Strategic expansion to strengthen global leadership
JSLโs three-pronged investment strategy, totaling INR57b, focuses on capacity expansion, downstream enhancement, and diversification: The investment (~INR57b) will increase the consol. installed capacity by 40% to ~4.2mtpa by FY27 from ~3mtpa currently. With the completion of ongoing capex, JSL is set to become one of the top five SS manufacturers globally. A) Indonesia JV a low-cost investment vs. greenfield expansion ๏ฎ JSL has entered into a JV to set up and operate a 1.2mtpa SMS in Indonesia, which is progressing well and expected to be commissioned by mid-FY26. This will increase JSLโs total melting capacity by 40% to 4.2mtpa. The total capex outlay is expected to be ~INR14.5b, with JSLโs share at ~INR7.1b, which translates into ~USD143/t as compared to global average of ~USD220-230/t for an equivalent greenfield expansion globally.
JSLโs three-pronged investment strategy, totaling INR57b, focuses on capacity expansion, downstream enhancement, and diversification: The investment (~INR57b) will increase the consol. installed capacity by 40% to ~4.2mtpa by FY27 from ~3mtpa currently. With the completion of ongoing capex, JSL is set to become one of the top five SS manufacturers globally. A) Indonesia JV a low-cost investment vs. greenfield expansion ๏ฎ JSL has entered into a JV to set up and operate a 1.2mtpa SMS in Indonesia, which is progressing well and expected to be commissioned by mid-FY26. This will increase JSLโs total melting capacity by 40% to 4.2mtpa. The total capex outlay is expected to be ~INR14.5b, with JSLโs share at ~INR7.1b, which translates into ~USD143/t as compared to global average of ~USD220-230/t for an equivalent greenfield expansion globally.
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Volume growth with enhanced margins to drive earnings
๏ฎ The merger with promoter holding company, strategic JVs, and acquisition of key assets have resulted in increased capacity, enhanced backward integration, and downstream product diversification/value addition. ๏ฎ We believe these measures will help JSL deliver a 10% CAGR in volumes and 4% CAGR in NSR over FY25-27, driving a similar 14% CAGR in revenue. With a better cost structure and higher share of value-added products (VAP), we anticipate EBITDA/t of INR20,500 to INR22,000 over FY26-27E. ๏ฎ With stable capex intensity and healthy OCF of INR62b during FY26-27E, we believe JSLโs net debt will remain at a comfortable level and JSL would comfortably fund the ongoing capex.
๏ฎ The merger with promoter holding company, strategic JVs, and acquisition of key assets have resulted in increased capacity, enhanced backward integration, and downstream product diversification/value addition. ๏ฎ We believe these measures will help JSL deliver a 10% CAGR in volumes and 4% CAGR in NSR over FY25-27, driving a similar 14% CAGR in revenue. With a better cost structure and higher share of value-added products (VAP), we anticipate EBITDA/t of INR20,500 to INR22,000 over FY26-27E. ๏ฎ With stable capex intensity and healthy OCF of INR62b during FY26-27E, we believe JSLโs net debt will remain at a comfortable level and JSL would comfortably fund the ongoing capex.
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Valuation and view
๏ฎ The SS industry is poised for strong growth as Indiaโs SS consumption is expected to reach 7.3mt by FY31 and 12.5-20mt by 2047, backed by rising adaptability across sectors like infrastructure projects, manufacturing, automotive, consumer durables, and growing new-age sector. We believe JSL is well placed to realize this robust demand outlook, with higher VAP supporting margins. ๏ฎ From being solely a flat SS producer to a diversified long SS player, JSL has expanded into rebar, wire rods, and others, unlocking significant infrastructure opportunities. Additionally, its focus on value-added CR SS has strengthened its position in both domestic and export markets.
