Bajaj Auto Q2 Preview: Profit, revenue to rev up on premium, export push

Brokerages expect Bajaj Auto to post healthy Y-o-Y growth in Q2, driven by higher volumes, improved product mix with a greater share of premium bikes & 3-wheelers, & favourable currency movement.

Bajaj Auto Q2 Preview: Two -and three wheeler behemoth Bajaj Auto is likely to announce its September quarter of financial year 20265 (Q2FY26) results today, November 7, 2025. 

 

Brokerages expect Bajaj Auto to post healthy Y-o-Y growth in Q2FY26, driven by higher volumes, an improved product mix with a greater share of premium bikes and 3-wheelers, and favourable currency movement. 

 

Revenue growth is projected between 7-13 per cent Y-o-Y, while Ebitda is seen rising 7-14 per cent Y-o-Y, analysts predicted. Margins are likely to remain stable or slightly expand on better mix and cost control. PAT is expected to grow 13-19 per cent Y-o-Y. Key monitorables include demand outlook, export trends, and launch timelines.

Meanwhile, here’s what top brokerage predict ahead of Bajaj Auto Q2 Results:

Nuvama

 

According to Nuvama analysts, volume growth, higher share of >125cc models and 3Ws, along with a favourable USD-INR rate, are expected to drive Y-o-Y revenue growth. Ebitda margin is likely to expand slightly on improved gross margins. Key monitorables include demand outlook and upcoming product launches.

 

Thus, the brokerage expects revenue to rise 13 per cent Y-o-Y to ₹14,869.4 crore, Ebitda up 14 per cent Y-o-Y to ₹3,027.4 crore, and adjusted PAT up 13 per cent Y-o-Y to ₹2,500.1 crore.

Axis Securities

 

Analysts at Axis Securities said revenue is expected to grow by ~7 per cent Y-o-Y / 12 per cent Q-o-Q, supported by a 6 per cent Y-o-Y / 17 per cent Q-o-Q increase in overall volumes and a mild improvement in ASPs, led by higher 2W and CV export volumes. Ebitda margins are seen muted Y-o-Y but improving 46 bps Q-o-Q, aided by a richer product mix and cost control.

 

Hence, Axis estimates revenue up 7 per cent Y-o-Y to ₹14,047 crore, Ebitda up 6.9 per cent Y-o-Y to ₹2,834 crore, Ebitda margin at 20.2 per cent, and PAT up 17.4 per cent Y-o-Y to ₹2,355 crore.

SMIFS Limited

 

Those at SMIFS noted, volumes grew 6 per cent Y-o-Y, driven by strong export growth offsetting weak domestic sales. Export mix improved 630 bps Y-o-Y to ~43 per cent, while 3W mix rose 198 bps. Realisations are expected to improve ~5 per cent Y-o-Y on a better product mix, supporting ~12 per cent revenue growth Y-o-Y. Ebitda margin may contract ~30 bps Y-o-Y but expand 18 bps Q-o-Q, aided by mix improvement and currency tailwinds.

 

Accordingly, SMIFS projects revenue up 11.7 per cent Y-o-Y to ₹14,664.4 crore, Ebitda up 10.1 per cent Y-o-Y to ₹2,919.1 crore, Ebitda margin at 19.9 per cent, and PAT up 18.9 per cent Y-o-Y to ₹2,383.6 crore.