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

Uneven demand led to volatile two wheeler exports in Q3FY26

The October–December quarter underscored a clear divergence in India’s two-wheeler 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 believe such volatility is inherent to the two-wheeler export business, shaped by shifting political, economic and competitive dynamics. What stands out, however, is the steady strengthening of ‘Brand India’ in global markets.

Indian two-wheeler makers expand overseas footprint and partnerships

“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 two-wheeler industry is steadily evolving from a low-cost exporter to a trusted mobility partner for emerging markets,” said Anurag Singh, Managing Director, Primus Partners.

 

Bajaj Auto exports cross 200,000 units a month in Q3

At Bajaj Auto, exports emerged as a clear bright spot. “Exports have come back strongly and have crossed 200,000 units per month in Q3, which we are seeing for the first time in almost three years,” said Rajiv Bajaj, Managing Director, Bajaj Auto. He added that the recovery was “broad-based across Latin America, 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 to 1.42 million units in the first nine months of the financial year (FY26), compared with 1.23 million units in the same period last year as per Society of Indian Automobile Manufacturers (Siam) data.

Hero MotoCorp reports growth but recovery remains mix-led

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

Gupta noted that 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 said that over the nine months to December, exports have improved sequentially, but the recovery remains mix-led rather than mass-market driven.

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

TVS Motor flags continued volatility in Africa export markets

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, Managing Director, TVS Motor Company.

Venu further 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 Latin America and Asean have shown early signs of stabilisation, but the nine-month trend points to a gradual, uneven recovery.

As per Siam data, TVS Motor saw its exports grow 34.7 per cent year-on-year to 1.05 million units in the April–December FY26 period, compared with 777,622 units last year.

Royal Enfield sees exports as long-term brand-building strategy

Meanwhile, Eicher Motors reiterated that exports are not a near-term growth lever. “International volumes were lower year-on-year, even though we are seeing better retail traction in markets like Brazil and Argentina,” said B Govindarajan, Managing Director, Eicher Motors and CEO, Royal Enfield.

He also emphasised that “exports are a long-term brand-building play for us, not a volume-led strategy,” with investments focused on new 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 year-on-year to 99,210 units in April–December FY26, from 74,220 units in the year-ago period according to Siam data.