Bajaj Auto reported total sales of 5,91,876 units in October 2026, registering a 14% year-on-year (YoY) increase from 5,18,170 units in October 2025. The growth was supported by both domestic demand and exports, with domestic sales increasing 12% to 3,51,148 units and exports rising 18% to 2,40,728 units.
Two-wheeler sales grew 13% to 5,01,194 units, while commercial vehicle (CV) sales recorded stronger growth of 20% to 90,682 units. For April to October FY27, cumulative sales increased 22% to 35,79,011 units, supported by a 42% rise in exports.
However, weaker October retail registrations, input-cost inflation and capacity constraints remain important factors for investors to monitor alongside the company's wholesale growth.
Table of Contents
- Bajaj Auto October 2026 Sales: Key Highlights
- Bajaj Auto Two-Wheeler Sales Performance
- Bajaj Auto Commercial Vehicle Sales Performance
- Exports Drive Bajaj Auto Sales Growth
- Bajaj Auto Sales Performance: April to October 2026
- Wholesale Sales vs Retail Registrations: What Investors Should Know
- Capacity Expansion and Future Growth Opportunities
- Bajaj Auto Q2 FY27 Financial Performance and Profitability
- Key Factors to Watch in Bajaj Auto's Sales Performance
- Conclusion
Bajaj Auto recorded double-digit growth across its major vehicle categories in October 2026, with exports and commercial vehicles providing significant support to overall volumes.
According to the company's monthly sales disclosure filed with the BSE and NSE on 2 November 2026, total dispatches increased by 73,706 units compared with October 2025.
The following table highlights Bajaj Auto's October 2026 sales performance.
| Sales Category |
October 2026 Sales and YoY Growth |
| Total sales (2W + CV) |
5,91,876 (+14% YoY) |
| Domestic sales |
3,51,148 (+12% YoY) |
| Exports |
2,40,728 (+18% YoY) |
| Two-wheelers |
5,01,194 (+13% YoY) |
| Commercial vehicles |
90,682 (+20% YoY) |
Three developments stand out from the October sales report:
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Strong export momentum: Overseas dispatches increased 18% YoY, demonstrating continued demand across international markets.
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Commercial vehicles outperformed: CV sales grew 20%, compared with 13% growth in two-wheelers.
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Domestic growth remained positive: Total domestic dispatches increased 12%, although cumulative domestic growth for April to October remained considerably lower than export growth.
The overall performance indicates broad-based wholesale growth. However, the difference between domestic and export growth suggests that international markets continue to play an increasingly important role in Bajaj Auto's volume expansion.
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To assess how Bajaj Auto’s sales growth and financial performance relate to its stock valuation, check the Bajaj Auto share price, historical charts and key valuation ratios.
Bajaj Auto's two-wheeler sales increased 13% YoY to 5,01,194 units in October 2026 from 4,42,316 units in October 2025.
Two-wheelers accounted for approximately 84.7% of the company's total October dispatches, making this segment its largest volume contributor.
Both domestic and international markets supported the segment's growth.
Domestic Two-Wheeler Sales
Domestic two-wheeler sales increased 10% YoY to 2,92,885 units in October 2026, compared with 2,66,470 units in the corresponding month last year.
The growth reflects continued demand for motorcycles, particularly in higher-capacity and sports motorcycle categories.
An important factor behind Bajaj Auto's domestic strategy is its focus on premiumisation. Rather than pursuing volume growth through aggressive competition in the entry-level 100cc segment, the company has prioritised its 125cc-plus Pulsar portfolio and other premium motorcycle brands.
During its Q2 FY27 earnings call, management indicated that it was consciously accepting lower volumes in the 100cc category to protect profitability amid input-cost inflation. The strategy involves using product upgrades, pricing discipline and a richer sales mix to improve business performance.
This distinction is important for investors because higher sales volumes do not necessarily translate into better profitability if they come from lower-margin products.
Two-Wheeler Export Performance
Bajaj Auto's two-wheeler exports increased 18% YoY to 2,08,309 units in October 2026 from 1,75,846 units in October 2025.
