External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>International Market: Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest-ever quarterly export revenue.</li><li>The company outpaced industry growth in its top 30 emerging markets, which collectively grew ~14% with Bajaj growing at 1.5x, indicating market share gains.</li><li>LATAM posted its best-ever quarter, led by Colombia and Mexico, while the Brazil subsidiary crossed 8,000 units in Q2 and is now profitable, supported by localised manufacturing. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

International Market: Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest-ever quarterly export revenue.The company outpaced industry growth in its top 30 emerging markets, which collectively grew ~14% with Bajaj growing at 1.5x, indicating market share gains.LATAM posted its best-ever quarter, led by Colombia and Mexico, while the Brazil subsidiary crossed 8,000 units in Q2 and is now profitable, supported by localised manufacturing. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

<ul><li>International Market: Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing power and premium mix benefits.</li><li>As per management, LATAM and Southeast Asia (apart from Nigeria, Africa) are in an upward cycle, and Brazil—a structurally tough market—is now showing clear traction (7,000 units).</li><li>Dominar, Pulsar 400Z, and KTM export momentum is expected to sustain. Capacity expansion in Brazil is expected to unlock the next leg of volume growth (50,000 units per annum). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

International Market: Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing power and premium mix benefits.As per management, LATAM and Southeast Asia (apart from Nigeria, Africa) are in an upward cycle, and Brazil—a structurally tough market—is now showing clear traction (7,000 units).Dominar, Pulsar 400Z, and KTM export momentum is expected to sustain. Capacity expansion in Brazil is expected to unlock the next leg of volume growth (50,000 units per annum). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto Ltd - Riding Multiple Growth Engines with Long-Term Strategic Clarity

<ul><li>The e3W industry grew ~60% YoY in FY25, and Bajaj’s market share increased from 17% to 33%.</li><li>Following the introduction of the GoGo brand, the e3W business now contributes 20% of commercial vehicle revenue.</li><li>In e2Ws, Chetak witnessed market share rising from 13% to 25% YoY, driven by the successful launch of the 35 Series in Dec’24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The e3W industry grew ~60% YoY in FY25, and Bajaj’s market share increased from 17% to 33%.Following the introduction of the GoGo brand, the e3W business now contributes 20% of commercial vehicle revenue.In e2Ws, Chetak witnessed market share rising from 13% to 25% YoY, driven by the successful launch of the 35 Series in Dec’24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial intervention to support the revival of KTM AG, a leading European motorcycle manufacturer facing liquidity distress.</li></ul><ul><li>Extended a secured term loan of €450 Mn (~Rs 4,365 Cr) to KTM AG.</li><li>Subscribed to €150 Mn (~Rs 1,455 Cr) worth of convertible bonds issued by Pierer Bajaj AG (PBAG), KTM’s holding company.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial intervention to support the revival of KTM AG, a leading European motorcycle manufacturer facing liquidity distress.Extended a secured term loan of €450 Mn (~Rs 4,365 Cr) to KTM AG.Subscribed to €150 Mn (~Rs 1,455 Cr) worth of convertible bonds issued by Pierer Bajaj AG (PBAG), KTM’s holding company.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto Ltd - Material Transaction – Bajaj Auto’s Strategic Intervention in KTM

<ul><li>Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market.</li><li>Latam export volumes grew over 40%, driven by premium models like Pulsar and Dominar, which accounted for 60% of sales; Asia was flat, and in Africa (Nigeria), retail sales stabilised at 35,000 units per month, with Bajaj’s market share at 55%.</li><li>The export volume is expected to grow in the mid-teens (despite concerns around KTM).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market.Latam export volumes grew over 40%, driven by premium models like Pulsar and Dominar, which accounted for 60% of sales; Asia was flat, and in Africa (Nigeria), retail sales stabilised at 35,000 units per month, with Bajaj’s market share at 55%.The export volume is expected to grow in the mid-teens (despite concerns around KTM).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest...

Axis Direct

Bajaj Auto Ltd - Riding Multiple Growth Engines with Long-Term Strategic Clarity

Q1FY26 exports touched an all-time high (~$500 Mn) in revenue terms despite volume still being ~20-25% below FY22 levels, highlighting pricing...

Axis Direct

Axis Punch: Bajaj Auto - 24th June, 2025

The e2W network stands at 310 Chetak Experience Centres and over 3,000 sales points. Further product line expansion is planned for FY26 to capture...

Axis Direct

Bajaj Auto Ltd - Material Transaction – Bajaj Auto’s Strategic Intervention in KTM

On 21st May, 2025, Bajaj Auto Limited’s wholly owned subsidiary, Bajaj Auto International Holdings BV (BAIH), initiated a decisive financial...

Axis Direct

Bajaj Auto Ltd - Earnings Miss Estimates; Valuations Fair

Revival in Exports Market: Q3FY25 reported 22.4%/16.3% YoY/QoQ volume growth in the exports market. Latam export volumes grew over 40%

Axis Direct

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