AI-generated · cited to primary sources · not investment advice
Bajaj Auto (532977) Nov 2025 Filing Analysis
Does management do what it says?
The company has secured almost all regulatory approvals and has served notices to exercise call options to move to 100% shareholding in Pierer Bajaj, which holds 75% in Pierer Mobility. (3 met, 1 in progress across 4 tracked commitments)
“Maybe the last couple of Rs. 100 crores, between Rs. 200-Rs. 300 crores is what it will need from here onwards to get to a path of being able to sustain its own future growth.”
The company is working on building organic margins for electric three-wheelers to replace PLI benefits by March 2028. — target: organic margin replacement
“hopefully, by the time PLI gets phased out in March of 2028, the benefits of that work stream will start to play out... to build margin on the back of very strong cost rationalization programs.”
See the full cited Management analysis of Bajaj Auto
How durable is the business?
The EV portfolio (Chetak and E-autos) has reached a double-digit EBITDA margin for the first time, despite supply chain constraints causing a 50% shortfall in planned volumes for Chetak. (1 expanding)
“But what I do want to use the opportunity to call out is the fact that on the electric portfolio... in this quarter, we have hit a double-digit margin, EBITDA margin.”
Exports reached an all-time high in revenue and volume, growing 24% YoY. Growth is diversifying away from Nigeria toward LATAM (Colombia/Mexico) and other emerging markets. (1 expanding)
“The BU grew volumes by 24% in Q2 with exports of over 550,000 units. This delivered the highest ever quarterly revenue from exports.”
See the full cited Business Model analysis of Bajaj Auto
Where does growth come from?
The EV portfolio (Chetak and 3W) is showing a steady upward trend in financial contribution, now hitting double-digit EBITDA margins despite recent supply chain constraints. (1 steady across 1 signal)
“These collectively delivered almost 20% of domestic revenue but more importantly a double-digit EBITDA percentage in Q2.”
See the full cited Future Growth analysis of Bajaj Auto
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