Source: Bajaj Auto Limited 19th Annual Report 2025-26.
- 1. Quick Facts / Company Snapshot
- 2. Company Overview
- 3. Business Segments
- 4. History and Evolution
- 5. Products and Services
- 6. Brand Portfolio
- 7. Geographical Presence
- 8. Profit and Loss
- 9. Balance Sheet
- 10. Cash Flow
- 11. Board of Directors and Leadership Team
- 12. Subsidiaries, Associates, Joint Ventures
- 13. Other Investments (Including Minority / Portfolio Holdings)
- 14. Physical Properties (Offices, Plants, Factories)
- 15. Founders
- 16. Parent
- 17. Investments and Capital Expenditure Plans
- 18. Shareholding Pattern
- 19. Future Strategy
- 20. Key Strengths
- 21. Key Challenges and Risks
- 22. Conclusion and Strategic Outlook
- 23. Frequently Asked Questions (FAQs)
- 23.1 What was Bajaj Auto’s financial performance in FY2026?
- 23.2 What is the structure of Bajaj Auto’s shareholder payout for FY2026?
- 23.3 How did the electric vehicle (EV) segment perform during the year?
- 23.4 What were the details of Bajaj Auto’s acquisition of KTM AG?
- 23.5 What is the total vehicle manufacturing capacity of Bajaj Auto?
- 23.6 How large is the captive vehicle financing business (BACL)?
Quick Facts / Company Snapshot
| Metric / Parameter | Disclosed Fact / Company-Reported Value | Source Reference |
| Official Company Name | Bajaj Auto Limited | 19th Annual Report 2025-26 |
| Corporate Identity Number (CIN) | L65993PN2007PLC130076 | Page 2 |
| Corporate Headquarters & Registered Office | Mumbai-Pune Road, Akurdi, Pune 411 035, Maharashtra, India | Page 2 |
| Chairman | Niraj Bajaj (DIN: 00028261) | Page 2, 72 |
| Managing Director & Chief Executive Officer | Rajiv Bajaj (DIN: 00018262) | Page 2, 90 |
| Chief Financial Officer | Dinesh Thapar | Page 2, 117 |
| Company Secretary & Compliance Officer | Rajiv Gandhi | Page 2, 71 |
| Standalone Revenue from Operations (FY2026) | ₹58,732 crore | Page 13, 35 |
| Consolidated Total Income (FY2026) | ₹65,087.22 crore | Page 43 |
| Standalone Profit After Tax (PAT) (FY2026) | ₹9,824.66 crore (rounded to ₹9,825 crore) | Page 13, 35, 43 |
| Consolidated Profit After Tax (PAT) (FY2026) | ₹10,744.21 crore (rounded to ₹10,744 crore) | Page 7, 43 |
| Standalone EBITDA (FY2026) | ₹12,019 crore | Page 13, 35 |
| Standalone EBITDA Margin (FY2026) | 20.5% | Page 13, 35 |
| Total Annual Sales Volume (FY2026) | 5,117,667 units | Page 42 |
| Total Vehicle Export Volume (FY2026) | 2,250,183 units | Page 18, 42 |
| Total Installed Manufacturing Capacity | 7,200,000 units per annum | Page 27, 47 |
| Total Workforce Strength | 8,073 employees (excluding 496 in BATL); 5,229 permanent employees | Page 27, 80 |
| Issued, Subscribed & Paid-Up Equity Capital | ₹279.50 crore (279,497,838 equity shares of ₹10 each) | Page 46 |
| Surplus Cash & Cash Equivalents (as of 31 March 2026) | ₹18,137 crore | Page 13 |
| Statutory Auditors | S R B C & CO LLP, Chartered Accountants | Page 2, 52, 124 |
Source: Bajaj Auto Limited 19th Annual Report 2025-26.
Company Overview
Bajaj Auto Limited operates as the flagship automotive entity of the multi-billion-dollar Bajaj Group, representing one of India’s most established and globally integrated vehicular manufacturing conglomerates. The financial year 2025–26 marked two historic institutional milestones: the centennial celebration of the wider Bajaj Group, originally founded in 1926 by Late Shri Jamnalal Bajaj, and eighty years of the Bajaj Auto legacy, dating back to the formation of Bachhraj Trading Corporation Pvt. Ltd. on November 29, 1945. Over these eight decades, the company evolved from an initial trading enterprise into an international powerhouse in two-wheelers, three-wheelers, quadricycles, and advanced electric powertrains.
The enterprise manufactures, engineers, designs, and exports a comprehensive portfolio of internal combustion engine (ICE) and electric mobility solutions across five continents. Operating under the established global moniker “The World’s Favourite Indian,” Bajaj Auto has deployed cumulative deliveries exceeding 32 million vehicles across more than 100 international markets. It serves as India’s foremost exporter of motorcycles and ranks as the world’s largest manufacturer of commercial three-wheelers.
- Cumulative Global Reach: Over 32 million vehicles sold across more than 100 countries globally.
- Centennial and Legacy Milestones: FY2026 commemorated 100 years of the Bajaj Group and 80 years of the corporate legacy of Bajaj Auto.
- Scale of Annual Production: Total annual volume surpassed the 5-million-unit milestone in FY2026, reaching 5,117,667 total vehicles sold.
- Domestic Clean Energy Transition: Retained the position of India’s largest combined electric two-wheeler and three-wheeler (2W+3W) manufacturer, generating electric vehicle revenues exceeding ₹8,000 crore.
The company’s core operations are structured around multiple integrated business engines comprising domestic motorcycles, domestic commercial vehicles (intra-city mobility), urbanite electric mobility, international business (exports), captive retail vehicle financing, and cutting-edge engineering research and product development. Bajaj Auto has consistently maintained a dual-market architecture, wherein resilient domestic sales volumes are balanced against high-margin, geographically diversified export revenue streams across Latin America, Africa, and Asia.
In addition to its proprietary vehicle lines, Bajaj Auto exercises global strategic control over European motorcycle manufacturer KTM AG through its wholly owned Netherlands subsidiary, Bajaj Auto International Holdings BV, uniting the KTM, Husqvarna, and GASGAS brands. It also maintains an exclusive production and distribution partnership with British motorcycle manufacturer Triumph Motorcycles, producing modern classics at its dedicated manufacturing facilities in Chakan, India.
Business Segments
Bajaj Auto reports its consolidated operations across three primary business segments in accordance with Indian Accounting Standards: Automotive, Financing, and Investment and Others.
The table below delineates the segment revenue, segment results (profit before tax from each segment), and the relative percentage contribution of each division to total consolidated segment revenue for the financial year ended March 31, 2026.
Segment Revenue and Results Breakdown (Consolidated)
| Segment Name | Segment Revenue FY2026 (₹ in Crore) | % of Total Segment Revenue FY2026 | Segment Results (PBT) FY2026 (₹ in Crore) | Segment Revenue FY2025 (₹ in Crore) | % of Total Segment Revenue FY2025 | Segment Results (PBT) FY2025 (₹ in Crore) |
| Automotive | 60,530 | 93.00% (Calculated by FirmsWorld) | 12,016 | 49,982 | 95.26% (Calculated by FirmsWorld) | 8,770 |
| Financing | 3,248 | 4.99% (Calculated by FirmsWorld) | 889 | 1,041 | 1.98% (Calculated by FirmsWorld) | 78 |
| Investment and Others | 1,309 | 2.01% (Calculated by FirmsWorld) | 1,307 | 1,446 | 2.76% (Calculated by FirmsWorld) | 1,444 |
| Total Segment Output | 65,087 | 100.00% (Calculated by FirmsWorld) | 14,212 | 52,469 | 100.00% (Calculated by FirmsWorld) | 10,292 |
| Less: Interest Expenses | — | — | 260 | — | — | 68 |
| Consolidated Profit Before Tax | — | — | 13,952 | — | — | 10,224 |
| Consolidated Profit After Tax | — | — | 10,744 | — | — | 7,325 |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Page 40, Table 8.