๏ฎ The SS industry is poised for strong growth as Indiaโs SS consumption is expected to reach 7.3mt by FY31 and 12.5-20mt by 2047, backed by rising adaptability across sectors like infrastructure projects, manufacturing, automotive, consumer durables, and growing new-age sector. We believe JSL is well placed to realize this robust demand outlook, with higher VAP supporting margins. ๏ฎ From being solely a flat SS producer to a diversified long SS player, JSL has expanded into rebar, wire rods, and others, unlocking significant infrastructure opportunities. Additionally, its focus on value-added CR SS has strengthened its position in both domestic and export markets.
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Jindal Stainless Limited 570-670
Expected level 860
Support 500
Expected level 860
Support 500
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Hero MotoCorp Limited 3200-3550 Expected level 4200 Support 2900
4300+๐ฅLong term level hit
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
TVS Motor Company 2050-2250 Expected level 2600 Support 1998
2782๐Long term level hit Jackpot
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Bajaj Auto Limited company details report
Bajaj Auto Limited is the worldโs leading manufacturer & seller of motorcycle, three-wheeler & quadricycle. The company holds a market share of 18% in the motorcycle segment (Source: Siam). Till date, it exports to over 90 countries. The company operates manufacturing plants in Waluj, Chakan, and Pantnagar, with a total annual capacity of 71.1 lakh units, including 9.3 lakh commercial vehicles. Towards, the two-wheeler space, in the 100-110cc segment, the company holds a 10% market share with its CT and Platina brands. In the 125cc and above category, which includes Pulsars, Dominars, KTMs, Husqvarnas, Avengers, and Triumphs, it commands a 24% market share. Following years of collaboration, Bajaj Auto launched two new Triumph models, the Speed400 and Scrambler400X. These modern classics cater to the large bike segment. The distribution network for Triumph in India has expanded to 78 showrooms across 56 cities. Bajaj Auto's Probiking division focuses on KTM and Husqvarna motorcycles, offering models in 125cc, 200cc, 250cc, and 390cc categories nationwide. It has reintroduced its scooter as an electric vehicle under the Chetak brand, now available across over 4,000 touch points. In the electric vehicle space, the companyโs portfolio includes four models: Chetak 3501, Chetak 3502, Chetak 3503 and Chetak 2903. In the three wheeler space, the company continues to enjoy by far the dominant market share in ICE category. It recently introduced electric three wheelers in passenger and good carrier segment. Electric three wheelers is currently sold in over 60 cities in India. BACL (Bajaj Auto Credit Limited) received RBIโs certificate to operate as NBFC in Aug 2023, and thereby it commenced business on 1st January 2024. The company has two Indian subsidiaries, viz. Chetak Technology Ltd. and Bajaj Auto Credit Ltd. and five overseas subsidiaries, viz. PT Bajaj Auto Indonesia, Bajaj Auto International Holdings BV, Netherlands, Bajaj Auto (Thailand), Bajaj Auto Spain, S.L.U. and in Spain.
Bajaj Auto Limited is the worldโs leading manufacturer & seller of motorcycle, three-wheeler & quadricycle. The company holds a market share of 18% in the motorcycle segment (Source: Siam). Till date, it exports to over 90 countries. The company operates manufacturing plants in Waluj, Chakan, and Pantnagar, with a total annual capacity of 71.1 lakh units, including 9.3 lakh commercial vehicles. Towards, the two-wheeler space, in the 100-110cc segment, the company holds a 10% market share with its CT and Platina brands. In the 125cc and above category, which includes Pulsars, Dominars, KTMs, Husqvarnas, Avengers, and Triumphs, it commands a 24% market share. Following years of collaboration, Bajaj Auto launched two new Triumph models, the Speed400 and Scrambler400X. These modern classics cater to the large bike segment. The distribution network for Triumph in India has expanded to 78 showrooms across 56 cities. Bajaj Auto's Probiking division focuses on KTM and Husqvarna motorcycles, offering models in 125cc, 200cc, 250cc, and 390cc categories nationwide. It has reintroduced its scooter as an electric vehicle under the Chetak brand, now available across over 4,000 touch points. In the electric vehicle space, the companyโs portfolio includes four models: Chetak 3501, Chetak 3502, Chetak 3503 and Chetak 2903. In the three wheeler space, the company continues to enjoy by far the dominant market share in ICE category. It recently introduced electric three wheelers in passenger and good carrier segment. Electric three wheelers is currently sold in over 60 cities in India. BACL (Bajaj Auto Credit Limited) received RBIโs certificate to operate as NBFC in Aug 2023, and thereby it commenced business on 1st January 2024. The company has two Indian subsidiaries, viz. Chetak Technology Ltd. and Bajaj Auto Credit Ltd. and five overseas subsidiaries, viz. PT Bajaj Auto Indonesia, Bajaj Auto International Holdings BV, Netherlands, Bajaj Auto (Thailand), Bajaj Auto Spain, S.L.U. and in Spain.