Exports contributed approximately 41.6% of total two-wheeler dispatches during the month.
| Two-Wheeler Category |
October 2026 Sales and YoY Growth |
| Domestic sales |
2,92,885 (+10% YoY) |
| Exports |
2,08,309 (+18% YoY) |
| Total sales |
5,01,194 (+13% YoY) |
The stronger growth in exports compared with domestic two-wheeler sales highlights the importance of international demand.
In Q2 FY27, Bajaj Auto's total export volumes reached 7,78,528 units, registering 41% YoY growth. Two-wheeler exports increased 43%, while commercial vehicle exports grew 26%.
The company also reported stronger demand across Africa and Latin America, indicating that export growth was supported by multiple geographical markets rather than a single region.
For investors, the key consideration is whether Bajaj Auto can sustain export volumes while maintaining favourable realisations, currency benefits and profitability across international markets.
Bajaj Auto's commercial vehicle segment recorded the highest YoY growth among its major vehicle categories in October 2026.
Total CV sales increased 20% to 90,682 units from 75,854 units in October 2025.
The segment's performance was supported by stronger domestic demand and continued export growth. Bajaj Auto's commercial vehicle business primarily includes three-wheelers.
Domestic Commercial Vehicle Sales
Domestic commercial vehicle sales increased 22% YoY to 58,263 units in October 2026, compared with 47,678 units in October 2025.
The domestic market was the strongest contributor to CV growth during the month.
Demand for passenger and cargo three-wheelers, along with the company's position in CNG and electric three-wheelers, supports its presence in this category.
Management highlighted strong demand in the three-wheeler business during the Q2 FY27 earnings discussion. The company's electric three-wheeler portfolio also recorded significant growth, with volumes and revenues increasing more than twofold YoY in the quarter.
Commercial Vehicle Export Performance
Commercial vehicle exports increased 15% YoY to 32,419 units in October 2026 from 28,176 units in the corresponding period last year.
The segment's domestic and export performance is summarised below.
| CV Category |
October 2026 Sales and YoY Growth |
| Domestic CV sales |
58,263 (+22% YoY) |
| CV exports |
32,419 (+15% YoY) |
| Total CV sales |
90,682 (+20% YoY) |
The stronger domestic performance suggests that Bajaj Auto's commercial vehicle growth is not entirely dependent on overseas demand.
For investors, the continued expansion of passenger, cargo and electric three-wheelers could support the segment's contribution to overall business growth. However, future performance will also depend on production capacity, product availability and the company's ability to meet demand without compromising margins.
Exports remained one of the strongest contributors to Bajaj Auto's October 2026 sales performance.
The company exported 2,40,728 vehicles during the month, representing an 18% YoY increase from 2,04,022 units in October 2025.
Exports accounted for approximately 40.7% of total October dispatches.
The company's export performance is particularly relevant when viewed alongside its cumulative FY27 sales.
During April to October 2026, total exports increased 42% to 17,51,429 units from 12,33,778 units in the corresponding period of FY26.
Bajaj Auto's Q2 FY27 performance also reflected this momentum, with total quarterly exports increasing 41% to 7,78,528 units.
Management indicated that export volumes had moved from approximately 6 lakh units per quarter in the previous year to around 7.5 lakh units per quarter in FY27, with an intention to sustain this higher level.
Why Export Growth Matters for Investors
Export growth provides Bajaj Auto with access to a broader customer base and reduces its dependence on the domestic two-wheeler market.
It also creates opportunities to benefit from geographical diversification and foreign-currency realisations.
However, export performance is exposed to several factors:
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Currency fluctuations: Changes in exchange rates can affect the rupee value of overseas revenue and profitability.
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International demand: Economic conditions, purchasing power and vehicle demand in key export markets influence dispatches.
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Geopolitical and logistical risks: Trade restrictions, political instability and shipping disruptions can affect deliveries.
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Pricing and incentives: Export profitability depends on product mix, pricing, local competition and available incentives.
Therefore, sustained export growth should be evaluated alongside export realisations and margins rather than through volume numbers alone.