- Automotive Dominance: Generates 93.00% of consolidated segment revenue, expanding by 21.10% year-on-year from ₹49,982 crore to ₹60,530 crore.
- Financing Growth: Financing revenues through captive arm BACL grew more than three-fold from ₹1,041 crore to ₹3,248 crore, driving pre-tax segment profit to ₹889 crore.
- Investment Returns: Treasury assets and strategic investment operations delivered ₹1,309 crore in revenue and ₹1,307 crore in pre-tax operating results.
Detailed Profiles of Operating Segments
Automotive Business Segment
The Automotive division forms the core operational foundation of Bajaj Auto, encompassing the complete vertical design, engineering, component sourcing, fabrication, assembly, and global commercialization of motorized vehicles. Its product scope spans entry-level commuter motorcycles, sports and performance bikes, supersport motorcycles, modern classics, electric scooters, ICE passenger auto-rickshaws, cargo delivery three-wheelers, electric intra-city commercial vehicles, e-rickshaws, and auto spare parts.
Operating across four high-capacity Indian manufacturing complexes (Waluj, Chakan-1, Chakan-2, and Pantnagar) and one international assembly plant in Manaus, Brazil, the division produced and distributed 5,117,667 complete vehicles in FY2026. The division achieved an all-time high segment result of ₹12,016 crore before interest and taxes, reflecting operational leverage, improved USD/INR realization, and premium product mixes.
┌─────────────────────────────────────────────────────────────────────────┐
│ BAJAJ AUTO LIMITED CONSOLIDATED │
│ (₹65,087 Cr Revenue) │
└────────────────────────────────────┬────────────────────────────────────┘
│
┌───────────────────────────┼───────────────────────────┐
▼ ▼ ▼
┌──────────────────┐ ┌──────────────────┐ ┌──────────────────┐
│ AUTOMOTIVE │ │ FINANCING │ │ INVESTMENT & OTH │
│ ₹60,530 Crore │ │ ₹3,248 Crore │ │ ₹1,309 Crore │
│ (93.00% of Rev) │ │ (4.99% of Rev) │ │ (2.01% of Rev) │
│ Segment PBT: │ │ Segment PBT: │ │ Segment PBT: │
│ ₹12,016 Crore │ │ ₹889 Crore │ │ ₹1,307 Crore │
└──────────────────┘ └──────────────────┘ └──────────────────┘
Captive Financing Business Segment
The Financing division operates via Bajaj Auto Credit Limited (BACL), a 100% owned non-banking financial subsidiary established to support the retail purchase ecosystem of two-wheelers and three-wheelers across India. In the domestic market, between 65% and 75% of all vehicle retail sales require financing solutions. BACL addresses this demand through customized, digital-first credit offerings integrated directly at dealership points of sale.
In its second full year of scaled operations, BACL’s segment revenue reached ₹3,248 crore, while net interest income hit ₹2,124 crore. Total Assets Under Management (AUM) reached ₹18,835 crore (approaching ₹19,000 crore) as of March 31, 2026, supported by annual loan disbursements of approximately ₹15,000 crore across more than one million onboarded retail customers. The division operates with an industry-leading Return on Equity of 23.0% and maintains Gross Non-Performing Assets of 1.85%.
Investment and Treasury Segment
The Investment and Others segment manages the group’s substantial accumulated liquidity, surplus capital reserves, and strategic minority shareholdings. As of March 31, 2026, the company held ₹18,137 crore in surplus cash and cash equivalents, representing a 6.7% growth over the previous year.
Surplus funds are deployed strictly within board-approved parameters: short-term funds are allocated to fixed-income securities rated A1+ and equivalent, while long-term deployment is restricted to fixed deposits with banks/institutions and debt securities rated AA+ and above. The division generated ₹1,309 crore in revenue and ₹1,307 crore in segment profit during FY2026.
History and Evolution
The history of Bajaj Auto Limited spans eight decades of corporate evolution, technological adaptation, and international market penetration.
1926 ── Late Shri Jamnalal Bajaj establishes the wider Bajaj Group
1945 ── Bachhraj Trading Corporation Pvt. Ltd. incorporated (Nov 29)
1960 ── Renamed Bajaj Auto Ltd.; initial public offering & BSE listing
2007 ── Enters strategic alliance with KTM Group for co-development
2008 ── Corporate demerger splits automotive business from parent entity
2019 ── Adoption of the Bajaj Auto Employee Stock Option Scheme (BAL-ESOS 2019)
2021 ── Incorporation of BATL (Bajaj Auto Technology Limited)
2024 ── Commenced direct assembly operations in Manaus, Brazil
2025 ── Complete acquisition of controlling stake in KTM AG / BAIH AG (Nov)
2026 ── Bajaj Group Centenary; all-time high annual volume of 5.11M vehicles
- Origins and Incorporation (1926–1945): The institutional foundations date back to 1926 when Late Shri Jamnalal Bajaj initiated the industrial and philanthropic activities of the Bajaj Group. On November 29, 1945, the automotive operating company was formally incorporated as Bachhraj Trading Corporation Pvt. Ltd. to engage in trading and early assembly of vehicles.
- Public Listing and Manufacturing Growth (1960): In 1960, the business was officially renamed Bajaj Auto Ltd. and completed its initial public offering, listing equity shares on the Bombay Stock Exchange (BSE) to fund internal production capacities.
- Two-Wheeler Mass Motorization: Over subsequent decades, the company established the iconic “Hamara Bajaj” franchise, motorizing millions of Indian households through indigenous scooter manufacturing and commercial three-wheeler development.
- Strategic Demerger (2008): To unlock focused operating efficiencies, the original entity was demerged in 2008. The manufacturing and automotive operations were carved out into the current Bajaj Auto Limited, while investment holdings were consolidated under Bajaj Holdings & Investment Limited.
- Global Premium Expansion (2007–2020): In 2007, Bajaj Auto forged a technical and manufacturing partnership with Austrian motorcycle brand KTM, developing the Duke and RC platforms in Pune. This partnership expanded in 2020 via a global co-development agreement with British marque Triumph Motorcycles.
- Clean Energy and Electric Mobility Transition (2020–2025): The company revived the historic Chetak marque as a dedicated premium electric two-wheeler in 2020, followed by the incorporation of Bajaj Auto Technology Limited (BATL) in October 2021 to lead EV systems and embedded software architecture.
- Acquisition of European Control (November 2025): When KTM AG and its operating entities faced severe European liquidity constraints, Bajaj Auto arranged an €880 million restructuring debt and equity package via its Dutch subsidiary BAIH BV, acquiring 100% control of BAIH AG and 74.94% control of listed parent Bajaj Mobility AG (BMAG).
- Centenary Era Achievements (FY2026): Bajaj Auto scaled past 5 million annual vehicle sales, achieved record standalone revenues of ₹58,732 crore, and distributed 100% of annual net profits (₹9,825 crore) to shareholders via combined dividends and share buybacks.
Products and Services
Bajaj Auto engineers, manufactures, and services a wide-ranging portfolio across two-wheeler and commercial vehicle verticals. The vehicle line is structured across diverse displacement categories, fuel types (petrol, flex-fuel, CNG, and pure battery-electric), and commercial payload classes.