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#SALES #GROWTH
In FY25, the net sales was โน50,995 cr and increased by 13.7% YoY. It sold 39.8 lakh units of two wheelers (23.1 lakh units in domestic an increase of 3% YoY and 16.7 lakh units in export market and rose by 13% YoY) and 6.7 lakh units of commercial vehicles (4.8 lakh units in domestic market and grew by 3% YoY and 1.9 lakh units in export market and expanded by 19% YoY). Revenue from exports grew by ~8% YoY. On a YoY basis, Chetak (EV) recorded revenue of ~โน5,500 cr and saw an increase of ~900 bps in its market share. In FY24, the net sales of the company was reported at โน44,870 cr (of which exports was โน14,575 cr) a rise of 23% majorly attributed to robust domestic sale in two-wheelers and three wheelers. Two wheelers (domestic) posted sale of 22.5 lakh units (~24% increase) followed by three-wheelers sale of 4.6 lakh units. Exports de-grew by 10% for twowheelers to 14.8 lakh units and by 11% YoY for threewheelers to 1.6 lakh units. Chetak sales was ~1.2 lakh units.
In FY25, the net sales was โน50,995 cr and increased by 13.7% YoY. It sold 39.8 lakh units of two wheelers (23.1 lakh units in domestic an increase of 3% YoY and 16.7 lakh units in export market and rose by 13% YoY) and 6.7 lakh units of commercial vehicles (4.8 lakh units in domestic market and grew by 3% YoY and 1.9 lakh units in export market and expanded by 19% YoY). Revenue from exports grew by ~8% YoY. On a YoY basis, Chetak (EV) recorded revenue of ~โน5,500 cr and saw an increase of ~900 bps in its market share. In FY24, the net sales of the company was reported at โน44,870 cr (of which exports was โน14,575 cr) a rise of 23% majorly attributed to robust domestic sale in two-wheelers and three wheelers. Two wheelers (domestic) posted sale of 22.5 lakh units (~24% increase) followed by three-wheelers sale of 4.6 lakh units. Exports de-grew by 10% for twowheelers to 14.8 lakh units and by 11% YoY for threewheelers to 1.6 lakh units. Chetak sales was ~1.2 lakh units.
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#EBITDA #GROWTH 5 Year CAGR15.5%
In FY25, the EBITDA was โน10,468 cr and grew by 19.5% YoY. This was led by better product mix, favorable raw material cost, improved dollar realization and operating leverage benefits. Bajaj Auto demonstrated an EBITDA increase of 35.8% YoY and stood at โน8,762 cr in FY24. This rise was owing to softening of raw material prices, better product mix and operating leverage benefits. Besides, there were certain cost control measures adopted by the company which augured well for EBITDA growth as well.
In FY25, the EBITDA was โน10,468 cr and grew by 19.5% YoY. This was led by better product mix, favorable raw material cost, improved dollar realization and operating leverage benefits. Bajaj Auto demonstrated an EBITDA increase of 35.8% YoY and stood at โน8,762 cr in FY24. This rise was owing to softening of raw material prices, better product mix and operating leverage benefits. Besides, there were certain cost control measures adopted by the company which augured well for EBITDA growth as well.
