Rajiv Bajaj: Exports, EVs will drive Bajaj Auto growth next year

Bajaj Auto expects exports to remain the primary growth engine, with monthly shipments likely to move toward 250,000 units from the start of the next financial year, Managing Director Rajiv Bajaj said. Strong recovery in Africa and rapid expansion in Latin America are driving volumes, even as global trade uncertainties persist.The company is also positioning itself as a major electric vehicle (EV) player, targeting a higher market share in both electric two-wheelers and three-wheelers while benefiting from production-linked incentives (PLI). Bajaj said improving scale, export competitiveness and new trade agreements could support sustained growth over the coming year.

Bajaj Auto’s market capitalisation is around ₹2,73,766.73 crore, and its shares have gained nearly 16% over the past year.
These are edited excerpts of the interview.

Q: Exports were the big highlight for Bajaj Auto last quarter, the October-December quarter of 2025 (Q3FY26). Do you expect this momentum to continue?

A: Yes, exports have been our most standout vertical over the last quarter. As you mentioned, after a long time, we crossed the average of 200,000 vehicles per month in the last quarter, and we are set to repeat that in this quarter, the January-March quarter of 2026 (Q4FY26), and hopefully do even better next year. Let me just share some data points with you, starting with our oldest markets.

Also Read: Bajaj Auto sees export run-rate holding above 2 lakh units a month

Sri Lanka, for example, from complete collapse two years ago, is back to over 10,000 a month. Nepal, also very troubled in recent times, is now over 5,000 a month. Our biggest market, Nigeria, which used to average, at its best, 60,000 a month, had gone to zero and is now back to 30,000 a month consistently, and I believe it is looking at 35,000–40,000 a month in the near future.

We are doing very well in Kenya, Uganda, and the Democratic Republic of the Congo (DRC). But the star really is Latin America (LATAM), not just the older markets like Colombia and Central America, but the relatively newer ones, Mexico and Brazil, where we are now over 3,000 a month.
In January alone, we recorded sales in Latin America of over 50,000 motorcycles, mostly Pulsar and Dominar, and over 5,000 three-wheelers. I never thought this would happen, but it has.Q: Exports crossed 600,000 units in Q3. Should we expect similar numbers in Q4 and going ahead?

A: This quarter should be very similar, because the March accounting for exports ends by March 20th to ensure all documentation is available to close the books.

We will still finish at about 600,000, having done 215,000 in January. We should repeat that this month, and the balance will come in March.

From the first quarter, the April-June quarter of 2026 (Q1FY27), of next year, 2026-27 (FY27), we should certainly do better. With spillover from March into April, we should be heading towards 250,000 in April.

Q: The India-European Union (EU) free trade agreement (FTA) will give zero-duty access for two-wheelers. How significant is this for you?

A: I am very positive. European suppliers pursuing China-plus-one evaluated India, Thailand and Vietnam, and almost without exception, they say, if there is scale, you cannot beat India.

India is more competitive, even compared with China, in our industry, in both quality and cost. Because our business operates at tremendous scale, this deal will be very positive for the two-wheeler industry.

More to come…

Watch the interview in the accompanying video

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