Product Portfolio and Disclosed Financial Contributions
| Product / Service Category | Key Brand Offerings & Sub-Brands Included | Market Segment Scope & Fuel Configuration | Disclosed Product Revenue / Metric (FY2026) | % of Total Standalone Revenue FY2026 |
| Pulsar Motorcycle Portfolio | Pulsar 125, 150, NS160, NS200, 220F, NS400Z | Sports, Commuter & Naked Street (ICE, 125cc–400cc) | >₹16,500 Cr (Global); ₹11,000 Cr+ (Domestic) | 18.73% (Domestic to Standalone) (Calculated by FirmsWorld) |
| Combined Electric Mobility (EVs) | Chetak EV, WEGO 3W, Riki E-Rick/E-Kart | Urban Scooters, L5 & L3 Commercial (Battery Electric) | ₹8,000+ Cr (Domestic EV Total) | 13.62% (EV to Standalone) (Calculated by FirmsWorld) |
| Chetak Electric Scooters | Chetak C25, C3501, C3502, Chetak Mini | Urbanite Two-Wheeler EV (Electric Mobility) | Over ₹4,000 Cr (Total Chetak Revenue) | 6.81% (Calculated by FirmsWorld) |
| KTM & Triumph Premium Motorcycles | Duke 160, Adv 390 R, RC 160, Thruxton 400, Tracker 400 | Premium, Super-Sport & Modern Classics (ICE) | Nearly ₹5,000 Cr (Global Combined) | 8.51% (Global to Standalone) (Calculated by FirmsWorld) |
| Commercial Three-Wheelers (ICE & CNG) | Compact, Maxima (Passenger & Cargo) | Intra-City Passenger & Goods Transport (ICE/CNG) | Not separately disclosed in provided source | Not separately disclosed |
| Electric Commercial Vehicles | WEGO (P5009, P7012), Riki (E-Rick, E-Kart) | L5 & L3 Last-Mile Passenger & Logistics (EV) | Included in ₹8,000+ Cr EV total | Not separately disclosed |
| Entry & Commuter Motorcycles | CT 110X, Platina 110, Boxer, Freedom | 100cc–115cc Fuel-Efficient Commuter Range (ICE) | Not separately disclosed in provided source | Not separately disclosed |
| Auto Spare Parts & Service Components | Genuine Bajaj Spare Parts & Accessories | Aftermarket Maintenance & Channel Logistics | Record revenue print; specific figure not separated | Not separately disclosed |
| Captive Vehicle Lending (Services) | Two-Wheeler & Three-Wheeler Retail Loans | Retail Point-of-Sale Lending Solutions | ₹3,248 Cr (Total BACL Income) | 5.53% (BACL to Standalone) (Calculated by FirmsWorld) |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 7, 8, 15, 38, 42.
- Pulsar Milestone: The Pulsar brand generated over ₹11,000 crore in domestic revenue and exceeded ₹16,500 crore in total global sales.
- Electric Vehicle Contribution: Electric mobility products (Chetak 2W and WEGO/Riki 3W) surpassed ₹8,000 crore in domestic sales, accounting for over 20% of domestic revenue.
- Premium Global Inflows: KTM and Triumph combined global operations generated nearly ₹5,000 crore in annual turnover, retailing over 1.30 lakh units in India alone.
In-Depth Profile of Core Vehicle Lines and Services
Sports and Commuter Motorcycles (Pulsar, Platina, CT)
The motorcycle business represents the largest physical volume driver for Bajaj Auto. The strategically vital 125cc+ displacement category accounts for 77.5% of the company’s total domestic motorcycle sales volume.
The flagship Pulsar family underwent comprehensive visual and mechanical updates during FY2026, including the addition of all-LED lighting, modern digital dashboards, and turn-by-turn navigation across variants such as the Pulsar 125, Pulsar 150, and the high-displacement Pulsar NS400Z. In the fuel-economy commuter tier, the company manufactures the Platina 110 and CT 110X, alongside the world’s first integrated CNG motorcycle platform, the Bajaj Freedom.
┌────────────────────────────────────────────────────────────────────────┐
│ BAJAJ VEHICLE PRODUCTION ENGINE │
└───────────────────────────────────┬────────────────────────────────────┘
│
┌───────────────────────────────┼───────────────────────────────┐
▼ ▼ ▼
┌───────────────────────┐ ┌───────────────────────┐ ┌───────────────────────┐
│ MOTORCYCLES │ │ COMMERCIAL VEHICLES │ │ ELECTRIC MOBILITY │
│ 4,316,850 Units Sold │ │ 800,817 Units Sold │ │ 395,292 Units Sold │
│ ───────────────────── │ │ ───────────────────── │ │ ───────────────────── │
│ • Pulsar (>₹16.5k Cr) │ │ • ICE 3W (73.8% Share)│ │ • Chetak 2W (>₹4k Cr) │
│ • KTM-Triumph (~₹5k Cr│ │ • WEGO E3W (33.5% L5) │ │ • WEGO E-Auto (90.3k) │
│ • CT & Platina Ranges │ │ • Riki E-Rick (100+ Ct│ │ • Riki E-Kart (2.2k) │
└───────────────────────┘ └───────────────────────┘ └───────────────────────┘
Electric Scooters (Chetak EV)
Operating under the Urbanite business unit, Chetak represents Bajaj Auto’s presence in personal electric mobility. In FY2026, Chetak generated over ₹4,000 crore in total revenue, selling 302,674 units in the domestic market (a 16% YoY volume expansion).
The product range expanded through the launch of the accessible Chetak C25, featuring an optimized 113 km operating range, a lower center of gravity, 19% gradeability with a dual passenger load, hill-hold assist, and a 750W onboard charger achieving full replenishment in under four hours.
CHETAK EV DOMESTIC SALES SCALING
═════════════════════════════════
350,000 ────────────────────────────────────────── 302,674 Units
300,000 ───────────────────────────── 260,033 ───
250,000 ──────────────────────────────────────────
200,000 ──────────────────────────────────────────
150,000 ──────────────── 115,702 ─────────────────
100,000 ──────────────────────────────────────────
50,000 ── 36,260 ────────────────────────────────
0 ────┴───────────────┴──────────────┴──────────────┴──────
FY2023 FY2024 FY2025 FY2026
Intra-City Commercial Vehicles (ICE, CNG, WEGO, Riki)
Bajaj Auto crossed the historic operational threshold of 500,000 domestic three-wheeler sales in FY2026. The commercial vehicle line encompasses conventional ICE and CNG cargo and passenger carriers, alongside two newly introduced electric platforms:
- WEGO Brand (L5 Category): Designed for high-capacity last-mile passenger and logistics transit, offering the industry’s largest onboard battery capacity and the highest certified driving range in India. Models include the WEGO P 5009 and WEGO P 7012.
- Riki Brand (L3 Category): Launched in July and December 2025 via the E-Rick and E-Kart platforms to enter the high-volume e-rickshaw segment across more than 100 Indian cities. The vehicles deliver over 120 km of real-world range, monocoque corrosion-protected chassis structures (5-year perforation warranty), and brake energy regeneration.
Brand Portfolio
Bajaj Auto’s market presence is structured around distinct, focused brand franchises targeting specific consumer and commercial demographics.
Master Brand Architecture and Disclosed Financials
| Brand Name | Primary Target Market & Vehicle Segment | Powertrain / Technology Category | Disclosed Revenue FY2026 (₹ in Crore) | % of Total Standalone Revenue FY2026 |
| Pulsar | Youth, Sports & Performance Commuters | ICE (125cc, 150cc, 160cc, 200cc, 220cc, 400cc) | >16,500 (Global); 11,000+ (Domestic) | 18.73% (Domestic to Standalone) (Calculated by FirmsWorld) |
| Chetak | Families, Urban Commuters, Women Riders | Pure Battery Electric (EV) | Over 4,000 | 6.81% (Calculated by FirmsWorld) |
| KTM | High-Performance Naked Sports, Super-Sport | Premium ICE (Duke 160, RC 160, Adv 390 R) | Included in nearly ₹5,000 Cr KTM-Triumph total | Included in 8.51% combined total |
| Triumph | Modern Classics, Roadsters & Heritage Riders | Premium ICE (Thruxton 400, Tracker 400) | Included in nearly ₹5,000 Cr KTM-Triumph total | Included in 8.51% combined total |
| WEGO | High-Capacity Commercial Last-Mile Transit | Heavy L5 Electric 3-Wheeler (EV) | Included in ₹8,000+ Cr EV domestic total | Not separately disclosed |
| Riki | Affordable E-Rickshaw & E-Kart Commercial | Entry L3 Electric 3-Wheeler (EV) | Included in ₹8,000+ Cr EV domestic total | Not separately disclosed |
| Platina | Everyday Utility, Rural & Urban Commuting | Ultra Fuel-Efficient ICE (110cc) | Not separately disclosed in provided source | Not separately disclosed |
| CT | Rugged Rural & Utility Transport | High-Durability ICE (110cc) | Not separately disclosed in provided source | Not separately disclosed |
| Dominar | Long-Distance Touring & Highway Cruising | Premium Performance ICE (400cc) | Not separately disclosed in provided source | Not separately disclosed |
| Avenger | Cruiser Category for Highway & Urban Riders | Classic Cruiser ICE (220 Street) | Not separately disclosed in provided source | Not separately disclosed |
| Husqvarna | Avant-Garde Premium European Motorcycles | Premium ICE & Performance Architecture | Consolidated under BMAG (€1,009M group) | Step-down subsidiary revenue |
| GASGAS | Off-Road, Enduro & Trial Competition Bikes | Specialized Off-Road ICE Platforms | Consolidated under BMAG (€1,009M group) | Step-down subsidiary revenue |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 7, 8, 15, 20–25, 36, 42.
