nearly 20% of domestic revenue. - KTM exports halted temporarily due to restructuring but expected to resume soon, unlocking export potential. - Management highlighted strong order momentum driving record revenue crossing INR 50,000 crores for the year. - The company is focused on accelerating growth in the 125cc+ segment and export markets with 15-20% quarterly export growth expected. No explicit disclosed pending orderbook figures were provided.

Capex plans

Yes

→Bajaj Auto invested INR 700 crores in capex during FY '25, with about 60% directed towards the electric vehicle business and the rest towards innovation-related capex for the broader portfolio.
→They invested INR 2,100 crores in their capital financing arm, Bajaj Auto Credit Limited (BACL).
→Plans to expand the Brazil plant capacity from 30,000 units to 50,000 units annually by December 2025.
→Strategy includes scaling up electric 3-wheelers to become a significant part of the electric business.
→Bajaj intends to acquire controlling stake in PBAG (Pierer Bajaj AG), subject to regulatory approvals over the next 2-3 months, aiming to revamp KTM operations, governance, and growth strategies.
→Future cost rationalization efforts and new product launches, especially in the 125cc+ segment, will involve ongoing capital allocation.
→Innovation capex and brand investments to continue, including for electric and new product platforms like the Pulsar portfolio in FY '26.

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