Two-wheeler makers see split export recovery in October-December quarter

Market-specific recovery patterns drove swings in overseas volumes in Q3

The third quarter (October–December/Q3) underscored a clear divergence in India’s two-wheeler (2W) export trajectory. While some manufacturers saw overseas volumes return to growth, others continued to contend with uneven and volatile demand across key international markets, reflecting an incomplete and market-specific recovery.

 

Industry experts say such volatility is inherent to the 2W export business, shaped by shifting political, economic, and competitive dynamics. What stands out, however, is the steady strengthening of Brand India in global markets.

 

“Beyond exports, Indian players have invested in overseas plants, final assembly operations, and global partnerships, reinforcing their long-term commitment and credibility. Despite short-term fluctuations, India’s 2W industry is steadily evolving from a low-cost exporter into a trusted mobility partner for emerging markets,” said Anurag Singh, managing director (MD), Primus Partners.

 

At Bajaj Auto, exports emerged as a clear bright spot. “Exports have come back strongly and crossed 200,000 units per month in Q3, which we are seeing for the first time in almost three years,” said Rajiv Bajaj, MD, Bajaj Auto. He added that the recovery was “broad-based across Latin America (LatAm), with Colombia and Brazil doing particularly well”, even as Africa remained mixed.

 

Bajaj said exports now contribute around 40 per cent of total volumes and that the company is “on track to deliver the highest-ever export revenue in dollar terms this year”, with the nine-month performance showing sustained momentum.

 

Bajaj’s exports rose 15.5 per cent year-on-year (Y-o-Y) to 1.42 million units in the first nine months of 2025-26 (FY26), compared with 1.23 million units in the same period last year, according to Society of Indian Automobile Manufacturers (Siam) data.

 

In contrast, Hero MotoCorp struck a more cautious note despite reporting growth. “Our global business volumes grew 41 per cent Y-o-Y in the quarter, but exports are still a relatively smaller part of our overall business,” said Niranjan Gupta, chief financial officer, Hero MotoCorp.

 

Gupta said the improvement was driven largely by product mix, adding that “premium motorcycles now account for close to 40 per cent of our export volumes”. Management observed that over the nine months to December, exports improved sequentially, but the recovery remained mixed-led rather than mass-market driven.

 

Hero reported a 48.2 per cent Y-o-Y jump in exports to 278,180 units during April–December FY26, up from 187,686 units a year earlier, according to Siam data.

 

At TVS Motor Company, management continued to flag caution on overseas markets. “Africa continues to be volatile, and demand visibility in several export markets remains limited,” said Sudarshan Venu, MD, TVS Motor Company.

 

Venu added that the company is “being very selective in export markets and is prioritising margins and cash flows over volume growth”. TVS said parts of LatAm and the Association of Southeast Asian Nations have shown early signs of stabilisation, but the nine-month trend points to a gradual and uneven recovery.

 

According to Siam data, TVS saw exports grow 34.7 per cent Y-o-Y to 1.05 million units in April–December FY26, compared with 777,622 units a year earlier.

 

Meanwhile, Eicher Motors reiterated that exports are not a near-term growth lever. “International volumes were lower Y-o-Y, even though we are seeing better retail traction in markets like Brazil and Argentina,” said B Govindarajan, MD, Eicher Motors, and chief executive officer, Royal Enfield.

 

He added that “exports are a long-term brand-building play for us, not a volume-led strategy”, with investments focused on launches and exclusive stores. Over the nine months to December, the company continued to expand its global footprint while maintaining that overseas markets remain strategic rather than earnings-driven.

 

Royal Enfield’s exports increased 33.6 per cent Y-o-Y to 99,210 units in April–December FY26, from 74,220 units a year earlier, according to Siam data.