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#PAT #GROWTH 5 Year CAGR 11.0%
In FY25, the net profit was โน8,240 cr and grew by 11% YoY. Taking into consideration, the share of profit or associate of KTM, the net profit was โน7,325 cr and declined by 5% YoY. This was due to KTM's challenges became more pronounced in FY24. It reported weaker results marked by declining profits, rising costs, and elevated inventory levels across key markets. Once grappling with supply constraints now it is facing excess unsold two-wheelers. During Q4 FY25, it reported a โน335 cr net loss from its investment in associate Pierer Bajaj AG, including an impairment related to KTM AG's restructuringimpacting quarterly performance despite strong operational results. Additionally, a one-time deferred tax provision of โน211 crore was recorded in FY25 due to changes in the tax treatment of debt mutual funds, affecting post-tax earnings. In FY24, the net profit was at โน7,441 cr and expanded by 34.5% YoY.
In FY25, the net profit was โน8,240 cr and grew by 11% YoY. Taking into consideration, the share of profit or associate of KTM, the net profit was โน7,325 cr and declined by 5% YoY. This was due to KTM's challenges became more pronounced in FY24. It reported weaker results marked by declining profits, rising costs, and elevated inventory levels across key markets. Once grappling with supply constraints now it is facing excess unsold two-wheelers. During Q4 FY25, it reported a โน335 cr net loss from its investment in associate Pierer Bajaj AG, including an impairment related to KTM AG's restructuringimpacting quarterly performance despite strong operational results. Additionally, a one-time deferred tax provision of โน211 crore was recorded in FY25 due to changes in the tax treatment of debt mutual funds, affecting post-tax earnings. In FY24, the net profit was at โน7,441 cr and expanded by 34.5% YoY.
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#EBITDA #MARGIN
In FY25, the EBITDA margin was 20.5% and grew by ~100 bps YoY, despite the EV segment not being profitable yet and being a considerable contributor to revenue. This was also backed by favourable raw material cost and operating leverage benefits. In FY24, the EBITDA margin was 19.5% v/s 17.7% in FY23. The increase was led by better product mix (domestic two wheelers & three wheelers); stabilized raw material cost and operating leverage benefits.
In FY25, the EBITDA margin was 20.5% and grew by ~100 bps YoY, despite the EV segment not being profitable yet and being a considerable contributor to revenue. This was also backed by favourable raw material cost and operating leverage benefits. In FY24, the EBITDA margin was 19.5% v/s 17.7% in FY23. The increase was led by better product mix (domestic two wheelers & three wheelers); stabilized raw material cost and operating leverage benefits.
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#PAT #MARGIN
In FY25, the PAT margin was 16.2% and de-grew by 42 bps on account of higher finance cost and lower other income. Including the consideration of share of profit/associates, the PAT margin declined by 282 bps YoY to 14.4% as its associate company PBAG registered loss for the year, thereby impacting margins. In FY24, the PAT margin increased to 16.6% from 15.2% in FY23.
In FY25, the PAT margin was 16.2% and de-grew by 42 bps on account of higher finance cost and lower other income. Including the consideration of share of profit/associates, the PAT margin declined by 282 bps YoY to 14.4% as its associate company PBAG registered loss for the year, thereby impacting margins. In FY24, the PAT margin increased to 16.6% from 15.2% in FY23.
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ROCE
In FY25, the ROCE declined owing to increase in capital employed, mostly related to investments in subsidiaries and EV. The company executed buyback of 40,00,000 equity shares (on a proportionate basis comprising 1.41% of the total paid up equity shares) at โน10,000/share which was concluded on 26th Mar 2024. Number of shares pre-buyback (as on record date) was 28.3 cr shares and post-buyback it was 27.9 cr shares.
