Bajaj Auto Limited (BAJAJ-AUTO) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Bajaj Auto, India's largest two- and three-wheeler exporter, heads into its Q2 FY 2026-2027 print with exports running at record levels while its domestic two-wheeler volumes turned negative in September. The print will speak to whether the 20.9% EBITDA margin of Q1 FY27 can be defended against commodity inflation that management called 'sharply inflationary, almost hyper', and how the company explains the sharp September domestic inflection against its export-led growth engine.

Bajaj Auto Limited Q2 Results Date and Time

As per the board meeting intimation, Bajaj Auto's board meets on 27 October 2026 to consider the Q2/H1 FY27 financial results. The trading window remained closed from 01 to 29 October 2026.

The Q2 FY27 earnings conference call is scheduled for 27 October 2026 at 7:15 PM IST, with speakers Rakesh Sharma (Joint Managing Director) and Dinesh Thapar (CFO).

What to expect from Bajaj Auto Limited's Q2 FY27 results

The quarter's central question is whether Bajaj Auto's export-led momentum can keep offsetting a domestic slowdown, after September 2026 saw domestic volumes fall 9% and domestic 2W fall 12% even as industry retail hit a record September. Exports remain the dominant engine: monthly export growth ran +39%, +51% and +32% in July, August and September 2026, and Q1 FY27 export 2W grew 52% with export CV up 69%, keeping the FY27 '220K plus levels' export guide in play. On margins, management had projected commodity inflation at 3.5-4% of revenue with only 40% offset via pricing from April 1, while the rupee weakened beyond the 94-95 USD/INR band management called a tailwind, offering a larger export-realization cushion than assumed. The EV business is now about 30% of domestic revenue with double-digit EBITDA margins for four straight quarters and Chetak EBITDA positive, and the PM E-DRIVE e-2W subsidy extension to FY28 (allocation raised from Rs. 1,772 Cr to Rs. 2,767 Cr) removes the July subsidy cliff. The call will likely be probed on whether the 'outperform 7-9% industry' motorcycle guide and the 'double digit' domestic growth goal survive the September inflection, and how much of the unpriced commodity inflation was recovered through cost cuts and dynamic pricing.

Key Things To Watch

Guidance scorecard from prior calls: Management has multiple live guidance items whose status can be tested against this print.

• Exports — '220K plus levels' for FY27 — tracking strong: Q1 FY27 export 2W +52%, export CV +69%; Jul/Aug/Sep exports +39%/+51%/+32%
• Motorcycle volumes — outperform the 7-9% industry growth 'next few months' — to be tested against September's domestic 2W decline of 12%
• Non-Pulsar brand — launch in FY27, 'earlier than later' — launch status update expected

September domestic 2W inflection: The single biggest debate for this quarter.

• September 2026: domestic 2W fell 12% (2,39,771 vs 2,73,188) while total exports rose 32% to 2,43,987 units
• Domestic 'double digit' growth goal (stated January 2026) was met by Q1 FY27's +11% domestic 2W but September did not
• Whether the decline is festive-channel timing or a demand shift, and whether management re-affirms the outperformance guide

Margin bridge and commodity pass-through: Q1 FY27 EBITDA margin held at 20.9% despite input pressure.

• Commodity inflation guided at 3.5-4% of revenue for Q1 FY27 with only 40% offset via pricing from April 1 — probe Q2 pricing and cost actions
• USD/INR weakened to 95.72-96.61 across September and early October vs the 94-95 tailwind assumption; USD realization was 88.3 in Q3 FY26
• PLI run-rate (~INR 900 crores for FY26) and spares revenue (INR1,700-1,800 crores) as margin supports

EV and Chetak expansion: EVs are now a material profit contributor.

• EV 2W capacity unlock from 50,000 to 60,000 units/month 'immediately through some productivity measures', with a quantum expansion decision contingent on supply-chain and labor risks
• Chetak exclusive stores from 530-550 toward 1,000 'in a couple of years'; Chetak crossed 1 lakh retail units in Q4 FY26 with 23% market share
• EV share of domestic revenue at ~30% in Q1 FY27; double-digit EBITDA margin for the electric portfolio sustained since Q2 FY26

KTM consolidation and regulatory items: First H1 with full KTM line-by-line consolidation.

• BMAG H1 2026 revenue EUR 701.4 mn (+65%) with first positive Q2 EBIT of EUR 1.3 mn since insolvency restructuring; KTM AG refinanced over EUR 550 mn
• Any update on the voluntary move to quarterly BMAG/KTM reporting and 'substantial amount of manufacturing here' in India
• ABS implementation cost of Rs. 2,000-3,000 per unit and EPR obligations under the End-of-Life Vehicles Rules, 2025 remain open items pending notifications; Labour Codes net charge was Rs. 58.33 Cr standalone in Q1 FY27