Profiles of Core Brand Assets
Pulsar
Launched more than two decades ago, Pulsar remains Bajaj Auto’s most valuable proprietary vehicle marque. In FY2026, the brand crossed ₹11,000 crore in domestic revenue and over ₹16,500 crore in total global retail turnover.
The line includes high-displacement models such as the Pulsar NS400Z alongside high-volume sports-commuter variants like the Pulsar 125 and Pulsar 150. The brand achieved an 18% export growth rate during the year, reaching its highest-ever international volume.
PULSAR GLOBAL REVENUE SCALE (FY2026)
═════════════════════════════════════
Total Global Pulsar Turnover │ ████████████████████ >₹16,500 Crore
Domestic Pulsar Revenue Only │ █████████████ >₹11,000 Crore
└─────────────────────────────────────
KTM and Triumph Co-Branded Retail Architecture
Bajaj Auto manages the manufacturing and distribution of KTM and Triumph motorcycles in India, alongside KTM export assemblies. In FY2026, the dual-brand portfolio delivered all-time high domestic sales of over 130,000 units and generated nearly ₹5,000 crore in consolidated global revenue.
The company also deployed a unified retail network called “K+T Showrooms,” establishing 80 dedicated premium outlets to house both brand lines under a single roof, alongside 221 standalone Triumph showrooms across 174 Indian cities.
Commercial Clean Energy Brands (WEGO and Riki)
The commercial vehicle division reorganized its electric portfolio under two brands:
- WEGO: Targets established urban and semi-urban commercial routes in the L5 vehicle segment, where Bajaj Auto holds a 33.5% market share and exited FY2026 in the number one market position.
- Riki: Focuses on the L3 category via the E-Rick passenger carrier and E-Kart goods carrier, penetrating tier-2, tier-3, and rural hubs.
Geographical Presence
Bajaj Auto maintains a balanced revenue model split between the Indian domestic market and an export footprint spanning over 100 countries across Latin America, Africa, and Asia.
Geographical Revenue and Physical Breakdown
| Geographic Territory / Operating Region | Key National Markets & Manufacturing Sites | FY2026 Revenue / Value Metric (₹ in Crore) | % of Total Standalone Revenue FY2026 | Unit Sales Volume Disclosed (FY2026) |
| Domestic Market (India) | National Retail Footprint; Plants at Waluj, Chakan, Pantnagar, Akurdi | ₹38,316 (Calculated: Total ₹58,732 Cr less Exports ₹20,416 Cr) | 65.24% (Calculated by FirmsWorld) | 2,867,484 units (Calculated: Total 5,117,667 less 2,250,183) |
| International Exports (Global Total) | Over 100 Countries Globally ($2,253 Million USD equivalent) | ₹20,416 | 34.76% (Calculated by FirmsWorld) | 2,250,183 units |
| Latin America (LATAM) | Brazil (Manaus Plant), Colombia, Peru, Mexico | Not separately broken out in INR; Record Year | Not separately disclosed | ~32,000 units in Brazil |
| Africa (East & West) | Nigeria, Ghana, Kenya, Uganda, Tanzania | Not separately broken out in INR | Not separately disclosed | East Africa +54%; West Africa +128% |
| Asia & South Asia | Sri Lanka, Nepal, Philippines, Myanmar, Cambodia | Not separately broken out in INR | Not separately disclosed | South Asia +36%; Asia CVs +65% |
| Europe (KTM AG / Subsidiaries) | Austria (Mattighofen), Spain, Netherlands | €1,009 Million (BMAG Group Revenue) | Step-Down Consolidated Subsidiary | 209,704 units (BMAG Worldwide) |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 18, 36, 39, 42.
- Export Revenue Record: Vehicle exports reached ₹20,416 crore ($2,253 million USD), expanding 25.6% YoY and accounting for 34.76% of standalone revenue.
- Monthly Run-Rate Recovery: International shipments surpassed the 200,000-unit monthly mark in October 2025 for the first time in 39 months.
- Market Leadership: Bajaj Auto holds the number one market position in 9 of its top 15 international motorcycle markets, and in 11 of its 12 top three-wheeler export destinations.
Detailed Regional Operating Profiles
Domestic Footprint (India)
The Indian domestic business generated approximately 65.24% of standalone revenues, driven by the expansion of the 125cc+ sports motorcycle market, a 73.8% market share in ICE three-wheelers, and ₹8,000+ crore in electric vehicle sales. The retail infrastructure encompasses thousands of dealership touchpoints, over 500 dedicated Chetak Experience Centres, and more than 4,000 authorized EV service touchpoints.
┌────────────────────────────────────────────────────────────────────────┐
│ BAJAJ AUTO GLOBAL FOOTPRINT ENGINE │
└───────────────────────────────────┬────────────────────────────────────┘
│
┌───────────────────────────────┴───────────────────────────────┐
▼ ▼
┌──────────────────────────────────────┐ ┌──────────────────────────────────────┐
│ DOMESTIC MARKET (INDIA) │ │ INTERNATIONAL EXPORTS │
│ ──────────────────────────────────── │ │ ──────────────────────────────────── │
│ • Revenue: ₹38,316 Cr (65.24%) │ │ • Revenue: ₹20,416 Cr (34.76%) │
│ • Unit Volume: 2,867,484 Vehicles │ │ • Unit Volume: 2,250,183 Vehicles │
│ • 500+ Chetak Experience Centres │ │ • Export Destinations: 100+ Nations │
│ • 4,000+ Electric Touchpoints │ │ • No. 1 in 9 of 15 Top Bike Markets │
│ • 1,237 Domestic Dealerships (TPM) │ │ • No. 1 in 11 of 12 Commercial Mkts │
└──────────────────────────────────────┘ └──────────────────────────────────────┘
Latin America and Brazil Expansion
Latin America achieved its best-ever financial performance in FY2026, supported by sales expansion across Colombia, Peru, and Brazil. In Brazil, the subsidiary Bajaj Do Brasil Comercio De Motocicletas Ltda operated its newly commissioned assembly facility in Manaus—Bajaj Auto’s first wholly owned manufacturing plant outside India.
Brazilian sales increased to nearly 32,000 units in calendar year 2025, supported by an expanded distribution network of over 60 dealerships across 24 Brazilian states.
African Region Recovery
Africa experienced a volume rebound led by East Africa (+54% motorcycle volume) and West Africa (+128% commercial vehicle growth). Key markets including Nigeria and Ghana demonstrated macroeconomic stabilization, allowing Bajaj Auto to restore distributor inventory pipelines.
Profit and Loss
Bajaj Auto delivered record financial results in FY2026 across revenue, EBITDA, pre-tax earnings, and net profitability.
The table below presents the audited standalone Profit and Loss statement for the year ended March 31, 2026, compared with the preceding financial year.