Bajaj Auto's cumulative sales reached 35,79,011 units during April to October 2026, registering 22% YoY growth from 29,23,527 units in the corresponding period of FY26.
The cumulative performance confirms that October's growth was consistent with the company's broader FY27 sales trend.
However, export growth remained considerably stronger than domestic growth.
Year-to-Date Sales Performance
| Sales Category |
April-October 2026 Sales and YoY Growth |
| Total sales |
35,79,011 (+22% YoY) |
| Domestic sales |
18,27,582 (+8% YoY) |
| Exports |
17,51,429 (+42% YoY) |
| Two-wheelers |
30,07,707 (+22% YoY) |
| Commercial vehicles |
5,71,304 (+23% YoY) |
What Do the Cumulative Numbers Indicate?
Three trends are particularly important.
1. Exports are growing faster than domestic sales
Cumulative exports increased 42%, compared with 8% growth in domestic sales.
This indicates that international markets are currently contributing more significantly to Bajaj Auto's overall volume expansion.
Exports accounted for approximately 48.9% of total cumulative dispatches during April to October 2026, compared with approximately 42.2% in the corresponding period last year.
This shift highlights the increasing importance of overseas markets in the company's sales mix.
2. Commercial vehicles are maintaining strong growth
Cumulative CV sales increased 23% to 5,71,304 units, slightly outperforming the 22% growth in two-wheelers.
This indicates that growth is not limited to motorcycles and scooters. Three-wheelers are also contributing meaningfully to the company's operating performance.
3. Domestic growth remains comparatively moderate
Despite positive October domestic sales, cumulative domestic growth stood at 8%.
The difference between domestic and export growth suggests that investors should separately monitor the company's performance in India and international markets rather than relying only on total sales figures.
One of the most important developments surrounding Bajaj Auto's October 2026 sales is the difference between wholesale dispatches and retail registrations.
While the company's total wholesale dispatches increased 14% YoY, October retail registrations for Bajaj Auto's two-wheelers reportedly declined 37.4% to 2,09,667 units from 3,35,202 units in October 2025, according to Vahan data reported by Financial Express on 4 November 2026.
This difference requires attention because wholesale and retail figures measure different stages of the vehicle sales process.
Understanding Wholesale and Retail Sales
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Wholesale sales: Vehicles dispatched by manufacturers to dealerships. These figures indicate manufacturer-level sales and dealer supply.
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Retail sales: Vehicles registered by customers. These figures provide a closer indication of actual end-customer purchases.
The October retail registration figure cited above relates to Bajaj Auto's two-wheeler registrations, whereas the company's 5,91,876 wholesale figure includes both two-wheelers and commercial vehicles across domestic and export markets. Therefore, these totals are not directly comparable.
Nevertheless, the sharp decline in two-wheeler retail registrations is a relevant signal.
Why Is the Difference Important?
October 2025 provided an unusually high comparison base for the two-wheeler industry because the GST rate reduction that came into effect on 22 September 2025 supported vehicle affordability and festive purchases.
Financial Express reported that India's overall two-wheeler retail registrations declined 28.4% YoY in October 2026, with all seven leading manufacturers reporting declines.
Bajaj Auto's retail decline was steeper than the industry-level contraction.
This does not automatically mean that the company's wholesale growth is unsustainable. Dealer inventory movements, festive-season stocking and differences in registration timing can create temporary gaps between dispatches and customer purchases.
However, investors should monitor:
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November and December retail registration trends.
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Dealer inventory levels and inventory ageing.
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Whether wholesale growth is supported by actual customer demand.
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The difference between domestic dispatches and retail registrations.
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Subsequent quarterly revenue and volume performance.
A sustained improvement in retail registrations would provide stronger evidence that October's wholesale growth is translating into end-customer demand.
Capacity availability is another important factor influencing Bajaj Auto's future sales performance.
During its Q2 FY27 earnings discussion, management indicated that the company's overall monthly production capacity of approximately 6.25 lakh units was being expanded in phases to around 7.75 lakh units over the following six to nine months.
Capacity Expansion
Bajaj Auto's existing monthly production capacity is approximately 6.25 lakh units, which the company plans to increase to around 7.75 lakh units over the next six to nine months.
