Transcript of the conference call held on 21 July 2026 of the Company''s Q1 FY27 results.

27 July 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 Q1 and FY27 results. Dear Sirs/Madam, Please find enclosed the transcript of the conference call held on 21 July 2026 in respect of the Company’s Q1 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 Q1 FY 2027 Results Conference Call” July 21, 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 20 Bajaj Auto Limited July 21, 2026 Moderator: Ladies and gentlemen, good evening, and welcome to Q1 FY 2027 Results Conference Call of Bajaj Auto Limited. My name is Neerav, and I will be your coordinator. As a reminder, all participant lines will be in the listen-only mode and there'll be an opportunity for you to ask questions after the initial remarks of the management. Should you need assistance during this conference call, please signal an operator by pressing * then 0 on your touchtone phone. Please note that this conference is being recorded. I'll hand the conference over to Mr. Anand Newar, Head, Investor Relations from Bajaj Auto Limited. Thank you, and over to you, Mr. Newar. Anand Newar: Thank you, Neerav. Good evening, everyone, and thank you for joining us for the call today. Welcome to Bajaj Auto's Q1 FY '27 earnings 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. Thank you. Over to you, sir. Rakesh Sharma: Thank you, Anand. Good evening, ladies and gentlemen, and welcome. Thank you all for joining in. So, quarter 1 has built further on the record-breaking financial year '26 by delivering the highest quarterly performance across all parameters. Volumes at 1.4 million, revenue of INR17,000 crores, EBITDA of INR3,500 crores and PAT of INR3,000 crores, along with EBITDA margins of 20.9%. I think all of these results beat most of your estimates. It was a tough quarter with RM inflation, supply chain and logistics disruptions as well as a ransomware attack, which you may have read about, but it was defended comprehensively and successfully. Though exercising abundant caution, we suspended operations for a few days to complete thorough checks and investigations. All of these above issues combined impaired availabilities by about 10% to 15%, more so in exports, high-end bikes and EVs. But for these disruptions, these business areas would have recorded an even better performance. And I would say that we were looking at crossing 1.5 million units this quarter, which got sort of hampered because of these issues. While all the BUs delivered handsome growth, I would like to call out the super performance of exports and EVs. Taken together, our electric two-wheeler and three-wheeler businesses delivered their largest ever quarter and are now at 30% of domestic revenues with double-digit EBITDA percentage. Electric mobility is a meaningful contributor to the company growth and profitability, opening up new segments, both in domestic and overseas markets. Let's get to the business units now. Exports business unit, the business unit established a new high of 7,32,000 units in the quarter and USD 735 million revenue in the quarter. The BU accounts for 40% of Bajaj Auto by revenue. Of the top 30 markets, which account for almost 80% of the industry, we continue to significantly outpace the industry growth by over 2x, thereby increasing our market shares very strongly in these important markets. Page 2 of 20 Bajaj Auto Limited July 21, 2026 Notably, exports growth was not just faster than the industry, but was broad-based across all the regions, except MENA, this is Middle East and North Africa, for obvious reasons, and was achieving superior price positions when compared to Q4. African markets did very well, growing by almost 50% and we grew by twice that rate. We doubled our retail in Africa, led by the new introduction last year of the upgrade of the Boxer 125, which is now called Boxer 125 Heavy Duty. Nigeria led the growth, being in a pre-election phase, which increases institutional sales. By our estimates, a disproportionate share of this expansion was captured by us, doubling retails year-on-year and delivering a market share of almost 60% in retail terms. The solid franchise of the Boxer brand and a wide footprint of retail and service network powered the performance. Latin American markets also grew, albeit at a slower pace than before. And here too, the performance was way, way above the industry, particularly in Mexico, which is the largest market in LatAm. The combination of the success of our high-end models, the NS series, the N250s, etcetera, a well-organized supply chain in Mexico, which gets the best tariffs at 3% and a wide distribution network continued to strengthen the competitive position in this key market, which is now amongst the top 5 markets of the world. Retails in Brazil clocked 50%-plus growth with a very healthy financial performance in the subsidiary. Our store count stands at 75 top-plus stores, and it continues to be expanded. The entire Latin American region is a very strong driver of not just our export performance in terms of volume and revenue, but also of corporate EBITDA now. The Asian industry was muted due to underperformance in the countries of Bangladesh and Nepal. And our objective was to protect market share and keep the dealer network strengthened. A series of launches were made in Philippines, along with establishment of exclusive motorcycle stores to serve the high-end motorcycle customer as part of our strategic thrust to build the personal motorcycling category over there through these new products and new stores. KTM motorcycle exports from India have revived after the disruption of past several quarters. In quarter 1, KTM exports from India grew by 20% plus, while the Triumph brand exports grew by 40% year-on-year. Three-wheeler exports delivered a record of 100,000 units, growing by almost 70%, commanding a dominant market share of over 65% of three-wheeler exports from India, and our growth of secular across regions in mature as well as nascent markets. Overall, the exports business, which like I said is 40% of our revenue, has established an outstanding growth momentum and we are looking at moving exports to beyond the 2,50,000 per month level this quarter and onwards. And as you will recall, we were, just a few quarters earlier, trying to knock at 2,00,000. Domestic two-wheelers, to capture some synergies, we have brought our electric two-wheeler business in the umbrella of the two-wheeler business unit. The two-wheeler industry turned in a resilient performance as registrations grew by 14% year-on-year in quarter 1, though much lower than the 25% growth of quarter 4, but under the circumstances, a very healthy performance. This growth was driven by EV scooters and the 150cc to 400cc segment of motorcycles. The 100cc and 125cc segments were flattish, r [Showing first 8,000 characters — download PDF for full document]