Bajaj Auto: Record sales but commuter share slips to 15.6%

Bajaj Auto posted another year of record revenue and volumes, yet its domestic commuter motorcycle market share slipped from 16.6% to 15.6% during FY2026, according to the company's annual report. That tension – growth in premium, electric and export lines versus pressure in the entry-level commuter segment – frames the strategy for the year ahead.

Standalone revenue hit ₹58,732 crore, consolidated revenue nearly ₹63,000 crore. Vehicle sales crossed 5.1 million units for the first time, export volumes reached a record 2.25 million units, and surplus cash stood at ₹18,137 crore after capital expenditure, strategic investments and shareholder payouts. The cash position gives Bajaj Auto a long runway for product development and potential acquisitions, including the KTM turnaround.

The company's product strategy hinges on models above 125cc, which now account for 77.5% of motorcycle volumes. During FY2026, Bajaj Auto refreshed the Pulsar range, introduced the KTM Duke 160 and RC 160, expanded Triumph's Modern Classics portfolio with the Thruxton 400, and rolled out nearly 80 KT Showrooms. The Pulsar franchise alone generated ₹11,000 crore in domestic revenue and ₹16,500 crore globally. KTM and Triumph together posted record domestic sales of more than 1.3 lakh motorcycles. Chairman Niraj Bajaj said the KTM turnaround is "well underway."

Electric mobility is the fastest-growing business line. Chetak recorded its highest-ever annual sales of more than three lakh units, crossing seven lakh cumulative units despite supply disruptions caused by China's rare-earth magnet export restrictions. Bajaj Auto Technology responded by redesigning motors using light rare-earth magnets and developing alternative sourcing. The company also launched the cheaper Chetak C25, expanded to more than 500 experience centres and over 4,000 customer touchpoints, and ended the year with a 20.7% share of the electric scooter market.