Audited Standalone Profit and Loss Statement
| Line Item / Particulars | FY2026 (₹ in Crore) | FY2025 (₹ in Crore) | Year-on-Year Growth (%) | % of Revenue FY2026 |
| Revenue from Contract with Customers | 56,114 | 48,247 | +16.3% | 95.54% (Calculated by FirmsWorld) |
| Other Operating Revenue | 2,618 | 1,763 | +48.5% (Calculated by FirmsWorld) | 4.46% (Calculated by FirmsWorld) |
| Total Revenue from Operations | 58,732 | 50,010 | +17.4% | 100.00% |
| Cost of Materials Consumed (net) | 41,113 | 35,287 | +16.5% (Calculated by FirmsWorld) | 70.0% |
| Stores and Tools Consumed | 196 | 199 | -1.5% (Calculated by FirmsWorld) | 0.3% |
| Employee Cost | 1,662 | 1,577 | +5.4% (Calculated by FirmsWorld) | 2.8% |
| Factory, Administrative & Other Expenses | 1,831 | 1,399 | +30.9% (Calculated by FirmsWorld) | 3.1% |
| Sales and After-Sales Expenses | 1,911 | 1,447 | +32.1% (Calculated by FirmsWorld) | 3.3% |
| Total Expenditure | 46,713 | 39,909 | +17.0% (Calculated by FirmsWorld) | 79.5% (Calculated by FirmsWorld) |
| EBITDA | 12,019 | 10,101 | +19.0% | 20.5% |
| Finance Costs (Interest) | 36 | 68 | -47.1% (Calculated by FirmsWorld) | 0.06% (Calculated by FirmsWorld) |
| Depreciation and Amortisation | 448 | 400 | +12.0% (Calculated by FirmsWorld) | 0.76% (Calculated by FirmsWorld) |
| Operating Profit | 11,535 | 9,633 | +19.7% | 19.6% |
| Non-Operating Income (Gross) | 1,563 | 1,421 | +10.0% (Calculated by FirmsWorld) | 2.66% (Calculated by FirmsWorld) |
| Less: Non-Operating Expenses | 2 | 2 | 0.0% | 0.00% (Calculated by FirmsWorld) |
| Non-Operating Income (Net) | 1,561 | 1,419 | +10.0% (Calculated by FirmsWorld) | 2.66% (Calculated by FirmsWorld) |
| Profit Before Tax and Exceptional Item | 13,096 | 11,052 | +18.5% | 22.30% (Calculated by FirmsWorld) |
| Exceptional Item Expense / (Income) | 24 | — | N/A | 0.04% (Calculated by FirmsWorld) |
| Profit Before Tax (PBT) | 13,072 | 11,052 | +18.3% | 22.26% (Calculated by FirmsWorld) |
| Tax Expense (Normal Operating) | 3,262 | 2,690 | +21.3% (Calculated by FirmsWorld) | 5.55% (Calculated by FirmsWorld) |
| Tax Expense / (Credit) on Exceptional Item | (15) | 211 | N/A | -0.03% (Calculated by FirmsWorld) |
| Profit After Tax (PAT) | 9,825 | 8,151 | +20.5% | 16.3% |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Page 35, Table 6.
FINANCIAL PERFORMANCE TRENDS
═════════════════════════════
Revenue (₹ Cr) │ 2024: 44,685 ──► 2025: 50,010 ──► 2026: 58,732 (+17.4%)
EBITDA (₹ Cr) │ 2024: 8,825 ──► 2025: 10,101 ──► 2026: 12,019 (+19.0%)
PAT (₹ Cr) │ 2024: 7,479 ──► 2025: 8,151 ──► 2026: 9,825 (+20.5%)
EBITDA Margin % │ 2024: 19.7% ──► 2025: 20.2% ──► 2026: 20.5% (+30 bps)
Key Financial and Operating Ratios (Standalone)
| Ratio / Performance Metric | FY2026 Reported Value | FY2025 Reported Value | Trend / Movement |
| Debtors Turnover Ratio | 22.47 | 21.91 | Improved efficiency in credit collection |
| Inventory Turnover Ratio | 19.10 | 19.34 | Stable supply chain velocity |
| Current Ratio | 1.71 | 1.49 | Strengthened short-term liquidity buffer |
| Operating Profit Margin (%) | 19.6% | 19.3% | Expanded by 30 basis points |
| Net Profit Margin (%) | 16.3% | 15.8% | Expanded by 50 basis points |
| Debt-Equity Ratio | 0.00 | 0.02 | Zero debt standalone balance sheet |
| Return on Equity (ROE) (%) | 29.3% | 28.6% | Industry-leading capital productivity |
| Basic Earnings Per Share (EPS) | ₹352.0 | ₹292.1 | Expanded 20.51% YoY |
| Diluted Earnings Per Share (EPS) | ₹351.5 | ₹291.5 | Expanded 20.58% YoY |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Page 36, Table 7 & Page 43.
Balance Sheet
Bajaj Auto’s balance sheet is characterized by zero debt, strong equity reserves, and surplus liquidity exceeding ₹18,000 crore.
Equity Reserves and Financial Structure
| Reserve Category / Equity Item | Standalone FY2026 (₹ in Crore) | Standalone FY2025 (₹ in Crore) | Consolidated FY2026 (₹ in Crore) | Consolidated FY2025 (₹ in Crore) |
| Issued & Paid-up Share Capital | 279.50 | 279.26 | 279.50 | 279.26 |
| General Reserve | 6,389.60 | 6,389.60 | 6,389.60 | 6,389.60 |
| Retained Earnings | 26,386.57 | 22,419.94 | 29,250.60 | 24,498.81 |
| FVTOCI Reserve | 1,613.68 | 2,871.20 | 1,606.77 | 2,871.59 |
| Securities Premium | 208.81 | 115.57 | 208.81 | 115.57 |
| Share-Based Payments Reserve | 163.58 | 99.44 | 163.58 | 99.44 |
| Capital Redemption Reserve | 10.41 | 10.41 | 10.41 | 10.41 |
| Treasury Shares | (77.48) | (38.48) | (77.48) | (38.48) |
| Foreign Currency Translation Reserve | — | — | 767.27 | 911.75 |
| Statutory Reserve | — | — | 144.63 | 11.66 |
| Capital Reserve | — | — | 84.97 | 63.14 |
| Cash Flow Hedging Reserve | — | — | 3.03 | (24.28) |
| Foreign Exchange Diff. on Paid-up Capital | — | — | 0.30 | 0.27 |
| Total Reserves and Other Equity | 34,695.17 | 31,867.68 | 38,552.49 | 34,909.48 |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Page 44 & 46.
- Surplus Liquidity Reserves: Total surplus cash and cash equivalents stood at ₹18,137 crore as of March 31, 2026, expanding 6.7% YoY.
- Creditworthiness Ratings: Long-term bank loan facilities were reaffirmed at CRISIL AAA/Stable and IND AAA/Stable, alongside short-term ratings of CRISIL A1+ and IND A1+.
- Retained Earnings Allocation: The Board retained the entirety of annual profits within distributable retained earnings to fund shareholder reward distributions.
Cash Flow
Bajaj Auto’s cash conversion is driven by negative working capital cycles in core manufacturing and efficient receivables collection.
Cash Generation and Capital Deployment Highlights
| Cash Flow Dimension / Capital Inflow-Outflow | Disclosed Metric (FY2026) | Strategic Context and Purpose |
| Free Cash Flow (FCF) Generation | Over ₹8,000 crore | High operating conversion supporting R&D, Capex, and payouts |
| Capital Expenditure (Capex) | ~₹500 crore | Production tooling, facility modernization, and design hubs |
| Strategic Subsidiary Investments | ₹2,300+ crore | Capital injections into BACL financing and BAIH BV (KTM) |
| Shareholder Dividends Paid (FY2026) | ~₹5,900 crore | Regular dividend disbursements to equity shareholders |
| Recommended Dividend Payout (for AGM) | ₹4,192.47 crore (₹150/share) | 1,500% dividend on face value of ₹10 per share |
| Approved Share Buyback Program | Up to ₹5,632.80 crore | Tender offer for up to 4,694,000 shares at ₹12,000 each |
| Total Centennial Shareholder Payout | ₹9,825 crore | 100% of standalone FY2026 Net Profit (PAT) |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 7, 13, 44, 46.
Board of Directors and Leadership Team
Bajaj Auto is governed by an eleven-member Board of Directors, supported by an executive management team.