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Capacity Details
|
Units per Month
|
|
Existing capacity
|
6.25 lakh
|
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Planned capacity
|
7.75 lakh
|
The proposed expansion represents an increase of approximately 24% in monthly production capacity.
Why Is Bajaj Auto Expanding Capacity?
Management highlighted supply constraints in electric vehicles, premium motorcycles and certain three-wheeler categories.
The company's Q2 FY27 results also indicated that demand exceeded available supply in some businesses.
Its electric vehicle portfolio, including Chetak and electric three-wheelers, has become an increasingly important contributor to domestic revenue.
During Q2 FY27:
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The electric portfolio reached approximately 2 lakh units.
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Electric vehicles accounted for around one-third of domestic revenue.
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Chetak recorded more than double the quarterly volumes compared with Q2 FY26.
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Management indicated plans to increase Chetak production capacity to 80,000 units per month by Q4 FY27.
These developments suggest that capacity expansion is intended to address existing supply constraints and support growth across multiple vehicle categories.
What Capacity Expansion Means for Investors
Higher production capacity can help Bajaj Auto convert existing demand into additional dispatches and improve the availability of popular models.
However, the benefits will depend on execution.
Investors should monitor whether capacity additions are completed within management's stated timeline, whether new production is absorbed by retail demand and whether higher utilisation supports operating leverage.
Capacity expansion alone does not guarantee revenue growth or improved margins. Production efficiency, product demand and cost management will remain equally important.
Bajaj Auto's October sales growth should also be evaluated alongside its Q2 FY27 financial performance.
The company reported record standalone revenue from operations of ₹20,003 crore in Q2 FY27, registering 34% YoY growth. EBITDA increased 37% to ₹4,172 crore, while profit after tax (PAT) rose 35% to ₹3,354 crore.
The EBITDA margin remained at 20.9%, compared with 20.5% in Q2 FY26.
Q2 FY27 Financial Highlights
The following figures represent standalone financial performance.
| Financial Metric |
Q2 FY27 and YoY Growth |
| Revenue from operations |
₹20,003 crore (+34% YoY) |
| EBITDA |
₹4,172 crore (+37% YoY) |
| EBITDA margin |
20.9% (+40 bps YoY) |
| PAT |
₹3,354 crore (+35% YoY) |
Revenue Growth and Operating Performance
Revenue growth was supported by higher vehicle volumes, richer product mix, pricing actions and favourable currency realisations.
The company recorded growth across vehicle categories and markets, while its export business continued to expand.
An important contributor was the electric vehicle portfolio, which accounted for approximately one-third of domestic revenue during the quarter.
The increase in revenue also reflects the company's focus on higher-value products rather than relying exclusively on entry-level vehicle volumes.
EBITDA Margin and Input-Cost Inflation
Despite strong revenue growth, input-cost inflation remained a key concern.
Management estimated that input-cost inflation affected approximately 3% to 3.5% of revenue in Q2 FY27, following an impact of around 4% to 4.5% in Q1 FY27.
Pricing actions during the first half covered approximately 50% to 60% of the inflationary impact, according to management.
The company also benefited from currency realisations, operating leverage, cost control and a favourable sales mix.
These factors helped maintain the standalone EBITDA margin at 20.9%.
For investors, the important question is whether Bajaj Auto can continue to recover higher input costs through pricing without affecting demand, particularly in the more price-sensitive motorcycle categories.
Cash Flow and Balance Sheet Position
Profitability is more meaningful when supported by cash generation.
Bajaj Auto reported approximately ₹4,000 crore in quarterly free cash flow during Q2 FY27 and stated that H1 FY27 PAT was fully converted into cash.
The company also reported surplus funds of approximately ₹15,500 crore after accounting for capital expenditure, growth investments and shareholder returns through dividends and its buyback programme.
This indicates a healthy financial position and provides flexibility to fund future capacity expansion and strategic investments.
However, investors should continue monitoring capital expenditure, working capital requirements and cash generation as production capacity increases.