In FY25, the ROCE declined owing to increase in capital employed, mostly related to investments in subsidiaries and EV. The company executed buyback of 40,00,000 equity shares (on a proportionate basis comprising 1.41% of the total paid up equity shares) at โน10,000/share which was concluded on 26th Mar 2024. Number of shares pre-buyback (as on record date) was 28.3 cr shares and post-buyback it was 27.9 cr shares.
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MANAGEMENT Niraj Bajaj's career spans more than 35 years and he is currently serving as the Chairman of Bajaj Auto since 1st May 2021. Niraj Bajaj is on the Board of Directors of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited and is the Chairman of Bachhraj & Company, Jamnalal Sons, and various other Bajaj Group companies. Rakesh Sharma, Whole-time Director of the company, whose five-year term would be expiring on 31st December 2023, has been re-appointed for a further period of 5 years w.e.f. 1st January 2024, subject to approval of the shareholders of the company. Shri Abraham Joseph, who was holding the position of the Chief Technology Officer up to 31st March 2024, and part of Senior Management Personnel of the Company, has been appointed as the Managing Director of Chetak Technology Limited.
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#COMPANY #POTENTIAL
โข In FY25, the two wheelers sales volume was ~2 cr units in domestic markets and 41.98 lakh units in export markets as compared to ~1.79 cr units in domestic market and 34.6 lakh units in export market in FY24. The scooter segment witnessed a strong YoY uptick, with dispatches rising and its share increasing to 35% of total two-wheeler volumes (v/s 32% in FY24). In contrast, motorcycle dispatches recorded a modest YoY growth of 5.1%, accounting for the remaining volume. Within the motorcycle category, the up to 125cc segment continued to dominate, contributing the highest share. (Source: Siam) โข During the year, India's electric two-wheeler sales rose to 11,49,422 units, marking a 21% YoY growth. This momentum was fuelled by higher fuel prices, increasing urban congestion, and continued advancements in EV technology and affordability. The market remained highly consolidated, with Ola Electric, TVS Motor, and Bajaj collectively commanding over 70% share. โข In FY25, the e-3W segment sales stood at ~7 lakh units with 11% YoY growth (v/s ~6.3 lakh units in FY24) and accounted for ~57% share of the total 12.2 lakh units three-wheelers (Electric at ~7 lakh units, CNG/Petrol CNG at 3.4 lakh units, diesel at 1.4 lakh units, LPG at 33k units, petrol at 9k unit sand rest comprised others) sold in India in FY25. The e-3W segment is also the one which has, for the past three years, witnessed the highest level of transition from ICE to e-mobility. The Top 6 Players are as follows: Mahindra Last Mile Mobility (MLMM), Bajaj Auto, YC Electric Vehicles, Saera Electric Auto, Dilli Electric Auto And Piaggio Vehicles.
โข In FY25, the two wheelers sales volume was ~2 cr units in domestic markets and 41.98 lakh units in export markets as compared to ~1.79 cr units in domestic market and 34.6 lakh units in export market in FY24. The scooter segment witnessed a strong YoY uptick, with dispatches rising and its share increasing to 35% of total two-wheeler volumes (v/s 32% in FY24). In contrast, motorcycle dispatches recorded a modest YoY growth of 5.1%, accounting for the remaining volume. Within the motorcycle category, the up to 125cc segment continued to dominate, contributing the highest share. (Source: Siam) โข During the year, India's electric two-wheeler sales rose to 11,49,422 units, marking a 21% YoY growth. This momentum was fuelled by higher fuel prices, increasing urban congestion, and continued advancements in EV technology and affordability. The market remained highly consolidated, with Ola Electric, TVS Motor, and Bajaj collectively commanding over 70% share. โข In FY25, the e-3W segment sales stood at ~7 lakh units with 11% YoY growth (v/s ~6.3 lakh units in FY24) and accounted for ~57% share of the total 12.2 lakh units three-wheelers (Electric at ~7 lakh units, CNG/Petrol CNG at 3.4 lakh units, diesel at 1.4 lakh units, LPG at 33k units, petrol at 9k unit sand rest comprised others) sold in India in FY25. The e-3W segment is also the one which has, for the past three years, witnessed the highest level of transition from ICE to e-mobility. The Top 6 Players are as follows: Mahindra Last Mile Mobility (MLMM), Bajaj Auto, YC Electric Vehicles, Saera Electric Auto, Dilli Electric Auto And Piaggio Vehicles.
