Analysts/Institutional Investor Meet/Con. Call Updates

02 November 2026 To To Corporate Relations Department. Corporate Listing Department. BSE Limited National Stock Exchange of India Ltd. 1st Floor, New Trading Ring Exchange Plaza, 5th Floor Rotunda Building, P J Tower Plot No.C-1, G Block Dalal Street, Fort, Mumbai 400 001. Bandra-Kurla Complex Bandra (East), MUMBAI 400 051. BSE CODE: 532977 NSE CODE: BAJAJ-AUTO Subject: Transcript of Conference Call held in respect of the Company’s Q2 and FY27 results. Dear Sirs/Madam, Please find enclosed the transcript of the conference call held on 27 October 2026 in respect of the Company’s Q2 and FY27 results. The transcript is also hosted on the Company’s website at https://www.bajajauto.com/investors/financial-and-operational-performance Kindly take this on record. Thanking you, Yours faithfully, For Bajaj Auto Limited Rajiv Gandhi Company Secretary and Compliance Officer ACS 11263 Registered Office Akurdi Pune 411035 India CIN L65993PN2007PLC130076 investors@bajajauto.co.in “Bajaj Auto Limited Q2 FY2027 Results Conference Call” October 27, 2026 MANAGEMENT: MR. RAKESH SHARMA – JOINT MANAGING DIRECTOR – BAJAJ AUTO LIMITED MR. DINESH THAPAR – CHIEF FINANCIAL OFFICER – BAJAJ AUTO LIMITED MR. ANAND NEWAR – HEAD, INVESTOR RELATIONS – BAJAJ AUTO LIMITED Page 1 of 21 Bajaj Auto Limited October 27, 2026 Moderator: Ladies and gentlemen, good evening, and welcome to Q2 FY2027 Results Conference Call of Bajaj Auto Limited. My name is Dorwin, and I will be your coordinator. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the initial remarks from management. Should you need assistance during the conference call, please signal an operator by pressing * then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anand Newar, Head, Investor Relations from Bajaj Auto Limited. Thank you, and over to you, sir. Anand Newar: Thank you, Dorwin. Good evening, everyone, and festive greetings to all. Thank you, everyone, for joining for the call today. Welcome to Bajaj Auto's Q2 FY27 Earnings Conference Call. On today's call, we have with us Mr. Rakesh Sharma, Joint Managing Director; and Mr. Dinesh Thapar, Chief Financial Officer. We will begin our call with the opening remarks from Rakesh on the business and operational performance for the quarter, followed by Dinesh, who will take us through the financial highlights. We will then open the forum for Q&A. Over to you, sir. Rakesh Sharma: Thank you, Anand. Good evening, ladies and gentlemen, and welcome to the quarter 2 earnings call. Thank you very much for joining us. I'm delighted to say that the Q2 performance has built further on the record performance of Q1. It was a festival of records in Q2, 5 of them at the corporate level, highest ever volumes, revenue, EBITDA, PAT, and free cash flow. I'm sure Dinesh will delightfully dissect these for you later. The operating environment was difficult with inflationary pressures, logistic complexities, and capacities getting challenged for high-end bikes, exports and EVs. However, some deft management ensured the record outcomes. Before we get into the BU discussion, a quick word on key organizational changes at the front end. We have considerably strengthened the leadership of our international and domestic business to drive growth and ensure robust execution. The exports business has been till now led by our President. This position has been upgraded to the Chief Business Officer level, and 4 new President level positions have been created to drive Africa, Asia, LatAm, and advanced markets. Similarly, in the domestic operations, the motorcycle and Chetak business have been brought together into one new business unit, the 2-wheeler business unit. This will also be led by a CBO. And the India market has been divided into 2 halves, India 1 and India 2, with each being led by a President level position. In the back end as well, for procurement, for operations, and in R&D, similar appointments have been made. Almost all appointments are now done, and the new organization is in play. Now let me get into the BU level discussion, starting with exports. The BU crossed its highest ever volume of 7.8 lakh units in Q2, a growth of 41% year-on-year. This is the second consecutive quarter above 7,00,000 units. We continue to grow well ahead of the industry across all the regions in Q2. In Africa, the motorcycle industry grew about 35% year-on-year, while other motorcycle exports grew 83%. In Latin America, including Brazil, the industry grew about 12%, while we grew 44%. In Asia, which includes South Asia and ASEAN, the industry declined by about 7%, while our volumes grew 5%. In Middle East and North Africa, the industry Page 2 of 21 Bajaj Auto Limited October 27, 2026 declined about 29%, and our volumes were also down 24%. So, this signals a handsome gain in market share almost all around. In the largest market of Nigeria, retails were at 30,000 units AVPM level, which is a very big growth over the same period last year and delivered a record market share of almost 60%. Even though this was a very handsome growth, the retails are still only at 60% level of the previous peak. The new Boxer 125 heavy-duty upgrade introduced in Africa in early FY26, continues to scale up quite smartly with exports up by 50% plus, and it has been instrumental in driving the Africa growth ahead of the market. In the all-important sports segment of Latin America, which is 150cc and above, our exports grew by 50%, leading to being the Number 1 in the S1, which is the 150 to 250cc segment. 3-wheeler exports did very well, too, crossing 1 lakh units in the quarter and also growing at 41% in H1. 2-wheeler exports from India grew 32% in H1 as per SIAM data. Bajaj Auto grew 47%, almost 1.5x the industry. Our market share in 2 two-wheeler exports from India has increased from 44% in FY26 to 48% in H1. And in 3-wheelers, it has gone up from 60% to 63%, which means almost 1 in every 2-wheelers and 2 in every 3-wheelers exported from India carries a Bajaj badge. Overall, the exports business has jump shifted and sustained performance at high levels, moving up from 6,00,000 units per quarter levels last year to 7,50,000 units per quarter this year. We expect to sustain this going forward. Getting into domestic 2-wheelers. First of all, I will make a few comments on industry behaviour and early festive indications. Given the sharp up and down movements caused by the announcement of the GST last year as well as the pent-up demand, we prefer to understand the industry movement through a longer view instead of a weekly, monthly or quarterly comparison. Hence, April to August for the past and September to December for the festive period. Since last year's base, the festive has commenced on 22nd September. So therefore, we like to break the year in the halves of April to August and September to December. The 2-wheeler industry, including electric scooters, demonstrated healthy YoY growth of 18% in April to August. The 150cc segment and the EV scooter segment grew much higher than the industry average and drove most of this growth. In the September to December period, we expect growth to continue to be in double digits, but it may not be as much as the April - August period due to the base effect. In general, the festive period is 1.25x the pre-festive period, meaning September to December is 1.25x the April to August period. Last year, this bucked the trend and the ratio was almost 1.4 due to the GST impact. Some positive impact of the GST still continues. And therefore, we expect the September to December period to be better than the usual 1.25x. And that's why I made the comment that we expect the September to December period also to be in double digits but may not be the 18% in the April to August period. Of course, we have to wait and watch. In the immediate 16 days of the festive, 2- [Showing first 8,000 characters — download PDF for full document]