Bajaj Auto Q4 FY26: Profit up 34%, ₹5,633 cr buyback

Results headline: record quarter on profit and revenue

Bajaj Auto reported its highest-ever standalone profit after tax for a quarter in Q4 FY26, supported by a sharp rise in domestic and export volumes. Standalone profit after tax rose 34% year-on-year (YoY) to ₹2,746 crore for the quarter ended March 31, 2026, compared with ₹2,049 crore in the year-ago period. The company said the quarter’s profit includes an exceptional gain of ₹35 crore from the prepayment, at a discounted value, of a sales tax deferral loan. Revenue from operations also hit a quarterly record, rising 32% YoY to ₹16,006 crore from ₹12,148 crore.

The numbers also came in above a market estimate cited in the reports. Reuters reported that the quarter’s profit topped the ₹2,524 crore average estimate compiled by LSEG.

Revenue growth and operating margin improvement

Operating performance stayed firm through the March quarter. EBITDA rose 36% YoY to ₹3,323 crore in Q4 FY26 from ₹2,451 crore a year earlier. The operating margin improved by 60 basis points YoY to 20.8% in Q4 FY26 from 20.2% in Q4 FY25.

Company commentary cited in reports linked the margin improvement to pricing, currency gains, product mix and operating leverage, while also noting cost pressures. For investors tracking earnings quality, the combination of higher volumes, a richer mix and improved margins was central to the quarter’s record profitability.

Volumes: domestic and exports both expand

Bajaj Auto reported broad-based volume growth across domestic and export markets in Q4 FY26. Domestic volumes (including two-wheelers and commercial vehicles) grew 24% YoY to 7,60,846 units. Exports (including two-wheelers and commercial vehicles) rose 25% YoY to 6,10,212 units.

Overall volumes increased 24% YoY to 13,71,058 units in the quarter. Reports highlighted that exports again crossed the 6 lakh-unit mark during the period, reinforcing the role of overseas markets in the company’s quarterly performance.

Product mix: motorcycles, premium brands, and CV momentum

On the domestic business mix, the company said revenue from the domestic motorcycle segment saw around 30% YoY growth in Q4 FY26. It attributed the improvement to product interventions, particularly in the Pulsar N/NS series.

Bajaj Auto also pointed to strong growth in its premium portfolio. KTM and Triumph cumulatively grew by over 40% YoY during the quarter, driven by the KTM Duke and Triumph Speed 400 brands.

On commercial vehicles, the company said momentum continued, supported by a strong internal combustion engine (ICE) portfolio and a growing electric three-wheeler franchise. It also highlighted the launch of the Wego P9018, described as the largest electric three-wheeler in the industry with the biggest battery and highest range.

Electric push: Chetak crosses a quarterly milestone

In electric two-wheelers, Bajaj Auto said the Chetak electric scooter delivered its best-ever quarterly retail performance in Q4 FY26. Volumes surpassed the 1,00,000-unit milestone during the quarter.

The company also said it introduced the Chetak C25 variant, expanding the portfolio into a more accessible segment. The Q4 update underscores how electric volumes are increasingly becoming a visible part of the company’s quarterly narrative alongside its core motorcycles and three-wheelers.

Exports: Pulsar-led performance and regional trends

On exports, Bajaj Auto said performance was mainly driven by the Pulsar motorcycle brand. It identified Latin America as a major market, while Africa and Asia posted strong double-digit growth.

This export mix matters because it ties volume growth to brand-level strength, rather than being dependent on a single geography. The quarter’s export growth also coincided with commentary on favourable USD/INR realisation.

Dividend: ₹150 per share, with record date and payment timeline

Alongside results, the board recommended a final dividend of ₹150 per share for FY26, representing 1,500% of the face value of ₹10 per share. The dividend is subject to shareholder approval.

The record date to determine eligibility was fixed as May 29, 2026. Reports said the dividend is expected to be paid to eligible shareholders by July 24, 2026. The dividend is lower than the ₹210 per share payout declared in the corresponding period last year.

Buyback: ₹5,633 crore tender offer at ₹12,000 per share

Bajaj Auto’s board approved a share buyback worth up to ₹5,633 crore, marking its second buyback in a little over two years. The company plans to repurchase up to 46,94,000 equity shares at ₹12,000 apiece through the tender offer route, subject to approvals.

The buyback size is up to 1.68% of paid-up equity capital. Reports cited the buyback price as implying a premium versus the last BSE closing price of ₹10,314.60, with different sources placing the premium at around 14.05% to 16.3%.

Full-year FY26 snapshot and payout math

For the full year FY26, Bajaj Auto reported standalone revenue from operations of ₹58,732 crore, up 17% YoY. Full-year EBITDA rose 19% to ₹12,019 crore, with margin expanding 30 basis points to 20.5%. Profit after tax for FY26 was ₹9,825 crore, up 21% YoY, with diluted EPS at ₹351.5 versus ₹291.5 in FY25.

Reuters also reported that the dividend and buyback together add up to about ₹9,825 crore, representing a payout of 100% of the year’s profit after tax. On a consolidated basis, FY26 revenue stood at ₹62,905 crore (up 23% YoY) and consolidated profit after tax was ₹10,744 crore (up 47% YoY), aided by consolidation of KTM AG and its subsidiaries after Bajaj Auto acquired a controlling stake in November 2025.

Market context: what investors are tracking

Bajaj Auto shares settled higher before the results were announced after market hours. One report said the stock rose 2.70% and closed at ₹10,314.60 on BSE on the day of the announcement.

Ahead of results, Upstox had reported that analysts were looking for profit growth of 23% to 26% YoY and revenue growth of 25% to 27%, with investor focus on exports, electric two-wheelers and the buyback decision. The quarter delivered a profit beat against an estimate cited by Reuters, while also pairing a lower dividend than last year with a larger cash return through the buyback route.

Key numbers at a glance

Conclusion

Bajaj Auto closed Q4 FY26 with record revenue and its highest-ever quarterly standalone profit, backed by higher domestic and export volumes and an improvement in operating margin to 20.8%. Alongside earnings, the company announced a final dividend of ₹150 per share and approved a ₹5,633 crore share buyback at ₹12,000 per share.

The next key dates are May 29, 2026 as the dividend record date and around July 24, 2026 for the dividend payout timeline, subject to shareholder approval, while the buyback process remains subject to regulatory and shareholder clearances.