BAJAJ-AUTO's Q2 FY27 numbers came in strong, with revenue of Rs. 20,003.43 Cr (+34.05% YoY) and PAT growth of +35.25% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 27, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 20,003.43 Cr (+34.05% YoY) |
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| PAT (Q2) | Rs. 3,353.76 Cr (+35.25% YoY) |
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| EBITDA margin | 20.85% (+40 bps YoY) |
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| EPS (Q2) | Rs. 121.60 (+36.94% YoY) |
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| Market cap | Rs. 283,304.92 Cr |
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| CMP | Rs. 10,309.35 |
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Quarter Snapshot
Bajaj Auto delivered a first-ever Rs.20,000 crore revenue quarter, up 34.05% YoY, with PAT up 35.25% and EBITDA margin defended at 20.85% despite commodity inflation. Exports (+41% YoY) are running ahead of the FY27 guide and the EV mix reached ~one-third of domestic revenue, but domestic volume guides (double-digit growth; motorcycle outperformance of 7–9% industry) were missed with September domestic 2W down 12%, making H2 festive/refresh-driven re-acceleration the key watch item.
Key Investment Insights
Key Positives
- Revenue grew 34.05% YoY to Rs.20,003.43 cr, the first-ever Rs.20,000 crore quarter, on 20% volume growth and ~12% realization uplift
- Standalone PAT grew 35.25% YoY to Rs.3,353.76 cr; EPS up 36.94% to Rs.121.6
- EBITDA margin of 20.85% expanded 40 bps YoY and held flat QoQ despite RM ratio rising 101 bps YoY on commodity inflation
- Exports grew 41% YoY to 7,78,528 units, running ahead of management's FY27 guide of 220K-plus levels (~259,509/month in Q2)
- Standalone H1 CFO of Rs.6,790.04 cr was 1.07x PAT; H1 FCF of Rs.6,355.49 cr
- EV share of domestic revenue rose from 18% (Q2FY26) to ~one-third, with record ~200k electric units and Chetak volumes more than doubling YoY
- Consolidated share of associates turned positive at Rs.40.45 cr vs a Rs.634.47 cr loss-share in the year-ago half, consistent with the KTM turnaround
Risk Factors
- Domestic 2W volumes grew only 1.82% YoY and September domestic 2W fell 12%, missing management's guide of outperforming 7–9% industry growth
- Domestic total volume growth of 4% missed management's prior 'double digit' domestic growth guide
- RM ratio rose to 66.13% of revenue (+101 bps YoY, +142 bps QoQ) on commodity inflation, with only 40% priced as of 1 April per management
- Consolidated Automotive segment margin gave up 114 bps QoQ on input inflation and KTM's cost stack
- EPR/ELV liability remains un-estimable pending MoEFCC's certificate-pricing notification