Bajaj Auto's October 2026 sales report indicates strong operating momentum. However, several factors will determine whether the growth translates into sustainable financial performance.
1. Sustainability of Export Growth
Exports increased 18% in October and 42% during April to October.
Maintaining the higher export run rate will be important for the company's overall volume growth.
Investors should monitor demand in Africa and Latin America, export realisations and currency movements.
2. Domestic Retail Demand
The decline in October retail registrations highlights the importance of tracking actual customer demand.
If wholesale dispatches continue to exceed retail registrations for an extended period, dealer inventory could increase.
November and December registration figures will provide further information about festive-season demand and inventory movement.
3. Premium Motorcycle Portfolio
Bajaj Auto's focus on the 125cc-plus Pulsar portfolio reflects its strategy of improving product mix and protecting profitability.
The contribution of newly launched models, market share in higher-capacity motorcycles and pricing discipline will remain important indicators.
4. Electric Vehicle Growth
The Chetak electric scooter and electric three-wheeler businesses are becoming increasingly important contributors to Bajaj Auto's domestic revenue.
Investors should monitor EV volumes, production capacity, profitability and competition in the electric two-wheeler and three-wheeler markets.
5. Input Costs and Profit Margins
Input-cost inflation, currency movements and the extent of pricing recovery can influence EBITDA margins.
Even if vehicle dispatches continue growing, higher commodity and component costs could restrict profit expansion.
6. Execution of Capacity Expansion
The proposed increase in monthly capacity from 6.25 lakh to 7.75 lakh units is an important operational development.
Investors should track implementation timelines, capacity utilisation and whether the additional production capacity is supported by retail demand.
Bajaj Auto's October 2026 sales performance reflects strong wholesale growth, supported by exports, two-wheelers and commercial vehicles. Total dispatches increased 14% YoY, while cumulative April to October sales grew 22%, indicating sustained operating momentum during FY27.
Exports remain the biggest growth contributor, with cumulative overseas dispatches increasing 42%. Commercial vehicles also recorded healthy growth, while the premium motorcycle and electric vehicle portfolios provide additional opportunities for business expansion.
However, the decline in October retail registrations highlights the need to distinguish manufacturer dispatches from actual customer demand. Input-cost inflation and capacity expansion execution are other important considerations.
For investors, the key indicators to monitor are retail demand, export sustainability, EV profitability, dealer inventory, production capacity and EBITDA margins. These factors will determine whether Bajaj Auto can convert its strong sales momentum into sustainable earnings growth.
Want to compare Bajaj Auto’s sales momentum with another major two-wheeler manufacturer? Read the Bajaj Auto September 2026 Sales Analysis to understand how domestic demand, exports and EV sales contributed to TVS Motor’s performance.
Frequently Asked Questions (FAQs)
1. How many vehicles did Bajaj Auto sell in October 2026?
Bajaj Auto sold 5,91,876 vehicles in October 2026, registering 14% YoY growth compared with 5,18,170 units in October 2025. The total includes domestic sales and exports of two-wheelers and commercial vehicles.
2. What was Bajaj Auto's two-wheeler sales growth in October 2026?
Bajaj Auto's total two-wheeler sales increased 13% YoY to 5,01,194 units in October 2026. Domestic two-wheeler sales grew 10% to 2,92,885 units, while exports increased 18% to 2,08,309 units.
3. How much did Bajaj Auto's exports increase in October 2026?
Bajaj Auto's total exports increased 18% YoY to 2,40,728 units in October 2026 from 2,04,022 units in October 2025. Exports accounted for approximately 40.7% of total monthly dispatches.
4. What was Bajaj Auto's total sales growth during April to October 2026?
Bajaj Auto recorded cumulative sales of 35,79,011 units during April to October 2026, representing 22% YoY growth. Exports increased 42% to 17,51,429 units, while domestic sales grew 8% to 18,27,582 units.
5. What are the key factors to watch in Bajaj Auto's sales performance?
Investors should monitor export growth, domestic retail registrations, premium motorcycle demand, electric vehicle volumes, input-cost inflation and capacity expansion. These factors will influence the company's future sales growth, revenue and profitability.