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#COMPANY #OUTLOOK
โข In FY25, industry growth was primarily driven by the 125cc+ motorcycle segment, which recorded a 12% YoY increase, while the entry-level 100cc segment remained stagnant. Bajaj Auto, with its strong presence in the 125cc+ category, retained its position as the second-largest player. According to Vahan data, the companyโs market share rose from 21% in FY23 to 26% in FY24 and declined to 24% in FY25. In a strategic move to regain share and push toward market leadership, Bajaj refreshed its Pulsar lineup (125cc-400cc), launching six new variants in Q4 FY25 that received a strong market response. โข The new Chetak 35 series was well received. The earlier launch of an affordable variant, combined with rapid network expansion to over 4,000 touchpoints, drove the brandโs leadership position. It launched a new variant in May 2025 and thereโs an impending new variant introduction for June as well. Further expansion is envisaged in this portfolio in FY26. โข The Probiking business - KTM and Triumph registered sales of ~1 lakh units in FY25 up 12% YoY. KTM observed accelerated growth in sales in H2 FY25 especially, basis targeted intervention towards pricing of Duke 200 and 250. Triumph doubled its volume domestically and closed the quarter with ~11,000 units on account of a new launch and upgraded version of a previously launched model. The company has also doubled its network YoY backed by sharp focus on activation in top tier II and tier III towns & cities. โข Bajaj Auto announced an additional capital infusion of ~โน1,500 cr into its wholly-owned subsidiary, Bajaj Auto Credit Ltd (BACL). The investment will be made during FY26, in multiple phases through equity capital, preference capital, or subordinated debt. โข On 21st February 2025, the company approved an investment of up to โฌ150 million (~โน1,356 crore) in its wholly owned subsidiary, Bajaj Auto International Holdings BV, Netherlands. The fundingโthrough equity, preference capital, or convertible loan, in one or more tranchesโis intended to support the subsidiaryโs future growth and investment plans.
โข Further to the disclosure dated 23rd May 2025 regarding the Call Option Agreement between BAIH and Pierer Industrie AG (PIAG), along with Pierer Konzerngesellschaft mbH (PIKO), BAIH has exercised its call option and issued a Notice of Call Exercise to PIAG for the acquisition of 26,000 shares of PBAG, for a cash consideration of EUR 26.34 million (~โน257 cr), subject to requisite regulatory approvals. Upon completion of the transaction, BAIHโs shareholding in PBAG will increase from 49.9% to 75.9%, thereby making PBAG a subsidiary of BAIH and, in turn, a subsidiary of the Company. PIAG will continue to hold the remaining 24.1% stake. โข At its meeting on 21st May 2025, the Board noted key financial transactions by BAIH to support KTM AGโs court-approved restructuring plan in Austria: Facility Agreement: BAIH executed a โฌ450 million (~โน4,365 crore) secured term loan facility to KTM. The amount was transferred to the Administratorโs escrow for creditor payments as mandated by the Austrian court. Convertible Bond Subscription: BAIH subscribed to โฌ150 million (approx. โน1,455 crore) worth of convertible bonds issued by Pierer Bajaj AG (PBAG). These steps were essential to meet Austriaโs regulatory deadline of 23rd May 2025. Non-compliance would have moved KTM into insolvency. Additionally, BAIHBV arranged an โฌ800 million (~โน7,760 crore) debt package to ensure KTMโs business continuity. โฌ200 million has already been infused; the remaining โฌ600 million is now being disbursed to complete creditor payments and revive operations. โข The immediate focus is on securing final court approvals in Austria to conclude KTMโs restructuring and settle creditor dues. Regulatory filings are underway, and the existing governance will remain in place until approvals are received. Production and supply operations are set to resume after a prolonged pause.
