Record start to FY27: Bajaj Auto standalone PAT +42% YoY to ₹2,983 Cr, EBITDA margin 20.9%

Bajaj Auto opened FY27 with a record standalone quarter — revenue from operations ₹17,244 Cr (+37% YoY, +8% QoQ) and PAT ₹2,983 Cr (+42% YoY), both all-time highs and comfortably ahead of the street, which had modelled roughly ₹16,400-16,800 Cr revenue and ₹2,500-2,760 Cr PAT (Choice, Axis Direct). The consolidated headline is far larger — revenue ₹21,689 Cr and PAT ₹3,189 Cr (₹3,226 Cr to owners; EPS ₹115.5) — but is NOT comparable to prior periods: from this quarter the group consolidates KTM AG and Bajaj Mobility AG line-by-line following the 18 Nov 2025 acquisition of control in BAIHAG (previously equity-accounted), reported with a one-quarter lag. The company itself flags non-comparability, so the +65% consolidated revenue print is largely the KTM addition, not organic growth; standalone is the clean read.

Standalone EBITDA margin expanded to 20.9% (+110 bps YoY, +10 bps QoQ) even though management had guided on the Q4 call for commodity inflation of 3.5-4% of revenue — favourable USD/INR realisation, richer mix and operating leverage more than offset it, corroborating the press release's claim of a 'Strong Start to FY27 / Record Performance.' Growth was broad-based: domestic revenue +26% YoY with EV now ~30% of the domestic business (near double last year) and Chetak at record volumes, revenue and profitability, while exports had their biggest-ever quarter — over 700K units, ~244K/month — clearing the >220K/month export target set on the last call, with Africa up >2x YoY (Nigeria 3x) and LATAM strong. Premium KTM+Triumph domestic revenue grew 60% YoY.

The stock went into the print at ₹10,530, up 4.6% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

The cost of the KTM consolidation shows in the group P&L: the franchise is still loss-making, contributing a ₹36.88 Cr loss attributable to non-controlling interests and a ₹3.43 Cr share-of-associate loss, which is why consolidated NPM (~14.7%) sits below both standalone (17.3%) and the year-ago consolidated 16.2% — an optical compression from folding in a lower-margin, loss-making business, not a deterioration in the core. Separately, the ₹5,632.8 Cr buyback (4,694,000 shares at ₹12,000, tendered 1-7 July, paid 14 July 2026) will shrink the equity base going forward; the quarter still threw off >₹2,300 Cr of free cash flow (~80% PAT conversion) with surplus funds above ₹21,000 Cr.