Can you share the absolute EV revenue and export revenue numbers?
Export revenues were about USD 600 million for the quarter; EV revenue was about 25% of domestic revenue and the absolute number can be obtained from Anand after the call to leave time for other questions in the queue.
Is there an updated timeline on the new 125cc bike that was to be introduced this year, and is it fair to assume it's happening this year?
Yes there is an updated timeline but it cannot be shared yet, though it is a very important part of the portfolio and is happening - the launch conference will be called for in due course.
How big is PGM and copper as a percentage of RM cost?
The specific number is not available offhand as it is a very micro piece, but Anand will follow up to share the relative contribution of these inflating commodities to the total.
Which geographies are driving growth in the Export 3-wheeler business and how should we think about it going into FY27?
The growth is broad-based across many countries with several crossing 2,000 units per month and many above 1,000 units per month, with no single top 3-5 to call out. The strategy is to drive depth in existing territories while seeding at least half a dozen new markets, where it typically takes at least 2 years to scale a market from zero.
Can you share the names of the top 3 or 5 export 3-wheeler countries?
There are no top 5 - there are top 25 countries between 1,000 and 2,500 units including Guatemala, Honduras, Philippines, Afghanistan, Ghana, Nigeria, totalling about 20 countries, so naming a few would not give much joy.
Given exports are only 5-6% off the previous peak with 20% YTD growth, do you see your domestic motorcycle volume converging to mid-teens industry growth versus current low single digits via market share recovery efforts?
The aspiration is definitely to deliver double-digit growth and watch the space on Monday for January numbers. Bajaj's portfolio had become jaded relative to newer competitor launches; the parity restoration program has commenced in earnest with green shoots already visible across better features, performance, aggregates, colour and graphics.
As part of the KTM turnaround plan, can you indicate areas of synergy and how would India play a role - would more production happen in India?
Bajaj must be careful given Bajaj Mobility is a listed company in Austria/Vienna; the full 360-degree plan with the new Executive Board covers organization, sharpening portfolio across KTM/Husqvarna/GASGAS, distribution and go-to-market synergies, end-to-end cost rewiring, liquidity unlock and R&D/design/styling capabilities. It is still early days having taken control only at end-November and synergies for both organizations will be found through this work.
What is the read on the domestic motorcycle market post GST cut, is the 6-8% medium-term forecast still valid or is there upside, are customers upgrading to premium, and how do you see market share evolving over the next 2 years?
Based on December and emerging January numbers, motorcycle industry growth could sustain at 12-15% over the next few months, with 3-4 percentage point premium for the top half segments, though inflation in fuel/rentals/food could be a spoiler. Market share aspiration in 125cc+ remains intact - after taking a hit in Q4FY25 and Q1FY26 due to asymmetric product cycles, 7 Pulsar interventions have been completed since Diwali with 8 more planned over the next 4-5 months across OG, N-series and NS-series, which should galvanize share acquisition in the 150cc+ heartland.
What is the export growth outlook for the remainder of this year and next year, which key markets will drive it, and any update on Mexico given potential duty advantage?
Q4 should turn in 200,000+ units per month and growth tempo should continue, though emerging market disruptions like banning, tariffs, currency devaluation and shipping issues are a way of life. Bajaj sells in 108 countries treating each market with full attention; the top 30 countries account for 75% of industry and market share will grow in each, with the sources of growth now broad-based.
Beyond a couple of quarters and looking 2-3 years out, is there a need to introduce more brands within the portfolio beyond Pulsar to achieve the medium-term market share aspiration, including the discussed 125cc brand?
Yes, there is certainly need for a brand in the 125cc segment with plans afoot, and Dominar (small in India but successful in Latam, Turkey, Brazil) has good opportunity to expand internationally given Bajaj sells more 250cc+ bikes in Mexico than India. The pipeline is rich - new formats like on-off/off-roading, possibly through new brands or by reviving existing dormant brands like Chetak was revived.
Can you share more colour on the salience of inflating commodities like precious metals, copper and aluminium, and where should we focus more on in terms of impact?
Bulk of inflation continues to be on Noble Metals (double digit) with copper inflating significantly between Q3 and Q4, while other metals are low single digit but still inflating; Bajaj tries to lock in negotiated commodities for the quarter. The 50-60 bps original estimate stands and pricing has been taken for half, with other levers like currency and EV mix improvements helping cover the balance.
Is the 50-60 bps metal inflation guidance for Q4 inclusive of currency tailwind or excluding it?
The 50-60 bps is pristine material cost inflation excluding currency. Q3 had similar magnitude inflation absorbed by currency tailwind since pricing was deferred, and Q4 has begun with pricing absorbing about half of the commodity inflation.
Why has other operating income increased sharply on a sequential and YoY basis, and has the PLI bracket moved from 13 to 16 or 18?
Step-up was driven by export incentives, increased royalty on BGO, and higher PLI given strong electric business growth (with material contribution from higher-ASP Electric 3-wheelers); Bajaj is now operating on the highest bracket of the PLI incentive.
Did I hear correctly that you are looking to do 200,000 units monthly run rate on exports in Q4, given that Q4 is historically a seasonally slower quarter?
Yes that is the goal, with the only caveat that March is a very short month from an exports perspective since the close happens earlier and there are fewer days to manage shipping; nevertheless, 200,000+ is looking achievable.
Given growth and currency tailwinds, is it fair to say that you have many more levers than just pricing to offset the 50-60 bps and may not necessarily need to take care of the remaining 50% through pricing to maintain margins?
Absolutely correct - Bajaj has never been singularly dependent on pricing in a competitive growth-share market. Currency tailwind, PLI cushioning electric growth, and the now double-digit margin on overall electric portfolio all contribute, with pricing being just one part of margin management alongside mix and improving electric unit economics.
On BACL, what is driving the strong INR200 crore quarterly PAT and superior profitability profile, and given current capital adequacy do you envisage continuing to invest in this business going forward?
The October INR300 crore Tier-2 infusion is the last needed for BACL going forward. Strong results are driven by ready access to the entire dealer network as a captive subsidiary plus a digital-first low-feet-on-street cost structure that is clearly industry leading and lower than comparable peers.
Can you share the dollar realization for the quarter on exports, and on commodities, is the 50-60 bps Q4 impact benchmarked to current commodity prices or will today's prices hit in the June quarter given the typical 1 quarter lag?
Dollar realization was 88.3 versus 87.1 prior quarter and 84.3 a year ago. The 50-60 bps is for current Q4, estimated at start of quarter as a function of negotiated locked-in metal rates plus team estimation for the rest of the quarter.
How has been the initial feedback on Riki E-Rickshaw and E-Cart, what is the current volume, FY27 potential and target number of cities by year-end?
Initial product acceptance has been very good, expanded from 4 to about 40 towns in North/Northeast in seeding mode; no FY27 number target as the focus until April-May is observing acceptance and crafting a playbook. The real objective is to learn how to upgrade customers from the much cheaper lead-acid (90% of the 45,000 unit market) to lithium-ion before scaling up.
Would you also be looking at a swappable battery option?
Bajaj is looking at swappable options for both 3-wheelers and 2-wheelers, but not specifically only for E-Rick - it is a separate development exercise that is underway.
Is the electric 2-wheeler EBITDA margin profitable as of now?
Yes, EBITDA breakeven for electric 2-wheelers has been achieved.