โข In FY25, industry growth was primarily driven by the 125cc+ motorcycle segment, which recorded a 12% YoY increase, while the entry-level 100cc segment remained stagnant. Bajaj Auto, with its strong presence in the 125cc+ category, retained its position as the second-largest player. According to Vahan data, the companyโs market share rose from 21% in FY23 to 26% in FY24 and declined to 24% in FY25. In a strategic move to regain share and push toward market leadership, Bajaj refreshed its Pulsar lineup (125cc-400cc), launching six new variants in Q4 FY25 that received a strong market response. โข The new Chetak 35 series was well received. The earlier launch of an affordable variant, combined with rapid network expansion to over 4,000 touchpoints, drove the brandโs leadership position. It launched a new variant in May 2025 and thereโs an impending new variant introduction for June as well. Further expansion is envisaged in this portfolio in FY26. โข The Probiking business - KTM and Triumph registered sales of ~1 lakh units in FY25 up 12% YoY. KTM observed accelerated growth in sales in H2 FY25 especially, basis targeted intervention towards pricing of Duke 200 and 250. Triumph doubled its volume domestically and closed the quarter with ~11,000 units on account of a new launch and upgraded version of a previously launched model. The company has also doubled its network YoY backed by sharp focus on activation in top tier II and tier III towns & cities. โข Bajaj Auto announced an additional capital infusion of ~โน1,500 cr into its wholly-owned subsidiary, Bajaj Auto Credit Ltd (BACL). The investment will be made during FY26, in multiple phases through equity capital, preference capital, or subordinated debt. โข On 21st February 2025, the company approved an investment of up to โฌ150 million (~โน1,356 crore) in its wholly owned subsidiary, Bajaj Auto International Holdings BV, Netherlands. The fundingโthrough equity, preference capital, or convertible loan, in one or more tranchesโis intended to support the subsidiaryโs future growth and investment plans.
โข Further to the disclosure dated 23rd May 2025 regarding the Call Option Agreement between BAIH and Pierer Industrie AG (PIAG), along with Pierer Konzerngesellschaft mbH (PIKO), BAIH has exercised its call option and issued a Notice of Call Exercise to PIAG for the acquisition of 26,000 shares of PBAG, for a cash consideration of EUR 26.34 million (~โน257 cr), subject to requisite regulatory approvals. Upon completion of the transaction, BAIHโs shareholding in PBAG will increase from 49.9% to 75.9%, thereby making PBAG a subsidiary of BAIH and, in turn, a subsidiary of the Company. PIAG will continue to hold the remaining 24.1% stake. โข At its meeting on 21st May 2025, the Board noted key financial transactions by BAIH to support KTM AGโs court-approved restructuring plan in Austria: Facility Agreement: BAIH executed a โฌ450 million (~โน4,365 crore) secured term loan facility to KTM. The amount was transferred to the Administratorโs escrow for creditor payments as mandated by the Austrian court. Convertible Bond Subscription: BAIH subscribed to โฌ150 million (approx. โน1,455 crore) worth of convertible bonds issued by Pierer Bajaj AG (PBAG). These steps were essential to meet Austriaโs regulatory deadline of 23rd May 2025. Non-compliance would have moved KTM into insolvency. Additionally, BAIHBV arranged an โฌ800 million (~โน7,760 crore) debt package to ensure KTMโs business continuity. โฌ200 million has already been infused; the remaining โฌ600 million is now being disbursed to complete creditor payments and revive operations. โข The immediate focus is on securing final court approvals in Austria to conclude KTMโs restructuring and settle creditor dues. Regulatory filings are underway, and the existing governance will remain in place until approvals are received. Production and supply operations are set to resume after a prolonged pause.
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Bajaj Auto 7400-8200
Expected level 9500
Support 6900
Expected level 9500
Support 6900
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