AI-assisted research analysis by FutureKnowledge. Sources checked 27 October 2026. This is not investment advice.
Reviewed by FutureKnowledge: figures, dates and attributions were checked against the linked sources before publication.
Bajaj Auto’s Q2 FY27 standalone net profit rose 35% to ₹3,354 crore, and revenue crossed ₹20,000 crore in a quarter for the first time, as exports jumped about 40% and electric vehicle sales more than doubled. The board approved the results on Tuesday, 27 October, according to the company’s exchange filing.
The quarter beat analyst forecasts on both revenue and profit, and it contrasts with the margin pressure seen at some other Indian vehicle makers this results season.
Bajaj Auto Q2 results: the key numbers
| Metric (standalone) | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | ₹20,003 crore | ₹14,922 crore | +34% |
| EBITDA | ₹4,172 crore | ₹3,052 crore | +37% |
| EBITDA margin | 20.9% | 20.5% | +40 bps |
| Net profit | ₹3,354 crore | ₹2,480 crore | +35% |
| Vehicle sales | 15,48,884 units | 12,94,120 units | +20% |
The figures come from The Free Press Journal and match Business Today, which gave EBITDA as ₹4,171 crore. The Free Press Journal cited an Informist poll of 20 analysts that expected revenue of ₹19,085 crore and profit of ₹3,178 crore. Actual revenue was about 5% above that and profit about 6% above.
For the first half of FY27, standalone revenue rose 35% to ₹37,247 crore and net profit rose 38% to ₹6,337 crore, the same report said.
Consolidated figures differ by source
Consolidated revenue, which includes subsidiaries, was about ₹25,125 crore, up roughly 60% from ₹15,735 crore, according to Upstox and Lapaas Voice. The two disagree on consolidated profit: Upstox reported ₹3,384 crore (up 59%), while Lapaas Voice reported ₹3,436 crore (up 62%), against ₹2,122 crore a year earlier. The difference may reflect different profit lines, such as total profit versus the share attributable to shareholders, but the text of the filing available to FutureKnowledge did not let us confirm which. This article therefore focuses on the standalone business, where sources agree. Upstox put the consolidated EBITDA margin at 19.7%, below the standalone level.
Why Bajaj Auto’s profit rose
Three drivers stand out in the reports.
- Exports: export revenue rose more than 40%, and export volumes were 7,78,528 units, up about 41%, according to Lapaas Voice. Africa nearly doubled its billings, and Latin America posted its best sales on record, The Economic Times reported.
- Electric vehicles: EV sales reached about 2 lakh units, up from 82,000 a year earlier, and now account for about one-third of domestic revenue, The Economic Times and Business Today reported. Chetak electric scooter revenue crossed ₹2,000 crore in the quarter. Lapaas Voice gave a lower year-ago base of 62,000 units; we use the figure reported by the two larger outlets.
- Pricing and currency: the company credited currency tailwinds, operating leverage and cost control for the margin gain, Business Today reported. A weaker rupee raises the rupee value of export sales.
Domestic revenue grew about 30%, a record quarter, according to The Economic Times and Business Today. Domestic volumes grew more slowly than exports; Lapaas Voice put domestic sales at 7,70,356 units. KTM and Triumph domestic revenue rose 45% on volumes above 40,000 units, The Economic Times reported. Free cash flow was about ₹4,000 crore, a quarterly record, and surplus funds stood at about ₹15,500 crore.
Bajaj Auto shares and the wider auto sector
Bajaj Auto shares closed at ₹10,377, about 3% higher, giving a market value of about ₹2.85 lakh crore, Business Today reported. The filing shows the board meeting ended at 3:10 pm, just before the market closed, so much of the move came ahead of the numbers.
The quarter stands out against Maruti Suzuki’s Q2 results, where profit fell 27%. The difference reflects business mix: Bajaj earns about half its volumes abroad, while car makers depend more on the domestic market and face different cost pressures.
Exposure varies by business type, as a general pattern:
- More exposed to a reversal: companies whose growth relies on exports to Africa and Latin America, where currency swings and import rules in buyer countries can change demand quickly.
- Less exposed: makers with a balanced domestic and export mix and large cash reserves, which can absorb swings in either market.
- Supply chain: component suppliers for electric scooters and three-wheelers benefit from higher EV volumes, but the company said EV supply remained constrained.
Indian automakers with overseas operations are also under scrutiny, as seen in our coverage of Tata Motors’ Iveco bid.
Scenarios to watch
The table below shows conditional scenarios, not predictions.
| If… | Then a likely consequence is… |
|---|---|
| Export growth in Africa and Latin America holds near 40% | Standalone margins could stay around 20% even if domestic demand slows |
| The rupee strengthens against the dollar | Part of the currency gain behind the margin rise would reverse |
| EV supply constraints ease | EV volumes and their share of domestic revenue could rise further |
| Input costs keep rising with higher commodity and oil prices | Price increases may be needed to defend the 20.9% margin |
What to watch next
- The earnings call and the full press release, for detail on the consolidated results and subsidiary performance.
- Monthly sales data for October and November, which cover the festive season.
- Two-wheeler results from rival makers, to see whether export and EV gains are industry-wide.
Bottom line
Bajaj Auto’s September quarter combined record revenue, a slightly higher margin and strong cash generation, driven mainly by exports and electric vehicles rather than the domestic motorcycle market. The main open question is the consolidated profit figure, which outlets reported differently.
Method note: This analysis compared Bajaj Auto’s NSE filing with reporting from The Free Press Journal, Business Today, The Economic Times (via inkl), Upstox and Lapaas Voice. Standalone figures were consistent across sources. Conflicts on consolidated profit (₹3,384 crore vs ₹3,436 crore) and the year-ago EV base (82,000 vs 62,000 units) are noted in the text. The company’s results statements were not available as readable text, so consolidated figures are attributed to the outlets that reported them.