Executive Director Rakesh Sharma described the currency movement as “party time” for a company. He added, “The softly devaluing rupee is very beneficial to a company like ours, which has got almost 50% of its revenue coming from international sources. It’s very helpful to being also competitive in our retail markets.”
With Bajaj Auto exports exceeding $2 billion, every ₹1 depreciation against the dollar translates into a positive EBITDA impact of over ₹200 crore for the company.
Although Bajaj Auto maintains hedges to ensure price stability in its global retail markets, Sharma noted that the gentle, predictable depreciation of the rupee in recent years has enabled the company to reduce its hedge cover compared to earlier periods of volatility, allowing more of the natural currency gains to flow through.
November’s auto sales, meanwhile, must be interpreted carefully, Sharma emphasised, as last year’s Diwali timing distorts year-on-year comparisons. He believes the right way to assess demand is to evaluate September, October and November together—a period that captures the GST-led boost, the full festive cycle and the subsequent cooling-off phase.
When viewed through this lens, the domestic two-wheeler industry has transitioned from marginal contraction earlier in the year to roughly 6–7% growth. The GST reduction has materially influenced both two- and three-wheeler demand, and Bajaj, with its dominant 75% three-wheeler share, has benefited disproportionately from the upswing.
Read Here | Auto sales remain in high gear, November sees broad-based growth
Sharma expects December to remain seasonally weak, as it traditionally offers limited levers for volume acceleration. However, he is far more optimistic about January–March, which he believes will reflect both post-festive normalisation and stronger momentum in premium segments.
Bajaj Auto has seen a steady recovery in its higher-variant motorcycle portfolio, particularly in the 125cc+ segment, where its estimated market share has climbed back to 23% after softening to around 21% earlier.
While the company continues to cede ground in the entry-level 100cc category, demand trends are clearly shifting in favour of feature-rich, better-performing variants—exactly where Bajaj’s product strategy is positioned.
Bajaj Auto’s market capitalisation stands at ₹2,51,266 crore. The stock is trading at ₹9,000 on the NSE as of 10:43 am and has remained flat over the past year.
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