Bajaj Auto Q2 Results: Profit Rises 53%, Revenue 19%

Consolidated profit records strong annual growth

Bajaj Auto reported consolidated profit after tax attributable to owners of ₹2,122 crore for the September-quarter results cited in the release. The figure was 53% higher than ₹1,385 crore reported in the corresponding quarter of the previous financial year. Revenue from operations rose 19% year-on-year to ₹15,735 crore from ₹13,247 crore. The result shows that earnings growth outpaced the rise in the consolidated top line during the quarter. Bajaj Auto is a major participant in India’s two-wheeler and commercial-vehicle markets, making its volume and export performance closely watched by investors. The reported numbers also underline the growing contribution of overseas markets to the company’s business mix. The company’s financial update included both consolidated performance and standalone operating metrics. All revenue figures in this report are stated in ₹ crore.

Sequential profit declines while revenue expands

On a sequential basis, consolidated PAT declined 4% from ₹2,210 crore in the April-June quarter of FY26. However, revenue from operations increased 20% quarter-on-quarter from ₹13,133 crore. The contrasting movement indicates that the higher quarterly revenue did not translate into a comparable increase in consolidated profit. The company did not provide a detailed explanation for the sequential PAT change in the supplied release. The reported comparison is important because it separates annual growth from the immediate quarter-on-quarter trend. Revenue growth remained positive on both annual and sequential measures. Investors will assess the subsequent management discussion for additional context on costs, mix and other factors affecting profitability.

Standalone EBITDA crosses ₹3,000 crore

Bajaj Auto said its standalone EBITDA crossed the ₹3,000 crore mark for the first time. Standalone EBITDA margin improved to 20.5%, according to the media release shared with exchanges. The company also reported standalone PAT of ₹2,480 crore, compared with ₹2,005 crore in the year-ago period. That represents growth of 24% year-on-year. The EBITDA milestone highlights the operating performance of the standalone business during the reported quarter. Margin performance is a key measure for automobile companies because it reflects the relationship between operating earnings and revenue. The release did not provide a like-for-like standalone revenue figure alongside this record EBITDA statement. Therefore, the reported milestone should be read alongside, rather than substituted for, the consolidated revenue data.

Domestic two-wheeler volumes decline annually

Domestic two-wheeler sales stood at 596,576 units in the quarter. This was 6% lower than 636,801 units sold in the year-ago period. Sequentially, domestic two-wheeler sales increased 13% from 529,344 units in the preceding quarter. The numbers show a recovery from the April-June quarter but a decline from the comparable prior-year period. Domestic volume trends remain relevant for Bajaj Auto because the Indian two-wheeler market is a major part of its operations. The data also indicates that growth in reported financial performance was not driven solely by domestic two-wheeler unit growth. Product mix, exports and commercial vehicles are therefore important parts of the quarter’s operating picture.

Commercial vehicles deliver modest growth

Commercial-vehicle sales were 144,217 units during the quarter, compared with 139,910 units a year earlier. This translated into year-on-year growth of 3%. The performance was less pronounced than the company’s export growth, but it remained positive. Bajaj Auto’s commercial-vehicle portfolio includes three-wheelers, a segment with significance in urban and last-mile mobility. The supplied results did not state a sequential comparison for commercial-vehicle sales. As a result, the disclosed annual comparison provides the clearest indicator of performance in this category. The increase in commercial-vehicle volumes contributed to the broader operating update accompanying the financial results.

Exports emerge as a major growth driver

Export revenue increased 35% year-on-year across regions and across two-wheelers and three-wheelers. Bajaj Auto exported 553,327 vehicles during the quarter, up 24% from 444,793 vehicles a year earlier. Exports also rose 16% sequentially. These figures make exports the strongest disclosed volume-growth area in the quarterly update. The revenue growth from overseas markets was faster than the 19% increase in consolidated revenue from operations. This indicates that export momentum was an important element of the reported top-line performance. The release did not provide a country-wise or region-wise breakdown of export sales. It also did not disclose the share of exports in total consolidated revenue.

Key quarterly figures

The table shows the differing trends across Bajaj Auto’s businesses. Consolidated profit and revenue grew strongly from a year earlier. Domestic two-wheeler sales declined annually, while commercial vehicles recorded modest growth. Export volumes and export revenue rose at a faster pace than the company’s overall revenue. The standalone EBITDA margin of 20.5% accompanied the company’s first EBITDA reading above ₹3,000 crore. These operating measures provide context for the reported profit increase.

Share movement before the announcement

Bajaj Auto shares were up 1.47% ahead of the Q2 results announcement. The stock traded at ₹10,234 on the BSE at about 11:10 am, up ₹148. The movement occurred before the results were announced and should not be treated as a reaction to the reported financial figures. Market participants had been tracking expectations for quarterly profitability and revenue. Brokerage estimates cited in the supplied material had projected year-on-year growth in Bajaj Auto revenue and profit. The actual reported consolidated PAT growth of 53% was higher than the cited estimates of 27.2% to 29.1% for profit growth. Comparisons with estimates should be made carefully because brokerages may use adjusted or standalone measures that differ from reported consolidated figures.

Upcoming board and investor discussion

Bajaj Auto had informed the BSE that its board meeting was scheduled for October 27, 2026, to consider unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026. A Q2 FY27 results conference call was scheduled for October 27, 2026, at 7:15 pm IST. The supplied material named Rakesh Sharma and Dinesh Thapar as expected participants in that discussion. These event details relate to the company’s scheduled FY27 reporting process. They are separate from the financial performance figures cited above for Q2 FY26. Investors will look to the company’s formal disclosures and conference-call commentary for the applicable period’s updated operating and financial details.

What the results indicate

The reported quarter combined strong consolidated earnings growth with robust export momentum and a record standalone EBITDA milestone. Consolidated revenue reached ₹15,735 crore, while PAT rose to ₹2,122 crore. Domestic two-wheeler volumes were lower than a year earlier, which makes export growth and commercial-vehicle performance particularly relevant to the overall result. The sequential revenue increase was accompanied by a 4% fall in consolidated PAT, an area that requires context from company disclosures. Bajaj Auto’s next scheduled board consideration and conference call provide the confirmed forums for further updates on financial performance and operations.