Bajaj Auto posts 8% YoY growth in total sales for November; shares trade flat

Shares of Bajaj Auto traded 0.5% higher after the company announced its November business updates. The shares rose 0.6% to ₹9,129 apiece on the NSE on Monday. The shares are up nearly 7% in 2025 on a YTD basis, while 3.2% higher on an annual basis.

The company reported steady growth in overall sales for the month at 8% as exports continued to outperform the domestic market. In the two-wheeler segment, the domestic sales growth remained flat at 202,510 units vs 203,611 units in the same month previous year. While the export market grew by 8% YoY to 177,204 units.

The commercial vehicle segment posted robust growth at 21% YoY in the domestic market and 75% in the export market, which boosted the overall commercial vehicle segment growth of 37% for November.

Overall, Bajaj Auto’s domestic sales growth, including two-wheelers and commercial vehicles, stood at 3%, while exports grew strongly by 14% YoY for the same month. Auto sales numbers are in focus after the new GST rate rationalisation reduced the GST rates for two-wheelers and four-wheelers.

On a YTD basis, the total two-wheeler sales stood at 28.3 lakh units, up by 3% YoY. While the commercial vehicle sales stood at 5.3 lakh units vs 4.5 lakh units in the same period last year. Overall sales of commercial vehicles and two-wheelers stood at 33.7 lakh units for 2025 till date.

In the latest quarterly results, the total sales for the Q2FY26 grew by 19% YoY to ₹15,734 crore, as against ₹13,247 crore in the same period last year. The EBITDA for the quarter also jumped 30% YoY to ₹3,486 crore, with an EBITDA margin of 22% which expanded by 200 basis points. Lastly, the net profit for the quarter jumped 40% YoY to ₹2,756 crore.