Board of Directors and Committee Allocations
| Name of Director | Board Designation & Category | Committee Memberships / Chairmanships | Remuneration FY2026 (Amount in ₹) |
| Niraj Bajaj | Chairman, Non-Executive, Promoter | Stakeholders Relationship, NRC | ₹4,565,000 |
| Rajiv Bajaj | Managing Director & CEO, Executive | CSR (Chairman), Duplicate Share Cert (Chairman) | ₹588,736,785 |
| Sanjiv Bajaj | Non-Executive Director, Promoter | Board Member | ₹2,490,000 |
| Pradeep Shrivastava | Executive Director | CSR, Duplicate Share Cert | ₹210,969,553 |
| Rakesh Sharma | Executive Director (Joint MD w.e.f. June 2026) | Duplicate Share Cert | ₹152,982,188 |
| Dr. Naushad Forbes | Non-Executive, Independent Director | NRC (Chairman), Audit, CSR | ₹7,470,000 |
| Anami N. Roy | Non-Executive, Independent Director | Audit (Chairman), Risk Management (Chairman) | ₹6,225,000 |
| Pradip Shah | Non-Executive, Independent Director | Stakeholders Rel (Chairman), Audit, Risk Mgmt | ₹6,640,000 |
| Abhinav Bindra | Non-Executive, Independent Director | Stakeholders Rel, NRC, CSR | ₹5,395,000 |
| Vinita Bali | Non-Executive, Independent Director | Audit, CSR | ₹6,225,000 |
| Dr. Sangita Reddy | Non-Executive, Independent Director | Board Member | ₹2,075,000 |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 2, 93, 116.
Executive Management and Functional Leadership
| Name of Executive | Corporate Role and Functional Portfolio | Key Responsibilities Disclosed |
| Rajiv Bajaj | Managing Director & Chief Executive Officer | Overall enterprise leadership, corporate strategy, operations |
| Pradeep Shrivastava | Executive Director | Manufacturing, quality systems, operations, TPM implementation |
| Rakesh Sharma | Executive Director (Joint MD w.e.f. 01 June 2026) | Global marketing, commercial strategy, business operations |
| Abraham Joseph | Managing Director, Bajaj Auto Technology Ltd. (BATL) | EV design architecture, embedded software, systems R&D |
| S Ravikumar | Chief Business Development Officer | Strategic business development, corporate partnerships |
| Dinesh Thapar | Chief Financial Officer | Global financial reporting, risk governance, treasury |
| Ravi Kyran Ramasamy | Chief Human Resources Officer | People strategy, workforce development, leadership talent |
| Kailash Zanzari | Chief Product Officer | Vehicle product lines, program execution |
| Ramtilak Ananthan | Chief Technology Officer | Engineering platforms, powertrain integration |
| Vijay Jerome | Chief Digital & Information Officer | Enterprise IT, AI capabilities, cloud infrastructure |
| Baminee Viswanat | General Counsel | Global legal governance, corporate compliance |
| Kevin D’sa | Managing Director, Bajaj Auto Credit Ltd. (BACL) | Captive vehicle retail lending, credit underwriting, AUM |
| Sarang Kanade | President (Motorcycle Business) | Domestic motorcycle portfolio, brand sales |
| Samardeep Subandh | President (Intra-City Business) | Domestic three-wheelers, WEGO and Riki commercial |
| K S Grihapathy | President (Export Business) | International export operations, distributor relations |
| Eric Vas | President (Urbanite Business) | Chetak electric scooters, EV network expansion |
| Manik Nangia | President (Probiking Business) | KTM, Husqvarna, and Triumph premium domestic retail |
| Sumeet Narang | President (Central Marketing) | Brand strategy, integrated corporate advertising |
| C P Tripathi | Advisor (CSR) | CSR implementation, social impact governance |
| Rajiv Gandhi | Company Secretary & Compliance Officer | Secretarial compliance, shareholder relations, IEPF |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 2, 4, 117.
Subsidiaries, Associates, Joint Ventures
Bajaj Auto oversees an international corporate network of wholly owned subsidiaries, step-down operating entities, and technology design centres.
Comprehensive Subsidiary and Affiliated Entity Matrix
| Entity Legal Name | Country of Origin | Ownership % | Issued & Paid-Up Capital | FY2026 Disclosed Revenue | FY2026 Disclosed Profit After Tax | Operational Focus Scope |
| Bajaj Auto Credit Ltd. (BACL) | India | 100.0% | ₹2,700 Crore | ₹3,248 Crore | ₹665 Crore | Captive vehicle financing |
| Bajaj Mobility AG (BMAG) | Austria | 74.94% (via BAIH AG) | Listed on SIX/Vienna | €1,009 Million (CY2025) | €590 Million (CY2025) | KTM, Husqvarna, GASGAS |
| Bajaj Auto Int. Holdings BV (BAIH BV) | Netherlands | 100.0% | €323M (₹2,421 Cr) | Not separately broken out | Not separately broken out | European holding entity |
| Bajaj Auto Technology Ltd. (BATL) | India | 100.0% | ₹470 Crore | Not separately broken out | Not separately broken out | EV systems & design R&D |
| Bajaj Do Brasil Comercio Ltda. | Brazil | 100.0% | BRL 58M (₹94 Cr) | ~32,000 units sold | Not separately broken out | Manaus assembly & sales |
| Bajaj Auto (Thailand) Ltd. | Thailand | 100.0% | THB 45M (₹10 Cr) | Not separately broken out | Not separately broken out | Engineering Design Centre |
| Bajaj Auto Spain, S.L.U. | Spain | 100.0% | €600K (₹5 Cr) | Not separately broken out | Not separately broken out | Engineering Design Centre |
| PT. Bajaj Auto Indonesia | Indonesia | 99.25% | Not disclosed | Operations Discontinued | Not separately broken out | Market evaluation |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 36, 38, 39, 48, 50.
Profiles of Key Subsidiaries and Strategic Partnerships
Bajaj Auto Credit Limited (BACL)
BACL is Bajaj Auto’s largest domestic operating subsidiary, functioning as an integrated NBFC. In FY2026, BACL doubled its Assets Under Management to ₹18,835 crore while expanding net profit to ₹665 crore. The company maintains an AAA/Stable long-term credit rating and a 19.5% capital adequacy ratio.
BAJAJ AUTO CREDIT LIMITED (BACL)
════════════════════════════════
AUM (₹ Cr) │ 2025: ~9,400 ──────────► 2026: 18,835 (~2X Growth)
Total Income (₹ Cr│ 2025: 1,041 ──────────► 2026: 3,248 (>3X Growth)
Net Profit (₹ Cr) │ 2025: 58 ──────────► 2026: 665 (>11X Growth)
Return on Equity │ 23.0%
Gross NPA Ratio │ 1.85%
KTM AG and Bajaj Mobility AG (BMAG)
Through BAIH BV, Bajaj Auto completed the restructuring of Austrian motorcycle manufacturer KTM AG in November 2025, deploying an €880 million debt and equity package to secure 100% control of BAIH AG and 74.94% control of BMAG.
For calendar year 2025, BMAG generated €1,009 million in revenue, delivered 209,704 motorcycles worldwide, reduced net debt to €798 million, and secured 29 global motorsport championship titles across KTM, Husqvarna, and GASGAS.
Bajaj Auto Technology Limited (BATL)
Formed in October 2021 with ₹470 crore in paid-up capital, BATL serves as the advanced R&D engine for Bajaj Auto, employing 496 specialized engineers.
BATL developed alternate motor designs using low heavy-rare-earth magnets to mitigate Chinese export restrictions, ensuring continuity for the Chetak and WEGO vehicle lines.
Other Investments (Including Minority / Portfolio Holdings)
Bajaj Auto manages strategic minority holdings and surplus liquidity investments in line with board-approved prudential frameworks.
