Guidance ledger · Q4 FY26

Bajaj Auto Ltd BAJAJ-AUTO

3 revisions on record · 1 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Domestic motorcycle industry growth outlook Q3 FY26 → Q4 FY26

~~12% to 15% (Q3FY26)~~ → 7% to 9% in the near term (Q4FY26)

“This is bound to slow down the mot orcycle category from its rocking 20% growth in Q4 to we estimate 7% to 9% in the near term.”

↔ widened Commodity inflation impact on revenue Q3 FY26 → Q4 FY26

~~50 to 60 basis points (Q3FY26)~~ → 3.5% to 4% of revenue (Q4FY26)

“Taken together, we are currently estimating a material cost inflation impact of approximately 3.5% to 4% of revenue.”

↑ raised Exports monthly run-rate target Q3 FY26 → Q4 FY26

~~200,000 units per month (Q3FY26 actual)~~ → 220,000 units per month (Q1FY27 target)

“We are looking at moving the exports needle to 2,20,000 units per month this quarter, up from the 2,00,000 levels.”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.