Bajaj Auto Q2 Results: Profit up 24%, revenue and margins beat estimates on robust product mix

Bajaj Auto Q2FY26 Results: Bajaj Auto Ltd on Friday reported better-than-expected earnings for the second quarter of FY26, driven by strong domestic demand and steady export volumes. The two-wheeler major’s profit and revenue both surpassed Street expectations tracked by the Zee Business Research team.

The company’s standalone net profit rose 23.6 per cent year-on-year to Rs 2,479 crore, compared to Rs 2,005 crore in the same quarter last year. The figure came slightly above Zee Business’ estimate of Rs 2,475 crore. The performance was supported by robust domestic demand, premium motorcycle sales, and healthy export momentum across key markets.

Revenue from operations grew 13.7 per cent YoY to Rs 14,922 crore, slightly above Zee Biz’s projection of Rs 14,715 crore. Operating profit (EBITDA) came in at Rs 3,051.7 crore, up 15 per cent YoY, surpassing the estimated Rs 3,000 crore mark. The EBITDA margin stood steady at 20.4 per cent, broadly in line with Zee Biz expectations.

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Operational highlights

Margin expansion of about 70 basis points sequentially was aided by favourable currency realisations and operating leverage, which offset cost inflation and higher marketing as well as R&D spends. The domestic business achieved record quarterly revenue, driven by premium motorcycles and double-digit growth in commercial vehicles.

The festive season, combined with GST rate adjustments, provided additional momentum to retail demand.

Exports and EV push

Exports registered a sharp 35 per cent year-on-year growth, buoyed by demand across Africa, Asia, and Latin America. The company also reported strong traction from its KTM and Triumph partnerships, selling over 60,000 bikes during the quarter—around 70 per cent higher than last year—helped by new launches like the Duke 160 and Thruxton 400.

On the electric side, Bajaj Auto said its EV portfolio continues to scale, having already contributed more than Rs 10,000 crore in cumulative revenue over the past two years, despite supply constraints.