Disclosed Minority and Portfolio Holdings
| Investee Entity / Investment Instrument | Incorporation Country | Ownership % | Carrying / Investment Value | Investment Classification | Business Activity & Performance |
| Yulu Bikes Pvt. Ltd. | India | Minority (<20%) | ₹165 Crore | Strategic Minority Holding | Shared electric micro-mobility; 48k EVs deployed; EBITDA positive |
| Short-Term Fixed Income Securities | India | Portfolio | Part of ₹18,137 Cr Cash | FVTOCI / Amortised Cost | Fixed-income debt instruments rated A1+ and equivalent |
| Long-Term Corporate Debt Securities | India | Portfolio | Part of ₹18,137 Cr Cash | FVTOCI / Amortised Cost | High-grade corporate debt instruments rated AA+ and above |
| Bank Fixed Deposits | India | Portfolio | Part of ₹18,137 Cr Cash | Liquid Bank Deposits | Fixed deposits with schedule commercial banks & finance cos |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 35, 51.
Profile of Strategic Minority Investment: Yulu Bikes Pvt. Ltd.
Bajaj Auto holds a ₹165 crore strategic equity position in Yulu Bikes Pvt. Ltd., India’s largest shared electric micro-mobility provider. Yulu operates across ten Indian cities, maintaining a presence in the four primary metropolitan hubs (Bengaluru, Mumbai, Delhi-NCR, and Hyderabad).
In FY2026, Yulu deployed approximately 48,000 purpose-built electric two-wheelers, delivering 36% year-on-year revenue growth and achieving EBITDA profitability. Bajaj Auto manufactures and supplies custom low-speed electric vehicles for Yulu’s fleet, having delivered nearly 30,000 units to date.
Physical Properties (Offices, Plants, Factories)
Bajaj Auto operates an integrated manufacturing and engineering network across India and Brazil, with an aggregate installed capacity of 7,200,000 units per annum.
Manufacturing Facilities and Property Register
| Facility Name / Location | Full Physical Address / Site | Installed Capacity (Units/Year) | Product Lines Manufactured | Quality Accreditations |
| Waluj Plant | Bajaj Nagar, Chhatrapati Sambhajinagar 431 136, Maharashtra | 3,720,000 units (2.7M 2W / 1.02M CV) | Boxer, CT, Platina, Discover, Freedom, Pulsar, 3W Passenger/Goods, Quadricycle | TPM Practicing; TPM Excellence Awards |
| Pantnagar Plant | Plot No. 2, Sector 10, IIE Pantnagar, Udhamsinghnagar, Uttarakhand 263 153 | 1,800,000 units | CT, Platina, Freedom, Pulsar | JIPM Advanced Special Award for TPM Achievement |
| Chakan Plant 1 | Plot No. A1, Chakan Industrial Area, Mahalunge, Chakan, Pune 410 501 | 1,380,000 units (900k 2W / 480k Scooters)* | Pulsar, Avenger, Dominar, Chetak EV, Yulu micro-EVs | JIPM World Class TPM Achievement Award (2024) |
| Chakan Plant 2 | Plot No. E2, Chakan Industrial Area, Nanekarwadi, Chakan, Pune 410 501 | 300,000 units | KTM, Husqvarna, Triumph Modern Classics | Completed TPM Kick-Off Ceremony in FY2026 |
| Akurdi Complex (HQ) | Mumbai-Pune Road, Akurdi, Pune 411 035, Maharashtra | Shared 480,000 units with Chakan-1 | Chetak EV Assembly, Corporate HQ, Advanced Engineering R&D | Registered Office & Corporate Headquarters |
| Manaus Assembly Plant | Manaus, Amazonas, Brazil | 50,000 units | Dominar 160, 200, 400 (Local Welding & Painting) | First wholly owned plant outside India |
| Bengaluru Design Centre | Bengaluru, Karnataka, India | R&D / Design Facility | BATL Embedded Electronics, Firmware, EV Architecture | Advanced Design Studio |
| Bangkok Design Centre | Bangkok, Thailand | Engineering Design Centre | Styling concepts, class-A surfacing, regional trend design | International Design Studio |
| Barcelona Design Centre | Barcelona, Spain | Engineering Design Centre | Premium performance styling, chassis modeling | International Design Studio |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 2, 26, 27, 38, 39. *Note: 480,000 scooter capacity is shared across Chakan-1 and Akurdi sites.
Founders
The foundational lineage of Bajaj Auto Limited is rooted in the Indian industrial and independence movements.
- Late Shri Jamnalal Bajaj (1889–1942): Philanthropist, freedom fighter, close associate of Mahatma Gandhi, and patriarch of the Bajaj Group. In 1926, he established the Bajaj Group on the principles of trusteeship, ethical enterprise, and nation-building.
- Kamalnayan Bajaj (1915–1972): Succeeded Jamnalal Bajaj, consolidating the group’s manufacturing presence and formalizing Bajaj Auto Ltd.’s transition into domestic vehicle manufacturing in 1960.
- Rahul Bajaj (1938–2022): Built Bajaj Auto into a household name across India, establishing the “Hamara Bajaj” scooter culture and building scale across two-wheelers and three-wheelers.
Parent
Following the corporate restructuring and demerger in 2008, Bajaj Auto Limited operates as an independent listed operating entity.
Its primary promoter-holding investment affiliate is Bajaj Holdings & Investment Limited (BHIL), which holds substantial promoter equity across the wider Bajaj group operating companies, including Bajaj Auto Limited and Bajaj Finserv Limited.
Investments and Capital Expenditure Plans
Bajaj Auto’s capital allocation strategy focuses on electric vehicle engineering, internal combustion engine enhancements, captive retail credit expansion, and targeted corporate turnarounds.
Capital Outlays and Strategic Expenditure Allocations
| Investment Domain / Initiative | Actual FY2026 Spend (₹ in Crore) | Strategic Objective and Deployment Scope |
| Physical Capital Expenditure (Capex) | ~₹500 crore | Capacity de-bottlenecking, assembly tooling, plant automation |
| Research & Development (R&D) Spend | ₹692.81 crore (1.23% of sales) | Capital R&D: ₹126.05 Cr; Recurring: ₹566.76 Cr |
| BACL Captive Lending Capitalization | ₹2,700 crore total paid-up capital | Underwriting loan books and growing retail AUM |
| KTM Restructuring & Equity Infusion | €880 million (~₹8,000+ Cr equivalent) | Debt/equity revival package via BAIH BV Netherlands |
| BAIH BV Equity Base Expansion | €125 million (₹1,202 crore in FY26) | Expanding European holding company capital to €323M |
| CSR 10-Year Educational Pledge | ₹400 crore commitment | Rupa Rahul Bajaj Scholarship for Women in Engineering |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Pages 7, 9, 13, 36, 48, 50, 67.
Shareholding Pattern
As of March 31, 2026, the company’s issued, subscribed, and fully paid-up equity share capital stood at ₹279.50 crore, comprising 279,497,838 equity shares of face value of ₹10 each.
Disclosed Shareholdings of Board Directors
| Director Name | Board Status / Category | Equity Shares Held as of 31 March 2026 | % of Issued Equity Capital |
| Rajiv Bajaj | Managing Director & CEO (Promoter) | 878,001 shares (incl. trust holdings) | 0.31% (Calculated by FirmsWorld) |
| Niraj Bajaj | Chairman, Non-Executive (Promoter) | 872,979 shares (incl. trust holdings) | 0.31% (Calculated by FirmsWorld) |
| Sanjiv Bajaj | Non-Executive Director (Promoter) | 755,809 shares | 0.27% (Calculated by FirmsWorld) |
| Pradeep Shrivastava | Executive Director | 11,088 shares | 0.004% (Calculated by FirmsWorld) |
| Rakesh Sharma | Executive Director | 6,328 shares | 0.002% (Calculated by FirmsWorld) |
| Pradip Shah | Independent Director | 3,952 shares | 0.001% (Calculated by FirmsWorld) |
| Dr. Naushad Forbes | Independent Director | 3,500 shares | 0.001% (Calculated by FirmsWorld) |
| Abhinav Bindra | Independent Director | 0 shares | 0.000% |
| Vinita Bali | Independent Director | 0 shares | 0.000% |
| Anami N. Roy | Independent Director | 0 shares | 0.000% |
| Dr. Sangita Reddy | Independent Director | 0 shares | 0.000% |
Source: Bajaj Auto Limited 19th Annual Report 2025-26, Page 93, Table 1. *Note: Institutional and public percentage shareholding categories are not separately itemized in the non-financial excerpt.
