Overview
- Revenue rose 13.7% to Rs 14,922 crore and net profit climbed 23.7% to Rs 2,480 crore, with Ebitda at Rs 3,052 crore and margin at 20.5%.
- Overseas revenue increased 35% year on year, with demand from Africa, Asia and Latin America, as KTM and Triumph combined sales and exports grew about 70% to over 60,000 units.
- Bajaj resolved July–August EV motor magnet shortages by re-homologating with alternate materials, and Chetak regained leadership by October.
- Three-wheelers and commercial vehicles hit record volumes and revenue, electric CVs grew 1.5 times year on year, and the Riki e-rickshaw rolled out in four cities.
- Motilal Oswal reiterated Neutral with a target price of Rs 9,070, while CLSA kept Outperform at Rs 10,604, BofA stayed Neutral at Rs 9,300, and Jefferies maintained Hold at Rs 9,200, citing concern over 125cc-plus domestic share.