Future Strategy
Management’s forward strategy focuses on ten defined operational and commercial priorities designed to protect profitability while expanding market share across key segments.
TEN STRATEGIC GROWTH PRIORITIES
═════════════════════════════════
01. 125cc+ Competitiveness ──► Deepen Pulsar range & mid-segment reach
02. KTM & Triumph Scale ──► Expand K+T network & global product lines
03. Chetak Turbocharging ──► Drive scale, cost efficiency & leadership
04. Commercial Leadership ──► Grow WEGO EV share & scale Riki E-rickshaws
05. Export Acceleration ──► Drive volumes across LatAm, Asia & Africa
06. Supply Chain Derisking ──► Alternative magnet engineering & sources
07. R&D & Brand Activation ──► Differentiated technology & retail execution
08. Growth Enablers ──► Scale BACL lending & BATL design capabilities
09. KTM Global Turnaround ──► Execute portfolio & operational reboot
10. Dynamic P&L Governance ──► Maintain 20%+ margins via cost discipline
- Deepening 125cc+ Domestic Dominance: Defending market positioning in the 125cc+ motorcycle tier via continuous upgrades to the Pulsar range and targeted pricing adjustments.
- Accelerating Premium Growth via KTM and Triumph: Expanding modern classics and sports lineups (Thruxton 400, Tracker 400, Duke 160) across domestic and international channels.
- Turbocharging the Chetak EV Franchise: Driving product expansion via the accessible C25 platform, broadening direct distribution, and optimizing component costs to expand EV margins.
- Commercial Vehicle Leadership: Expanding from ICE/CNG leadership into electric mobility through the WEGO brand in the L5 segment and scaling Riki e-rickshaws across tier-2 and tier-3 towns.
- Export Market Expansion: Capitalizing on economic recovery in Africa, Latin America, and Southeast Asia to sustain monthly run-rates above 200,000 units.
- Supply Chain De-risking: Developing in-house electric motor alternatives that utilize low-heavy-rare-earth magnets, reducing exposure to single-country trade restrictions.
- Scaling Strategic Enablers: Leveraging BACL to finance 75%+ of retail transactions and utilizing BATL’s design centres across Pune, Bengaluru, Bangkok, and Barcelona.
- Execution of KTM Turnaround: Supporting Austrian management to streamline inventory pipelines, optimize global working capital, and restore operating margins.
- Dynamic P&L and Cost Management: Applying Total Productive Maintenance (TPM) across all plants to protect the 20.5% EBITDA margin against raw material fluctuations.
Key Strengths
- Integrated Dual-Engine Market Architecture: The company balances domestic revenue streams with a geographically diversified export business across 100+ nations, mitigating single-market downturns.
- Industry-Leading Profit Margins: Standalone EBITDA margins of 20.5% reflect operational discipline, localization, and a high-margin premium product mix.
- Zero Debt Balance Sheet with Surplus Liquidity: Bajaj Auto operates with zero debt on a standalone basis, supported by ₹18,137 crore in surplus cash and liquid reserves.
- Dominance in Commercial Three-Wheelers: The company holds an undisputed 73.8% market share in domestic ICE three-wheelers (87.9% in CNG) and exited FY2026 in the pole position in the L5 electric segment.
- Global Premium Partnerships: Strategic ownership of KTM AG and collaboration with Triumph Motorcycles provide Bajaj Auto with high-margin offerings across Europe, North America, and India.
- Total Productive Maintenance (TPM) Culture: All manufacturing facilities operate under JIPM-certified TPM frameworks, earning the “Advanced Special Award for TPM Achievement” at Pantnagar.
Key Challenges and Risks
- Geopolitical Volatility and Export Logistics: Tensions in the Middle East and shipping corridor disruptions pose supply-chain risks, elevate ocean freight costs, and create currency pressures in emerging export destinations.
- Critical Raw Material Supply Dependencies: Heavy reliance on imported heavy rare-earth permanent magnets for EV motors creates vulnerability to foreign export controls.
- Domestic Two-Wheeler Competitive Intensity: Heightened price competition in entry-level 100cc–110cc commuter categories led to a contraction in overall domestic motorcycle market share from 16.6% in FY2025 to 15.6% in FY2026.
- KTM Global Turnaround Execution: Operational rebooting, inventory rationalization, and debt refinancing across Austrian and European operating entities require active management oversight.
- Regulatory and Taxation Shifts: Changes in domestic taxation—such as the revision of GST to 18% for sub-350cc motorcycles and 40% for motorcycles exceeding 350cc—require rapid platform re-engineering.
Conclusion and Strategic Outlook
Bajaj Auto Limited completed the 2025–26 financial year with record operating and financial results, coinciding with the Bajaj Group’s centenary milestone. Standalone revenues reached ₹58,732 crore, consolidated net profits hit ₹10,744 crore, and total annual volume surpassed 5.11 million vehicles. This performance was underpinned by the resilience of the domestic motorcycle business, commercial three-wheeler leadership, recovery across export markets, and the scaling of the Chetak, WEGO, and Riki electric platforms.
Looking ahead to FY2027, the company remains positioned to navigate external macroeconomic challenges through its strong balance sheet, zero standalone debt, ₹18,137 crore in surplus cash reserves, and multi-market operating agility. By advancing captive financing through BACL, leveraging in-house EV engineering via BATL, turning around European operations at KTM AG, and expanding domestic and international retail footprints, Bajaj Auto continues to reinforce its position across global two-wheeler and three-wheeler mobility markets.
Frequently Asked Questions (FAQs)
What was Bajaj Auto’s financial performance in FY2026?
In FY2026, Bajaj Auto achieved record standalone revenue from operations of ₹58,732 crore (up 17.4% YoY). Standalone EBITDA reached ₹12,019 crore with a margin of 20.5%, while Standalone Profit After Tax (PAT) reached ₹9,825 crore. Consolidated PAT for the group hit ₹10,744 crore.
What is the structure of Bajaj Auto’s shareholder payout for FY2026?
To commemorate the centenary year of the Bajaj Group, the Board recommended distributing 100% of standalone PAT (₹9,825 crore) via a final dividend of ₹150 per share (₹4,192.47 crore) and a share buyback program via tender offer of up to ₹5,632.80 crore at a price of ₹12,000 per share.
How did the electric vehicle (EV) segment perform during the year?
Bajaj Auto generated over ₹8,000 crore in domestic EV revenue (accounting for over 20% of domestic sales). Chetak EV scooter sales reached 302,674 units (generating over ₹4,000 crore in revenue), while the commercial vehicle division secured the number one exit position in L5 electric three-wheelers under the WEGO brand.
What were the details of Bajaj Auto’s acquisition of KTM AG?
Bajaj Auto, via its wholly owned Netherlands subsidiary BAIH BV, deployed an €880 million restructuring debt and equity package in November 2025 to assume 100% control of BAIH AG (formerly Pierer Bajaj AG), which in turn owns 74.94% of listed holding entity Bajaj Mobility AG (BMAG), securing control over KTM AG.
What is the total vehicle manufacturing capacity of Bajaj Auto?
Bajaj Auto has a total installed manufacturing capacity of 7,200,000 units per annum across its Indian plants located in Waluj (3.72M), Pantnagar (1.80M), Chakan Plant-1 & Akurdi (1.38M), and Chakan Plant-2 (0.30M), alongside an international assembly facility in Manaus, Brazil (50,000 units).
How large is the captive vehicle financing business (BACL)?
Bajaj Auto Credit Limited (BACL) closed FY2026 with Assets Under Management (AUM) of ₹18,835 crore (approaching ₹19,000 crore), annual disbursements of approximately ₹15,000 crore, total income of ₹3,248 crore, and a Profit After Tax of ₹665 crore, operating with an ROE of 23%.
Official Site: https://www.bajajauto.com
